Single Premium Endowment Plan | Plan No. 917 is a single premium, non-linked, with profits Endowment Plan
Example
Minimum age at entry : 90 days (Completed)
Maximum age at entry : 65 years (Nearer Birthday)
Minimum age at Maturity : 18 years (Completed)
Maximum age at Maturity : 75 years (Completed)
Minimum Term : 10 years
Maximum Term : 25 years
Minimum Sum Assured 50,000/-
Maximum Sum Assured : No limit
Available Riders:
LIC’s Accidental Death and Disability Benefit Rider and Term Rider for full Policy Term .
Mode of Payment:
Single Premium Payment (One time)
Policy Loan :
After one policy year.
Surrender:
First Year: 75% of Single premium.
2nd Year Onwards: 90% of SP + Surrender value of bonus
Back Dating:
Allowed without lean months benefit. Interest will be charged for exact number of days from DOC to date of payment.
Proposal Form:
Form 300, 340 or Form 360
Income Tax Benefits:
On Basic Premium : U/s 80C up to 10% of Sum Assured
Maturity Amount : Taxable as per Income Tax rules
Death Claim : Exempt u/s 10 (10D) as per Income Tax rules
All Single Premium Endowment Plan | Plan No. 917 Details with example are available in Video. Please check the video given below.
DATE OF COMMENCEMENT OF RISK:
For age at entry less than 8 years: One day before completion of 2 years from Date of Commencement (DOC) or one day before Policy Anniversary after completion of the age of 8 years, whichever is earlier.
For age at entry 8 years (Last Birthday) or more: Risk will commence immediately.
SUM ASSURED ON DEATH: Basic Sum assured
DEATH BENEFIT:
Before Risk Commencement: Refund of Premiums paid Excluding GST
After Risk Commencement: Sum Assured on Death + Vested Bonus + Final Additional Bonus(FAB) if any.
MATURITY BENEFIT:
Basic Sum Assured + Vested Bonus + Final Additional Bonus(FAB) if any.
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Non-Medical Schemes: All Allowed, incl. Exclusive Single Premium NM Scheme.
Age Proofs: All Allowed.
Female Lives : All Allowed.
Third Gender: Standard Age proof is must. Proposal will be
decided at CO NB&R Department.
Keyman/Partnership/Empl-Employee: Allowed only under Employer-Employee
