SINGLE PREMIUM ENDOWMENT PLAN 917

It’s a single premium paid plan with the benefit of risk cover and good returns on Maturity. It is a very good investment plus insurance plan with LIC of India.

Endowment insurance plans provide coverage against risk and offer guaranteed returns that generally include the return of the insured sum and bonus amounts that can be declared each year (called reversionary bonus) and at the end of the policy (called terminal bonus). A policyholder can select the amount of coverage they want, depending on the details of the policy and for a period that suits them. Most endowment policies are available for longer periods as they help increase the overall returns that a person will earn at the end of the policy's tenure. Additionally, plans like LIC's single premium endowment policy offer substantial discounts on the premium if an investor decides to insure a larger sum.

Single Premium Endowment plans are a popular investment tool, providing an investor with assured returns and insurance coverage at the same time. Single Premium Endowment policies also provide tax benefits under the Indian Income Tax Law. An endowment plan may also have riders that increase the amount of coverage an insured has by protecting them from risks that are not covered by the main policy.

 

LIC Single Premium Endowment Policy Features

• It’s a single premium policy. Policyholder need to pay full premium in one time for the full term of policy.
• This one-time investment plan from LIC provides benefits and protection against premature demise
• On completion of policy term, full Sum assured along with bonus and FAB if any paid to policyholder
• In the event of death of life assured, full sum assured and accrued bonuses & FAB if any paid to nominee of the policy and policy gets terminate.
• This policy offers guaranteed surrender value after completion of 1 year
• This policy also offers Loan facility after completion of 1 year
• The minimum sum assured starts with Rs. 50000 with no upper limit.
• The minimum entry age is 90 days and the maximum is 65 years
• Tax benefit available according to IT tax laws

 

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