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Features of LIC Single Premium Endowment Plan :


• Single Premium Endowment plan which participates in the corporation's profits and is eligible for Simple reversionary Bonus
• On survival of the policy holder till the end of the policy term, Sum Assured with Simple Reversionary Bonus along with Final Additional Bonus(if any) wil be provided.
• The Life risk coverage starts after the policy holder completes 8 yrs of Age.

LIC Single Premium Endowment Plan Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 10 25
Premium Payment Term(in years) Single
Entry Age of Life Insured 91 days 65 Yrs
Age at Maturity 18 Yrs 75 Yrs

Returns of LIC Single Premium Endowment Plan :


Maturity Benefit – At the maturity of the policy, the policy holder will get Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (if any).

Death Benefit –

· In case of death after the commencement of risk, nominee will receive the Sum Assured with Accured Bonus and Final Additional Bonus if any.
· In case of death before the commencement of risk, The single premium will be returned excluding taxes and any extra premium paid.



Income Tax Benefit – Available under Section 80 C for Premiums paid and under Section 10 (10D) for returns
Loan on Policy - Available

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LIC Single Premium Endowment Plan

LIC Single Premium Endowment Plan (Table 817) is a single premium conventional With Profits Endowment Assurance Plan. In this policy, premium needs to be paid as a lumpsum at one time. At the end of the policy term, Sum assured with simple reversionary bonus and final additional bonus will be paid back.

Life cover will be provided in this policy equal to the sum assured till the end of the policy term.

Service Tax is applicable on the premium paid for this policy, at the rate of 3.625% of the lumpsum premium paid.