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Endowment Policy

Limited Payment Endowment Policy

&NewLine;<p><strong>Limited Payment Endowment Plan Summary&colon;<&sol;strong><br &sol;>This is an Endowment policy similar to <a title&equals;"Table No&period;14" href&equals;"https&colon;&sol;&sol;mypaisa&period;in&sol;endowment-policy&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Table No&period;14<&sol;a>&period; LIC&&num;8217&semi;s <a title&equals;"Limited Payment Endowment Policy" href&equals;"https&colon;&sol;&sol;mypaisa&period;in&sol;limited-payment-endowment-policy&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Limited Payment Endowment <&sol;a>&lpar;Table no&period;48&rpar; provides the flexibility of choosing the Premium Paying Term &lpar;PPT&rpar;&period; If you want to pay the premium only for few years then this is the right endowment plan for you&period; All other features are quite similar to the Endowment Assurance plan&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The best part of the &&num;8220&semi;<a title&equals;"Limited Payment Endowment" href&equals;"https&colon;&sol;&sol;mypaisa&period;in&sol;limited-payment-endowment-policy&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Limited Payment Endowment<&sol;a>&&num;8221&semi; policy is that even you are paying a premium for a limited-term but Bonus is paid for the entire term&period; However premium is marginally higher than <a title&equals;"Endowment Policy" href&equals;"https&colon;&sol;&sol;mypaisa&period;in&sol;endowment-policy&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Endowment <&sol;a>with Profit &lpar;Table No&period;14&rpar; but in the end&comma; you end up paying fewer premiums&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Key Features&colon;<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list"><li>The flexibility of choosing Premium Paying Term&period;<&sol;li><li>Bonus is paid for the entire term irrespective of PPT&period;<&sol;li><li>Life Risk covered for the entire term&comma; irrespective of PPT&period;<&sol;li><li>The maturity amount is paid at the end of the term and not at the end of PPT&period;<&sol;li><li>Tax Benefit<&sol;li><&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><span style&equals;"text-decoration&colon; underline&semi;"><strong>Benefits&colon;<&sol;strong><&sol;span><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Natural Death&colon;<&sol;strong><br &sol;>Sum Assured &plus; Bonus for a number of years till death &plus; Final Additional Bonus &lpar;FAB&rpar; if any&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Accidental Death&colon;<&sol;strong><br &sol;>Sum Assured &plus; Additional SA for DAB &plus; Bonus for number of years till death &plus; FAB if any &lpar;If the accidental benefit is taken&rpar;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Maturity Benefit&colon;<&sol;strong><br &sol;>Sum Assured &plus; Bonus for entire term &plus; Final Bonus&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Accident And Permanent Disability Benefit&colon;<&sol;strong><br &sol;>You can avail of this benefit by paying Rs&period;1 extra per 1000 sum assured&period; Accident benefit is a maximum Rs&period;50 lakh and available only upto a premium paying term&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Tax Benefit&colon;<&sol;strong><br &sol;><a title&equals;"Tax Benefits" href&equals;"https&colon;&sol;&sol;mypaisa&period;in&sol;insurance-plans&sol;tax-saving-benefits&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Tax benefit<&sol;a> on your premium u&sol;s 80C<br &sol;>and Maturity&sol;Death Claim u&sol;s 10 &lpar;10D&rpar;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Loan&colon;<&sol;strong><br &sol;>Loan Facility is available on this policy after 3 years&comma; you can also use it as Housing Loan collateral&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Premium Payment&colon;<&sol;strong><br &sol;>You can pay premium Yearly&comma; Half-yearly&comma; Quarterly&comma; Monthly or Single premium&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Eligibility Conditions and Restrictions&colon;<&sol;strong><br &sol;>Minimum age&colon; 12 years<br &sol;>Maximum age&colon; 60 years &lpar;Regular&rpar;<br &sol;>Maximum age for single Premium&colon; 65 years<br &sol;>Maximum age at Maturity&colon; 75 years for all&period;<br &sol;>Min&period; Sum Assured&colon; Rs&period;50&comma;000&sol;-<br &sol;>Max&period; Sum Assured&colon; No Limit<br &sol;>Min SA for Single Premium Rs&period;30&comma;000&sol;- &lpar;Without DAB&rpar;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Policy Term<&sol;strong>&colon;<br &sol;>For Regular&colon; 15&comma; 20&comma; and 25 years<br &sol;>For Single Premium&colon; 5 years to 50 years &lpar;In multiple of 5 years&rpar;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Premium Paying Term for Regular Premiums&colon;<&sol;strong><br &sol;>For 15 years term&colon; 5 and 10 years<br &sol;>For 20 years term&colon; 5&comma; 10 and 15 years<br &sol;>For 25 years term&colon; 5&comma; 10&comma; 15 and 20 years<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Note&colon;<&sol;strong><br &sol;>The above is the product summary giving the key features of the plan&period; This is for illustrative purposes only&period; This does not represent a contract and for details please refer to your policy document&period;<&sol;p>&NewLine;

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This post was last modified on March 22, 2021

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