The Complete Guide to LIC's Single Premium Endowment Plan (717)
When it comes to Financial Planning in Bhadra, finding a reliable and stable avenue for your hard-earned money is the most critical decision you can make. If you are seeking a solid Long Term Investment Plan that requires only a one-time financial commitment while offering lifelong peace of mind, the LIC's Single Premium Endowment Plan (UIN: 512N283V03) is designed exactly for you.
As a trusted Insurance Advisor in Bhadra, Ashuram Insurance Expert brings you this detailed breakdown of Plan 717. This plan is a par, non-linked, life, individual, savings plan. It offers an attractive combination of savings and protection features, making it one of the most reliable choices for Family Financial Security.
1. Why Choose LIC’s Single Premium Endowment Plan?
The primary advantage of this policy is its structure. It provides financial protection against death during the policy term with the provision of payment of a lumpsum at the end of the selected policy term in case of the policyholder's survival.
Key Features at a Glance:
- One-Time Investment: You pay the premium just once, freeing you from the stress of recurring monthly or yearly payments.
- Dual Advantage: The plan provides for protection and savings.
- High Flexibility: You have the flexibility to choose the period for which protection is required.
- Liquidity: It takes care of liquidity needs through a loan facility.
- Volume Discount: Benefit of attractive High Sum Assured Rebate.
2. Eligibility Conditions and Restrictions
Before investing, it is essential to know if this LIC Policy for Family fits your age profile. The eligibility conditions are highly accommodating, making it suitable for both a newborn child's education planning and an adult's retirement planning.
| Minimum Entry Age | 30 days (completed) |
|---|---|
| Maximum Entry Age | 65 years (nearer birthday) |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 25 years |
| Minimum Age at Maturity | 18 years (completed) |
| Maximum Maturity Age | 75 years (nearer birthday) |
| Minimum Sum Assured | Rs. 1,00,000 |
| Maximum Sum Assured | No limit |
Note: The Sum Assured will be in multiples of Rs. 10,000 from Rs. 1,00,000 to Rs. 2,50,000, and in multiples of Rs. 25,000 for amounts above Rs. 2,50,000.
Date of Commencement of Risk
For those aged 8 years or more, risk will commence immediately from the date of acceptance of the
risk i.e. from the Date of issuance of policy.
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 of policy or from the policy anniversary coinciding
with or immediately following the attainment of 8 years of age, whichever is earlier.
3. In-Depth Look at Policy Benefits
A robust Life Insurance in Bhadra must guarantee absolute security to your nominees. Plan 717 ensures this through comprehensively structured benefits.
A. Death Benefit
Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, shall be "Sum Assured on Death" along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
- Age at entry < 50 years: Higher of Basic Sum Assured or 1.25 times of Single premium.
- Age at entry >= 50 years: Higher of Basic Sum Assured or 1.10 times of Single premium.
Exception for Minors: In case of a minor Life Assured (entry age below 8), on death before the commencement of Risk, the Death Benefit payable shall be a refund of the Single premium paid (excluding taxes, Extra premium and rider premiums).
B. Maturity Benefit
On the Life Assured surviving the policy term, the "Sum Assured on Maturity" along with vested Simple Reversionary Bonuses and Final Additional Bonus if any, shall be payable. The "Sum Assured on Maturity" is equal to the Basic Sum Assured.
C. Participation in Profits (Bonuses)
The policy participates in profits and receives Simple Reversionary Bonuses declared annually. A Final Additional Bonus may also be declared in the year the policy results into a claim by death or maturity.
4. Optional Riders & Settlement Options
Optional Riders: Transform this into the Best LIC Policy by adding riders (not exceeding 30% of base plan premium):
- LIC's Accidental Death and Disability Benefit Rider: Available at inception. Pays a lumpsum on accidental death, or equal monthly instalments over 10 years for accidental disability.
- LIC's New Term Assurance Rider: Available at inception. Pays an amount equal to 'Term Rider Sum Assured' on death during the policy term.
Settlement Options: Receive Maturity or Death Benefit in instalments over 5, 10, or 15 years instead of a lumpsum. Minimum instalment amounts apply (Monthly: Rs. 5,000, Quarterly: Rs. 15,000, Half-Yearly: Rs. 25,000, Yearly: Rs. 50,000).
5. Rebates for High Sum Assured
| Basic Sum Assured (B.S.A.) | Rebate |
|---|---|
| Rs. 1,00,000 to less than Rs. 2,00,000 | Nil |
| Rs. 2,00,000 to less than Rs. 3,00,000 | 20% B.S.A. |
| Rs. 3,00,000 to less than Rs. 5,00,000 | 30% B.S.A. |
| Rs. 5,00,000 and above | 40% B.S.A. |
6. Liquidity & Exclusions
Loan Facility: Available after 3 months. Max loan allowed: 50% of SV (1st-5th year), 60% of SV (6th-9th year), 80% of SV (10th year+).
Surrender Value: 75% of Single Premium during the first 3 years, 90% thereafter (excluding taxes and rider premiums).
Free Look Period: 30 days from date of receipt to return the policy if unsatisfied.
Suicide Exclusion: Within 12 months, nominee gets 80% of Single Premium or Surrender Value, whichever is higher.
Secure Your Policy Today with Ashuram Insurance Expert
Are you ready to make a smart financial decision? For the best Insurance Services in Bhadra, trust the authorized expertise of Ashuram Insurance Expert. As your dedicated LIC Agent Near Ambedkar Chowk, we provide transparent, honest, and IRDAI-compliant guidance.