LIC Single Premium Endowment Plan (717)
PLAN 717: Single Premium Endowment Plan (717)
DETAILS:
LIC’s Single Premium Endowment Plan is a par, non-linked, life, individual, savings plan which offers an attractive combination of savings and protection features.This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers and Insurance Marketing Firms.
📌Key Features:
• Single Premium plan.
• The plan provides for protection and savings.
• Flexibility to
– Choose the period for which protection is required.
– Opt for payment of benefit in instalments.
• Option to enhance protection by opting for Rider Benefitson payment of additional premium for the rider benefits.
• Benefit of attractive High Sum Assured Rebate. • Takes care of liquidity needs through loan facility
💰MATURITY BENEFIT:
Basic Sum Assured + Vested Bonus + Final Additional Bonus (FAB) if any.
💰DEATH BENEFIT:
- Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where, “Sum Assured on Death” is defined as:
- For age at entry of Life Assured less than 50 years: Higher of Basic Sum Assured or 1.25 times of Single premium.
- For age at entry of Life Assured 50 years and above: Higher of Basic Sum Assured or 1.10 times of Single premium.
(Single Premium referred above excludes taxes, extra premium and rider premium(s), if any.)
However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the commencement of Risk the Death Benefit payable shall be refund of Single premium paid (excluding taxes, extra premium and rider premiums if any), without interest.
Example Illustration
📌 Age: 35 years | Sum Assured: ₹5,00,000 | Policy Term: 25 years | Premium Paying Term: 25 years
Entry at Age 35:
- In case of Death at Age 51 (16th Policy Year):
- Death Benefit: Sum Assured on Death + Bonus for 16 years + FAB
- At Maturity: Basic Sum Assured + Vested Bonus + FAB
Eligibility & Policy Terms
📌 Entry Age: Min: 30 Days | Max: 65 years
📌 Maturity Age: Max: 75 years | Min: 18 years (completed)
📌 Policy Term: 10 to 25 years
📌 Premium Paying Term: Single Premium only
📌 Minimum Sum Assured: ₹1,00,000
📌 Maximum Sum Assured: No limit
Available Riders:
The following two optional riders (or amended version of these) shall be available under this plan by payment of additional premium.
✔ Accidental Death & Disability Benefit (ADDB) Rider
✔ Term Rider
Premium Payment Modes & Rebates
📌 Payment Modes: Single Premium
📌 High Sum Assured Rebate:
- Rs. 1,00,000 to less than Rs. 2,00,000 → Nil
- Rs. 2,00,000 to less than Rs. 3,00,000 → 20% of Basic SA
- Rs. 3,00,000 to less than Rs. 5,00,000 → 30% of Basic SAS
- Rs. 5,00,000 and above → 40% of Basic SAS
Additional Benefits & Conditions
✔ Policy Loan: Loan can be availed at any time during the policy term after three months from completion of the policy.
✔ Surrender Value: The policy can be surrendered at any time during the policy year. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value andSpecial Surrender Value. The Guaranteed Surrender Value shall be as under:- During first three policy year: 75% of the Single premium paid- Thereafter: 90% of the Single premium paid. Single premium referred above shall not include taxes, extra premium & rider premium(s) if any.
✔ Backdating: Allowed within the same financial year
