If you’re looking for LIC Single Premium Endowment Plan endowment insurance plan, you’re at right place. This article will give you all details about LIC Single Premium Endowment Plan.
LIC 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.
LIC Single Premium Endowment Plan Benefits
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.
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.
LIC Single Premium Endowment Plan Benefits Illustration
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of the corporation. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”
- This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
- The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a.(Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
- The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
LIC Single Premium Endowment Plan Parameters
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
|1.Minimum entry age||: 90 days (completed)|
|2.Maximum entry age||: 65 years (nearest birthday)|
|3.Maximum maturity age:||: 75 years (nearest birthday)|
|4.Minimum policy term||: 10 years|
|5.Minimum age at maturity||: 18 years (completed)|
|6.Maximum policy term||: 25 years|
|7.Minimum Sum Assured||: Rs.50,000|
|8.Maximum Sum assured||: No limit|
|Sum Assured will be in multiples of Rs.5,000 /- only.|
|» Premium payment mode||: Single Premium only|
LIC Single Premium Endowment Plan Policy Document
You may download LIC Single Premium Endowment Plan Policy Document from here.
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