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:
- 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.
- 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.
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
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.
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