LIC SINGLE PREMIUM ENDOWMENT PLAN (Plan No: 917)
LIC Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where a single premium is paid in a lump sum at the inception of the policy.
LIC Single Premium Endowment Plan 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 survival. This plan also takes care of liquidity needs through its loan facility.
Unique Identification Number: 512N283V02
Launch Date: 1st February 2020
LIC Single Premium Endowment Plan Maturity Benefit:
Sum Assured on Maturity + Simple Reversionary Bonuses + Final Additional Bonus if any.
- Where Sum Assured on Maturity is equal to the Basic Sum Assured.
- on Survival to the end of the policy term provided all due premiums have been paid.
- Payable in Lump Sum or as per Settlement Option exercised
Death benefit:
On or After Commencement of Risk: “Sum Assured on Death” + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as higher of Basic Sum Assured or 1.25 times of Single premium.
Before Commencement of Risk: Return of Single Premium excluding Taxes, extra premium, and rider premium if any
Income Tax Benefit:
under section 80C of the Income Tax Act, premiums paid under the L.I.C’s Single Premium Endowment Plan are eligible for rebate up to the limit of Rs: 1,50,000/- only to the extent of 10% of Sum Assured
Synopsis of LIC Single Premium Endowment Plan Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 90 days completed Maximum – 65 yrs nearest birthday |
| 2 | Policy Term & Premium paying term | Minimum – 10 Years Maximum – 25 Years |
| 3 | Maturity Age | Minimum – 18 years completed Maximum – 75 years (nearer birthday) |
| 4 | Basic Sum assured (in multiples of 5,000/-) | Minimum – 50,000/- Maximum – Unlimited |
| 5 | Mode rebate | N/A – Single Premium Policy Only |
| 6 | Large Sum Assured rebate (per 1000 S.A) | 50,000 to 95,000 – NIL 1,00,000 to 1,95,000 – Rs: 18 %o B.S.A. 2,00,000 to 2,95,000 – Rs: 25 %o B.S.A. 3,00,000 and above – Rs: 30 %o B.S.A |
| 7 | Mode of payment of premiums | Single Premium Only |
| 8 | Grace Period | N/A – Single Premium Policy |
| 9 | Surrender Policy Loan | Anytime Subject to realization of cheque. After completing 1 policy year |
| 10 | Revival | N/A – Single premium policy only |
| 11 | Optional Riders Available: | L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Term Assurance Rider |
Date of Commencement of Risk for LIC Single Premium Endowment Plan:-
- In case, if the age of Life Assured is less than 8 years, the risk under the plan 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 and more, risk will commence immediately from the Date of Issuance of policy.
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Settlement Option for Maturity Benefits:
- The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policyholder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment
Option to take Death Claim Benefits in installment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
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