lic single Endowment premium plan 917 calculator
lic single premium plan 917 calculator
Today we are going to give you complete information about LIC Single Premium Endowment Plan. Table no of this plan of Lic is 917. Earlier table no of this plan was 817 but was introduced back on 1st February 2020 with some changes.
What is LIC Single Premium Endowment Plan
LIC Single Premium Endowment Plan-917 is a single premium that gives guaranteed returns along with risk in the plan. This is a with-profit plan, in this LIC gives you two types of bonuses.
- Vested Simple Reversionary Bonuses
- Final Additional Bonus
This plan is available with many benefits. The minimum age of 90 days, and the maximum age should be 65 years to take this plan.
Who is the Single Premium Endowment Plan for?
The single premium policy is for those people who have got the money together. As we can talk about an example-
- got money from their ancestors
- Got a huge amount from a relative
- Someone retired who has money.
- Someone wants to gift the policy.
- There may be some people who want to take a policy but do not want to pay a premium again and again
Eligibility for LIC Single Premium Endowment Plan-917
Minimum Age – This policy should have at least 90 days. Meaning the policy can be given to those whose age has become 90.
Maximum Age – The maximum age for this policy should be 65 years. this policy is not given above 65 years of age.
Maximum Age of Maturity – The maximum age of maturity in policy should be 75. means that a person of 60 years can give this plan for 15 years. And if the age of the person is 65 years, and the policy cannot be given for more than 10 years.
Policy Term – The minimum policy term is 10 years, and the maximum is 25 years.
Premium Paying Term (PPT) – In this policy, only one premium paying term is given as also known by its name.
Sum Assured – The minimum sum assured in this policy is Rs 50,000 which depends on the income.
Which rider is available in LIC Single Premium Endowment Plan
There are 2 types of riders available under this policy-
- Accidental Death and Disability Rider
- term assurance rider
When can I surrender a single premium endowment plan?
Under this plan, you can surrender the policy after one year. In which you will get a 90% + bonus of the premium you have deposited. The surrender amount will be higher as long as the policy takes time.
When and how much loan can be availed in Single Premium Endowment Plan
A loan facility is available to you after one year under this plan. Which is 90% of the surrender value “lic single premium plan”.
Tax benefits in a single premium endowment plan
Premium- The premium paid for the policy is eligible for exemption under section 80C of Income Tax.
Death Benefit – The amount of death benefit in this policy is fully exempted under section (10d) of income tax
Maturity- The maturity amount is taxable in this policy.
This policy is taken to any person between the age of 90 days to 65 years.
The person survives till the end of the policy term or dies earlier both are covered.
- The entire stipulated amount along with the accrued bonus will be given at the end of the policy.
- Provides Reversionary Bonus and Final Addition Bonus if there is participation in LIC profits from the policy. If any.
- Sum Assured in this policy starts from a minimum of Rs.50,000.
- There is no maximum limit for determining this amount but the amount should be in multiples of 5000.
- The minimum age for this scheme is 90 days and can go up to 65 years.
- The maturity age for this scheme is a minimum of 8 years, and the maximum can be 75 years. If the age of the insured is less than 8 years, then risk cover will commence after 2 years from the inception of the policy or immediately after the anniversary date of the LIC Single Premium Policy or
- On attaining the age of 8 years of the insured, whichever is earlier.
- The policy term can be ten to twenty years.
Benefits of LIC's Single Premium Endowment Policy (917)
Case of survival
If the policyholder survives till the end of the policy term, then any benefit to the insured as the maturity benefit of the policy
A fixed amount is given along with the Normal Reversionary Bonus and Final Additional Bonus. Under this policy, every year the Normal Reversionary Bonus is declared as a percentage of the prescribed amount “lic single premium plan”.
Final Additional Bonus declared if the insured has paid all the premiums on time. It is like the appreciation amount given by the company to the policyholder.
Case of death
If the policyholder dies within the term of the policy tenure and has paid only one premium, the Sum Assured only will be given to the nominee. If the policyholder dies after the commencement of the risk, the Sum Assured along with the accrued bonus will be paid as profit. Rebate in premium is also available if the sum insured is large.
After the first policy year, one can take a loan against the policy.
The income tax benefit is given to the policyholder for the premiums paid and the amount received.
More information about the policy
That there is no grace period for this plan. A free-look period is given for LIC Single Premium Endowment Policy. It is a period in which you can cancel the policy if you are not satisfied with it. It is done within 45 days from the receipt of the policy documents.
Why this plan?
This plan is beneficial for investors who are looking for a protection cum savings plan. LIC is a trustworthy one, so the investment in their policy is almost no risk