Plan feature:-

LIC’s Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
LIC’s Single Premium Endowment Plan 817 was introduced on 1st January 2014. Information about Lic Single Premium Endowment Policy benefits, conditions, etc. are given below.

Key Feature:-

• Single Premium Endowment with Profit Plan

• Policy can be taken as early as at 90 days of age.

• On maturity, Policy Holder will get sum Assured along with bonus and final additional bonus, if any.

• Option available for Accident Benefit Rider, Critical Illness Rider by paying small amount along with the premium.

• High Bonus, High Liquidity and Saving Point.

Plan Parameter:-

Entry Age: Minimum: 90 days (completed) Maximum: 65 years (Nearest Birthday)
Maturity Age: Minimum: 18 years (completed) Maximum: 75 years (Nearest Birthday)
Policy Term: Minimum: 10 Years Maximum: 25 Years
Premium Mode: Single Premium mode only.
Sum Assured: Minimum: Rs. 50,000/-   Maximum: No Limit-
(Sum Assured will be in multiples of Rs. 5,000/- only)

Benefits:

Death Benefits:-

On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.
On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Maturity Benefit:-

Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Date of Commencement of risk:

In case the entry age of Life Assured is less than 8 years, risk will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Surrender Rule:-

Single Premium Endowment Lic policy can be surrendered at any time during the policy term.

Guaranteed Surrender Value (GSV):-

First year: 70% of the Single premium – service tax and extra premium, if any
Thereafter: 90% of the Single premium – service tax and extra premium, if any.
In addition, the surrender value of vested Simple Reversionary Bonuses, if any shall also be payable.

Special surrender value (SSV):-

Special surrender Value is the discounted value of sum assured and vested simple reversionary bonuses.

Loan:-

Loan facility is available under Single Premium Endowment Lic plan.

Participation in profits:-

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation. Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.

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