LIC Single Premium Endowment

LIC Single Premium Endowment Plan (817)

LIC Single Premium Endowment
LIC Single Premium Endowment
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LIC Single Premium Endowment plan (LIC Table No 817) is an endowment insurance policy with savings plan where the single premium paid once at the start of the policy. LIC Single Premium Endowment policy offers bonus and is traditional plan. 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 817 is a combination of Endowment plus Term insurance by paying single premium amount. Single premium endowment plan 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 Bima plan 817.

Plan Parameters

AgeMin. age –  90 days (completed).Max. age – 65 years.
Policy TermMin. Term -10 years.Max. Term – 25 years.
 Sum AssuredMin. : Rs. 50,000.Max. : No Limit.
Premium paymentPremium Paying Mode – One time Premium Payment.

LIC Single Premium Endowment Policy 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 This –  LIC New Plan 917 launched single premium payment Only

Single Premium LIC Policy 817 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

LIC Single Premium Endowment (817) Plan wiht an Example

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

Sum AssuredRs.8,00,000
Policy Term25 Years
Policy Purchase Year2016
Age25 Years
Single PremiumRs. 362688/-

Maturity Details

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

Maturity YearMaturity AgeMaturity Amount(approx)
20415021,80,000/-

Year-wise Death Claims

YearAgeRisk Cover NormalPremiumAmount Received
2016258408003626880
20172688160000
20182792240000
20192896320000
202029100400000
202130104480000
202231108560000
202332112640000
202433116720000
202534120800000
202635124880000
202736128960000
202837133040000
202938137120000
203039142800000
203140147280000
203241151760000
203342156240000
203443161520000
203544167200000
203645173680000
203746181760000
203847193840000
203948205920000
204049218000000
204150002180000

Additional 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.

Riders available: No.

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.

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation
  • Life Time Services

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

Call 9891009400

Email-basupancholi@gmail.com

Office Address:- 25,KG,Marg, Jeevan Prakash Building.

LIC of India,Branch Unit-117

3rd floor,C.P. New Delhi-110001

OTHER SINGLE PREMIUM PLAN

LIC New Bima Bachat

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