LIC of India new plan launched on 1st. february 2020 which name LIC Single Premium Endowment Plan (Table No 917) is an endowment insurance policy with savings where the single premium paid once at the start of the policy.

LIC Single Premium Endowment policy 917 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.

LIC single premium endowment plan 917- Key features

• LIC single premium endowment plan 917 is a combination of Endowment + Term insurance by paying single premium amount.
• LIC Single premium endowment policy participates in Profits.
• In this plan if person lives till end of Term of the policy, policy holder will be given Maturity Benefit which is SUM ASSURED + BONUS +FAB (if any).
• If policy holder dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
• There is High Bonus and High liquidity and saving under this LIC Plan No 917.

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.

Eligibility/Parameter of LIC Single Premium Endowment 917

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.50,000
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

Single Premium LIC Policy 917 Rebates

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

Benefits

LIC Single Premium Endowment 917 Benefits

Maturity Benefit

Sum Assured + Simple Reversionary Bonus +final additional bonus (if any).

Death Benefit

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.

Eligibility

LIC Single Premium Endowment
Plan 917 with an Example

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 917 with an Example

Maturity Details

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/-

LIC Single Premium Endowment 917 Additional Information

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 Deduction: Available under Section 80C for premiums paid only.R

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, 340 and 360 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 15 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.