LIC Single Premium Endowment Policy No 817 Review

By | April 25, 2016
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lic-single-premium-planLIC Single Premium Endowment Plan 817 

LIC Single Premium Endowment Plan 817 Review :

LIC Single Premium Endowment Plan 817 was initiated on 1st of January 2014. LIC Single Premium Endowment Policy is an endowment policy where the sum assured together with the Bonus & Final added bonus will be paid to the policy holder, at the conclusion of the policy tenure.

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The Sum Assured will be paid to the nominee in the case of demise of the policy holder, at some point in the policy year. In the LIC Single Premium Endowment Plan 817, premium is required to be paid by the policy holder, the same as a lump sum just on one occasion at the commence of the policy.

More details about the LIC Single Premium Endowment Policy, like the advantages, conditions, etc, are mentioned below. Please go through each & every detail very carefully.

Now, you can very easily calculate the Premiums & all the obtainable advantages by making use of the LIC Single Premium Endowment Plan Calculator.

Main Highlights of the LIC Single Premium Endowment Plan :

  • It is a Single premium endowment policy with a profit plan.
  • Policy can be taken as early as at the age of merely 90 days.
  • On maturity, the policy holder will get sum assured together with the bonus & Final added bonus.
  • You can choose Accident Advantage Rider & Critical Illness Rider by paying little amount together with the Premium.
  • High Bonus, High liquidity & saving point are present in the policy.

LIC Single Premium Endowment Plan 817 Conditions :

Entry age : ·         Minimum : 90 days (completed)

·         Maximum : 65 years (nearest birthday)

Maturity age : ·         Minimum : 18 years (completed)

·         Maximum : 75 years (nearest birthday)

Policy tenure : ·         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.

Rebates under the LIC Single Premium Endowment Policy :

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 percent Basic Sum Assured
Rs. 2, 00, 000 /- to Rs. 2, 95, 000 /- 25. 00 percent Basic Sum Assured
Rs. 3, 00, 000 /- & above 30. 00 percent Basic Sum Assured

 Advantages of the LIC Single Premium Endowment Policy :

Maturity Advantages :

On continued existence of the Life Assured to the conclusion of the policy tenure,

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

Demise Advantages :

On demise of the Life Assured on or post the beginning of risk at some stage in the policy tenure,

Demise Advantage = Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

On demise of the Life Assured before the beginning of risk at some stage in the policy tenure,

Demise Advantage = Return of single premium – service tax & extra premium, if any, without interest.

An Example:

Presume if Viren at the age of 3 years takes LIC Single Premium Endowment plan for Sum Assured of Rs. 20, 00, 000 /- &  for policy tenure of 20 years then, if he expires  at the age of 4 then he will be paid back by the amount 20, 00, 000 minus the taxes  minus any riders he chose or other charges.

Further Information about LIC Single Premium Endowment Policy :

Date of beginning of the risk :

In the case of the entry age of the Life Assured is less than 8 years, risk will begin either 2 years from the date of beginning or from the policy anniversary coinciding with or right away subsequent to the attainment of 8 years of age, whatsoever is earlier. For those of age 8 years or more, risk will begin right away.

Surrender Value :

Single Premium Endowment LIC policy can be surrendered at whatever time at some stage in the policy tenure.

Guaranteed Surrender Value (GSV) :

  1. First year :  70 percent of the Single premium – service tax + extra premium, if any
  2. Thereafter : 90 percent of the Single premium – service tax + extra premium, if any.

As well, 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 & vested simple reversionary bonuses.

Loan :

Loan facility is obtainable under Single Premium Endowment LIC plan.

Suicide clause :

If the life assured commits suicide before twelve months from the date of beginning of risk, he / she will be returned back with 90 percent of single premium paid exclusive of any taxes & extra premium, if any.

Taxes :

Taxes, if any, shall be as per the Tax laws & the rate of tax as applicable from time to time.

Cooling-Off Period :

If a policy holder is not satisfied with the “ Terms & Conditions ” of the LIC Single Premium Endowment policy, the policy may be returned to the company within a period of fifteen days from the date of receiving of the policy, stating the reasons for objections.

Backdating Interest :

The policies can be dated back within the very same financial year.

Policy Stamping :

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

Assignments / Nominations :

Assignments & Nominations are achievable under this LIC Single Premium Endowment plan no 817.

An Example : LIC Single Premium Endowment Policy

Suppose if Viren at the of age 25 years has chosen LIC Single Premium Endowment plan for Sum Assured of Rs. 25, 00, 000 /- &  for a policy tenure of 15 years then,

The 1st year premium will be as given away as below mentioned,

1st year Premium
Single premium without tax Tax With Tax
1529750 47269 1577019

 

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

For further details please refer below given official link,

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Click here for LIC Single Premium Endowment Plan

 

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