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LIC's Single Premium Endowment Plan is Insurance plan provides savings together with financial protection. It is one time premium paid plan for the whole policy term. The combination of savings and financial security provides the Assured Amount at the end of the selected policy term of her/his survival with the provision of payment on his/her death during the policy term.
Date of Commencement of risk:In case the age of Life Assured at entry is less than 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Sum Assured will be in multiples of Rs.5,000 /- only.
LIC India offers some benefits to the policyholders who select high sum assured of the plan.
Loan facility is available for this plan after the first policy year and subject to the terms and Conditions of Life Insurance Corporation that may specify and vary any time.
If the policy holder terminates the policy before the end of the policy term or before the maturity. It is called Surrender.
The amount will be payable to the policy holder after the termination of policy that is Surrender Value is available under this plan.
The Guaranteed Surrender Value allowable shall be as under:
In addition, the surrender value of vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered.
The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of tax payable as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums, if any.
The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
15 days are the cooling-off period for this plan. If the policyholder is not satisfied with the policy, the policy may be given back to the LIC Corporation within 15 days from the policy receipt.
Then the Corporation shall cancel the policy and return the payment of first premium after deduction of premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.
If Life Assured commits suicide within one year from the date of risk commencement, the policy will be cancelled and cannot claim death benefit.
LIC will return the extent of 90% of the single premium paid excluding taxes and any extra premium paid.