Friends, today we will tell you about LIC Single Premium Endowment Plan 917. The name of this policy of the Life Insurance Corporation (LIC) is Single Premium Endowment Plan. The table number for this plan of LIC is 917. Earlier, the table number for this plan was 817, but it was introduced back on February 1st, 2020 with some changes. In this policy, the premium is to be paid once and the benefit is available up to several times on maturity. Hence, the policy has been compared to the Fixed Deposit (FD). In an FD, you deposit a lump sum amount, on which you get a large amount after maturity.
|Plan Name||LIC Single Premium Endowment|
|Policy Type||A Non-linked, Participating, Savings cum Protection plan|
|Plan detail||Plan No. 917|
This is a plan in which we get returns like FD or more than FD. Also, like other LIC policies, we also get risk cover in this, so let’s see some details of this plan, such as:
What is the LIC Single Premium Endowment Plan-917?
For how many years can we use this policy?
How old can a person take this policy?
What is the minimum and maximum policy amount that can be taken?
How much money will you get on death?
How much money will I get on completion of the policy? and other such information.
What is the LIC Single Premium Endowment Plan-917?
If you are looking for a policy plan in which your investment will give a good return on your money, and if you ever face financial problems in the future, then you can also get a loan facility. If you are looking for a plan in which your money has been special, you will continue to get its interest. Because he is the one who is going to give you all these facilities. If you want all these facilities, then you have to buy, add cardamom, and invest lumpsum. This palsy will give you security of your deposited amount in a lump sum investment and a return of the amount you gave back.
After maturity, you will get back the interest return stipulated in the policy along with the amount. The maturity policy term of this plan is 10 years and 25 years. By choosing one of these, a lump sum amount has to be deposited in the policy. This is the minimum amount to deposit 50000 in the policy. There is no maximum limit. It depends on you how much you want to invest and how much benefit you want to invest in to get the most benefit from LIC’s Important Screen Saver.
What’s the full plan?
If we talk about understanding this plan deeply, then in LIC’s single premium endowment plan, a term insurance policy has been kept for 10 to 25 years.
From which the policy holder has to choose and apply before buying the policy. After the application process is completed, the term policy has to be selected.
And then you have to start investing in the policy, you can invest a minimum of ₹ 50000 in this, this is a non-linked singer endowment policy plan.
In this, the return of the deposited amount is given with security. You can deposit a minimum of 50,000 from LIC. There is no maximum limit. Now you will deposit this amount.
Accordingly, after fixing the percentage, you will be given profit from the policy.
Here we have taken an example to understand this plan-
Name: Archit Tomar
Age: 22 years
Policy Term: 15 years
Sum Assured: Rs. 8 Lakh
Premium: Single Premium
There is a person named Archit Tomar who is 22 years old and he has taken this policy for 15 years with a sum assured of Rs. 8 lakhs. So here Archit’s premium for a policy of 15 years will go to Rs 5,20,995 with GST.
Basic Premium: Rs. 4,98,560
GST: Rs. 22,435
Total Premium: Rs. 5,20,995
Maturity Benefit (After 15 Years)
Sum Assured: Rs. 8,00,000
Bonus (30,400*15): Rs. 4,56,000
Final Additional Bonus (20 Per 1,000 SA): Rs. 16,000
Maturity: Rs. 12,72,000
Total Premium Paid Rs. 5,20,995
When the policy’s 15 years are completed, Archit will look something like this. He gets Rs. 8,00,000 as sum insured, Rs. 4,56,000 as a bonus, and Rs. 16,000 as a final additional bonus. In this way, the total amount will become Rs 12,72,000. It can be seen here that Archit deposited Rs 5,20,995 as a single premium, and on maturity he will get around Rs 13 lakh.
So here we can see that in just 15 years and that too, with risk cover, we are getting more than double the amount.
Eligibility Criteria for LIC Single Premium Endowment Plan-917
Minimum Age: This policy should have at least a 90-day lifespan. This means that this policy can be given to a child who has attained the age of 90.
Maximum Age: The maximum age for this policy should be 65 years. This policy is not given to a person who is over 65 years of age.
Maximum Age of Maturity: The maximum age of maturity for this policy should be 75. This means that a person of 60 years old can give this plan for 15 years.And if the age of the person is 65 years old, the policy cannot be given for more than 10 years.
Policy Term: The minimum policy term in this plan is 10 years, and the maximum is 25 years.
Premium Paying Term (PPT): In this policy only one premium paying term is given as also known by its name.
Sum Assured: The minimum Sum Assured in this policy is Rs 50,000 and there is no maximum limit but it depends on the income of the insured.
So let’s know who can take the LIC Single Premium Endowment Plan
This is a single premium policy, so we have to pay premium only once.
We can use this policy for 10 to 20 years.
Individuals between the age of 90 days to 65 years can take a single premium endowment policy.
In this policy, we can take insurance of minimum 50 thousand rupees and maximum amount of any amount.
A single premium policy is for those who have got the money together. As we can talk about examples
- Those people whose investment is complete, they have got it.
- Those who got money from their ancestors.
- Those who got a huge amount from a relative.
- Someone retired who has money
- Someone wants to gift a policy to his children.
- There may be some people who want to take a policy but do not want to pay premiums again and again.
Benefits of LIC Single Premium Endowment Plan-917
If unfortunately LIC insured leaves the world during the policy term then his nominee will get the benefit of death benefit. Under this, the nominee will get Rs 8,00,000 of the sum assured. After that you will get bonus money. The amount of bonus will depend on the number of years the policy has been in operation. If the policy has lasted longer, then more bonus will be added to the sum assured. For example, if Archit dies at the age of 32, his nominee will get Rs.8,00,000 as Sum Assured, Rs.3,04,000 as Bonus and Rs.30,400 as Final Additional Bonus . In this way, Rohit’s nominee will get Rs 3,43,000 as the total amount.
One thing to note here is that as the age of the policyholder continues to increase, the amount they get on death will also keep increasing.
If any policy holder faces any financial problem while depositing the policy and needs money, then he is also given the facility of loan. That in the policy, if a policy holder wants to get a loan due to financial problems, then it is necessary to deposit 1 year premium in the policy, after that loan is given to the policy holder by LIC, for this the policy holder’s party should be strong only then He will have the advantage of taking a loan.
When does risk coverage start in the LIC single premium endowment plan-917?
Knowing the risk coverage in this plan is very important as this plan is also available for children.
If a child is over 8 years of age, his risk cover will start immediately.
But if the age of the child is less than 8 years, then
On completion of 8 years or on completion of 2 policy years
Whichever of the two is completed sooner, the risk cover will start from then onwards. Means if the age of the child is 5 years then the risk cover will start after 2 years of the policy i.e. the age of the child will be 7 from then onwards.
If the age of the survivor is 7 years then the risk cover will start after 1 year i.e. when the child turns 8.
Meaning, whichever of the two things happen first, from then your child’s Risk Cover will be activated, whether it becomes first 8 years or 2 years of the policy will be completed.
Surrender in LIC Single Premium Endowment Plan-917
Under this plan, you can surrender the policy after one year. In which you will get 90% + bonus of the premium you have deposited. The longer the policy lasts, the higher the surrender amount.
Settlement of Maturity and Death Benefit in LIC Single Premium Endowment Plan-917
There are two options available to you to take maturity and death benefit.
Lump-Sum Payment: In this option, maturity and death benefit are paid simultaneously. If there is maturity then the entire payment is to the policyholder and if there is death benefit then the entire payment is to the nominee.
Payment in Installment: In this option, maturity and death benefit payments can be taken for 5, 10, 15 years or monthly, half yearly, yearly as well.
If the insured wants to take the entire amount in the installation or take some part in lump sum or take it in the installation. Only the insured can choose this.
Tax benefits in the LIC Single Premium Endowment Plan-917
The tax benefits under this policy are as follows-
Premium: Any premium you pay for this policy is exempt under section 80C of Income Tax.
Death Benefit: The amount of death benefit in this policy is fully exempted under section 10(10d) of income tax.
Maturity: Maturity amount is taxable in this policy.
From this article, I hope you have got all the information related to the LIC Single Premium Endowment Plan-917. For any queries related to this plan, You can contact us in the comments section below.