Single Premium Endowment 917
Single Premium Endowment 917: LIC of India new plan launched on 1st. february 2020 which name LIC Single Premium Endowment 917 (Table No 917) is an endowment insurance policy with savings where the single premium paid once at the start of the policy. Please Note: You can now buy online LIC single premium endowment plan 917 through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
In India, insurance is not just about protection—it is also about long-term savings, wealth creation, and financial security. Many investors prefer single premium policies because they require just one-time investment instead of long-term premium commitments.
The LIC Single Premium Endowment Plan 917 is one such policy. Launched by the Life Insurance Corporation of India (LIC), it combines insurance protection with savings and guaranteed returns, making it a popular choice among individuals who want a safe, hassle-free, and tax-efficient investment option.
If you’re looking for a no-stress insurance plan with guaranteed maturity benefits, then LIC’s Single Premium Endowment Plan 917 might just be the right choice for you.
What is LIC Single Premium Endowment Plan 917?
LIC Single Premium Endowment 917 is a non-linked, participating, individual life insurance savings plan. It’s called “single premium” because you only pay once at the time of purchase. After that, your policy continues till maturity.
It offers two major benefits:
- Life Cover Protection – In case of death of the policyholder during the term, the nominee receives the sum assured plus bonuses.
- Maturity Benefit – If the policyholder survives till maturity, they receive sum assured plus vested bonuses and final additional bonus (if any).
This makes it both an investment and insurance plan, offering the best of both worlds.
Key Features of LIC Single Premium Endowment 917
- ✅ One-time Premium – Pay only once, enjoy full coverage.
- ✅ Dual Benefits – Insurance protection + Guaranteed maturity.
- ✅ Participation in Profits – Eligible for LIC’s bonuses.
- ✅ Flexible Policy Terms – Options from 10 to 25 years.
- ✅ Loan Facility – Available after one year.
- ✅ Surrender Value – You can surrender after one year.
- ✅ Tax Benefits – Premium under Section 80C and maturity under 10(10D) (as per prevailing laws).
- ✅ Simple & Hassle-Free – No recurring payments or renewals.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 65 years |
| Minimum Basic Sum Assured | ₹50,000 |
| Maximum Basic Sum Assured | No Limit (multiple of ₹5,000) |
| Policy Term Options | 10 to 25 years |
| Premium Payment | One-time (single premium) |
| Maturity Age | 75 years (maximum) |
Benefits of LIC Single Premium Endowment Plan 917
1. Death Benefit
- If death occurs during the policy term:
- Before commencement of risk – Return of single premium (excluding taxes and extra charges).
- After commencement of risk – Sum Assured + Bonuses.
2. Maturity Benefit
- On survival till maturity – Sum Assured + Bonuses + Final Additional Bonus (if any).
3. Bonuses
- The plan participates in LIC’s profit-sharing. You earn:
- Simple Reversionary Bonuses (declared annually).
- Final Additional Bonus (if applicable).
4. Loan Facility
- After one year, you can avail a loan against the policy.
5. Surrender Value
- Can surrender anytime after one year (you get the guaranteed surrender value plus bonuses).
6. Tax Benefits
- Section 80C – Premium qualifies for deduction.
- Section 10(10D) – Maturity/death benefits are tax-free (subject to conditions).
Example – How LIC Single Premium Endowment Plan 917 Works
Let’s take a real-life example to understand this plan better.
| Details | Example |
|---|---|
| Age of Policyholder | 35 years |
| Policy Term | 15 years |
| Basic Sum Assured | ₹5,00,000 |
| Premium Paid (Single) | ₹3,60,000 approx. |
| Death Benefit | ₹5,00,000 + Bonuses |
| Maturity Benefit | ₹5,00,000 + Bonuses (Approx. ₹7,20,000 – ₹8,00,000 depending on bonus rates) |
👉 So, with a one-time payment of ₹3.6 lakh, the policyholder ensures insurance protection + maturity benefit worth nearly double the investment over 15 years.
Why Investors Choose LIC Single Premium Endowment 917
- No Burden of Recurring Premiums – Ideal for those who get lump-sum funds (bonus, gratuity, inheritance, retirement corpus).
- Safe Returns with Insurance Cover – Unlike risky investments (stocks, crypto, etc.), LIC ensures safety and certainty.
- Best for Tax Planning – One-time payment ensures Section 80C benefits.
- Wealth Transfer – Useful for parents/grandparents gifting long-term wealth to children.
- Loan & Liquidity Option – Emergency loan facility adds flexibility.
Investor Scenarios & Case Studies
Scenario 1 – Young Professional (Age 30)
Ravi, a software engineer, invests ₹2 lakh as a single premium for 20 years.
- At maturity, he receives nearly ₹4 lakh+ (sum assured + bonuses).
- He also enjoys life cover during the period.
Analyst View: Best for young earners who want long-term wealth building + insurance.
Scenario 2 – Businessman with Surplus Funds (Age 40)
Mr. Sharma, a businessman, invests ₹10 lakh in this plan.
- He secures life cover of ₹15 lakh+.
- At maturity (after 15 years), he gets around ₹20 lakh+.
Analyst View: Suitable for businessmen who receive lump-sum profits and prefer safe tax-saving investments.
Scenario 3 – Retired Parent (Age 60)
Mrs. Gupta invests ₹3 lakh for 10 years as a legacy fund for her daughter.
- In case of her death, her daughter gets life cover + bonuses.
- If she survives, she gets maturity benefit around ₹4.5–5 lakh.
Analyst View: Great for wealth transfer and secure inheritance.
Analyst Insights – Is LIC Single Premium Endowment 917 Worth It?
- 👍 Best For: Safe investors, tax planners, people with lump-sum money.
- 👎 Not Ideal For: Those seeking high returns (like equity or ULIP investors).
- 📊 Expected Returns: Around 5% to 6.5% IRR, but with guaranteed security and insurance cover.
- 🏦 Comparison with FD: Slightly higher return than fixed deposits + insurance protection.
Advantages & Disadvantages
✅ Advantages
- One-time payment, no yearly burden.
- Life cover + maturity benefits.
- Tax benefits under 80C & 10(10D).
- Liquidity via loan/surrender.
- Secure, risk-free savings.
❌ Disadvantages
- Returns are lower compared to market-linked plans.
- Not suitable for those wanting short-term liquidity.
- Bonus rates may vary.
Frequently Asked Questions (FAQs)
Q1: What is LIC Single Premium Endowment Plan 917?
Ans: It’s a one-time premium insurance-cum-savings plan offering life cover + maturity benefits.
Q2: Can I surrender this plan anytime?
Ans: Yes, after one year. You get surrender value plus bonuses.
Q3: What is the minimum sum assured?
Ans: ₹50,000 (in multiples of ₹5,000).
Q4: Is loan facility available?
Ans: Yes, after one year of policy.
Q5: Is maturity tax-free?
Ans: Yes, under Section 10(10D) (conditions apply).
Q6: Who should buy this plan?
Ans: Investors with lump-sum funds seeking safe, tax-efficient, long-term investment.
Conclusion – Should You Buy LIC Single Premium Endowment 917?
The LIC Single Premium Endowment Plan 917 is a perfect choice for Indians who:
- Have one-time funds to invest.
- Want guaranteed returns with insurance cover.
- Prefer safe, tax-saving, long-term options over risky investments.
It’s not designed for high returns, but rather for stability, protection, and peace of mind.
👉 If you’re a salaried professional receiving a bonus, a businessman with surplus funds, or a retiree planning inheritance – this plan deserves your attention.
Final Word:
✔ Safe, secure, and trusted by millions.
✔ A perfect blend of insurance + investment.
✔ Best suited for risk-averse Indian investors.
