LIC’s Single Premium Endowment Plan(Table No. 917)
INTRODUCTION:- LIC’s Single Premium Endowment Plan (Table no. 917) is Single Premium Non-Linked, Conventional, With Profit Endowment Life Assurance Savings plan, which offers a combination of protection and savings. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility. The benefits and other basic features of the plan are given below.
Eligibility Conditions and Features of LIC’s Single Premium Endowment Plan (Table no. 917)
a) Minimum Basic Sum Assured:- Rs. 50000/
b) Maximum Basic Sum Assured:- No limit (The Basic Sum Assured shall be in multiples of Rs. 5000/)
c) Minimum Policy Term:- 10 years
d) Maximum Policy Term:- 25 years
e) Minimum Age at entry:- 90 Days (completed)
f) Maximum Age at entry:- 65 years (nearer birthday)
g) Minimum Age at Maturity:- 18 (completed)
h) Maximum Age at Maturity:- 75 years (nearer birthday)
i) Mode of Premium Payment:- Single Premium Only
j) Rider Benefits:- The following two optional riders are available under this LIC’s Single Premium Endowment Plan (Table no. 917) plan by payment of additional premium.
a). LIC’s Accidental Death and Disability Benefit Rider
b). LIC’s New Term Assurance Rider
A). Death Benefit :- a) On death during the policy term before the date of commencement of risk:- Return of single premium (excluding taxes, extra premium and rider premiums if any), without interest.
b) On death during the policy term after the date of commencement of risk:- Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 1.25 times of Single premium (excluding taxes, extra premium and rider premiums, if any).
B). Maturity Benefit:- On Life Assured surviving the policy term, Sum Assured on Maturity, along with vested Simple Reversionary Bonuses and Final Additional Bonus if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
C). Settlement Option for Maturity/Death Benefit:- Settlement Option is an option to receive Maturity/Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity/Death Claim proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.