LIC Limited Premium Endowment Policy (Plan No:830)

LIC’s Limited premium endowment policy (Plan No: 830) is a non-linked guaranteed life insurance plan which provides protection with investment. This plan is having fixed premium paying terms of 8 & 9 years and fixed policy terms 12, 16 & 21 years which allows policy holder to plan for financial requirements by paying less number of years and secure life and receive maturity at later stage.

This plan may be recommended for everyone because of following reasons.

  • A sound combination of Life insurance and investment.
  • Less number of premium paying term than policy term.
  • Eligible for bonus and Final Addition bonus declared by LIC.
  • Comparatively High Bonus
  • Double Accidental benefit with rider.
  • Tax saving on premium paid.
  • Tax Free maturity amount.

Plan Parameters

Age of Entry18 to 62 years
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Premium Payment Term 8 or 9 Years (Fixed)
Policy Term 12, 16 and 21 Years (Fixed)
Basic Sum Assured300000 and above ( in multiple of 10000)
Policy Revivalwithin 2 year
Rebate Premiums2% on yearly, 1% on Half Yearly, Nil on Quarterly
LoanAfter 2 years
SurrenderAfter 2 years of full premium payment
Guaranteed Surrender ValueFrom 30% to Maximum 80% of total premium paid

Benefit Illustrations

To Illustrate the benefits of Limited Premium Endowment Plan, Lets take an example of a person who is purchasing this plan with following details.
Sum Assured: Rs. 500000
Premium Paying term: 9 Years
Policy Term: 16 Years
Policy Purchase Year: 2015
Age: 28 Years
Premium: Rs. 43995(Yearly)

With above proposed policy details, following benefit chart has been generated according to bonus rate Rs. 52 per thousand of sum assured.

Maturity YearMaturity AgeMaturity Amount
203144910000

For each year during the term of policy, LIC declares Bonus (Per Thousand of Sum Assured) for that particular year. This policy may eligible for Final Addition bonus after certain number of years. As the policy term progresses, these benefits in the form of Bonuses keep accumulating and at the time of matuirty, policy holder gets lump sum amount i.e. Sum Assured + Bonus. In case of death during the policy term, nominee gets sum assured plus bonus accumulated up to that peroid. Year-wise and Age-wise benefits in case of death is indicated below.

End of year YearAgePremium Paid Normal Life CoverAccidental Life Cover
1201629439505225001022500
2201730879005450001045000
32018311318505675001067500
42019321758005900001090000
52020332197506125001112500
62021342637006350001135000
72022353076506575001157500
82023363516006800001180000
92024373955507025001202500
1020253807250001225000
1120263907475001247500
1220274007700001270000
1320284107925001292500
1420294208150001315000
1520304308775001377500
1620314409100001410000

Above example illustrates that premium paying stops after 9 years and insurant receives matuirity after completion of 16th year. This illustration also includes double accidental benefit which gives the nominee an extra amount equal to sum assure in case of accidental death.

Comments & Reviews (8)

Wrote :

08-06-2022 19:26:11

How much grace period for paying half yearly premiums of policy for Plan no 830.

Wrote :

13-06-2022 16:08:23

It is 30 days from the due date.

Wrote :

13-06-2022 16:09:44

Thanks

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Wrote :

07-07-2020 23:37:40

Is this plan still active?

Wrote :

10-07-2020 07:04:12

Yes, this plan is available in new form and new plan number is 930.

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Wrote :

03-06-2017 05:36:59

No but jeevan aanand very good policy. And u buy 2ND POLICY 830 PLAN. CALL TO 9953900426

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Wrote :

25-02-2017 07:40:17

Hi, Sir tell me about that if I buy a policy New Endowment Plan first premium paid quarterly after few years can I change it into yearly mode . Please reply.

Wrote :

25-02-2017 07:59:18

Yes, you change premium payment mode at later stage during policy term.

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Wrote :

14-02-2017 17:57:17

I have taken the limited premium payment endowment plan. Table no.830 For sum assured 8 lakh. Premium paying term 8 yrs. Policy term : 21 years. Kindly let me confirm under this plan maturity is taxable or tax free under section 10 10 (d). I am confused. Plz reply. With thanks harish Arora

Wrote :

14-02-2017 20:02:08

If your sum assured is at least 10 times of yearly premium, then you do not need to worry it will be tax free under 10(10D). Moreover, New LIC plans qualify this conditions as these comes with above mentioned specifications.

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Wrote :

26-10-2016 15:47:02

My age is 37 can I buy 830 or 814

Wrote :

26-10-2016 15:49:17

Yes, You are eligible for both policies.

Wrote :

03-06-2017 05:33:31

Yes, u can. This plan more powerful plan from SUKANYA plan. Because SUKANYA plan compulsory pay premium in any happening. 2ndly 1plan for 1girl. SUKANYA policy for only maximum 2girl. SUKANYA no provide for boy. SUKANYA without insurance. More details call to 9953900426

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Wrote :

03-11-2015 22:43:05

I ve purchased new jeevan anand policy 815 this yr for sum assured 700000 for 21 yrs , can i switch to limited premium endowment plan 830.

Wrote :

06-11-2015 13:12:50

No, it is not possible.

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Wrote :

08-06-2015 00:01:05

Hi Ravi, Why you are recommending New Endowment Plan than Limited premium Endowment Plan. Also, Can you include Maturity calculator for Limited Premium Endowment and Money back Plan. Please. Thank You

Wrote :

08-06-2015 12:32:58

Limited premium endowment will attract less bonus as compare to regular endowment.

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