The LIC Limited Premium Endowment Plan (Plan No. 830) is a traditional life insurance plan launched by Life Insurance Corporation of India on December 9, 2014. It offers a combination of life protection and savings with limited premium payment terms. This plan is designed for those who want to pay premiums for fewer years but enjoy a longer policy term with maturity benefits.

Launch and Withdrawal Dates

• Launch Date: December 9, 2014
• Withdrawal Date: February 1, 2020 (official withdrawal from sale)
• Despite withdrawal, existing policies continue until maturity or earlier surrender​

What is LIC Limited Premium Endowment Plan 830?

This plan is a non-linked, participating plan that provides insurance coverage along with returns in the form of bonuses and maturity benefits. It has a policy term of 12, 16, or 21 years, but the premium paying term is limited to only 8 or 9 years, meaning policyholders pay premiums for fewer years but remain covered for a longer term.

Key Features of LIC Limited Premium Endowment Plan 830

• Premium Paying Term: Limited to 8 or 9 years only
• Policy Term: 12, 16, or 21 years (fixed)
• Entry Age: Minimum 18 years, maximum 62 years
• Sum Assured: Rs. 3,00,000 and above (in multiples of 10,000), with no upper limit
• Premium Payment Modes: Yearly, half-yearly, quarterly, monthly (ECS)
• Bonuses: Eligible to receive Simple Reversionary Bonus and Final Additional Bonus declared by LIC
• Loan Facility: Available after paying premiums for at least 2 full years
• Surrender Value: Guaranteed surrender value available after 2 years of full premium payment
• Riders Available:
  • Accident Benefit Rider (additional coverage for accidental death/disability)
  • Term Assurance Rider (additional life cover)​

Benefits of LIC Limited Premium Endowment Plan 830

Death Benefit

In case of the policyholder’s death during the policy term (and the policy is in force), the nominee receives:

• Sum Assured on Death + Vested Simple Reversionary Bonus + Final Additional Bonus (if any)
• Sum Assured on Death is the higher of:
  • 10 times the annualized premium, or
  • 125% of the basic sum assured, or
  • 105% of all premiums paid till date of death

This ensures a substantial payout to financially secure the family of the deceased.​

Maturity Benefit

If the policyholder survives the entire policy term, they receive:

• Basic Sum Assured + Accumulated Simple Reversionary Bonuses + Final Additional Bonus (if declared by LIC)

This lump sum amount is paid at the end of the policy term as a maturity benefit.​

Bonuses and Participation in Profits

This plan participates in LIC’s profits, with policyholders receiving:

• Simple Reversionary Bonus: Declared annually per Rs. 1,000 sum assured, added to policy value
• Final Additional Bonus: Declared at maturity or death, if applicable

These bonuses increase the total returns of the plan.​

Loan Facility

Policyholders can avail loans against the policy after paying premiums for at least 2 full years, which offers financial flexibility during emergencies.​

Tax Benefits

Premiums paid under this plan qualify for tax deduction under Section 80C of the Income Tax Act, and maturity proceeds are tax-free under Section 10(10D), subject to prevailing tax laws.​

LIC Limited Premium Endowment Plan 830 Calculator

To estimate the premium payable or maturity value, a dedicated calculator can be used. The calculator requires the following inputs:

• Age of the policyholder
• Policy term (12, 16, or 21 years)
• Premium paying term (8 or 9 years)
• Sum assured amount
• Premium payment mode (yearly, half-yearly, quarterly, monthly)

The calculator then computes:

• Premium amount payable per chosen frequency
• Maturity amount expected (including bonuses)
• Death benefit value
• Surrender value

Example Calculation

Consider Mr. Ranveer, age 25, opting for a 12-year policy term with an 8-year premium-paying term and a sum assured of Rs. 10,00,000. The yearly premium without tax may be approximately Rs. 274,433, and with taxes, about Rs. 282,912 for the first year and slightly less for subsequent years. On maturity, he would receive the sum assured plus accrued bonuses.​

How to Use the LIC Limited Premium Endowment Plan Calculator?

1. Enter your age.
2. Choose the desired policy term (12/16/21 years).
3. Select a premium paying term (8 or 9 years).
4. Input the sum assured.
5. Select premium payment mode.
6. Review the calculated premium and maturity benefits.

You can find LIC calculators online on LIC’s official site or trusted insurance portals for accurate premium and maturity value estimation.​

Eligibility Criteria

Criteria	Details
Minimum Entry Age	18 years completed
Maximum Entry Age	62 years (near birthday)
Maximum Maturity Age	75 years
Sum Assured	Minimum Rs. 3,00,000
Policy Term	12, 16, or 21 years
Premium Payment Term	8 or 9 years

Discounts and Rebates

• 2% rebate on yearly mode of premium payment
• 1% rebate on half-yearly mode
• No rebate on quarterly or monthly modes
• Additional rebates on high sum assured:
  • Rs. 5,00,000 to Rs. 9,99,999: 0.50% rebate
  • Rs. 10,00,000 and above: 0.75% rebate​

Revival and Surrender

• Policy Revival: Lapsed policies can be revived within 2 years of the due date by paying all due premiums, including interest.
• Surrender: Allowed after paying premiums for at least 2 full years. Guaranteed surrender value ranges from 30% to 80% of total premiums paid, depending on policy duration.​

Riders Available for Additional Protection

Accidental Death and Disability Benefit Rider: Provides an additional sum assured in case of accident-related death or disability.

• Term Assurance Rider: Additional life cover to increase overall sum assured.

These riders help customize the policy according to individual needs.​

Advantages of LIC Limited Premium Endowment Plan 830

• Limited number of premium payments
• Long policy term with maturity benefits
• Life coverage with assured sum along with bonuses
• Attractive rebates and bonuses enhance returns
• Loan facility for easy access to funds
• Tax benefits on premiums and maturity proceeds
• Flexibility of payment modes

Disadvantages to Consider

• Policy withdrawn from sale since 2020; available only to existing policyholders
• Not suitable for those looking for longer premium payment terms
• Bonus rates subject to LIC’s discretion and market conditions

Frequently Asked Questions

Summary

The LIC Limited Premium Endowment Plan 830 is suitable for those who wish to combine insurance with savings and prefer paying premiums for a shorter duration while enjoying the benefits of a longer policy term. Although withdrawn from new sales in 2020, it remains a valuable plan for existing policyholders, offering security and maturity benefits with the flexibility of limited premium payments.

For premium and maturity calculations, the LIC Plan 830 calculator available on official or trusted insurance sites is a handy tool to estimate benefits accurately.