LIC Limited Premium Endowment Plan 830 offers both protection and saving features combination and it’s a participating non-linked policy. The policyholder will get maturity benefits after successful completion of the policy term and death benefits in case of unfortunate demise.
A lump sum amount shall be payable to the life insured after the maturity. Apart from this, it also facilitates loan availability for liquidity needs. The number of premiums to be paid is also less than the policy term period.
Table of Contents
Key features
- Limited years of premiums paid, less than the policy term
- Combination of maturity and death benefits
- Loan availability under this plan
- Tax benefits under Section 80C and Section 10(10D)
- Freelook period of 15 days
- Policy implements for 12, 16 and 21 years options
- Premium paying mode of yearly, half-yearly, quarterly and monthly
Benefits
- Death benefits:
Sum Assured on death along with Simple Reversionary Bonus and Final Addition bonus shall be payable to the nominee assigned in case the unfortunate demise of the policyholder.
- Maturity benefits:
Basic Sum assured along with Simple Reversionary Bonus and Final Addition bonus if declared shall be payable to the life insured if he survives the entire policy term successfully.
- Loan facility:
The loan is also available under LIC Limited Premium Endowment Plan 830. To avail, this facility life insured has to pay a premium for a course of 2 years. Only 80% of paid-up policies and 90% for in-force policy loan amount is applicable.
- Riders:
Disability and Accidental Death riders are also available under this policy for further enhancement.
- Tax benefits:
LIC Limited Premium Endowment Plan 830 is eligible for income tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
- Grace Period:
Extra time for payments of the premium is given to the life insured in LIC Plan 830. There is a grace period of 30 days for the policy’s premium payment mode with yearly, half-yearly and quarterly options. For monthly mode, 15 days of the grace period is applicable.
Eligibility
| Entry Age | Minimum- 18 years Maximum- Reference below |
| Policy Term Period 12 years 16 years 21 years | 8 years(Max-Age) 9 years(Max-Age) 57 years 62 years 59 years 59 years 54 years 54 years |
| Sum Assured | Minimum- Rs.3,00,000 Maximum- No limit |
| Premium Payment Mode | Monthly, quarterly, half-yearly, annually |
| Premium Payment Term | 8 years or 9 years |
Exclusions
- 80% of the entire premiums paid along with the exemption of taxes and extra premium if any will be paid to the nominee in case the policyholder commits suicide in the course of 12 months from the initiation of the policy term.
- 80% of the total premiums paid with the exemption of taxes and extra premium paid if any or the Surrender Value shall be payable to the nominee in case the life insured commits suicide within 12 months from the date of policy revival.
Claims other than the mentions above will not be entertained by the Life Insurance Corporation of India.
Conclusion
LIC is the biggest name in the insurance sector in India. The company has a wide verity of policies for the customers of different classes. Life Corporation of India is a government-owned entity with its headquarters in Mumbai. The company has total assets of $450 billion as of 2019.
LIC Limited Premium Endowment Plan 830 offers a special feature which is its limitation of premium payments for a specific interval of time. This term can be of 8 years or 9 years, not more than that. With the combination of savings and life insurance in one plan, it is one of the most popular insurance policies of LIC.
Reversionary bonus will also be available for the life insured as LIC Plan 830 is a with-profit insurance plan. For more information on Life Insurance Corporation of India’s Limited Premium Endowment Plan 830 you contact the nearest branch office.
For more information related to this scheme or any other issue, you can contact the LIC using the LIC Customer Care Number.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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