LIC
Single Premium Endowment Policy plan no. 917 is
an endowment insurance policy or a savings plan where the entire
premium is paid just once at the start of the policy. Lic
Single Premium Endowment Policy plan no. 917 is an endowment policy
where Sum assured along with Bonus and Final additional bonus will
be paid to the policyholder, at the end of the policy term or policy
period. LIC
Single Premium Endowment policy 917
offers
bonus and is not linked to the market. In Single
Premium Lic policy
the
premium is paid in lump sum at the beginning of the policy and the
returns are given to the policyholder at the end of policy term or to
the nominee in case of death of the policyholder.
Single Premium Endowment Plan Highlights:
- Single premium
- With profit endowment plan
- Minimum age at entry is 90 days
- Loan available after completion of one year
- Back dating is allowed
Maturity Benefits:
On
survival of the Life Assured to the end of policy term,
Maturity
benefit = Sum Assured + vested Simple Reversionary Bonuses + Final
Additional Bonus, if any.
Death Benefits:
On
death of the Life Assured on or after the commencement of risk during
the policy term,
Death
Benefit = Sum Assured + vested Simple Reversionary Bonuses + Final
Additional Bonus, if any.
On
death of the Life Assured before the commencement of risk during the
policy term,
Death
Benefit = Return of single premium – service tax and extra premium,
if any, without interest.
Eligibility
conditions and restrictions:
Particulars
|
Description
|
Age
at entry
|
90
days (completed) to 65 years (nearest birthday)
|
age
at maturity
|
18
to 75 years
|
Policy
term |
10
to 25 years
|
Premium
mode
|
Single
premium only
|
basic
sum
assured |
50000
and above ( in multiples of 5000)
– no upper limit |
Date
of Commencement of risk:
In
case the entry age of Life Assured is less than 8 years, risk 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 or more, risk will commence immediately.
Surrender Value:
Single
Premium Endowment Lic policy can
be surrendered at any time during the policy term.
Guaranteed
Surrender Value (GSV):
- First year: 70% of the Single premium – service tax and extra premium, if any
- Thereafter: 90% of the Single premium – service tax and extra premium, if any.
In
addition, the surrender value of vested Simple Reversionary Bonuses,
if any shall also be payable.
Special
surrender value (SSV):
Special
surrender Value is the discounted value of sum assured and vested
simple reversionary bonuses.
Loan:
Loan
facility is available under Single
Premium Endowment Lic plan.
Suicide clause:
If
the life assured commits suicide before a year from the date of
commencement of risk, he/she will be returned back with 90% of single
premium paid excluding any taxes and extra premium, if any.