LIC Single Premium Endowment Plan | Plan No. 917 | Fixed Deposit + Insurance Cover

LIC Single Premium Endowment Plan | Plan No. 917 | Fixed Deposit + Insurance Cover

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

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