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: In view of the IRDAI (Insurance Products) Regulations, 2024, Master Circular on Life Insurance Products, 2024 and other relevant Circulars, issued by IRDAI, it has been decided to modify LIC’s single premium endowment (Plan No.917), Unique Identification Number (UIN) 512N283V02. The new Plan Number for this modified LIC’s single premium endowment shall be 717 and UIN shall be 512N283V03.
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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.
MINIMUM AGE |
90 days (completed). |
MAXIMUM AGE |
65 years |
POLICY TERM |
10 years to 25 years |
MAXIMUM MATURITY AGE |
75 years |
MINIMUM SUM ASSURED |
Rs.1,00,000 |
MAXIMUM SUM ASSURED |
No limit |
PREMIUM PAYMENT |
One time Premium Payment Only |
INCOME TAX BENEFIT |
10% of Premium paid are eligible for Tax rebate u/s 80C |
SUM ASSURED |
REBATE |
Rs. 50,000/- to Rs. 95,000/- |
NIL |
Rs. 1,00,000/- to Rs. 1,95,000/- |
18.00 % Basic Sum Assured |
Rs. 2,00,000/- to Rs. 2,95,000/- |
25.00 % Basic Sum Assured |
Rs. 3,00,000/- and above |
30.00 % Basic Sum Assured |
Sum Assured + Simple Reversionary Bonus +final additional bonus (if any).
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.
An example of Ravi is purchasing this Plan with following details.
Sum Assured |
Rs.8,00,000 |
Policy Term |
25 Years |
Policy Purchase Year |
2020 |
Age |
25 Years |
Single Premium |
Rs. 3,62,688/- |
LIC Single Premium Endowment Plan 717 with an Example
If policy holder Ravi survives the policy term 25 years then Maturity will be as under.
MATURITY YEAR | MATURITY AGE | MATURITY AMOUNT (APPROX) |
---|---|---|
2045 |
50 |
21,80,000/- |
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, and 340 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.
P.K AGARWAL Wrote:
2024-10-02 18:54:17
अभी 717 प्लान की पूर्ण जानकारी , नहीं मिली है । इसमें अभी minimum बिमाधन का संशय बरकरार है। अतः स्पष्ट करें कि यह न्यूनतम बीमा राशि क्या है ,? यह भी बताएं कि, इस पर कमीशन कितने प्रतिशत % मिलेगा । धन्यवाद