LIC of India new plan launched on 1st. October 2024 which name LIC Single Premium Endowment Plan (Table No 717) is an endowment insurance policy with savings where the single premium paid once at the start of the policy.

LIC Single Premium Endowment policy 717 offers bonus and final additional bonus. In this plan the premium is paid in lump sum at the beginning of the policy and the returns are given to the policyholder at the end of policy term or to the nominee in case of death of the policyholder.

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.

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LIC single premium endowment plan 717- Key features

• LIC single premium endowment plan 717 is a combination of Endowment + Term insurance by paying single premium amount.
• LIC Single premium endowment policy participates in Profits.
• In this plan if person lives till end of Term of the policy, policy holder will be given Maturity Benefit which is SUM ASSURED + BONUS +FAB (if any).
• If policy holder dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
• There is High Bonus and High liquidity and saving under this LIC Plan No 717.

Eligibility/Parameter of LIC Single Premium Endowment 717

Single Premium LIC Policy 717 Rebates

LIC Single Premium Endowment 717 Benefits

Maturity Benefit

Sum Assured + Simple Reversionary Bonus +final additional bonus (if any).

Death Benefit

After Commencement of Risk : If the Insured person dies within the Policy Term after the commencement of Risk, then death benefit will be given to Nominee of the Policy. Death Benefit = Sum Assured + Simple Reversionary Bonus + final additional bonus (if any).

Before Commencement of Risk : If the Insured person dies within the Policy Term before the commencement of Risk, then Single Premium that he paid excluding taxes and extra premium if any, without interest will be given to the Nominee of the Policy.

LIC Single Premium Endowment Plan 717 with an Example

An example of Ravi is purchasing this Plan with following details.

LIC Single Premium Endowment Plan 717 with an Example

Maturity Details

If policy holder Ravi survives the policy term 25 years then Maturity will be as under.

LIC Single Premium Endowment 717 Additional Information

Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : 1 years.

Loan Facility: Loan facilities is available after one year under this policy.

Income Tax Benefits: Available under Section 80C for premiums paid only.

Suicide Clause: If insured commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300, 340 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.

Backdating interest: The policies can be back date within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under this plan.