LIC Single Premium Endowment Plan (817)
Table of Contents
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
| Age | Min. age – 90 days (completed).Max. age – 65 years. |
| Policy Term | Min. Term -10 years.Max. Term – 25 years. |
| Sum Assured | Min. : Rs. 50,000.Max. : No Limit. |
| Premium payment | Premium 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 Assured | Rebate |
| 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 above | 30.00 % Basic Sum Assured |
LIC Single Premium Endowment (817) Plan wiht an Example
An example of suresh is purchasing this Plan with following details.
| Sum Assured | Rs.8,00,000 |
| Policy Term | 25 Years |
| Policy Purchase Year | 2016 |
| Age | 25 Years |
| Single Premium | Rs. 362688/- |
Maturity Details
If policy holder suresh survives the policy term 25 years then Maturity will be as under.
| Maturity Year | Maturity Age | Maturity Amount(approx) |
| 2041 | 50 | 21,80,000/- |
Year-wise Death Claims
| Year | Age | Risk Cover Normal | Premium | Amount Received |
| 2016 | 25 | 840800 | 362688 | 0 |
| 2017 | 26 | 881600 | 0 | 0 |
| 2018 | 27 | 922400 | 0 | 0 |
| 2019 | 28 | 963200 | 0 | 0 |
| 2020 | 29 | 1004000 | 0 | 0 |
| 2021 | 30 | 1044800 | 0 | 0 |
| 2022 | 31 | 1085600 | 0 | 0 |
| 2023 | 32 | 1126400 | 0 | 0 |
| 2024 | 33 | 1167200 | 0 | 0 |
| 2025 | 34 | 1208000 | 0 | 0 |
| 2026 | 35 | 1248800 | 0 | 0 |
| 2027 | 36 | 1289600 | 0 | 0 |
| 2028 | 37 | 1330400 | 0 | 0 |
| 2029 | 38 | 1371200 | 0 | 0 |
| 2030 | 39 | 1428000 | 0 | 0 |
| 2031 | 40 | 1472800 | 0 | 0 |
| 2032 | 41 | 1517600 | 0 | 0 |
| 2033 | 42 | 1562400 | 0 | 0 |
| 2034 | 43 | 1615200 | 0 | 0 |
| 2035 | 44 | 1672000 | 0 | 0 |
| 2036 | 45 | 1736800 | 0 | 0 |
| 2037 | 46 | 1817600 | 0 | 0 |
| 2038 | 47 | 1938400 | 0 | 0 |
| 2039 | 48 | 2059200 | 0 | 0 |
| 2040 | 49 | 2180000 | 0 | 0 |
| 2041 | 50 | 0 | 0 | 2180000 |
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
Office Address:- 25,KG,Marg, Jeevan Prakash Building.
LIC of India,Branch Unit-117
3rd floor,C.P. New Delhi-110001
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