LIC Single Premium Endowment Plan
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| Launch Date | Table No. | UIN | Status |
| 10/10/2013 | 817 | 512N283V01 | Active |
About LIC Single Premium Endowment Plan
- It is a single premium endowment plan offering bonuses on maturity
- A plan that provides risk cover and can be proposed for a child as well
- Primary objective of this endowment plan is to safeguard the money and get secured returns for specific life goals like child education, child marriage, etc.
- Single premium is to be paid at the beginning of the policy term
How does this Plan work?
Under LIC Single Premium Endowment Plan, an individual pays a single premium and chooses a term between 10 to 25 years. Once the policy term ends, the individual receives a Maturity Benefit which comprises of the basic sum assured and accrued bonus. If in-case on death of the insured, during the policy term his nominee receives a lumpsum as the Death benefit which is called as the sum assured on death.
Let’s understand this by following illustrations,
Scenario 1: Consider,
Person’s age: 8
Sum assured: Rs. 5 lakh
Premium Paying Term: Single premium paid at the beginning
Policy term: 10 years
A father proposes Rs 5 lakh sum assured under this LIC Single premium endowment plan for his 8 year old son by paying a single premium of Rs 363450 for a policy term of 10 years. After the policy term is over his son receives maturity benefit of approximately Rs. 732500 which is inclusive of the accrued bonus. If in case of death of the son before the end of policy term, his father gets the sum assured of Rs 5 lakh + accrued bonus.
Scenario 2:
Consider,
Person’s age: 28
Sum assured: Rs. 5 lakh
Premium Paying Term: Single premium paid at the beginning
Policy term: 10 years
An individual buys this Single Premium Endowment plan with a sum assured of Rs 5 lakhs by paying a single premium of Rs 363925 for a policy term of 10 years. After the policy term is over, he receives maturity benefit of approximately Rs. 705000 which is inclusive of the accrued bonus. If in case of death of the insured before the end of policy term, his nominee gets the sum assured of Rs 5 lakh + accrued bonus.
Why should you buy LIC Single Premium Endowment Plan?
- It is low risk investment option that provides monetary gains over the years
- This plan can be used for availing loans
- Helps in securing child’s future education
- Get tax exemptions under section 80C
- Get a rebate on premium for higher sum assured
COMPARE & BUY SIMILAR PLANS
Bonus History
Company Name : Life Insurance Corporation of India
Plan Name : Single Premium Endowment Plan
| BonusYear | RevBonus | MinPT | MaxPT | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 4.00% | 10 | 15 | |||||||
| 2014 | 4.50% | 16 | 20 | |||||||
| 2014 | 5.00% | > 20 | ||||||||
| 2015 | 4.10% | 10 | 15 | |||||||
| 2015 | 4.60% | 16 | 20 | |||||||
| 2015 | 5.10% | >20 | ||||||||
| 2016-17 | 4.1% | 10 | 15 | |||||||
| 2016-17 | 4.6% | 16 | 20 | |||||||
| 2016-17 | 5.1% | >20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Who should buy LIC Single Premium Endowment Plan?
- Minimum to Maximum sum assured is Rs.50,000 to No limit
- Minimum to Maximum Policy Term is 10 years to 25 years
- Minimum to Maximum Entry Age is 90 days (completed) to 65 years (nearest birthday)
- Minimum to Maximum Maturity Age is 18 years (completed) to 75 years (nearest birthday)
- An individual who is looking out for a low risk investment that pays good bonus
- People planning for specific life goals like (big house, world trip, daughter’s marriage etc.)
- Grandparents looking out for safe investment plan for their grandchildren’s future
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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