Single Premium Endowment - Life Insurance Policy
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LIC's
Single Premium Endowment Plan is a participating non-linked
savings cum protection plan, where premium is paid in lump sum
at the outset of the policy. This combination provides financial
protection against death during the policy term with the
provision of payment of lumpsum at the end of the selected
policy term in case of his/her survival. This plan also takes
care of liquidity needs through its loan facility.
Death Benefit:
a) On death during the policy term before the date of
commencement of risk: Return of single premium excluding service
tax and extra premium, if any, without interest.
b) On death during the policy term after the date of
commencement of risk: Sum Assured along with vested Simple
Reversionary Bonuses and Final Additional Bonus, if any.
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Maturity Benefit:
Sum Assured, along with vested
Simple Reversionary Bonuses and Final Additional Bonus, if any,
shall be payable.
Participation in profits: The policy shall participate in
profits of the Corporation and shall be entitled to receive
Simple Reversionary Bonuses declared as per the experience of
the Corporation.
Final (Additional) Bonus may also be declared under the policy
in the year when the policy results into a claim either by death
or maturity on such terms and conditions as may be declared by
the Corporation from time to time.
ELIGIBILITY CONDITIONS AND OTHER
RESTRICTIONS :
Minimum entry
age : 90 days (completed)
Maximum entry age : 65 years (nearest birthday)
Maximum maturity age: : 75 years (nearest birthday)
Minimum policy term : 10 years
Minimum age at maturity : 18 years (completed)
Maximum policy term : 25 years
Minimum Sum Assured : Rs.50,000
Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /-
only.
Premium payment mode : Single Premium only
Date of Commencement of risk:
In case the age of
Life Assured at entry is less than 8 years, risk under this plan
will commence either 2 years from the date of commencement or
from the policy anniversary coinciding with or immediately
following the attainment of 8 years of age, whichever is
earlier. For those aged 8 years or more, risk will commence
immediately.
SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of
taxes) are as under: -
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Single
Premium per 1000 Sum Assured |
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Age (Nearest
birthday) |
Term |
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10 |
15 |
25 |
|
10 |
756.90 |
640.30 |
463.10 |
|
20 |
757.60 |
641.55 |
465.85 |
|
30 |
757.95 |
642.60 |
470.90 |
|
40 |
759.75 |
647.65. |
488.35 |
|
50 |
766.05 |
662.25 |
527.35 |
|
60 |
777.50 |
688.60 |
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REBATE FOR HIGH
SUM ASSURED :
High Sum Assured Rebates:
Sum Assured (S.A) Rebate
(Rs.)
50,000 to 95,000 Nil
1, 00,000 to 1, 95,000 18%o S.A.
2, 00,000 to 2, 95,000 25%o S.A.
3, 00,000 and above 30%o S.A.
LOAN :
Loan can be availed under this plan any time after completion of
first policy year and subject to terms and conditions as the
company may specify from time to time.
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