Lic’s new single premium endowment plan – Table no – 817
Single Premium Endowment Plan Highlights
- 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.
- After commencement of risk – Sum assured plus vested simple reversionary bonuses and final additional bonus, if any.
- Before commencement of risk# – 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 on single premium endowment plan
- 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).
Eligibility conditions and restrictions:
|Age at entry||90 days (completed) to 65 years (nearest birthday)|
|age at maturity||18 to 75 years|
|10 to 25 years|
|Premium mode||Single premium only|
|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 should I take 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.