Single Premium Endowment 717
LIC Single Premium Endowment Plan: LIC of India new plan launched on 1st. October 2024 which name LIC Single Premium Endowment Plan is an endowment insurance policy with savings where the single premium paid once at the start of the policy. Please Note: You can buy now online LIC single premium endowment plan 717 through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
In today’s fast-paced life, not everyone wants the burden of paying annual or monthly premiums for decades. Many investors in India prefer one-time investments that provide both insurance protection and savings benefits without the hassle of repeated payments.
That’s where the LIC Single Premium Endowment Plan 717 comes in. With this plan, you pay only once, and LIC ensures:
- Life cover during the policy term
- Lump sum maturity benefit at the end
- Bonus participation to grow your money further
This makes it a perfect option for those looking for risk-free, hassle-free, and tax-efficient investment + insurance in one shot.
In this article, we’ll dive deep into LIC Single Premium Endowment Plan 717 with features, benefits, maturity examples, analyst opinions, investor case studies, FAQs, and more.
What is LIC Single Premium Endowment Plan 717?
The LIC Single Premium Endowment Plan (Table 817/717) is a non-linked, participating endowment plan.
👉 In simple words:
- You pay one lump sum premium at the start.
- You get life cover for the chosen policy term.
- On survival till maturity, you receive Sum Assured + Bonuses.
- On death during the policy term, your nominee receives Sum Assured on Death + Bonuses.
This plan is ideal for salaried professionals, retirees, NRIs, and investors who want a single investment with guaranteed benefits.
Key Features of LIC Single Premium Endowment Plan 717
| Feature | Details |
|---|---|
| Plan Name | LIC Single Premium Endowment (Table 817/717) |
| Type | Endowment (Insurance + Savings) |
| Policy Term | 10 to 25 years |
| Entry Age | 90 days (min.) – 65 years (max.) |
| Maturity Age | Max. 75 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No upper limit (based on income) |
| Premium Payment Mode | Single Premium (One-time only) |
| Loan Facility | Available after 1 year |
| Surrender Value | After 1 year (90% of premium paid approx.) |
| Riders Available | Accidental Death Benefit Rider |
| Tax Benefits | 80C (premium), 10(10D) (maturity/death benefit) |
Why Choose LIC Single Premium Endowment 717?
- ✅ One-time payment – No worries about future premiums.
- ✅ Life cover throughout the policy term.
- ✅ Guaranteed maturity (Sum Assured + Bonus).
- ✅ Liquidity via surrender value and loan.
- ✅ Tax efficiency – save on income tax under Sections 80C & 10(10D).
- ✅ Participating policy – you get annual bonuses declared by LIC.
Benefits of LIC Single Premium Endowment Plan
1. Death Benefit
If the policyholder dies during the policy term:
- Sum Assured on Death + Bonuses are paid.
- Sum Assured on Death = Higher of (1.25 × Single Premium) OR Basic Sum Assured.
2. Maturity Benefit
If the policyholder survives till the end of the term:
- Sum Assured + Simple Reversionary Bonus + Final Additional Bonus are paid.
3. Participation in Profits
The plan is participating, so policyholders get a share of LIC’s annual profits via bonuses.
4. Loan Facility
Available after 1 year, making this plan flexible in emergencies.
5. Tax Benefits
- Premium paid qualifies for deduction under Section 80C.
- Maturity/Death proceeds are tax-free under Section 10(10D).
Example with Tabular Data
Let’s understand with a real-life illustration:
Case Study:
- Policyholder: Age 30 years
- Policy Term: 20 years
- Sum Assured: ₹5,00,000
- Single Premium: Approx. ₹2,50,000 (one-time only)
Maturity Illustration
| Year | Cumulative Premium Paid | Bonus Accumulated (Approx.) | Total Maturity Value |
|---|---|---|---|
| 5 Years | ₹2,50,000 | ₹50,000 | ₹3,00,000 |
| 10 Years | ₹2,50,000 | ₹1,50,000 | ₹4,00,000 |
| 15 Years | ₹2,50,000 | ₹2,80,000 | ₹5,30,000 |
| 20 Years (Maturity) | ₹2,50,000 | ₹4,00,000 | ₹6,50,000 |
👉 By investing just ₹2.5 lakh one time, the policyholder gets ₹6.5 lakh on maturity + life cover throughout.
Analyst Opinions on LIC Single Premium Endowment 717
- Insurance Experts: Call it a “stress-free investment tool” for those who don’t want the burden of regular premiums.
- Financial Advisors: Suggest it for risk-averse investors seeking safety + life cover.
- Market Analysts: Note that returns are moderate (6–7% approx.), but the plan is valuable due to its simplicity and guaranteed payouts.
Investor Scenarios – Who Should Buy?
1. Salaried Professionals (Age 25–40)
- Ideal for those who get bonuses or lump sum funds and want safe, long-term investment.
2. NRIs
- Convenient for NRIs who want to invest in India but don’t want recurring premium hassles.
3. Retirees (Age 50–65)
- Good for retirees wanting safe investment with insurance + tax benefits.
4. Parents for Children’s Future
- One-time investment ensures a guaranteed lump sum for child’s education or marriage.
Real Investor Examples
Example 1: Ajay (Age 35, IT Engineer)
- One-time premium: ₹4,00,000
- Policy Term: 15 years
- Maturity Value: ₹9,00,000
- Life cover ₹6,00,000 continues during the term.
Example 2: Meena (Age 50, Businesswoman)
- One-time premium: ₹3,00,000
- Policy Term: 12 years
- Maturity Value: ₹6,20,000
- Good for retirement corpus building.
Comparison with Other LIC Plans
| Plan | Payment Mode | Cover After Maturity | Best For |
|---|---|---|---|
| Single Premium Endowment 717 | One-time premium | No | Hassle-free investors |
| New Endowment 714 | Regular premium | No | Long-term disciplined savings |
| New Jeevan Anand 715 | Regular premium | Yes (life cover continues after maturity) | Family legacy planning |
| Jeevan Umang 745 | Regular premium | Yes (whole life income plan) | Retirement income seekers |
👉 LIC Single Premium Endowment 717 is best suited for investors who prefer one-time payment and want to avoid future premium commitments.
Expert Insights
- The plan ensures peace of mind as you don’t have to worry about future premium payments.
- Returns are stable, not aggressive—making it best for conservative investors.
- Liquidity options (loan + surrender value) make it safer than FDs.
- Suitable for short-term tax planning and long-term security.
FAQs on LIC Single Premium Endowment 717
Q1. What is the minimum premium?
👉 Depends on age and policy term; minimum Sum Assured is ₹50,000.
Q2. Can I surrender the policy early?
👉 Yes, after 1 year (surrender value applies).
Q3. Is the maturity amount tax-free?
👉 Yes, under Section 10(10D).
Q4. Can NRIs invest in this plan?
👉 Yes, NRIs are eligible.
Q5. What happens if the policyholder dies during the term?
👉 Nominee gets Sum Assured on Death + Bonuses.
Q6. Is it better than FD/PPF?
👉 Returns are higher than FDs but lower than equity. Unlike PPF, it also provides insurance cover.
Final Thoughts
The LIC Single Premium Endowment Plan 717 is one of the most convenient, risk-free, and tax-efficient investment + insurance products available in India.
It is best suited for:
- Investors with lump sum funds (bonus, retirement money, inheritance).
- Conservative individuals who want guaranteed maturity benefits.
- Busy professionals and NRIs who don’t want the headache of annual premiums.
While returns are moderate compared to equity or mutual funds, the safety, simplicity, insurance protection, and tax benefits make it a wise choice for Indians who value stability over risk.
👉 If you have a lump sum and want to secure your future without worrying about premium payments, LIC Single Premium Endowment 717 is a perfect fit.
