LIC Single Premium Endowment Plan 917
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LIC Single Premium Endowment Plan 917 Overview
LIC Single Premium Endowment Plan 917 is a participating, non-linked, individual savings plan where a lump sum premium is paid once in a lifetime at the start of the policy. The maturity benefit consists of Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus (if declared).
Eligibility & Rules
- Entry Age: 90 Days to 65 Years
- Policy Term: 10 to 35 Years
- Premium Paying Term: Single Premium
- Minimum Sum Assured: ₹50,000
Key Plan Benefits
- Death Benefit: Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus.
- Maturity Benefit: Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus.
- One-Time Investment: Pay premium only once and enjoy protection and participating returns for the entire term.
Detailed Maturity Benefit
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). Payable on surviving the policy term.
Standard Policy Features
- Grace Period: Not Applicable (Single Premium Policy).
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: Loan is available after 3 months. Policy can be surrendered anytime during the policy term.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹2,00,000 |
| Age / Term | 30 Years / 15 Years |
| Single Premium (Approx) | ₹1,49,425 |
| Total Maturity Return | ₹3,18,000 |
Calculating…