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

  1. Rider Benefits:
    • Accidental Death and Disability Benefit Rider
    • New Term Assurance Rider
  2. Settlement Option for Maturity Benefit:
    • Allows receiving the maturity benefit in installments over 5, 10, or 15 years instead of a lump sum.
  3. 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.