LIC launches New Single Premium Endowment Plan - Table No. 817

LIC launches New Single Premium Endowment Plan - Table No. 817

Lic’s New single premium endowment plan (Table No 817)

About the plan:
  1. Single premium
  2. With profit endowment plan
  3. Minimum age at entry is 90 days
  4. Loan available after completion of one year
  5. Back dating is allowed
Maturity benefit:

  1. Sum assured
  2. Simple reversionary bonuses
  3. Final additional bonus, if any.

Death benefit:
After commencement of risk
Before commencement of risk#
Sum assured plus vested simple  reversionary bonuses and final additional bonus, if any. Return of single premium excluding taxes and extra premiums, if any.
# in case the age at entry of life assured is less than 8 years, risk will commence either 2 years from the doc or policy anniversary after completion of 8 years of age whichever is earlier,for others risk shall commence immediately.

Loan
  1. Available after completion of 1 policy year.
  2. Amount of loan will depend on year of policy and policy term
  3. The maximum loan shall be granted as a percentage of surrender value(sv).
Examples of loan as a percentage of surrender value are given below-
Policy year→
Term↓
2
3
6
9
12
13 and above
Upto15 yrs
55%
60%
80%
90%
90%
90%
16 to 20 yrs
40%
45%
60%
80%
90%
90%
21 yrs and above
30%
30%
45%
60%
80%
90%

Eligibility conditions and restrictions:
Particulars
Description
Age at entry 90 days (completed) to 65 years (nearest birthday)
age at maturity 18 to 75 years
Policy
term
10 to 25 years
Premium mode Single premium only


basic sum
assured
50000 and above ( in multiples of 5000)
– no upper limit

Surrender Value:
Higher of guaranteed surrender value or special value shall be payable.the policy can be surrendered at any time during the policy term.

Guaranteed surrender value(gsv):
1st year ~ 70% of single premium excluding taxes and extra premium, if any.
Thereafter ~ 90% of single premium excluding taxes and extra premium, if any.
plus surrender value of vested bonuses.

Special surrender value (ssv):
Discounted value of sum assured and vested simple reversionary bonuses

Why lic’s single premium endowment plan Table No 817
S~single premium -one time investment.
P~protection -risk cover#for full sum assured.
E~excellent for meeting educational needs of young ones.
C~children from the age of 90 days can be covered.
I~ideal for investment planning-wide range of policy term.
A~attractive - participates in profits.
L~liquidity through loan.

0 Comments: