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LIC’s Single Premium Endowment Plan

What is the Plan all About?

LIC’s Single Premium Endowment Plan is a non-linked, participating savings cum protection plan that provides a lump sum payout at the maturity of the policy term. This plan also ensures financial security for your family, when you are not around.

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What are the Key Features?

  • Get maturity benefit
  • Life cover available
  • Enjoy bonus
  • Avail loan amount
  • Rebate on opting sum assured of Rs 1 Lac & above
  • Tax benefits are applicable

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured during the policy term and before commencement of the risk, the single premium is then payable. On death during the term of the policy and on or after the date of commencement of risk, Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable.

Maturity Benefit

    On survival of the life assured till the end of the policy term, Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable.

Bonus

    Simple Reversionary Bonuses is declared annually at the end of each financial year. This bonus is added from the date of commencement of the policy until death or completion of the policy term, whichever occurs earlier. Final Additional Bonus may also be declared on death or maturity during the term of the policy.

Loan Benefit

    Loan amount can be availed, provided the policy has been active for at least 1 year.

Surrender Value

    Surrender value can be acquired at any time during the term of the policy. During the 1st policy year, the guaranteed surrender value is 70% of the single premium, and thereafter it is 90% of the single premium. The surrender value of vested simple reversionary bonuses is also payable. Special Surrender Value is payable, when it is favorable to the policyholder.

Tax Benefit

    This policy provides tax benefits under IT Act, 1961. Tax laws are subject to change from time to time.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 90 Days 65 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 10 Years 25 Years
Premium Paying Term Single Premium -
Premium Paying Mode Single Pay Only -
Premium Amount - -
Sum Assured Rs 50,000 No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders can be attached with this policy.

How the Plan Works?

Let’s understand the plan with the help of below illustration.
 

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s Single Premium Endowment Plan with the policy term of 25 years, pays the single premium of Rs 23,545 and the sum assured is Rs 50,000.


Scenario A: Raman Survives through the Policy Term

If Mr. Raman survives till the end of the policy term, Rs 50,000 plus vested Simple Reversionary Bonuses and Final Additional Bonus is payable. The maturity benefit can further be used to fulfill your financial goals.


Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 50,000 along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable. This death benefit ensures the financial cover for his family.


Benefit Illustration

LIC’s Single Premium Endowment Plan

Note: The non-guaranteed benefits as illustrated above are calculated at Projected Investment Rate of Return of 4% per annum (Scenario 1) and 8% p.a. (Scenario 2) respectively.