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  • LIC Single Premium Group Insurance Plan

    Life Insurance
    • 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

    The Single Premium Group Insurance Plan is a non-participating, non-linked, single premium payment, term insurance policy that is especially catered towards employees of an organisation or members of an affinity/homogenous group.

    This policy provides a risk cover on the life of the group member, and offers a death benefit to the nominee in case the member/life assured meets with an untimely death. In addition, tax benefits, in accordance with the prevailing tax laws, can be availed by members/master policyholder/nominee.

    Eligibility - Who is LIC’s Single Premium Group Insurance Plan for?

    Before you purchase an insurance policy, you will have to ensure that you meet the eligibility criteria set by the insurer.

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 60 years
    Maximum age at maturity 65 years
    Minimum group size 50 members

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

    Sum Assured

    The minimum amount of money that your nominee is entitled to receive from the insurer is called the sum assured. For the Single Premium Group Insurance Plan, the master policyholder will have to opt an ideal sum assured amount at the time of purchasing the policy.

    Minimum Sum Assured Rs.5,000
    Maximum Sum Assured Rs.10 lakh

    Premiums*

    The premium is what a policy buyer pays to the insurer in order to enjoy the benefits that are accorded by the policy.

    Minimum Policy Tenure 2 years
    Maximum PoIicy Tenure 7 years
    Premium Payment Mode Single Premium

    *Premiums vary based on age, location, plan term, GST, and other factors.

    Plan Coverage - What LIC’s Single Premium Group Insurance Plan covers?

    Death Benefit If a member enrolled under this group scheme passes away while the policy is in force, the sum assured will be paid to the nominee.
    Maturity Benefit At the completion of the policy tenure, a maturity benefit or payout will not be provided to the policyholder.

    Exclusions - What LIC’s Single Premium Group Insurance Plan doesn’t cover?

    If a group member passes away within a period of 1 year from the date of being enrolled under the policy, the insurer will pay 80% of the single premium amount to the nominee. No further payouts will be provided to the nominee. For employer-employee groups where participation is compulsory, this suicide clause will not be applicable.

    Other Key Features – Free-Look Period, Surrender Value, etc.  

    Surrender Value
    • Group members can surrender this policy at any time during the policy tenure, provided the date of surrender is 6 months before the end of the policy tenure. Post surrendering the policy, the insurer will pay the applicable surrender value.
    • The master policyholder can also surrender the policy at any time. In this case, individual members can opt to continue their policies as individual policies. The surrender value will be paid to the master policyholder.
    Loan against Policy There is no option to avail a loan against this policy.
    Free-Look Period Any member enrolled under this policy or the master policyholder can return this policy within a period of 15 days if they are not satisfied with the policy terms and conditions.

    Tax Benefits – How you can save with LIC’s Single Premium Group Insurance Plan

    Tax benefits may be availed by individuals covered under the policy, as per the laws governing the Income Tax Act. Since tax laws are subject to change without any prior notice, it is recommended that you consult with a tax advisor from time to time.

    Other Features of LIC

    • Plan NAV: Policyholders can track the performance of various market-linked funds on the insurer’s official website in a hassle-free manner.
    • Choice of Plans and Schemes: The insurer offers a range of life and health insurance policies to both individuals and employer-employee groups/affinity groups. Certain insurance policies can also be purchased directly on the insurer’s website.
    • Premium Payment: Premiums can be paid on the LIC website via credit card, debit card, or net banking. There are also several alternate offline channels through which you can choose to pay your premium.
    • Phone Helpline Service: Based on your Customer Zone or city of residence, you will be able to view the phone number of a branch in your city. You can also choose to reach the insurer via SMS, email, etc.

    Why you should buy LIC’s Single Premium Group Insurance Plan from Life Insurance Corporation of India (LIC)?

    The Single Premium Group Insurance Plan is a pure term insurance plan that will help you secure the lives of your employees or members by providing them a comprehensive risk cover against death. With regards to the insurer, LIC or Life Insurance Corporation of India was nationalised in the year 1956. Today, the insurer has around 2,048 computerised offices set-up across the country.

    Since the company’s inception, the company has crossed several milestones and has helped in spreading awareness of the importance of insurance, especially to rural parts of the company. The insurer has also reported a high claim settlement ratio over the past few years, thus indicating their effectiveness. The claim settlement ratio for FY16-17 was 98.31%.