LIC’s Single Premium Endowment Plan
LIC’s Single Premium Endowment Plan
LIC’s Single Premium Endowment Plan is a non-linked, participating, individual life assurance savings plan that combines savings and protection features. The premium is paid in a lump sum at the policy’s outset. This plan provides financial protection against death during the policy term and a lump sum payment at the end of the selected policy term if the policyholder survives.
Key Features:
- Death Benefit:
- Before commencement of risk: Return of single premium (excluding taxes, extra premium, and rider premiums if any) without interest.
- After commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
- Maturity Benefit: On surviving the policy term, the Sum Assured on Maturity, along with vested Simple Reversionary Bonuses and Final Additional Bonus if any, shall be payable.
- Participation in Profits: The policy participates in the profits of LIC and is entitled to receive Simple Reversionary Bonuses and potentially a Final (Additional) Bonus.
Eligibility
- Minimum Entry Age: 90 days (completed)
- Maximum Entry Age: 65 years (nearest birthday)
- Maximum Maturity Age: 75 years (nearest birthday)
- Minimum Policy Term: 10 years
- Maximum Policy Term: 25 years
- Minimum Sum Assured: ₹50,000
- Premium Payment Mode: Single Premium only
Commencement of Risk
- For policyholders below 8 years of age, risk begins either 2 years from policy start or on the policy anniversary after the 8th birthday, whichever is earlier.
- For those 8 years or older, risk begins immediately.
Benefits
- Loan Facility: Loans can be availed after completing one policy year, equal to 90% of the surrender value.
- Surrender Value: The policy can be surrendered at any time during the policy year. The surrender value is the higher of the Guaranteed Surrender Value or Special Surrender Value.
Options Available
- Rider Benefits:
- Accidental Death and Disability Benefit Rider
- New Term Assurance Rider
- Settlement Option for Maturity Benefit:
- Allows receiving the maturity benefit in installments over 5, 10, or 15 years instead of a lump sum.
- Option to Take Death Benefit in Installments:
- Allows receiving the death benefit in installments over 5, 10, or 15 years instead of a lump sum.
Contact Information
- Visit LIC’s website: www.licindia.in
- SMS your city name to 56767474 (e.g., MUMBAI) for more details.
LIC’s Single Premium Endowment Plan is ideal for individuals seeking a secure combination of savings and life insurance protection with the convenience of a single premium payment.
For more detailed information, please refer to the official brochure or contact the nearest LIC branch.