LIC Single Premium Endowment Plan
LIC Single Premium Endowment Plan is a participating non-market-inked, hassle-free one-time investment plan, This plan is a combination of savings cum protection which makes this plan very popular. The premium is paid in a 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 a 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.
You can buy this policy by just calling the LIC Agents
LIC Single Premium Endowment plan benefits
Death Benefit:
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 the death of the policyholder 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.
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 in a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.
Features of Single Premium Endowment Plan
- This is a one-time premium paying plan
- Tax benefits under 80 C (Kindly refer to the latest Tax rules )
- The minimum entry age is 90 days (completed)
- Maximum entry age: 65 years (the nearest birthday)
- Max. Maturity age: 75 years (the nearest birthday)
- Minimum policy term: 10 years
- Minimum age at maturity: 18 years (completed)
- Maximum policy term: 25 years
- Minimum Sum Assured: Rs.50,000
- Maximum Sum assured: No limit
- Sum Assured will be in multiples of Rs.5,000 /- only.
- Premium payment mode: Single premium only
LOAN :
A loan can be availed under this plan any time after completion of the first policy year and is subject to terms and conditions as the company may specify from time to time.
SURRENDER VALUE:
Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
The Guaranteed Surrender Value allowable shall be as under:
a.) First year: 70% of the Single premium excluding service tax and extra premium, if any.
b.) Thereafter: 90% of the Single premium excluding service tax and extra premium, if any.
In addition, the surrender value of vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses.
Tax Benefits: Kindly refer to the latest Tax rules