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Single Premium Endowment 917

Single Premium Endowment 917 ( UIN No. 512N277V02) is a life insurance policy that offers financial protection and savings through a one-time premium payment. It provides a lump sum amount at maturity or in the event of unfortunate demise during the policy term. This plan offers a combination of insurance coverage and savings benefits, making it an ideal choice for individuals seeking comprehensive financial security.

LIC Single Premium Endowment 917
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Key Highlights Of The Plan
Launch Date1st February 2020
Plan TypeNon Linked, Participating, Individual Life Assurance, Savings Plan
Plan No.917
UIN512N283V02
Online AvailabilityNo

Features Of LIC Single Premium Endowment 917

The LIC Single Premium Endowment 917 comes with several notable features that make it an attractive choice for policyholders. The following are the plan’s main components:

SINGLE PREMIUM PAYMENT

The plan requires a one-time premium payment, making it convenient and hassle-free.

LIFE COVERAGE

The policy provides life coverage for the policyholder throughout the policy term.

MATURITY BENEFIT

Upon survival till the end of the policy term, a lump sum amount is paid as the maturity benefit.

DEATH BENEFIT

In the event of the unfortunate demise of the policyholder during the policy term, a death benefit is paid to the nominee/beneficiary.

LOAN FACILITY

Policyholders may have the option to avail of loans against the policy, subject to the terms and conditions specified by the insurance provider.LIC 

Benefits of Single Premium Endowment 917

The Single Premium Endowment 917 offers a range of benefits that provide financial security and peace of mind. Here are the key benefits of the plan:

FINANCIAL PROTECTION

The plan provides life coverage, ensuring that your loved ones are financially protected in case of any unfortunate event.

MATURITY BENEFIT

Upon survival till the end of the policy term, a lump sum amount is paid as the maturity benefit, which can be used to fulfill future financial goals or obligations.

Death Benefit:

In the event of the demise of the policyholder during the policy term, a death benefit is paid to the nominee/beneficiary, providing financial support to the family.

SAVINGS COMPONENT

The plan combines insurance coverage with savings benefits, allowing policyholders to build a corpus over time.

TAX BENEFITS

The premiums paid and benefits received under the plan may be eligible for tax benefits as per the prevailing tax laws. Policyholders are advised to consult with a tax advisor to understand the tax implications.

Functioning Of LIC SINGLE PREMIUM ENDOWMENT 917 POLICY

To better understand the benefits and workings of the LIC Single Premium Endowment 917, let’s consider a couple of examples:

Example 1: Mr. Sharma, aged 40, opts for the LIC  Single Premium Endowment 917 with a premium payment of Rs. 5,00,000. The policy term is 20 years. If Mr. Sharma survives the policy term, he will receive a maturity benefit of Rs. 8,00,000. In case of his unfortunate demise during the policy term, a death benefit of Rs. 8,00,000 will be paid to the nominee.

Example 2: Mrs. Gupta, aged 35, chooses the LIC Single Premium Endowment 917 with a premium payment of Rs. 10,00,000. The policy term is 25 years. If Mrs. Gupta survives the policy term, she will receive a maturity benefit of Rs. 16,00,000. In case of her unfortunate demise during the policy term, a death benefit of Rs. 16,00,000 will be paid to the nominee.

Eligibility Criteria Of LIC Single Premium Endowment 917

ParametersValues
Minimum Entry Age90 Days (Completed)
Maximum Entry Age65 Years
Minimum Policy Term10 Years
Maximum Policy Term25 Years
Minimum Sum AssuredRs. 50,000
Maximum Sum AssuredNo Limit
Premium Payment ModeSingle-Premium Only
Maximum Maturity Age75 Years
ELIGIBILITY AND APPLICATION

To be eligible for the LIC Single Premium Endowment 917, individuals need to fulfill certain criteria set by the insurance provider. The eligibility criteria usually include minimum and maximum entry ages, minimum premium payment, and other specific requirements. The application process involves filling out the necessary forms, providing the required documents, and undergoing the relevant medical procedures as per the guidelines of the insurance company.

TAX BENEFITS

The LIC Single Premium Endowment 917 offers tax benefits as per the prevailing tax laws. The premiums paid and benefits received under the plan may be eligible for tax deductions or exemptions. Policyholders are advised to consult with a tax advisor or chartered accountant to understand the tax implications and benefits associated with the plan.

CONCLUSION

The LIC Single Premium Endowment 917 is a comprehensive life insurance policy that combines financial protection and savings benefits. With its one-time premium payment, maturity benefit, death benefit, and tax advantages, it provides a secure way to protect your family’s future and build a corpus for financial goals. Before making a purchase decision, it is advisable to assess your financial needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan. Invest in the Single Premium Endowment Plan 917 today and secure a brighter tomorrow for your loved ones.

ANNUITY OPTIONS

However, in general, annuity options in insurance plans refer to the various methods through which the policyholder can receive periodic payments or a steady income stream from their accumulated funds. Some common annuity options that may be available in single premium endowment plans include:

  1. Immediate Annuity: With this option, the policyholder can start receiving regular income payments immediately after making the single premium payment. The annuity payments can continue for a fixed period of time or for the lifetime of the annuitant, depending on the chosen option.

  2. Deferred Annuity: This option allows the policyholder to accumulate their funds and defer the annuity payments to a later date. During the accumulation period, the funds grow through investment returns. The annuity payments start at a predetermined future date, providing a regular income stream during the annuity period.

  3. Life Annuity: Under this option, the annuity payments are made for the entire lifetime of the annuitant. It offers a guaranteed income stream as long as the annuitant is alive, providing financial security during retirement or post-employment years.

  4. Joint Life Annuity: With this option, the annuity payments continue for the lifetime of two individuals, typically a couple. Upon the demise of one annuitant, the surviving spouse or partner continues to receive the annuity payments, ensuring ongoing financial support.

  5. Guaranteed Period Annuity: This option guarantees annuity payments for a specific period, even if the annuitant passes away before the completion of the guaranteed period. In such cases, the remaining payments are made to the nominee or beneficiary.

How Does the Plan Work?

The Single Premium Endowment 917 works on the principle of providing financial protection and savings through a single premium payment. Policyholders make a lump sum premium payment at the time of policy inception. The policy term is chosen at the outset, and if the policyholder survives till the end of the term, a maturity benefit is paid. In the unfortunate event of the policyholder’s demise during the policy term, a death benefit is paid to the nominee/beneficiary.

FAQ

Most frequent questions and answers

LIC provides a non-linked, participating life insurance plan called the Single Premium Endowment Plan 917. It is a savings and protection plan that provides financial security to the policyholder and their family.

Under the Single Premium Endowment Plan 917, the policyholder pays a lump sum premium amount at the beginning of the policy term. In the event of the policyholder’s survival until the end of the policy term, a maturity benefit is paid. The nominee receives the death benefit if the policyholder passes away within the policy’s term.

The Single Premium Endowment Plan 917 is available for individuals aged 90 days to 65 years. This plan’s 75-year maximum maturity age applies. Individuals looking for a combination of savings and insurance can consider this plan.

The Single Premium Endowment Plan 917 is available for individuals aged 90 days to 65 years. This plan’s 75-year maximum maturity age applies. Individuals looking for a combination of savings and insurance can consider this plan.

Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the death benefit, which is the sum assured plus accrued bonuses, if any.

Maturity Benefit: If the policyholder survives till the end of the policy term, the maturity benefit is paid, which includes the sum assured along with bonuses, if applicable.

Bonus: This plan participates in the profits of LIC and is eligible to receive bonuses declared by the corporation.

Loan Facility: The policyholder can avail of a loan against the Single Premium Endowment Plan 917, subject to certain terms and conditions.

To apply for the Single Premium Endowment Plan 917, follow these steps:

Visit the official LIC website or approach a nearby LIC branch.

Obtain the application form for the Single Premium Endowment Plan (917).

Fill in the form with accurate personal and policy-related details.

Submit the completed form along with the required documents and the single premium payment.

Yes, the Single Premium Endowment Plan 917 can be surrendered before the completion of the policy term. The surrender value payable will depend on the duration for which the policy has been taken.