The Single Premium Endowment Plan-717 is a unique savings-cum-protection plan offered by the Life Insurance Corporation of India (LIC). This plan is designed to provide a one-time premium payment option, ensuring financial security and offering attractive maturity benefits while safeguarding against unforeseen circumstances.
Key Features of the Single Premium Endowment Plan-717
Feature
Details
Savings and Protection
Combines savings and protection in one plan, providing financial security against death and maturity benefits.
Participating Plan
Includes participation in LIC’s profits through bonuses like Simple Reversionary and Final Additional Bonuses.
Loan Facility
Liquidity through loans available after the first policy year.
Flexible Entry and Term
Entry age: 90 days to 65 years; Policy term: 10 to 25 years; Maturity age: up to 75 years.
Premium Payment
Single premium payment for ease of financial planning.
Benefits of Single Premium Endowment Plan-717
Death Benefit:
Before Risk Commencement: Refund of the single premium (excluding service tax and extra charges).
After Risk Commencement: Sum Assured + accrued bonuses.
Maturity Benefit:
Guaranteed Sum Assured + bonuses declared over the policy term.
Rebates for High Sum Assured:
Up to 30% rebate for a sum assured above ₹3,00,000.
Surrender Value:
Guaranteed surrender values starting from 70% of the premium in the first year.
Additional benefits include the surrender value of vested bonuses.
Eligibility and Restrictions
Criteria
Details
Minimum Sum Assured
₹50,000.
Maximum Sum Assured
No limit.
Risk Coverage
– Begins immediately for individuals aged 8 years and above.
– For younger policyholders, risk commences after two years or upon reaching 8 years of age.
Sample Premium Rates (Per ₹1,000 Sum Assured)
Age (Years)
10-Year Term
15-Year Term
25-Year Term
30
₹757.95
₹642.60
₹470.90
Tax Benefits and Exclusions
Feature
Details
Tax Benefits
Premiums are eligible for deductions under applicable tax laws.
Exclusions
Includes a suicide clause limiting claims to 90% of the single premium within 12 months of policy commencement.
Cooling-Off Period and Transparency
Feature
Details
Free-Look Period
A 15-day free-look period allows policyholders to return the policy for a refund (subject to minimal deductions).
Illustrations
Includes examples with assumed investment rates of 4% and 8% to help policyholders understand potential returns.
How to Apply for Single Premium Endowment Plan-717
Visit an LIC Branch or Website: Reach out to your nearest LIC branch or access their official website.
Understand the Policy: Discuss your requirements with an LIC agent or use the online policy calculator to determine your sum assured and premium.
Submit Documents: Provide necessary documents like ID proof, age proof, and income proof.
Pay the Premium: Make a one-time premium payment.
Receive Policy Document: Once approved, your policy will be issued, and you’ll receive the bond.
FAQs on Single Premium Endowment Plan-717
What is the minimum age to apply?
90 days.
What is the policy term?
10 to 25 years.
Is there a loan facility?
Yes, after completing one policy year.
What are the benefits of this plan?
Offers maturity benefit, death benefit, and tax savings.
Can I surrender the policy early?
Yes, after one year with applicable surrender value.
Conclusion
LIC Single Premium Endowment Plan-717 is a well-rounded product that caters to both investment and protection needs. Its flexibility, guaranteed benefits, and participation in LIC’s profits make it an excellent choice for individuals seeking financial security with minimal ongoing commitment. However, as with any financial product, prospective policyholders should carefully analyze their requirements and consult a professional if needed.
This detailed breakdown ensures a clear understanding of the product for potential buyers. Let me know if you’d like further customization or specific sections emphasized!
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