LIC Endowment Plans Info : Single Premium Endowment Plan - InsuranceRise

Sunday, 10 January 2016

LIC Endowment Plans Info : Single Premium Endowment Plan



Single Premium Endowment Plan: Single Premium Endowment Plan is a participating non linked savings and protection plan. The premium is paid in lump sum when the policy is drawn.

LIC Endowment Plans Info : Single Premium Endowment Plan

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. This plan also takes care of liquidity needs through its loan facility. 

Eligibility conditions

Death Benefit: 

a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.

b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Maturity Benefit:


Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

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.

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.

    1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
    a) Minimum entry age : 15 years (completed)

    b) Maximum entry age : 66 years (nearest birthday) for term 9 years
    63 years (nearest birthday) for term 12 years
    60 years (nearest birthday) for term 15 years

    c) Maximum maturity age: : 75 years (nearest birthday)

    d) Policy Term : 9, 12 or 15 years.

    e) Minimum Sum Assured : Rs.35,000 for term 9 years
    Rs.50,000 for term 12 years
    Rs.70,000 for term 15 years

    f) Maximum Sum assured : No limit
    Sum Assured will be in multiples of Rs.5,000 /- only.


    g) Premium payment mode : Single Premium only

    more info please visit licindia

    Policy Document
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