LIC single premium endowment plan no.817 is one of the best saving plan for heavy amounts as the name says this is a single premium endowment plan. means there is no tension of paying the premiums monthly, quarterly or yearly. If you are having the lump sum amount of money this is the best plan in LIC to invest. It also provides return plus bonuses such as simple reversionary bonuses and final additional bonuses. It also provides death benefits.
Details of the LIC single premium endowment policy plan
- It is a single premium policy that means the premium is only paid at the start of the endowment plan.
- It is a complete package of investment return + protection against death + bonus
- This LIC endowment plan can be purchased or taken by anyone between the age group of 90 days to 65 years
- If the policyholder survives till the end of the policy tenure. the sum assured plus the assured bonus if any will be given to the policyholder.
- If the policyholder meets to death within the assure period the sum assured plus assured bonus if any, will be given to the nominee of the policyholder.
- The profits which are provided under this plan are a Simple reversionary bonus and a final additional bonus
- There is a loan facility also available in this plan after the completion of one year of the policy
- There is also tax benefit as per section 80c there is no Income Tax imposed on the sum paid as the premium of LIC under 1 lakh.
Benefits provided under LIC single premium endowment plan are following
Maturity benefit
On survival of the policyholder till the end of the policy period, the amount provided will be the sum assured with a simple reversionary bonus and final additional bonus if any, to the policyholder.
Death benefit
If the insured person meets that with him the policy turner before the commencement of the risk only policy amount will be given to the nominee of the policyholder but after the commencement of the risk period Sum assured + bonus if any would be paid to the nominee as the death benefit.
Questions and answers related to LIC single premium endowment plan
What will be the surrender value if anyone surrenders his policy?
In this policy plan, there is a fixed value for the surrender of the policy. if anybody surrenders his policy within one year the policyholder will get the 70% of the premium amount which is paid at the start of the policy and the policy will be terminated.
If anybody surrenders his her policy after more than one year of the policy tenure the policyholder will get 90% of the premium amount which is paid at the start of the policy.
What is simple reversionary bonus and final additional bonus?
A simple reversionary bonus is the percentage of sum assured under the LIC single premium endowment plan which is declared every year. it is not added to the assured sum.
The final additional bonus can be said as the reward amount to the policyholder if he or she has paid all the policy premium on time. there are some terms and conditions imposed on the final additional bonus.
What can be done if the buyer does not pleased with the coverage and the terms and condition of the LIC single premium endowment plan after buying the policy?
LIC provides a free look period for LIC single premium endowment plan for canceling the policy within 15 days after the receipt of the policy document in this period one can completely read the policy terms and condition and understand it after that within 15 days you can go for cancellation or keep it with yourself if you are pleased with the coverage and terms and condition.
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