LIC’s SINGLE
PREMIUM ENDOWMENT PLAN –
Highlights
§Single
Premium
§With
Profit Endowment Plan
§Minimum
Age at entry is 90 days
§Loan
available after completion of one year
§Back
dating is allowed
Maturity Benefit
Sum Assured Plus
Simple Reversionary Bonuses Plus
Final Additional Bonus, if any.
Death Benefit
After Commencement of Risk
|
Before Commencement of Risk#
|
Sum Assured plus vested Simple
Reversionary bonuses and final additional bonus, if any.
|
Return of Single Premium excluding taxes and extra premiums,
if any.
|
# In case the age at
entry of Life Assured is less than 8 years, risk will commence either 2 years from the DOC OR
policy anniversary after completion of
8 years of age whichever is earlier, for others risk shall commence immediately.
|
|
Loan
§Available after completion of 1 policy year.
§Amount of loan will
depend on year of Policy and Policy Term.
§The maximum loan shall be
granted as a percentage of Surrender Value(SV).
Some Examples of Loan as a percentage of Surrender Value are given below
-
Policy
Year →
Term ↓
|
2
|
3
|
6
|
9
|
12
|
13 and
above
|
Upto 15 yrs
|
55%
|
60%
|
80%
|
90%
|
90%
|
90%
|
16 to
20 yrs
|
40%
|
45%
|
60%
|
80%
|
90%
|
90%
|
21 yrs
and above
|
30%
|
30%
|
45%
|
60%
|
80%
|
90%
|
Eligibility Conditions
and Restrictions
Particulars
|
Description
| ||||||||||
Age at entry
|
90 days (completed) to
65 years (nearest birthday)
| ||||||||||
Age at Maturity |
18 to 75 years
| ||||||||||
Policy
Term |
10 to 25 years
| ||||||||||
Premium mode
Basic Sum Assured |
Single Premium only
| ||||||||||
50000 and above ( In
multiples of 5000)
– No upper
Limit
Rebate for High Sum
Assured
The policy can be surrendered at any time during the policy term.
Higher of Guaranteed Surrender Value or
Special Value shall be payable.
Guaranteed
Surrender Value(GSV):
1st Year ~ 70% of Single Premium
excluding taxes and extra premium, if
any.
Thereafter ~ 90% of Single Premium
excluding taxes and extra premium, if
any.
Plus Surrender Value of
vested bonuses.
Special
Surrender Value (SSV):
Discounted value of Sum Assured and
vested simple reversionary bonuses
Why
LIC’s SINGLE PREMIUM ENDOWMENT PLAN
…………Because
it is SPECIAL
S~ Single Premium
-One time investment.
P~ Protection
-Risk Cover# for full Sum
Assured.
E~ Excellent for meeting educational needs of young ones.
C~ Children from
the age of 90 days can be covered.
I~ Ideal for investment planning-Wide range of policy
term.
A~ Attractive
- participates in profits.
L~ Liquidity
through Loan.
Thank
You !
LIAFI-Singanallur branch
COIMBATORE DIVISION
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