Prepared by: Kamlesh Gurbuxani TABLE 830 LIC’s LIMITED PREMIUM ENDOWMENT PLAN Launch Date : 09/12/2014 UIN No: 512N293V01.

Prepared by: Kamlesh Gurbuxani

TABLE 830

LIC’s LIMITED PREMIUM ENDOWMENT PLAN

Launch Date : 09/12/2014

UIN No: 512N293V01


DETAILS:

This is a:

Limited Premium,

non-linked,

with profits,

Endowment Plan.


DEATH BENEFIT:

= Sum Assured on Death* +

Vested Bonus + FAB if any.

*Sum Assured on Death=

Higher of 125% of Basic SA or

10 times of annualized Premium.

•Death Benefit shall not be less than 105% of total premiums paid as on date of death. The premiums exclude taxes, extra premium and rider premiums.


DEATH BENEFIT:

Example*: Age- 35, S.A.- `5,00,000, Term - 21 years, PPT- 9 years,

Basic Yly Premium: ` 35,961

•125% of Basic S.A.= ` 5,00,000 x 1.25 = ` 6,25,000

•10 times of Basic Annualized Premium = ` 35,961x10 = ` 3,59,610

•Death Benefit ( In case of Death after 5 years Payment) =

Higher of Above + Vested Bonus for 5 years + FAB

= ` 6,25,000 + ` 1,20,000 (48x500x5) + Nil = ` 7,45,000

•105% of Total Basic Premiums Paid=

` 35,961x 5 x 1.05 = ` 1,88,795

•As Death benefit is more than 105% of total Basic Premiums Paid, ` 7,45,000 will be paid as Death Benefit.


DEATH BENEFIT:

Example*: Age- 57, S.A.- `5,00,000, Term - 12 years, PPT-8 years,

Basic Yly Premium: ` 60,657•125% of Basic S.A.= ` 6,25,000•10 times of Basic Annualized Premium = ` 60,657x10 = ` 6,06,570

•Death Benefit ( In case of Death after 11 years Payment) =

Higher of Above + Vested Bonus for 11 years + FAB

= ` 6,25,000 + ` 2,64,000 (48x500x11) + Nil = ` 7,64,000•105% of Total Basic Premiums Paid=

` 60,657 x 8 x 1.05 = ` 5,09,519 •As Death benefit is more than 105% of total Basic Premiums Paid, ` 7,64,000 will be paid as Death Benefit.


MATURITY BENEFIT:

= Basic Sum Assured + Vested Bonus + FAB if any.


MATURITY BENEFIT:

Example*:

Age- 35, S.A.- `5,00,000, Term - 21 years

Maturity Benefit:

= Basic S.A. + Vested Bonus + FAB= `5,00,000 + ` 5,04,000 ( 48x500x21) + ` 50,000 (100x500)

= `10,54,000

*Bonus and FAB rates given are for illustration purpose only. Client Specific Benefit illustration @4% & 8% gross investment return must be provided and should be signed by Prospect and Agent and will form part of policy document.


Features & Conditions:

• Minimum age at entry : 18 years lbd• Maximum age at entry:

• Policy term : 12, 16 and 21 years• Premium Paying Term : 8 or 9 years• Minimum S.A. : `3,00,000/- & in multiples

of ` 10,000 thereafter.• Maximum S.A. : No limit

Term PPT-8 Years

PPT – 9 Years

12 years 57 nbd 62 nbd





• Available Riders:

1.Accident & Permanent Disability Benefit Rider: For Full Policy Term/Age 70 – Maximum 1 Crore.

2.Term Assurance Rider.

• Mode of Payment:

Yearly, Half Yearly, Quarterly &

Monthly ( SSS & ECS).



• Rebates:

Mode Rebate:

Yearly : 2%

Half Yearly : 1 %

High Basic S.A. Rebate:Upto `4,90,000 : Nil

`5,00,000 to `9,90,000 : `0.50 %o Basic SA

` 10,00,000/- & above : `0.75 %o Basic SA



• Paid Up/ Surrender/Policy Loan: Available after payment of premium of 2 full years.

• Revivals:

Within 2 years of FUP.

• Back Dating:

Allowed with lean Month’s benefits.

• Proposal Form: 300.


Taxes:

• Service Tax:

1st Year of Policy : 3.09%

2nd Year onwards : 1.545%

• Income Tax Benefits:

On Basic Premiums : u/s 80C

Maturity/Death claim : u/s 10(10D)


Commissions:

As Percentage of Annual Premium:

1st Year 2nd/3rdYear 4th Year Onwards

10% 5% 5%

Bonus Commission:

40% of first year commission.

i.e. 4% of Premium


Underwriting Rules:

• Non-Medical Schemes:

All Allowed.

• Non-Standard Age Proofs:

NSAP-I and II only.


Underwriting Rules:

• Female Lives :All Allowed.

Cat-III own income, illetrate/8th std: Max 3 lacs provided no previous insurance.

Pregnant ladies: Cat I & II only up to 24 weeks of pregnancy.

• Major Students: Max rated up S.A. inclusive of all plans `1crore

and S.A. beyond `1crore at CUS only with MM’s recommendation.


Underwriting Rules:

•Sub-Standard Major lives:Up to EMR Class Ten only.

Physically Handicapped lives should be gainfully employed.•Occupation/Residence Extra: Rated Up Factors:

PPT/Term 12 years 16 years 21 years

8 years 1.6875 2.0625 2.3750

9 years 1.5625 1.8750 2.1875


Underwriting Rules:

• Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA:

1.25 times of Basic S.A. only.

• Keyman/Partnership/Empl-Employee:

Allowed only under Employer-Employee.


Underwriting Rules:

• NRIs & FNIOs Residence Group: • Group I & II : Not Allowed.• Group III to VI : Allowed with extra. • Group VII : Allowed without extra. • House wives and NMS Scheme: Group V, VI

and VII only.• Mail Order : Only NRIs of Group III to VII.


Prepared by: Kamlesh Gurbuxani TABLE 830 LIC’s LIMITED PREMIUM ENDOWMENT PLAN Launch Date : 09/12/2014 UIN No: 512N293V01.

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