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Home » Lic Endowment plans » Lic Single Premium Endowment Policy plan no 817 Review

Lic Single Premium Endowment Policy plan no 817 Review

April 1, 2016 By onlinelic

LIC Single Premium Endowment Plan Review

Contents

  • 1 Lic Single Premium Endowment Plan 817 Review
  • 2 Key Features of Lic Single Premium Endowment Plan
  • 3 Lic Single Premium Endowment Plan 817 Conditions
  • 4 Lic Single Premium Endowment Policy Rebates
    • 4.1 Sum Assured Rebate:
  • 5 Lic Single Premium Endowment Benefits
    • 5.1 Maturity Benefits:
    • 5.2 Death Benefits:
  • 6 Additional Information about Lic Single Premium Endowment Policy
    • 6.1 Date of Commencement of risk:
    • 6.2 Surrender Value:
    • 6.3 Loan:
    • 6.4 Suicide clause:
    • 6.5 Taxes:
    • 6.6 Cooling-Off Period:
    • 6.7 Backdating Interest:
    • 6.8 Policy Stamping:
    • 6.9 Assignments/Nominations:
  • 7 Lic Single Premium Endowment Policy Example
  • 8 Related Lic Endowment Plans

Lic Single Premium Endowment Plan 817 Review

Lic Single Premium Endowment Plan 817 was introduced on 1st January 2014. Lic Single Premium Endowment Policy is an endowment policy where sum assured along with Bonus and Final additional bonus will be paid to the policyholder, at the end of the policy term. Sum Assured will be paid to the nominee in case of death of the policyholder, during the policy year. In this Lic Single Premium Endowment Plan 817, premium needs to be paid by the policyholder, as a lump sum just once at the start of the policy.

Information about Lic Single Premium Endowment Policy benefits, conditions, etc. are given below. Here, you can also calculate the Premiums and all benefits using Lic Single Premium Endowment Plan Calculator.

Key Features of Lic Single Premium Endowment Plan

  • Single premium endowment policy with profit plan.
  • Policy can be taken as early as at 90 days of age.
  • On maturity, policyholder will get sum assured along with bonus and Final Additional bonus.
  • You can opt for Accident Benefit Rider and Critical Illness Rider by paying small amount along with the Premium.
  • High Bonus, High liquidity and saving point.

Lic Single Premium Endowment Plan 817 Conditions

Entry age:
  • Minimum: 90 days (completed)
  • Maximum: 65 years (nearest birthday)
Maturity age:
  • Minimum: 18 years (completed)
  • Maximum: 75 years (nearest birthday)
Policy term:
  • Minimum: 10 years
  • Maximum: 25 years
Premium Payment mode:
  • Single Premium only.
Sum Assured:
  • Minimum: Rs.50,000/-
  • Maximum: No limit
  • Sum Assured will be in multiples of Rs.5,000 /- only.

Lic Single Premium Endowment Policy Rebates

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

Lic Single Premium Endowment Benefits

Maturity Benefits:

On survival of the Life Assured to the end of policy term,

Maturity benefit = Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

Death Benefits:

On death of the Life Assured on or after the commencement of risk during the policy term,

Death Benefit = Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

On death of the Life Assured before the commencement of risk during the policy term,

Death Benefit = Return of single premium – service tax and extra premium, if any, without interest.

Example:

Suppose if Raju of age 3 years taken Lic Single Premium Endowment plan for Sum Assured of Rs. 20,00,000/- and  for policy term of 20 years then, if he dies  in the age of 4 then he will be paid back by the amount 20,00,000 – taxes  – any riders he opted or other charges.

Additional Information about Lic Single Premium Endowment Policy

Date of Commencement of risk:

In case the entry age of Life Assured is less than 8 years, risk 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.

Surrender Value:

Single Premium Endowment Lic policy can be surrendered at any time during the policy term.

Guaranteed Surrender Value (GSV):

  1. First year:  70% of the Single premium – service tax and extra premium, if any
  2. Thereafter: 90% of the Single premium – service tax and extra premium, if any.

In addition, the surrender value of vested Simple Reversionary Bonuses, if any shall also be payable.

Special surrender value (SSV):

Special surrender Value is the discounted value of sum assured and vested simple reversionary bonuses.

Loan:

Loan facility is available under Single Premium Endowment Lic plan.

Suicide clause:

If the life assured commits suicide before 12 months from the date of commencement of risk, he/she will be returned back with 90% of single premium paid excluding any taxes and extra premium, if any.

Taxes:

Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

Cooling-Off Period:

If the policyholder is not satisfied with the “Terms and Conditions” of the Lic Single Premium Endowment policy, the policy may be returned to the company within 15 days from the date of receipt of the policy stating the reason of objections.

Backdating Interest:

The policies can be dated back with in the same financial year.

Policy Stamping:

Under Lic Single Premium Endowment Policy plan 817, stamping charges will be 20 paise per thousand sum assured.

Assignments/Nominations:

Assignments and Nominations is possible under this Lic Single Premium Endowment plan no 817.

Lic Single Premium Endowment Policy Example

Suppose if Raju of age 25 years has opted for Lic Single Premium Endowment plan for Sum Assured of Rs. 25,00,000/- and  for policy term of 15 years then,

the first year premium will be as shown below,

First year Premium
Single premium without tax Tax With Tax
1529750 47269 1577019

Maturity benefit will be, Rs. 3,975,000/-.

For more details please refer below given official link,

Click here for LIC Single Premium Endowment Plan

Related Lic Endowment Plans

LIC New Endowment Policy

LIC New Jeevan Anand Policy

LIC Jeevan Rakshak Policy

LIC Limited Premium Endowment Policy

LIC Jeevan Sangam Policy

LIC Jeevan Lakshya Policy

Filed Under: Lic Endowment plans Tagged With: Lic Endowment Plans, lic single premium policy

Comments

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  3. suresh k says

    July 2, 2015 at 3:52 pm

    what will be premium for Rs.2,00,000/- sum assumed by DOB is 12-05-1964 under single premium endowment 817

    Reply
  4. suresh k says

    July 2, 2015 at 3:54 pm

    what will be premium for Rs.2,00,000/- sum assumed, my DOB is 12-05-1964 under single premium endowment 817

    Reply
    • vrajesh says

      February 9, 2016 at 7:44 pm

      i will give you plan details and amount of premium so text me your number my number is +91 9712375704

      Reply
  5. P.J.Wadehra says

    August 12, 2015 at 6:50 am

    kindly suggest the best policy for my daughter(married)- 37 y age. For 10-20 year plan. I am a retired – 67 y age.
    Please also guide for best policy for her 8 y son.
    Thanks.

    Reply
    • vrajesh says

      February 9, 2016 at 7:44 pm

      i will give you plan details and amount of premium so text me your number my number is +91 9712375704

      Reply
  6. Rafiqur Rahman says

    October 3, 2015 at 9:00 am

    what will be premium for sum insured RS 2 lak for my son &daughter DOB.04./06/1989
    17/01/1992 &17/12/1996 under single premium end Tab 817 pls reply

    Reply
  7. Arup says

    October 15, 2015 at 2:30 pm

    I want to know what ll b the premium for 2,00,000 lacs for 10yrs term under single premium endowment plan, my age is 30.

    Reply
  8. Lakshminarayana says

    November 6, 2015 at 10:37 pm

    what will be premium for Rs.20,00000/- sum assumed my Daughter DOB is 09-20-2004 under single premium endowment 817

    Reply
  9. NEMPAL SINGH says

    November 13, 2015 at 1:36 pm

    My daughter 2 years old I want to invest single premium about 500000 rupees for 23 years in table no 817 new endowment. How much maturity will be after 23 years

    Reply
  10. laxmi rawat says

    November 19, 2015 at 7:00 am

    Kindly suggest the best policy for me, my age is 30 year , for 10-20 year plan.
    Please also guide for best policy for her 6 y son

    Reply
  11. Debashis Hazra says

    December 4, 2015 at 9:05 am

    can I surrender the policy within one year from the date of purchasing. mean same year

    Reply
  12. Samir Kumar Nag says

    January 5, 2016 at 9:51 am

    what will be premium Rs.2,00,000/- sum assured for policy term of 20 years , my DOB is 11-01-1964 under single premium endowment 817.

    Please Reply

    Reply
  13. Srinivas says

    January 31, 2016 at 7:34 am

    13/01/1974 witch single plan good for me?2016

    Reply
  14. karuppasamy says

    February 8, 2016 at 12:28 pm

    lic premium for 100000 what amount will get after 10years my DOB is16/02/1955

    Reply
  15. chanchal kumari says

    March 10, 2016 at 1:00 pm

    pse intimate to surrender value in r/o my single premium policy no.513895574 on due date

    Reply
  16. sumit says

    March 12, 2016 at 7:15 am

    Dear Sir,
    I’m planning to pay single premium upto 100000 lakh. What are the final benefits amount after 16 years. Under table plan 817. my dob 25.12.1980

    what will be maturity amount after 16 years

    Please let me know the details

    Reply
  17. Gurvinder singh says

    March 20, 2016 at 1:03 pm

    Sir, My grand daughter born on 18/01/2016.I want pic policy single premium of Rs 100000/_for 20 years period.what will be approx. maturity value

    Reply
  18. Raeesuddin Qureshi says

    May 11, 2016 at 2:39 am

    My daughter born 24/3/1992 If invested in this policy Rs.200000. for 10 year or 15 then let me know what benefit she will get I pay only one time

    Reply
  19. CHINCHAWADE S.S says

    July 16, 2016 at 5:32 am

    PLEASE SUGGEST ME ONE TIME PREMIUM POLICY FOR 21 YR.OLD WHO EARN 5000P.M AND WHOOSE FATHER IS NO MORE

    Reply
  20. CHINCHAWADE S.S says

    July 16, 2016 at 5:34 am

    PL SUGGEST ONE TIME PREMIUM POLICY 21YR OLD FATHER IS NO MORE

    Reply
  21. nishant says

    September 6, 2016 at 2:27 pm

    My age is 36 years now. if i take 100,000 single premium policy. for 15 years plan so what would be sum assure and after 15 years what i will get amount. if i died then what would be my family get?

    Reply
  22. nishant says

    September 6, 2016 at 2:28 pm

    My age is 36 years now. if i take 100,000 single premium policy. for 15 years plan so what would be sum assure and after 15 years what i will get amount. if i died then what would be my family get? what r the benefit i get?

    Reply
  23. SHAILESH BUSA says

    September 29, 2016 at 3:55 pm

    what will be premium to pay for 50,00,000/- sum assured. My DOB is 28-04-1954 under single premium endowment plan for Table 817.or any other plan.

    Reply
  24. Deena says

    December 16, 2016 at 10:43 am

    Hi, This is Deena from Chennai. Any one want policy details / planning to take policy in around Tamil Nadu please / Send sms / whats up 9944273217. / call 9884946099

    Reply
  25. raghunath says

    January 31, 2018 at 3:33 pm

    S

    Reply

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