LIC Single Premium Endowment Plan 817

        This is an endowment plan or policy which combines savings and financial protection. In case the person whose life is insured survives the term of maturity, he/she will get the assured sum along with the ensued bonus. If the person dies without completing the term of maturity, then the nominee gets the mentioned total amount. However the tax benefit for this plan is not great; it is only 10% of the initial sum, no matter how large the amount is.

         In case the age of policy holder is less than 8 years at the time of starting policy, the risk will commence either 2 years from the starting date or from the policy anniversary which coincides with the attainment of 8 years, whichever comes before. If the policy holder is above 8 years then the risk commences immediately. The minimum age at entry is 90 days while Maximum age at entry is 65 years. Term ranges between 10 years and 25 years. The minimum age at maturity is 18-75 years. There is no upper limit on the maximum sum assured while the minimum sum is 50,000 Rupees.LIC Single Premium Endowment Plan is a non-linked savings cum insurance plan introduced on 1st January 2014. Under this plan no. 817, the entire premium can be paid just once at the start of the policy. This LIC Single Premium Policy provides financial protection against the death of the policyholder during the policy term. In the case of his/her survival, this plan gives the provision of payment of lump sum at the end of the selected policy term.

            This plan offers bonus and is not linked to the market. The Unique Identification Number (UIN) of this policy is 512N283V01. This UIN should be used in all relevant documents provided to the policyholders. The Key features, Eligibility Conditions, Benefits, Rebates, etc. of LIC’s Single Premium Endowment Plan are mentioned in detail below. Refer our site www.policybook.in for more information regarding LIC Endowment Plans.

Features of LIC Plan No. 817?

• Large Sum Assured is available under this plan.
• Single Premium Policy with Profit plan.
• The Policyholder can avail the loan facility after completion of one year.
• Minimum age at entry is 90 days.
• Death Benefit within the Policy term is Sum Assured + Bonus.
• High Bonus, High Liquidity, and Saving point.
• LIC Single Premium Policy Eligibility Conditions

S.No	Eligibility Conditions & Restrictions	Details
1	Minimum Age of Entry for Life Assured	90 days (Completed)
2	Maximum Entry Age	65 years (Nearer Birthday)
3	Minimum Policy Term	10 years
4	Minimum Age at Maturity	18 years (Completed)
5	Maximum Maturity Age	75 years
6	Minimum value of Sum Assured	Rs. 50,000
7	Maximum value of Sum Assured	No Limit
8	Mode of Premium Payment	Single Premium only
9	Maximum Policy Term	25 years

NOTE: Sum Assured will be in multiples of Rs.5,000 /- only.

Benefits of Single Premium Endowment Plan 

1. Death Benefit:

On death during the policy term before the date of commencement of risk:

          If the insured dies before the date of commencement of risk, the single premium shall be refunded without interest, Service tax and extra premium will be excluded.

On death during the policy term after the date of commencement of risk:

          If the policyholder dies after the date of commencement of risk, the Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any shall be payable.

      2. Maturity Benefit:

          If the Life Assured survives till the end of the policy term, the Maturity Benefit shall be payable as

Maturity Benefit = Simple Reversionary Bonus + Sum Assured + FAB (final additional bonus).

      3. 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.

      4. Final Additional Bonus:

             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.

      5. Surrender Value:

            Surrender value is available under this LIC Single Premium plan on earlier termination of the contract. This LIC Plan no 817 can be surrendered at any time after the policy was purchased.

Guaranteed Surrender Value: The Guaranteed Surrender Value (GSV) for this Single premium policy is mentioned below.

             During First Year, 70% of the Single premium excluding service tax and extra premium shall be payable.

             Thereafter, 90% of the Single premium excluding service tax and extra premium shall be payable.

        6. Cooling Off Period or Free Look Period:

              The Policyholder may return the policy to the corporation within 15 days if he/ she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the plan.

Rebates of LIC Single Premium Plan

1. High 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 % Basic Sum Assured
Rs. 2,00,000/- to Rs. 2,95,000/-	25.00 % Basic Sum Assured
Rs. 3,00,000/- and above	30.00 % Basic Sum Assured

2. Corporation Employees Insurance scheme (CEIS) Rebate:

                The Policy completed under Corporation Employees Insurance Scheme will be eligible for the CEIS Rebate of 2% of the tabular premium. However, the policy should not be taken from any Intermediaries such as Agents/ Direct Sales Executives/ Brokers, etc.

Requirements for Claiming Endowment Plan 817

                  If the insured dies within the policy period, then you can make a Death Claim. In case if the policyholder survives till the end of the policy term, you can get the Maturity Claim. The Claimant should submit the following documents while claiming the Single Premium Endowment Plan No 817.

Duly filled claim form.

Original Policy Document.

NEFT Form.

Identification Proof.

Proof of Death.

Medical treatment documents before death.

Age proof.

Proof of Accident/ Disability.

School/ College/ Employer’s Certificate.

Additional Information

Loan Facility: Loan Facilities are available under this plan and can be availed any time after completion of the first policy year. The Loan facility is as per the terms and conditions of the corporation which may vary from time to time.

Date of Commencement of Risk: If the entry age for the insured is less than eight years, risk under this plan will commence either two years from the date of commencement or the policy anniversary following the attainment of 8 years of age whichever is earlier. For those people who aged eight years or more, the risk will commence for them immediately.

Taxes: The amount of tax payable by the policyholder on single premium including extra premiums, if any shall be payable. The amount of tax paid shall not be considered for the calculation of benefits payable under this LIC Single Premium Endowment Plan.

Back-Dating Interest: The policies can be dated back to the same financial year. The Back-dating interest will be charged at the rate from time to time as fixed by the Corporation.

Policy Stamping: 20 paise per thousand of Basic Sum assured will be Charged for policy stamping under this plan no 817.

Assignments/ Nominations: Assignments or Nominations for the Single Premium Endowment Plan should be made at the proposal stage as per Section 39 of Insurance Act, 1938.

Proposal Forms: Proposal Form no. 300 and 340 issued by the U&R Department as applicable should be used for this LIC Single Premium plan which may subject to change.

Exclusions

Suicide Clause: If the insured commits suicide at any time within one year from the date of commencement of risk, the policy shall be void, and the Corporation will not entertain any claim. 90% of the single premium paid may be returned to the policyholder excluding taxes and any extra premium paid.

Questions Arises?

1. Is there any loan facility available for this LIC Single Premium Endowment Plan?

Ans: Loan Facilities are available as per the terms and conditions of the corporation. The Loan can be availed any time after completion of the first policy year.

2. What are the advantages of Single Premium Plans?

Ans: In Single Premium Plans, the premium amount shall be paid in lump sum at the beginning of the policy, and also these are available with profits.

3. What is meant by Sum Assured?

Ans: Sum Assured is the amount of money guaranteed to be paid on Policy Maturity and also the amount of life cover for which the policyholder is being insured.

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