LIC’s Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival.
• Minimum Basic Sum Assured: Rs. 50,000/-
• Maximum Basic Sum Assured: No Limit
• Minimum Policy Term: 10 years
• Maximum Policy Term: 25 years
• Minimum Entry Age: 90 Days (completed)
• Maximum Entry Age: 65 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 75 years
• Mode of Premium Payment: Single Premium
LIC’s Single Premium Endowment Benefit Details
• On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any.
• On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.
• On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
• Loan : Loan Facillity is available under this plan, after completion of one policy year.
• Income Tax Benefit: u/s 80C up to 10% of SA.