LIC's Single premium endowment plan is a non-unit linked savings cum protection plan where premium is paid in lump sum at the outset of the policy. This plan also takes care of liquidity needs through its loan facility.
Key Features of LIC Single premium endowment Plan
- LIC Single premium endowment plan is a one time payment plan.
- It is a ideal plan for gifting children / grandchildren.
- Policy is available for a term of 10 to 25 years.
- Maturity benefit is Sum Assured + Bonus, final additional bonus if any shall be payable.
- Policy holder can take a loan against the policy after completion of first policy year.
In case the age of Life Assured at entry is less than 8 years, risk under this plan 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.
Guaranteed Surrender Value allowable shall be as under:
a.)First year: 70% of the Single premium excluding service tax and extra premium, if any.
b.)Thereafter: 90% of the Single premium excluding service tax and extra premium, if any.
Eligibility Conditions And Restrictions
- Minimum Age : 90 days Completed
- Maximum Entry Age : 65 years
- Minimum Maturity Age : 18 years
- Maximum Maturity Age : 75 years
- Minimum Policy Term : 10 years
- Maximum Policy Term : 25 years
- Minimum Sum Assured : Rs.50,000
- Maximum Sum Assured : No limit
- Premium Payment : Single premium only