LIC Limited Premium Endowment Plan 830 Calculator
Overview of LIC Limited Premium Endowment Plan 830
The LIC Limited Premium Endowment Plan 830 was a traditional life insurance product introduced by the Life Insurance Corporation of India (LIC) on December 9, 2014. It combined life insurance protection with savings benefits while allowing policyholders to pay premiums for a shorter duration. The plan was aimed at individuals seeking long-term financial security and maturity benefits without the obligation of paying premiums throughout the entire policy term.
LIC Limited Premium Endowment Plan 830 at a Glance
Launch and Discontinuation Details
- Introduced On: December 9, 2014
- Discontinued On: February 1, 2020 (closed for new sales)
Although the plan is no longer available for purchase, policies issued before its withdrawal remain active and continue to provide benefits until maturity, surrender, or claim settlement.
What is LIC Limited Premium Endowment Plan 830?
LIC Limited Premium Endowment Plan 830 was a non-linked participating endowment policy that offered both insurance protection and wealth accumulation through bonus additions and maturity payouts. The plan came with fixed policy terms of 12, 16, or 21 years, while premiums were payable only for 8 or 9 years. This structure enabled policyholders to complete premium payments early and continue enjoying coverage for the remaining policy duration.
Main Features of LIC Limited Premium Endowment Plan 830
- Limited Premium Payment Duration: Only 8 or 9 years
- Fixed Policy Terms: 12, 16, or 21 years
- Eligibility Age: Minimum 18 years and maximum 62 years
- Minimum Sum Assured: ₹3,00,000 (in multiples of ₹10,000), with no specified upper limit
- Premium Payment Frequencies: Annual, Half-Yearly, Quarterly, and Monthly (via ECS)
- Bonus Participation: Eligible for Simple Reversionary Bonus and Final Additional Bonus as declared by LIC
- Policy Loan Facility: Available after payment of at least two full years’ premiums
- Surrender Benefit: Guaranteed surrender value available after completion of two years of premium payments
- Optional Rider Benefits:
- Accident Benefit Rider – Provides additional financial protection in case of accidental death or disability
- Term Assurance Rider – Offers extra life insurance coverage over and above the basic policy benefits.
Key Benefits of LIC Limited Premium Endowment Plan 830
Death Benefit
If the life assured passes away during the policy term while the policy remains active, the nominee becomes eligible to receive:
Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus (if applicable)
The Sum Assured on Death is calculated as the highest of the following:
- 10 times the annualized premium
- 125% of the Basic Sum Assured
- 105% of the total premiums paid up to the date of death
This benefit is designed to provide financial protection and support to the policyholder’s family during difficult times.
Maturity Benefit
When the policyholder survives until the end of the policy term, LIC pays a lump-sum maturity amount consisting of:
Basic Sum Assured + Accrued Simple Reversionary Bonuses + Final Additional Bonus (if declared)
This payout helps policyholders meet long-term financial goals while enjoying life insurance protection throughout the policy tenure.
Bonus Benefits and Profit Participation
As a participating insurance plan, LIC Limited Premium Endowment Plan 830 allows policyholders to share in the corporation’s profits through bonus additions.
The plan may offer:
- Simple Reversionary Bonus: Declared annually and added to the policy benefits based on the sum assured.
- Final Additional Bonus: Payable at the time of death claim or maturity, subject to LIC’s declaration.
These bonus additions can significantly enhance the overall value of the policy over time.
Policy Loan Facility
The plan offers a loan facility once at least two full years’ premiums have been paid. This feature allows policyholders to access funds during financial emergencies without surrendering the policy.
Tax Advantages
The plan provides tax benefits as per the prevailing provisions of the Income Tax Act:
- Premiums paid may qualify for deductions under Section 80C.
- Eligible maturity and death benefits may receive tax exemption under Section 10(10D).
Tax treatment is subject to the tax laws applicable at the time of claim or maturity.
LIC Limited Premium Endowment Plan 830 Calculator
A calculator can help estimate the premium amount, maturity value, and other policy benefits before purchasing or analyzing an existing policy.
Information Required for Calculation
To generate accurate estimates, the calculator generally requires:
- Policyholder’s age
- Policy term (12, 16, or 21 years)
- Premium paying term (8 or 9 years)
- Basic Sum Assured
- Preferred premium payment mode (Yearly, Half-Yearly, Quarterly, or Monthly)
What the Calculator Estimates
Based on the entered details, the calculator can provide:
- Premium payable under the selected payment mode
- Estimated maturity proceeds, including bonus assumptions
- Approximate death benefit payable
- Expected surrender value, where applicable
Sample Illustration
Suppose a 25-year-old individual selects:
- Policy Term: 12 years
- Premium Paying Term: 8 years
- Basic Sum Assured: ₹10,00,000
In this scenario, the annual premium (excluding taxes) may be around ₹2.74 lakh, while the premium including applicable taxes could be approximately ₹2.83 lakh during the first policy year, with slightly lower tax-inclusive premiums in later years. Upon successful completion of the policy term, the policyholder would receive the basic sum assured along with the accumulated bonus benefits declared during the policy period.
Steps to Use the LIC Limited Premium Endowment Plan 830 Calculator
Calculating premiums and projected benefits under LIC Limited Premium Endowment Plan 830 is simple with an online calculator. Follow these steps:
- Enter your current age.
- Select the preferred policy term (12, 16, or 21 years).
- Choose the premium payment term (8 years or 9 years).
- Enter the desired Basic Sum Assured.
- Select the premium payment frequency.
- Review the estimated premium, maturity value, and other policy benefits generated by the calculator.
Reliable premium calculators are available on LIC-related and insurance information websites, helping users estimate policy costs and expected returns before making financial decisions.
Eligibility Requirements for LIC Limited Premium Endowment Plan 830
| Criteria | Eligibility Details |
|---|---|
| Minimum Entry Age | 18 years completed |
| Maximum Entry Age | 62 years (nearer birthday) |
| Maximum Maturity Age | 75 years |
| Minimum Sum Assured | ₹3,00,000 |
| Available Policy Terms | 12, 16, or 21 years |
| Premium Payment Term | 8 years or 9 years |
Premium Rebates and Sum Assured Discounts
The plan offered various incentives based on the premium payment mode and chosen sum assured.
Mode Rebate
- 2% rebate on Annual premium mode
- 1% rebate on Half-Yearly premium mode
- No rebate available under Quarterly or Monthly payment options
High Sum Assured Rebate
- Sum Assured between ₹5,00,000 and ₹9,99,999: 0.50% rebate
- Sum Assured of ₹10,00,000 and above: 0.75% rebate
These rebates helped reduce the effective premium payable under the policy.
Policy Revival and Surrender Provisions
Policy Revival
If the policy lapses due to non-payment of premiums, it may be reinstated within two years from the first unpaid premium date by paying all outstanding premiums along with applicable interest and meeting LIC’s revival requirements.
Policy Surrender
Policyholders can surrender the policy after paying at least two full years’ premiums. Depending on the policy duration and premium history, the guaranteed surrender value may range between 30% and 80% of the total premiums paid, subject to policy conditions.
Optional Riders for Enhanced Protection
The plan allowed policyholders to strengthen their coverage through optional rider benefits.
Accidental Death and Disability Benefit Rider
Provides an additional benefit amount if the insured suffers death or disability due to an accident, offering extra financial protection to the family.
Term Assurance Rider
Offers supplementary life insurance coverage over and above the basic sum assured, increasing the overall protection available under the policy.
These riders enable policyholders to tailor the policy according to their financial and protection requirements.
Key Advantages of LIC Limited Premium Endowment Plan 830
- Short premium payment duration of only 8 or 9 years
- Long-term insurance protection with maturity benefits
- Participation in LIC profits through bonus additions
- Attractive rebates for annual payment modes and higher sum assured levels
- Loan facility available during the policy term
- Tax benefits under prevailing income tax provisions
- Multiple premium payment frequency options for convenience
Limitations of LIC Limited Premium Endowment Plan 830
- No longer available for new purchases after February 2020
- Limited flexibility for individuals preferring longer premium payment periods
- Future bonus additions are not guaranteed and depend on LIC’s performance and declarations
Frequently Asked Questions (FAQs)
What is LIC Limited Premium Endowment Plan 830?
LIC Limited Premium Endowment Plan 830 was a participating endowment insurance plan that combined life cover with savings benefits while requiring premium payments for only a limited number of years.
Is LIC Plan 830 still available for purchase?
No. The plan was introduced on December 9, 2014, and withdrawn from new sales on February 1, 2020. Existing policyholders, however, continue to enjoy all policy benefits.
What are the available premium payment and policy terms?
Premiums are payable for either 8 or 9 years, while policyholders can choose a policy term of 12, 16, or 21 years.
What benefits are payable at maturity?
Upon surviving the policy term, the policyholder receives the Basic Sum Assured along with accumulated bonuses declared by LIC during the policy period.
What is payable in case of death during the policy term?
The nominee receives the applicable Sum Assured on Death together with vested bonuses and any eligible final additional bonus.
Can policyholders take a loan against the policy?
Yes. A loan facility becomes available after the payment of at least two full years’ premiums, subject to LIC’s terms and surrender value eligibility.
Conclusion
LIC Limited Premium Endowment Plan 830 was designed for individuals seeking a balance between life insurance protection and disciplined savings while minimizing the premium payment duration. Although the plan was withdrawn from sale in 2020, it continues to offer valuable protection, bonus participation, and maturity benefits to existing policyholders.
Individuals looking to estimate premiums, maturity proceeds, surrender values, or death benefits can use a LIC Plan 830 Calculator to obtain projections based on their age, policy term, premium-paying term, and sum assured.
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