LIC Single Premium Endowment (Plan No. 917, 717, 817) Eligibility, Features & Details

A LIC single premium endowment plan (Table No: 917, 717) is a type of life insurance policy offered by the Life Insurance Corporation of India (LIC). As the name suggests, it is a single premium policy, which means that you pay the premium amount upfront at the beginning of the policy term.

Under LIC plan 717 or 917, you will receive a lump sum amount as the maturity benefit at the end of the policy term if you survive the term. In the unfortunate event of your demise during the policy term, your nominee will receive the sum assured along with any bonuses that may have been accrued.

The sum assured and the maturity benefit depend on the premium amount paid and the age of the policyholder. This plan also offers the option of taking a loan against the policy after completion of one year of the policy term.

Note: LIC plan numbers 917, 717, and 817 are the same plan. The different numbers only represent updated versions released at different times, with minor changes in rules, bonus rates, or regulatory compliance. The core features, benefits, and structure remain identical.

Image credit: PolicyBazar

It is important to note that the LIC single premium endowment plan is a non-linked, non-participating plan, which means that it does not have any investment component or the possibility of earning bonuses or dividends. The premium paid is used entirely for providing life insurance coverage.

LIC New Single Premium Endowment Plan 917 Specification

Plan Name	LIC Single Premium Endowment Plan
Table no	917, 817, 717
UIN	512N283V02
Policy Term	10-25 Years
Premium Payiing Term	Single (One Time Investment)
Plan Type	Endowment Plan
Minimum age	90 days
Maximum age	65 years
Minimum Maturity Age	18 Years
Maximum Maturity Age	75 Years
Minimum Sum Assured	Rs. 1,00,000/-
Maximum Sum Assured	No Limit
Premium Paying Mode	One Time Payment
Loan Facility	After the first year
Income tax benefit	Section 80C and Section 10(10D)
Surrender Facility	After the first year
Accident Death Benefit	ADB Rider Available (Optional)
Death Benefit	Sum Assured + Bonus

Eligibility for LIC Single Premium Endowment Plan

To be eligible for the LIC Single Premium Endowment Plan, you must meet the following criteria:

917 lic plan:

1. Age: The minimum age at entry is 90 days and the maximum age is 65 years.
2. Policy term: The policy term for this plan is 10 years.
3. Premium payment: The premium payment for this plan is a lump sum payment.
4. Sum assured: The minimum sum assured under this plan is ₹50,000 for table numbers 817 and 917, and ₹1,00,000 for table number 717. There is no maximum limit in any version of the plan.
5. Premium amount: The premium amount depends on the sum assured and the age of the policyholder at the time of entry.
6. Medical examination: If the sum assured is high, the policyholder may be required to undergo a medical examination.

It is important to note that these eligibility criteria may vary based on the specific plan and policy terms and conditions. It is recommended to read the policy document carefully before purchasing any insurance plan.

LIC Single Premium Endowment Policy Features

LIC Single Premium Endowment Policy is a life insurance policy that provides a lump sum payment at the end of the policy term, either as a death benefit or maturity benefit. Here are some of its features:

Image credit: LIC Service

lic 917 plan:

1. Single Premium Payment: As the name suggests, this policy requires only a single premium payment.
2. Policy Term: The policy term can range from 10 to 25 years.
3. Death Benefit: In case of the policyholder’s death during the policy term, the sum assured along with the accrued bonus is paid to the nominee.
4. Maturity Benefit: If the policyholder survives the policy term, a lump sum payment is made to the policyholder which includes the sum assured and any accrued bonus.
5. Loan Facility: The policy allows for taking a loan after completion of one policy year.
6. Surrender Value: The policy can be surrendered after completion of one policy year, and the surrender value will be paid.
7. Tax Benefits: Premiums paid and benefits received under the policy are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
8. Bonus: The policy participates in the profits of the corporation and earns a bonus which is paid at the time of death or maturity.
9. Age Limit: The minimum age of entry is 90 days, and the maximum age of entry is 65 years.
10. Sum Assured: The minimum sum assured is Rs. 50,000, and there is no maximum limit.

It is important to read the policy documents carefully to understand the terms and conditions of the policy.

Documents Required for LIC Single Premium Endowment Plan

To purchase the LIC Single Premium Endowment Plan, you will need to provide the following documents:

Single endowment plan lic:

1. Proposal form: You will need to fill out the proposal form provided by LIC, which includes your personal details such as name, age, address, and occupation.
2. Identity proof: You will need to provide a copy of your identity proof, which can be any one of the following: a. PAN Card b. Aadhaar Card c. Passport d. Voter ID Card
3. Address proof: You will also need to provide a copy of your address proof, which can be any one of the following:a. Aadhaar Card b. Passport c. Voter ID Card d. Driving License
4. Photograph: You will need to provide a recent passport-sized photograph.
5. Payment proof: You will need to provide a proof of payment for the premium amount. This can be a copy of the payment receipt or a bank statement showing the premium payment.

Once you have these documents ready, you can visit your nearest LIC branch and meet with an LIC representative to complete the application process. They will guide you through the process and help you with any additional information or documents that may be required.

Benefits of LIC Single Premium Endowment Plan

IC (Life Insurance Corporation of India) Single Premium Endowment Plan is a type of life insurance policy that offers both insurance coverage and savings benefits to the policyholder. Here are some of the benefits of the LIC Single Premium Endowment Plan:

lic plan 817

1. Lump sum payment: The policy requires a one-time premium payment, which makes it a convenient option for those who prefer to make a single payment instead of regular payments.
2. Life coverage: The policy provides life coverage to the policyholder, which ensures that their family is financially protected in case of their untimely demise.
3. Maturity benefit: If the policyholder survives the policy term, they receive a lump sum payment which includes the sum assured plus any bonuses declared by LIC.
4. Tax benefits: The policyholder can avail tax benefits on the premium paid and the maturity benefit received, as per the prevailing tax laws in India.
5. Loan facility: The policyholder can avail of a loan against the policy after it has acquired a surrender value.
6. Surrender value: If the policyholder surrenders the policy before the end of the policy term, they receive a surrender value, which is a percentage of the premium paid.
7. Bonus: The policy is eligible for reversionary bonuses, which are declared by LIC and added to the sum assured. Terminal bonuses may also be declared by LIC at the time of maturity or surrender.
8. Flexibility: The policyholder can choose the policy term, sum assured, and the premium payment mode.

Overall, the LIC Single Premium Endowment Plan is a good option for those who want to combine insurance coverage with savings benefits and prefer to make a single payment. However, it is important to carefully read and understand the policy terms and conditions before investing.

Free Look Period of LIC Single Premium Endowment Plan

The Free Look Period of LIC Single Premium Endowment Plan is 15 days from the date of receipt of the policy document. During this period, the policyholder has the option to review the terms and conditions of the policy and if they are not satisfied with any of the terms or conditions, they can return the policy to LIC for cancellation and obtain a refund of the premium paid, after deducting the proportionate risk premium for the period of cover and other charges incurred by LIC.

It is important to note that the free look period is applicable only for the first policy issued to the policyholder, and not for subsequent policies issued by LIC to the same policyholder. Additionally, the free look period is not applicable for policies purchased through distance marketing such as online sales.

Surrender Benefits of LIC Single Premium Endowment Plan 817

The LIC Single Premium Endowment Plan is a type of life insurance policy that provides both life cover and savings benefits. If you surrender the policy before the end of the policy term, you may be eligible to receive certain surrender benefits, although the exact amount will depend on the specific terms and conditions of the policy.

Here are some of the potential surrender benefits that you may receive:

1. Surrender Value: The surrender value is the amount that you will receive if you surrender the policy before the end of the policy term. This amount will be a percentage of the single premium paid, and will depend on the number of years that have passed since the policy was issued.

2. Bonus: If the policy has accrued any bonus, you may be eligible to receive a portion of it upon surrender. The bonus will be calculated based on the number of years that the policy has been in force.

3. Guaranteed Surrender Value: The policy may also have a guaranteed surrender value, which is the minimum amount that you will receive upon surrender, regardless of how long the policy has been in force.

It is important to note that surrendering the policy before the end of the term may result in a loss of benefits, and may also attract surrender charges. You should carefully consider the terms and conditions of the policy before deciding to surrender it. It is also recommended that you consult with a licensed financial advisor before making any decisions.

Loan Benefits of LIC Single Premium Endowment Plan 917

The LIC Single Premium Endowment Plan is a type of life insurance policy that offers both insurance coverage and investment benefits to policyholders. Some of the loan benefits of this plan are:

917 lic plan benefits:

1. Loan Facility: The policy offers a loan facility to the policyholder. After completion of the policy’s first year, the policyholder can take a loan against the policy’s surrender value. The maximum loan amount is usually up to 90% of the surrender value.
2. Easy Loan Repayment: The loan repayment terms are quite flexible. The policyholder can repay the loan amount in installments or as a lump sum at the end of the loan term.
3. No Need for a Separate Loan Application: The policyholder does not need to apply for a separate loan. Instead, they can simply request the loan amount against the policy’s surrender value.
4. Low-Interest Rate: The loan interest rate on LIC Single Premium Endowment Plan is usually lower than other types of loans available in the market.
5. No Credit Check Required: Since the loan is secured against the policy’s surrender value, there is no need for a credit check or collateral.
6. No Effect on Death Benefit: The loan amount and interest do not affect the death benefit of the policy. The death benefit paid to the nominee is the sum assured plus bonuses, minus any outstanding loan amount.

Overall, the LIC Single Premium Endowment Plan offers the policyholder the benefit of taking a loan against the policy’s surrender value without affecting the death benefit. It is a good option for individuals looking for a life insurance policy that also offers investment benefits.

Exclusions under LIC Single Premium Endowment Policy

The exclusions under LIC Single Premium Endowment Policy may vary based on the specific policy and its terms and conditions. However, some of the common exclusions that may apply to this type of policy are:

lic’s single premium payment schemes:

1. Suicide: If the policyholder dies due to suicide within 12 months from the date of policy inception, LIC may not pay the death benefit.
2. Participation in hazardous activities: If the policyholder dies as a result of engaging in hazardous activities, such as skydiving, bungee jumping, or motor racing, LIC may not pay the death benefit.
3. Non-disclosure of material information: If the policyholder provides false or incomplete information on the application, LIC may refuse to pay the death benefit.
4. Pre-existing medical conditions: If the policyholder dies as a result of a pre-existing medical condition that was not disclosed at the time of application, LIC may not pay the death benefit.
5. War or terrorism: If the policyholder dies as a result of war or terrorism, LIC may not pay the death benefit.

It is important to carefully review the terms and conditions of the specific policy before purchasing to understand the exclusions that may apply.

Maturity Benefit of LIC Single Premium Endowment Policy

LIC (Life Insurance Corporation of India) Single Premium Endowment Policy is a type of life insurance policy where you pay a lump sum premium upfront and receive a maturity benefit at the end of the policy term. The maturity benefit is the sum assured plus any bonus declared by LIC.

The sum assured is the minimum amount that will be paid to the policyholder in case of death during the policy term. If the policyholder survives the policy term, then the maturity benefit will be paid, which is the sum assured plus any bonus declared by LIC.

The bonus is a share of the profits made by LIC, which is declared annually and added to the sum assured. The bonus amount depends on various factors, such as the performance of the company, the type of policy, and the policy term.

To calculate the maturity benefit of LIC Single Premium Endowment Policy, you can use the following formula:

Maturity Benefit = Sum Assured + Bonus

It’s important to note that the bonus is not guaranteed, and it depends on the performance of the company. The policyholder should also check the terms and conditions of the policy document to understand the details of the policy, including the sum assured and the bonus.

Death Benefit of LIC Single Premium Endowment Policy

The death benefit of a LIC Single Premium Endowment Policy is a lump sum amount that is payable to the nominee in the event of the policyholder’s untimely demise during the policy term. The amount of the death benefit will be the sum assured plus any bonus declared by LIC. The sum assured is the guaranteed minimum amount that will be paid out in the event of the policyholder’s death.

The amount of the sum assured and the bonus, if any, will depend on the premium paid, the age of the policyholder, and the policy term. The policyholder can choose the sum assured based on their financial needs and requirements.

It is important to note that the death benefit is tax-free under Section 10(10D) of the Income Tax Act, 1961, subject to certain conditions.

In addition to the death benefit, the LIC Single Premium Endowment Policy also provides a maturity benefit if the policyholder survives the policy term. The maturity benefit is equal to the sum assured plus any bonus declared by LIC, and it is payable to the policyholder on the maturity of the policy.

Accident Death Benefit of LIC Single Premium Endowment Policy

LIC (Life Insurance Corporation of India) Single Premium Endowment Policy is a type of life insurance policy that provides life coverage for a fixed period of time and a lump sum payout in case of the policyholder’s death during the policy term. In addition to the life coverage, the policy also offers an Accident Death Benefit (ADB) as an optional rider.

The ADB rider provides an additional benefit to the policyholder’s family in case the policyholder dies due to an accident during the policy term. The benefit amount is paid in addition to the basic death benefit and is usually a percentage of the sum assured or a fixed amount, as specified in the policy terms and conditions.

The ADB rider is an optional benefit and can be added to the Single Premium Endowment Policy by paying an additional premium. The premium for the ADB rider depends on the age, health condition, and occupation of the policyholder, as well as the amount of coverage and the duration of the policy.

It is important to note that the ADB rider only provides coverage for accidental death and not for death due to natural causes or illness. Therefore, it is advisable to carefully read and understand the terms and conditions of the policy and the ADB rider before making a purchase decision.

Grace period of LIC Single Premium Endowment Plan

LIC (Life Insurance Corporation of India) Single Premium Endowment Plan is a type of insurance policy that offers a lump-sum payment to the policyholder at the end of the policy term, along with life insurance coverage. The grace period for this plan is 30 days from the due date of the premium payment.

Grace Perion on LIC Plan 917:

Yearly	30 Days
Half Yearly	30 Days
Quarterly	30 Days
Monthly	15 Days

During this period, the policy remains in force and the policyholder can pay the premium without incurring any late payment charges. However, if the premium is not paid within the grace period, the policy will lapse, and the life cover will cease. It’s always important to pay your premiums on time to ensure that your policy remains in force and you continue to enjoy the benefits of the plan.

The Conclusion

The LIC Single Premium Endowment Plan is a type of life insurance policy that provides a lump sum benefit to the policyholder upon maturity or in the event of their untimely demise during the term of the policy. This plan is a single premium policy, which means that the entire premium amount is paid in a single installment at the start of the policy term.

At the end of the policy term, if the policyholder survives, they receive a maturity benefit, which is the sum assured plus any bonuses that may have accrued over the policy term. In the unfortunate event of the policyholder’s demise during the policy term, the death benefit is paid to their nominee, which is the sum assured plus any bonuses that may have accrued.

The LIC Single Premium Endowment Plan is a good investment option for those who want to ensure that their loved ones are financially secure in case of their untimely demise, while also providing a lump sum benefit to themselves if they survive the policy term.

If you are interested in purchasing this plan or any other life insurance policy from LIC, you can visit the LIC website or contact an LIC agent for more information.

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