LIC Single Premium Endowment

LIC Single Premium Endowment Plan (Table 817) It’s a one time investment non linked plan offers an good saving features with maturity benefits (Sum Assured + Bonus Final Addition Bonus) at the time of policy term. Also Have an option can take care of liquidity needs by the loan facility. It’s a good plan to give good life to girl or boy baby, child future Higher Education, Carrier, future Marriage. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India.

LIC Single Premium Endowment Policy (Table 817)

Policy Main Specification

• Age at Entry (Last Birthday): 90 Days
• Maximum Age at Entry (Last Birthday): 65 Years
• Minimum Maturity Age (Last Birthday) : 18 Years
• Maximum Maturity Age (Last Birthday) : 75 Years
• Policy Term (PT): 10 – 25 years
• Premium Paying Term (PPT):Single (one time investment) 
• Minimum Sum Assured: 50,000
• Maximum Sum Assured: No bound (based on income Limit)

Key Features of LIC Single Premium Endowment Policy

• LIC Single Premium Endowment Policy is a one time investment (single term) policy with nature of good returns
• This plan is suitable from age of 90 days to 65 years
• Policy continued existence till the period of the policy and the final Maturity Benefit + Bonus and Final Additional Bonus will be paid to the policyholder.
• If the life insured person (policy holder ) may die within the period of policy year, the Sum Assured and benefits will be paid to the nominee.

Benefits of LIC Single Premium Endowment Policy

• Bonus: Policy holder can be eligible for LIC’s declared bonus and also Final Additional Bonus.
• Maturity Benefit: The Basic Sum Assured and declared Bonuses, Final Additional Bonus will be paid to the policy holder
• Death Benefit: 
  1. If the Life Insured person death before the commencement of risk, will pay only the Single Premium to the nominee
  2. Completion of risk commencement, the entire Sum Assured, Bonus, and other benefits if any will be paid to the nominee
• Surrendered Value:
• 1. Very First year: 70% of the Single premium excluding service tax and extra premium, if any
  2. More than a Year thereafter: 90% of the Single premium excluding service tax and extra premium, if any
• Loan : After one year policy holder will be eligible for have the Loan
• Rebates: High Sum Assured very good Rebates available in this policy
• Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

LIC Single Premium Endowment Policy Details and KYC

Grace Period: This future will not applicable under this plan, because its an one time investment and no more further premium will be collected

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions:Suicide committed within one year (12 months) of policy period only 90% of the premiums will be paid to the nominee

Documents Required: Proposal Form 300/340 shall be filled under this plan, and also other proof of documents are required to completed the policy, like address proof, and other Know your customer (KYC) documents.

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