Review of LIC Single Premium Endowment Plan

LIC’s Single Premium Endowment offered by the LIC is one of the best plans I feel. The plan will protect the financial future of my family after my death but also looks after future financial goals. Not only this, I am grateful to the expert team of Policybazaar who helped me to understand the plan better. by Mr. Rajat Dayal 

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Mr. Rajat bought LIC Single Premium Endowment Plan that is a life insurance policy offered by the LIC of India. The plan offers attractive features combined with savings and protection. Continue reading to understand how you can invest in this plan and receive infinite benefits:

LIC Single Premium Endowment Plan is a single premium plan, wherein the policyholder needs to pay the whole premium in lump-sum at the start of the plan. The plan offers death as well as maturity benefits and ensures that the policyholder’s future financial goals are looked after. In addition to this, the plan has several optional benefits which can be added to the base policy for enhanced protection.

Who is Eligible to Buy LIC Single Endowment Policy?

Parameters Minimum Maximum
Entry Age (Last Birthday) 90 days 65 years
Maturity Age (Last Birthday) 18 years 75 years
Policy Term (PT) in years 10 years 25 years
Premium Paying Term (PPT) in years Single
Premium Paying Frequency Single
Sum Assured Rs. 50,000 No Limit

Benefits Offered under LIC Single Endowment Policy

  1. Death Benefit

    If the policyholder, unfortunately, dies during the policy date, the nominee will receive the death benefit equal to:

      • a) On death during the policy term before the date of commencement of risk:

    Return of single premium (excluding taxes, extra premium, and rider premiums if any), without interest.

    • b) On death during the policy term after the date of commencement of risk:

    Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 1.25 times of Single premium (excluding taxes, extra premium, and rider premiums, if any).

  2. Maturity Benefit

    If the policyholder lives until the end of the policy tenure, he/she will be entitled to maturity benefit. The maturity benefit will be calculated as Sum Assured on Maturity, along with vested Simple Reversionary Bonuses and Final Additional Bonus if any.

  3. Loan Facility

    The plan allows the policyholders to avail loan after the completion of one policy year. The loan offered will be equal to 90% of the surrender value.

  4. Tax Benefits

    The premiums paid under the plan are eligible for tax deductions as per Section 80. Also, the tax benefit is also available on claims received as per Section 10(10D) of the Income Tax Act.

  5. Optional Benefits

    The plan offers 2 additional riders that provide enhanced protection to you and your family from life’s uncertainties

    The available riders are:

    • LIC’s Accidental Death and Disability Benefit Rider wherein the Accident Benefit Rider Sum Assured will be payable in a lump sum in case of accidental death. Whereas, if the policyholder suffers from accidental disability arising due to an accident (within 180 days from the date of the accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years.

    • LIC’s New Term Assurance Rider wherein an amount equal to Term Assurance Rider Sum Assured shall be payable on the death of the policyholder during the policy term.

Premium Calculation of LIC Single Endowment Policy

Below mentioned is the sample premium illustration for the Basic Sum Assured of Rs. 1 Lakh:

Single Premium per 1000 Sum Assured
Age (Nearest birthday) Policy Term
15 25 35
10 years 73,890/- 62,230/- 44,510/-
20 years 73,960/- 62,355/- 44,785/-
30 years 73,995/- 62,460/- 45,290/-
40 years 74,175/- 62,965/- 47,035/-
50 years 74,805/- 64,425/- 50,935/-
60 years 75,950/- 67,060/-

Wrapping it Up

LIC’s Single Premium Endowment Policy is a comprehensive policy offered by the Life Insurance Corporation of India. Not only Mr. Rajat, but the other individuals who have bought this plan are happy with the policy’s terms and conditions. As per them, they are now stress-free knowing that their one-time investment will secure the financial future of their loved ones.

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