LIC Single Premium Endowment Plan

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

LIC's Single Premium Endowment Plan is a non-linked, participating savings-cum-protection plan offered by Life Insurance Corporation of India. You will have to pay a lump sum amount in premium initially. This plan offers life cover during the policy term and a maturity benefit at the end of the policy term. You can also avail a loan against this plan to meet your urgent financial needs.

Eligibility - Who is the LIC's Single Premium Endowment Plan for?

Sum Assured and Premium Range - What you get and what it costs?

Premiums may vary depending upon factors like age, location, term of the plan and prevailing GST.

Plan Coverage - What the LIC's Single Premium Endowment Plan covers?

• Death Benefit: In the event of the death of the life insured before the date of commencement of risk, single premium excluding GST and any extra premium will be returned without any interest. Sum assured plus vested Simple Reversionary Bonuses and Final Additional Bonus will be payable as death benefit, in the event of the demise of the life insured during the policy term after the date of commencement of risk.
• Maturity Benefit: Upon reaching the policy maturity date, sum assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable as maturity benefit.
• Loan: To meet your urgent financial needs, a loan can be availed against this plan after the completion of the first policy year.

Exclusions - What the LIC's Single Premium Endowment Plan doesn’t cover?

The LIC's Single Premium Endowment Plan doesn't cover death by suicide of the life insured in the first policy year. In the case of death by suicide within 1 year from the date of commencement of risk, 90% of the single premium, excluding GST and extra premium, is payable.

Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

• Free-look period: From the date of receipt of the policy document, you have 15 days to review the terms and conditions of the policy. The policy can be returned if there are any objections and the company will return the single premium paid after deducting the proportionate risk premium and stamp duty charges.
• Grace period: You are given a period of 30 days for annual mode and 15 days for monthly payment mode within which to pay the due premiums or else the policy will lapse.
• Surrender value: If the policy is surrendered in the first policy year, you will be paid 70% of the single premium plus vested Simple Reversionary Bonus excluding GST and extra premium, if any. For policy surrendered after the first year, 90% of the single premium plus vested Simple Reversionary Bonus, excluding GST and extra premium, is payable.
• Revival: The policy can be revived within 2 years from the date of the first unpaid premium, provided you submit a written request, proof of insurability, and pay all due premiums.

Tax Benefits – How you can save with the LIC's Single Premium Endowment Plan?

Under the LIC's Single Premium Endowment Plan, you can get tax benefits on:

• Premiums paid under Section 80C of the Income Tax Act, 1961.
• Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.

How you can save with the LIC's Single Premium Endowment Plan?

There are several other benefits of purchasing the savings-cum-protection plans from Life Insurance Corporation of India such as:

• Online application: You can apply for your chosen life insurance plan online through the company website.
• Online Payment Gateway: You can renew your policy instantly by making online premium payments through the Online Payment Gateway initiative by LIC.
• Premium calculator: With the online premium calculator, you can find out how much premium you need to pay for your chosen plan and how much life cover you require.
• Customer service: For insurance policy related queries, customers can SMS or call the LIC helpline number.
• Grievance redressal: The company has a dedicated grievance redressal cell to resolve the complaints and queries of its customers.

Why you should buy the LIC's Single Premium Endowment Plan from Life Insurance Corporation of India?

With LIC's Single Premium Endowment Plan, you can get life cover as well as maturity benefits. You can also avail a loan against this policy for liquidity. Life Insurance Corporation of India has been successfully operating for almost 6 decades in the insurance industry catering to over 250 million customers across India. From individual and group term insurance plans to health and pension plans, LIC offers a wide range of insurance solutions to meet the varying needs of its customers. It also won India's Most Trusted Brand 2015 and the Indian Insurance Award 2015.