LIC launches New Single Premium Endowment Plan - Table No. 817
Lic’s New single premium endowment plan (Table No 817)
About the plan:
Death benefit:
Loan
Eligibility conditions and restrictions:
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.
Lic’s New single premium endowment plan (Table No 817)
About the plan:
- Single premium
- With profit endowment plan
- Minimum age at entry is 90 days
- Loan available after completion of one year
- Back dating is allowed
- Sum assured
- Simple reversionary bonuses
- 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
- Available after completion of 1 policy year.
- Amount of loan will depend on year of policy and policy term
- The maximum loan shall be granted as a percentage of surrender value(sv).
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.
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