Ltd. Payment Whole Life Plan (Plan No. 05)

Limited Payment Whole Life Plan

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LIC Limited Payment Life Insurance Plan is currently not available for sale. If you have already bought this policy of LIC, then this article on Jeevan Bima Bazaar will prove beneficial for you.

Features-

LIC's Limited Payment whole Life Policy promises to provide whole life cover by depositing premiums for a limited period of time. This means that the policyholder opting to deposit the premium under this policy for a certain period of time, but the corporation gives him life insurance cover for whole life..

Special Features:-

If the policyholder pays at least 3 years premiums and then discontinues paying any more premium, a reduced paid‑up assurance policy comes into force. Such a reduced paid‑up policy will not be entitled to participate in the profits declared thereafter, but such bonus as has already been declared on the policy will remain attached thereto. The premium paying term under this plan is five years minimum and 55 years maximum.

Benefits of Limited Payment Whole Life Plan-

If the policyholder survives till the end of the premium paying term and has paid all the premiums of his policy. Then he will not have to pay any premium in future. But the benefit of risk cover keeps on getting.

Death Benefit of Limited Payment Whole Life Policy-

In the event of the death of the policyholder at any time during the policy term, the Sum Assured along with all bonuses and final additional bonus (if any) is paid to the nominee of this policy. Provided that, at the time of death of the policyholder, his/her policy should be fully in-forced.

Maturity Benefit of Limited Payment Whole Life Policy-

LIC's Limited Payment Whole Life Plan is considered to mature at an interval of 40 years from the date of issue of the policy or on the date of the policyholder attaining the age of 80 years, whichever happens later.

Sum Assured along with all earned bonus and final additional bonus, if any, is given on the maturity date of this plan.

Plan Parameters-

Age at entry	Min 12years, Max 60years
Maturity Age	80year
Sum Assured	Min S.A. 50000
Premium Paying Term	Min 5year, Max 55year
Mode of Payment	Yly, Hly, Qly, SSS