Plan No.717
The LIC Single Premium Endowment Plan is a life insurance policy offered by the LIC of India that offers both protection and savings benefits.
It requires a one-time premium payment and provides a lump sum payment upon maturity or in case of the insured's unfortunate demise during the policy term.
Additionally, the plan allows for loans against the policy after completion of one year, with the loan amount being 90% of the surrender value. This plan aims to provide financial
security to the insured and their family, combining insurance coverage with a savings component for future financial goals.
LIC Single Premium Endowment Policy Features
- The premium under this LIC single premium policy is paid as a lump sum at the plan's start.
- This LIC one-time investment plan provides returns and protection against the untimely demise
- This policy can be taken for anyone between 90 days to 65 years
- On survival till the end of a policy tenure or on earlier death, the entire Sum Assured, along with accrued Bonuses, will be paid, and the policy terminates
- This policy participates in the profits of LIC and offers a simple Reversionary Bonus and Final Additional Bonus if any
- Death Benefit: If the policyholder dies within the policy tenure:
- Only the Single Premium will be paid to the nominee if the Life Insured dies before the commencement of risk.
- After risk commencement, the Sum Assured and accrued bonuses, if any, would be paid as the Death Benefit.
- Maturity Benefit: On survival of the policyholder till the end of the policy tenure, the Sum Assured, along with a simple Reversionary Bonus and Final Addition Bonus, if any, would be paid to the policyholder as Maturity Benefit, and the policy terminates
- Policy Loan: A policy loan can be obtained under this plan after one full year of the policy being in force. The loan amount will be 90% of the surrender value when the loan is approved.
- Surrender Value: The LIC single premium policy has a guaranteed surrender value. Policyholders will receive 70% of the premium paid if the LIC single premium endowment policy is surrendered within the first year and 90% of the single premium paid from the second year onwards. The insured are also eligible to receive a certain amount of the vested reversionary bonus
Combination of Savings and Protection:
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