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.
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.
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
Minimum entry age : 90 days (completed)
Maximum entry age : 65 years (nearest birthday)
Maximum maturity age: : 75 years (nearest birthday)
Minimum policy term : 10 years
Minimum age at maturity : 18 years (completed)
Maximum policy term : 25 years
Minimum Sum Assured : Rs.50,000
Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.
Premium payment mode : Single Premium only
Date of Commencement of risk: In case the age of Life Assured at entry is less than 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of taxes) are as under: –
Single Premium per 1000 Sum Assured
|Age (Nearest birthday)|
REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates:
Sum Assured (S.A) Rebate (Rs.)
50,000 to 95,000 Nil
1, 00,000 to 1, 95,000 18%o S.A.
2, 00,000 to 2, 95,000 25%o S.A.
3, 00,000 and above 30%o S.A.
Loan can be availed under this plan any time after completion of first policy year and subject to terms and conditions as the company may specify from time to time.