LIC Single Premium Endowment is an endowment insurance policy or savings plan where the entire premium is paid just once at the start of the policy. This plan offers bonus and is not linked to the market. The premium is paid in lump sum at the outset of the policy and the returns are given to the policyholder at the end of policy term or to the nominee in case of death of the policyholder.
Key Features of LIC Single Premium Endowment Plan
Benefits you get from LIC Single Premium Endowment Plan
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the Nominee would be paid:
Before the commencement of risk, Only Single Premium paid less taxes and extra premium, would be returned as Death Benefit and the policy would be terminated
After the commencement of risk, Sum Assured + accrued Bonuses would be paid as Death Benefit and the policy would be terminated
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any)
Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Eligibility conditions and other restrictions in LIC Single Premium Endowment Plan
|Sum Assured (in Rs.)||50,000, in multiples of 5,000||No Limit|
|Policy Term (in years)||10||25|
|Premium Payment Term (in years)||Single Premium|
|Entry Age of Life Insured (in years)||90 days||65|
|Age at Maturity (in years)||18||75|
|Payment modes||Only Single|
Sample illustration of premium of LIC Single Premium Endowment Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000 and Policy Term = 25 years respectively.
Additional Features and Benefits of LIC Single Premium Endowment Plan
Riders – There are no Additional Riders available with this plan
Bonus – There are 2 types of Bonuses are available in this plan:
1) Simple Reversionary Bonus is declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Simple Reversionary Bonus accrues during the premium paying term and is paid at the end of the premium paying term or on earlier death along with the final additional bonus, if any. No bonus is paid on death after the premium paying term.
2) Final Addition Bonus may also be payable provided the policy has run for certain minimum period.
What happens if?
You stop paying the premium –This policy being a Single Premium Plan, there is no Requirement of further payment of Premium.
You want to surrender the policy –There is a Guaranteed Surrender Value in this plan.
In Year 1:
70% of the Single Premium paid – Taxes and Additional Premium (if any)
From Year 2 onwards:
90% of the Single Premium paid – Taxes and Additional Premium (if any) + (Surrender Value Factor x vested Bonuses)
You want a loan against your policy – Loan facility is available under this policy after completion of the 1st Policy Year subject to Terms and Conditions.
a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, 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.
Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Participation in profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.
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