LIC Single Premium Endowment Plan is a combination of both savings as well as insurance. On 1st January 2014, it was introduced. As it is a single premium plan, the entire premium needs to be paid at a single time only. It is that time when you purchase it and become a placeholder.
Under this policy a life insured will get financial protection against death if it occurs within the policy period. Whereas on successful survival maturity benefits are available.
LIC Single Premium Endowment Plan
This endowment plan under policy number 817 is a single premium plan. Here with the policy tenure, the policyholder receives the sum assured along with bonus and final additional bonus. Minimum entry age for this policy is 90 days whereas maximum entry age is 65 years.
The policy term for LIC policy no. 817 is from 10 years to 25 years with a minimum sum assured of 50,000. For more details on its features, benefits, etc. please go through all aspects below carefully.
Features Of Single premium Endowment Plan
- Sum Assured under this plan is high.
- It is a single endowment premium policy plan along with profit.
- It also has its loan facility. But it is available only after one-year of policy term
- Minimum age criteria to be a policyholder of LIC policy no. 817 is just 90 days.
- Death benefit under policy no. 817 is sum assured along with the bonus.
- High Bonus, saving point, and High Liquidity is three important feature of Single Premium Endowment Plan.
Eligibility Criteria For LIC Single Premium Endowment Policy
|Minimum Entry Age||90 Days|
|Maximum Entry Age||65 Years|
|Minimum Policy Term||10 Years|
|Maximum Policy Term||25 Years|
|Minimum Maturity Period||18 Years|
|Maximum Maturity Period||75 Years|
|Minimum Sum Assured||50,000|
|Maximum Sum Assured||No Limit|
|Premium Mode||Single Premium|
Benefits Of LIC Policy No. 817
Death Benefits: If the policyholder dies unfortunately before the commencement of risk, then death benefit includes only the single premium that you paid. It will exclude taxes and any other extra premium. But if any such unfortunate incident happens after the commencement of risk, the death benefit is the total of sum assured, reversionary bonuses and additional bonuses.
Maturity Benefits: It is payable o successful survival of policyholder on Maturity end of the policy. It includes assured sum, simple reversionary bonuses, and final additional bonuses.
Participation in Profits: It comes from company profit. A life insured receives this as simple reversionary bonuses.
Final Additional Bonus: The policyholder may receive Final Additional Bonus on either policy maturity or by the death of the policyholder. It is payable under company’s term and conditions. The company can also declare this from time to time.
Surrender Value: Surrender of policy means when you terminate your plan. So that you will be no more a member of that particular policy. LIC policy no.817 allows you to surrender at any time after its purchase.
Free Look Period or Cooling Period: Policy return is also possible in case of LIC Single Premium Endowment Plan. If you don’t understand its term and condition, then you can return it within 15 days of its purchase.