LIC Single Premium Endowment Plan 817 is a non-linked savings cum insurance plan in which customer has to pay one time lump-sum amount and enjoy the benefit of the policy. This policy is launched back in 2014 and like other typical endowment plans provide lump-sum benefits with bonus & final bonus at the end of maturity. In case of death during policy period of lic new single premium endowment plan 817, your family will get the sum assured value as promised.
In this article we will share LIC single premium endowment plan review, premium calculation using LIC calculators, maturity benefits and all other useful information at one place. Before proceeding further you might be interested to read about the importance of life insurance and also the best online term plans available in India.
Eligibility & Details of LIC single premium endowment plan 817
You might have understood with the name itself, that LIC single premium endowment plan is a policy where you have to pay the premium amount only once. This policy can be taken from the age of 90 days itself. There are couple of additional rider benefits available with this policy. You can get rebates in high sum assured value. Let’s check out the eligibility of LIC single premium endowment plan 817 below.
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You can increase the sum assured value in multiples of Rs 5,000. It is better to buy a large sum assured insurance policy so that it can be enough for your family in case of unfortunate death.
Lic Single Premium Endowment Policy Rebates
As mentioned above, there is a rebate for higher sum assured value. That means if you buy LIC single premium endowment plan (table no. 817) with a large sum assured value, you will get additional discount on your single premium. That will be a good savings.
Check out the current rebate rate below
|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 plan benefits
Generally in this section, we will cover the major benefits mentioned in this policy documents like maturity benefits, death benefits, bonus etc.
Maturity benefit will be Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Death benefit will be Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
The amount payable will be after deducting the service tax applicable and the additional riders subscribed with this policy. There is a suicide clause included in this policy, under which in case of death due to suicide with in 12 months of the policy purchase, only 90% of the sum assured value will be returned back.
Surrender Value is calculated based on the year of surrender from the policy subscription date. LIC single premium endowment plan can be surrender at any time after policy purchase. The guaranteed surrender value (GSV) will be calculated as
- 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.
There is something called special surrender value as well. Check out with the LIC officials for more details about the same.
Loan Facility is available with this policy.
Cooling Off Period: This is a special feature of single premium endowment plan (table no. 817). Under which policy holder can return the policy or cancel the policy with 15 days of receiving the policy documents.
There are few more things you can do with this policy, they are like
- You can make this policy back dated with in the same financial year.
- There is a stamping charges applicable of 20 paisa per Rs 100 of sum assured value.
- Assignment & nominations is possible under this policy.
Policy Exclusions: The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.
LIC single premium endowment plan premium calculator
Lets say at an age of 30 year if someone get this policy for 25 year term with a sum assured of Rs 50,000 then the single premium payable will be like below.
Visit LIC Single premium endowment plan calculator and provide your expected sum assured value to find out how much premium you have to pay to get this policy. You can expect a maturity benefit of 5-6% maximum including the final accrued bonus if any at the end of the policy term on survival.
To know more about this policy, visit LIC of India Single Premium Endowment Plan page. Contact your nearest LIC branch for more details if any or you can write a comment below. You can also follow our dedicated page created for all LIC policies and various how to guide to provide better assistance.