Lic limited payment endowment 48


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Lic limited payment endowment 48

  1. 1. Limited PaymentLimited PaymentEndowment PlanEndowment PlanAttractionsAttractionsFlexible Version ofFlexible Version ofLIC’s most popularLIC’s most popularEndowment PlanEndowment PlanChoice of severalChoice of severalpremium payment termspremium payment termsavailable to suitavailable to suityour convenienceyour convenienceSimple,Simple,easy to understandeasy to understandTable48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanSavings OrientedSavings OrientedHigh BonusHigh BonusHigh liquidityHigh liquidityIntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  2. 2. Limited PaymentLimited PaymentEndowment PlanEndowment PlanFeaturesFeatures Who can avail of this plan?Who can avail of this plan?Those aged betweenThose aged between12 years (completed) and12 years (completed) and55 years.55 years.Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment Plan ForFor how many years ishow many years ispremium payable?premium payable?Options for premiumOptions for premiumpayment terms arepayment terms are5,10,15,20 & 25 years.5,10,15,20 & 25 years. For what durationsFor what durationsis risk covered ?is risk covered ?QuinquennialQuinquennial Policy TermsPolicy Termsbetween 5 and 50 years.between 5 and 50 years.Maximum maturity ageMaximum maturity ageallowed is 75 years.allowed is 75 years. ForFor how many yearshow many yearsis premium payable?is premium payable?Options for premiumOptions for premiumpayment terms arepayment terms are5,10,15,20 & 255,10,15,20 & 25years.years.IntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  3. 3. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanWhat are the benefits of the term assurance rider ?On death of the Life Assured during the term of cover underthe rider, an amount equal to the Term Assurance SumAssured is payable. The rider can be availed of by paymentof a small additional premium.Who can avail of the rider ?Those aged between age 18 years (completed) and 50 years(nearer birthday).The maximum age at maturity is 60 years.What is the minimum and maximum sum assured allowed ?The minimum Sum Assured for the Term Rider is Rs.1,00,000 and maximum sum assured is an amount equal tothe Basic Sum Assured,subject to a maximum overall limit of Rs. 25,00,000.Optional benefitsOptional benefitsTerm Assurance RiderTerm Assurance RiderIntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  4. 4. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanOptional benefitsOptional benefitsTerm Assurance RiderTerm Assurance RiderWhat are the terms allowed ?The policy terms allowed are 10 to 35 years under regularpremium policies;5 to 35 years under Single premium policies and15, 20 and 25 years under limited premium paying term policies.This rider is allowed only if the age at maturity under the mainpolicy is less than or equal to 60 years.The policy term and premium paying term of the rider shouldmatch with the policy term and premium paying term under themain policyIntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  5. 5. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanOptional benefitsOptional benefitsCritical Illness Rider:Critical Illness Rider:EligibilityEligibility(A) Minimum entry age : 18 yrs (completed)(B) Maximum entry age : 50 yrs (nearer birthday)(C) Maximum maturity age : 60 years(D) Minimum Sum Assured for the Critical illnessRider : Rs.50,000/=(E) Minimum Sum Assured of the Main plan on which the Criticalillness Rider can be given: Rs.50,000(F) Maximum Sum Assured : An amount equal to the Basic Sum for theCritical Illness Rider Assured, subject to a maximum of Rs.5,00,000.(G) Term : 10 to 35 years under regular premium5 to 35 years under Single premiumand 15, 20 & 25 years under limited premium paying termpolicies.This rider is allowed only if the maturity age under main policy is notgreater than 60 years.IntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  6. 6. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanOptional benefitsOptional benefitsCritical Illness Rider:Critical Illness Rider:BenefitsBenefitsCritical Illness Sum Assured is payable on life assured surviving for a period of28 days from date of occurrence of any of the following critical illnesses-Heart Attack (Myocardial Infarction)Stroke (Cerebro-vascular Accident)Cancer, Kidney Failure, Major Organ transplantParalysis, 3rd Degree Burns, BlindnessCoronary Artery By-pass SurgeryHeart Valve Replacement or RepairAorta Graft SurgeryPremium Waiver Benefit:A policyholder has option to avail of a premium waiver benefit wherebypremiums falling due on or after the date of diagnosis of critical illness arewaived till maturity date of the main plan or earlier death of the life assured.IntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  7. 7. Limited PaymentLimited PaymentEndowment PlanEndowment PlanBenefitsBenefitsThe policy participates inThe policy participates inprofits. Vested bonus andprofits. Vested bonus andterminal bonus, if any, areterminal bonus, if any, arepaid at the time of maturitypaid at the time of maturityor death if earlieror death if earlier..Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanDeath Cover :Death Cover :On unfortunate death duringOn unfortunate death duringthe term of the policy, sumthe term of the policy, sumassured plus vested bonus plusassured plus vested bonus plusfinal additional bonus, if any, isfinal additional bonus, if any, ispayable, provided policy is inpayable, provided policy is infull force.full force.Maturity benefitMaturity benefitOn survival upto date ofOn survival upto date ofmaturity, sum assured plusmaturity, sum assured plusvested bonus plus finalvested bonus plus finaladditional bonus, if any, isadditional bonus, if any, ispayable, provided policy is inpayable, provided policy is infull forcefull forceAccidental cover is availableAccidental cover is availableunder the policy on payment ofunder the policy on payment ofsmall additional premium.small additional premium.Loan is available under theLoan is available under thepolicy.policy.IntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  8. 8. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanillustrationsBenefit payable on death / maturity at theend of yearVariable TotalEndofyearTotalpremiumspaid tillend ofyearGuaranteed Scenario1Scenario2Scenario1Scenario21 4,464 100,000 2,100 5,700 102,100 105,7002 8,928 100,000 4,200 11,400 104,200 111,4003 13,392 100,000 6,300 17,100 106,300 117,1004 17,856 100,000 8,400 22,800 108,400 122,8005 22,320 100,000 10,500 28,500 110,500 128,5006 26,784 100,000 12,600 34,200 112,600 134,2007 31,248 100,000 14,700 39,900 114,700 139,9008 35,712 100,000 16,800 45,600 116,800 145,6009 40,176 100,000 18,900 51,300 118,900 151,30010 44,640 100,000 21,000 57,000 121,000 157,00015 66,960 100,000 31,500 85,500 131,500 185,50020 89,280 100,000 56,000 152,000 156,000 252,00025 89,280 100,000 69,500 189,500 169,500 289,500Age at entry: 35 years Policy Term: 25 yearsPremium paying term: 20 years Mode ofpremium payment: Yearly; Sum Assured:Rs.1,00,000/- Annual Premium : Rs. 4464/-IntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  9. 9. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment PlanillustrationsBenefit payable on death / maturity at the endof yearVariable TotalEnd ofyearTotalpremiumspaid till endof yearGuaranteed Scenario1Scenario2Scenario 1Scenario21 55,215 1,00,000 2,400 9,200 102,400 109,2002 55,215 1,00,000 4,800 18,400 104,800 118,4003 55,215 1,00,000 7,200 27,600 107,200 127,6004 55,215 1,00,000 9,600 36,800 109,600 136,8005 55,215 1,00,000 12,000 46,000 112,000 146,0006 55,215 1,00,000 14,400 55,200 114,400 155,2007 55,215 1,00,000 16,800 64,400 116,800 164,4008 55,215 1,00,000 19,200 73,600 119,200 173,6009 55,215 1,00,000 21,600 82,800 121,600 182,80010 55,215 1,00,000 24,000 92,000 124,000 192,00015 55,215 1,00,000 36,000 138,000 136,000 238,00020 55,215 1,00,000 64,000 245,000 164,000 345,00025 55,215 1,00,000 80,000 306,000 180,000 406,000Age at entry: 35 years Policy Term: 25 yearsPremium paying term: one Sum Assured:Rs.1,00,000/- Single Premium: Rs.55,215 /-IntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  10. 10. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment Plan illustrationsThis illustration is applicable to Non-smoker male/female standard (frommedical, life style & occupation point of view) life. The non-guaranteed benefits (1) and (2) in above illustration arecalculated so that they are consistent with the ProjectedInvestment Rate of Return assumption of 6% p.a.(Scenario 1) and10% p.a (Scenario 2) respectively. In preparing this benefitillustration, it is assumed that the Projected Investment Rate ofReturn that LICI will be able to earn throughout the term of thepolicy will be 6% p.a. or 10% p.a., as the case may be. TheProjected Investment Rate of Return is not guaranteed. The main objective of the illustration is that the client is able toappreciate the features of the product and the flow of benefits indifferent circumstances with some level of quantification. Loyalty additions will depend on future profits and as such is notguaranteed.. The Maturity Benefit is amount shown at the end of the policy term.Assumptions and DisclaimerIntroIntroFeaturesFeaturesBenefitsBenefitsillustrationsillustrations
  11. 11. Table48Table48LimitedPaymentLimitedPaymentEndowment PlanEndowment Plan