lic’s Single Premium Endowment plan is a non-linked, Single premium,with profit Endowment plan. LIC Single Premium Endowment plan(817) is an endowment insurance policy with savings plan where the single premium paid once at the start of the policy. LIC Single Premium Endowment policy offers bonus and is traditional plan. In this plan the premium is paid in lump sum at the beginning of the policy and the returns are given to the policyholder at the end of policy term or to the nominee in case of death of the policyholder.
Also see : LIC Money Back Plan For children
LIC single premium Endowment Plan(817) Eligibility Conditions :
Minimum Entry Age : 90 days Completed
Maximum Entry Age : 65 Years (Nearest Birthday)
Maximum Maturity Age : 75 Years
Minimum Sum Assured : 50,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Premium Payment Mode : Single Premium
Back dating: The policies can be dated back within the same financial year. Back-dating interest as applicable at the time of completion of the policy.
Read more : 25 Year LIC Money Back plan policy
LIC Single Premium Endowment(817) Policy Benefits :
On Death :
->On Death after commencement of risk- Sum Assured + Vested Bonus + FAB if any,
->On Death before commencement of risk- Return of Single Premium excluding taxes and Extra Premium.
On Survival :
On survival Basic Sum Assured + Vested Bonus + FAB if any.
Income Tax Benefit :
Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns.
Also see : Jeevan Tarun LIC Plan Maturity amount calculation
Single Premium LIC Policy Rebates :
Sum Assured (S.A) Rebate (Rs.)
50,000 to 95,000 Nil
1, 00,000 to 1, 95,000 18%o S.A.
2, 00,000 to 2, 95,000 25%o S.A.
3, 00,000 and above 30%o S.A.
Surrendered Value :
The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
First year: 70% of the Single premium excluding service tax and extra premium, if any
Thereafter: 90% of the Single premium excluding service tax and extra premium, if any.
Loan Facility available under the policy provided this policy,after completion of one policy year.