Lic Single Premium Endowment Policy plan no 817

Lic Single Premium Endowment Policy Plan no 817 Introduction

Lic Single Premium Endowment Policy was introduced on 1st January 2014. Lic Single Premium Endowment Policy is an endowment policy where sum assured along with Bonus and Final additional bonus will be paid to the policyholder, at the end of the policy term. Sum Assured will be paid to the nominee in case of death of the policyholder, during the policy year. In this Lic Single Premium Endowment Plan 817, premium needs to be paid by the policyholder, as a lump sum just once at the start of the policy.

Key Features of Lic Single Premium Endowment Policy

• Single premium endowment policy with profit plan.
• Policy can be taken as early as at 90 days of age.
• On maturity, policyholder will get sum assured along with bonus and Final Additional bonus.
• You can opt for Accident Benefit Rider and Critical Illness Rider by paying small amount along with the Premium.
• High Bonus, High liquidity and saving point.

Lic Single Premium Endowment Policy Conditions

Entry age:	Minimum: 90 days (completed) Maximum: 65 years (nearest birthday)
Maturity age:	Minimum: 18 years (completed) Maximum: 75 years (nearest birthday)
Policy term:	Minimum: 10 years Maximum: 25 years
Premium Payment mode:	Single Premium only.
Sum Assured:	Minimum: Rs.50,000/- Maximum: No limit
Sum Assured will be in multiples of Rs.5,000 /- only.

Lic Single Premium Endowment Policy Rebates

Sum Assured Rebate:

Sum Assured	Rebate
Rs. 50,000/- to Rs. 95,000/-	NIL
Rs. 1,00,000/- to Rs. 1,95,000/-	18.00 % Basic Sum Assured
Rs. 2,00,000/- to Rs. 2,95,000/-	25.00 % Basic Sum Assured
Rs. 3,00,000/- and above	30.00 % Basic Sum Assured

Lic Single Premium Endowment Policy Benefits

Maturity Benefits:

On survival of the Life Assured to the end of policy term,

Maturity benefit = Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

Death Benefits:

On death of the Life Assured on or after the commencement of risk during the policy term,

Death Benefit = Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

On death of the Life Assured before the commencement of risk during the policy term,

Death Benefit = Return of single premium – Service tax and extra premium, if any, without interest.

Example:

Suppose if Raju of age 3 years taken Lic Single Premium Endowment plan for Sum Assured of Rs. 20,00,000/- and  for policy term of 20 years then, if he dies  in the age of 4 then he will be paid back by the amount 20,00,000 – Taxes  – any riders he opted or other charges.

Additional Information about Lic Single Premium Endowment Policy

Date of Commencement of risk:

In case the entry age of Life Assured is less than 8 years, risk 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.

Surrender Value:

Lic Single Premium Endowment policy can be surrendered at any time during the policy term.

Guaranteed Surrender Value (GSV):

1. First year:  70% of the Single premium – Service tax and extra premium, if any
2. Thereafter: 90% of the Single premium – Service tax and extra premium, if any.

In addition, the surrender value of vested Simple Reversionary Bonuses, if any shall also be payable.

Special surrender value (SSV):

Special surrender Value is the discounted value of sum assured and vested simple reversionary bonuses.

Loan:

Loan facility is available under Lic Single Premium Endowment policy.

Suicide clause:

If the life assured commits suicide before 12 months from the date of commencement of risk, he/she will be returned back with 90% of single premium paid excluding any taxes and extra premium, if any.

Taxes:

Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time. For more information regarding Income Tax Benefits, visit www.taxqueries.in.

Cooling-Off Period:

If the policyholder is not satisfied with the “Terms and Conditions” of the Single Premium Endowment policy, the policy may be returned to the company within 15 days from the date of receipt of the policy stating the reason of objections.

Backdating Interest:

The policies can be dated back with in the same financial year.

Policy Stamping:

Under Lic Single Premium Endowment Policy plan 817, stamping charges will be 20 paise per thousand sum assured.

Assignments/Nominations:

Assignments and Nominations is possible under this Lic Single Premium Endowment Policy plan no 817.

Lic Single Premium Endowment Policy Example

Suppose if Raju of age 25 years has opted for Single Premium Endowment Lic plan for Sum Assured of Rs. 25,00,000/- and  for policy term of 15 years then,

the first year premium will be as shown below,

First year Premium
Single premium	without tax	Tax	With Tax
	1529750	47269	1577019

Maturity benefit will be, Rs. 3,975,000/-.

Lic Single Premium Endowment Policy circular

lic single premium endowment policy plan 817 circular

Lic single premium endowment proposal form 300

Lic single premium endowment proposal form 340

Lic single premium endowment Maturity claim form

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