LIC Single Premium Endowment 917

By | April 27, 2020

LIC Single Premium Endowment 917 Details, Example, Features and Benefits with Example

LIC of India new plan launched on 1st. february 2020 which name LIC Single Premium Endowment Plan (Table No 917) is an endowment insurance policy with savings where the single premium paid once at the start of the policy.

LIC Single Premium Endowment Policy 917
LIC Single Premium Endowment Plan 917

LIC Single Premium Endowment policy 917 offers bonus and final additional bonus. In this plan 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.

Key Features

  • LIC single premium endowment plan 917 is a combination of Endowment + Term insurance by paying single premium amount. LIC Single premium endowment policy participates in Profits.
  • In this plan if person lives till end of Term of the policy, policy holder will be given Maturity Benefit which is SUM ASSURED + BONUS +FAB (if any).
  • If policy holder dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
  • There is High Bonus and High liquidity and saving under this LIC Plan No 917.

Eligibility/Parameter of LIC Single Premium Endowment 917

Minimum age90 days (completed).
Maximum age65 years
Policy Term 10 years to 25 years
Maximum maturity age 75 years
Minimum Sum AssuredRs.50,000
Maximum Sum AssuredNo limit
Premium paymentOne time Premium Payment Only
Income Tax Benefit10% of Premium paid are eligible for Tax rebate u/s 80C

Single Premium LIC Policy 917 Rebates

Sum AssuredRebate
Rs. 50,000/- to Rs. 95,000/-NIL
Rs. 1,00,000/- to Rs. 1,95,000/-18.00 % Basic Sum Assured
Rs. 2,00,000/- to Rs. 2,95,000/-25.00 % Basic Sum Assured
Rs. 3,00,000/- and above30.00 % Basic Sum Assured

Read Also This LIC Nivesh Plus 849 One Time Investment Plan 

LIC Single Premium Endowment 917 Benefits

Maturity Benefit

Sum Assured + Simple Reversionary Bonus +final additional bonus (if any).

Death Benefit

After Commencement of Risk : If the Insured person dies within the Policy Term after the commencement of Risk, then death benefit will be given to Nominee of the Policy. Death Benefit = Sum Assured + Simple Reversionary Bonus + final additional bonus (if any).

Before Commencement of Risk : If the  Insured person dies within the Policy Term before the commencement of Risk, then Single Premium that he paid excluding taxes and extra premium if any, without interest will be given to the Nominee of the Policy.

Read Also ThisLIC SIIP Plan 852 » Great scheme for people who’s invest in Share market

LIC Single Premium Endowment
Plan 917 with an Example

An example of Ravi is purchasing this Plan with following details.

Sum Assured            Rs.8,00,000
Policy Term               25 Years
Policy Purchase Year    2020
Age                 25 Years
Single Premium          Rs. 3,62,688/-

Maturity Details

If policy holder Ravi survives the policy term 25 years then Maturity will be as under.

Maturity YearMaturity AgeMaturity Amount (approx)

Year-wise Death Claims

AgeRisk Cover NormalPremiumAmount Received
50002180000 (Maturity)

Read Also thisLIC’s full family protection plan

LIC Single Premium Endowment 917Additional Information

Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : 1 years.

Loan Facility: Loan facilities is available after one year under this policy.

Income Tax Deduction: Available under Section 80C for premiums paid only.R

Suicide Clause: If insured commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300, 340 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be back date within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under this plan.

LIC’s Latest Plans 2020

I hope “LIC Single Premium Endowment Policy 917” के बारे में ये जानकारी अच्छी लगी होगी, अगर हाँ तो इसे अपने सभी Friends के साथ Social media पर Share जरुर करें ताकी आपकी मदद से दुसरे लोग भी इस योजना की जानकारी को पढ़ सकें, और वो इसका लाभ ले सके, कोई ऐसी जानकारी रह गयी हो और आप जानना चाहते हो तो आपके सुझाव व प्रस्ताव स्वीकार्य हैं और नीचे दिए गए comment box में टिप्पणी भी अवश्य दें! धन्यवाद…….

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