LIC Single Premium Endowment Plan (Table No. 917) In this you have to pay the premium once and at the end of the policy you get a lump sum payment. If you want to avoid the hassle of paying premiums again and again, then this policy is for you. If you are planning a lump sum investment to meet the goal in the long term, then this policy is for you.
LIC Single Premium Endowment Plan Details
LIC’s Single Premium Endowment Plan is a non linked, participating, individual, life assurance, savings plan. This plan offers an attractive combination of savings and protection. Unlike other insurance plans, the specialty of this plan is that the premium is paid as a lump sum at the beginning of the policy term.
Death benefit, maturity benefit and participation benefit are available in this endowment policy . This policy provides financial protection in case of death of the insured during the term. Apart from this, it is a participating policy. And it participates in the profits of the corporation, so the bonus is earned during the policy term. The bonus which is paid to the insured at the end of maturity along with the Sum Assured on Maturity. Apart from this, this policy also provides loan facility.
LIC Single Premium Endowment Plan Eligibility
| Name of Insurance: | LIC Single Premium Endowment Plan (Table No. 917) |
| Entry Age: | Minimum:- 90 days Maximum:- 65 years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.50,000 Maximum:- No limit (Subject to Board approval) |
| Premium Paying Term: | single premium payment |
| Policy Term: | Minimum:- 10 Years Maximum:- 25 Years |
| Maturity Age: | Minimum: 18 Years Maximum: 75 Years |
LIC Single Premium Endowment Plan Features
Some of the salient features of LIC Single Premium Endowment Plan are as follows:-
- The premium in this life insurance can be paid as a lump sum investment only at the inception of the policy.
- The minimum sum assured under this life insurance is Rs.50,000, and there is no limit on the maximum amount.
- Any person between the age of 90 days to 65 years can buy this insurance plan.
- The minimum age required at maturity of this policy is 18 years, and the maximum age required is 75 years.
- The term of this insurance policy is ten to twenty five years.
LIC Single Premium Endowment Plan Benefits
Death Benefit
If the life assured dies during the policy term before the date of commencement of risk. And he has paid only one premium, then only that amount will be given to his beneficiary. If the life assured dies after the commencement of the risk date, the Sum Assured and accrued bonuses are paid as death benefit.
Maturity Benefit
If the life assured survives the policy term then the maturity benefit is provided to him. On maturity, the Sum Assured plus Simple Reversionary Bonuses and Final Additional Bonus (if any) are paid. Where the Sum Assured on Maturity will be equal to the Basic Sum Assured.
Participation in profits
The policy will participate in the profits of the Corporation and the declared Simple Reversionary Bonuses accordingly are paid to the insured. The declared Simple Reversionary Bonus will be given as per the experience of the company. Final Additional Bonus under this life insurance policy can be declared in the year when the claim is made on death or maturity.
Riders of LIC Single Premium Endowment Plan
Following are the additional riders available in LIC Single Premium Endowment Plan:
- LIC Accidental Death & Disability Benefit Rider
- LIC New Term Assurance Rider
Free look period
If the insured is not satisfied with the terms and conditions of the policy, it may be returned to the insurance company within 15 days from the date of receipt of the policy documents stating the reasons for objection.
The Bottom Line:
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