LIC’s Single Premium Endowment Plan (Plan 817)
Plan Type: Endowment (One-Time Premium)
Launch Year: Active as of 2025
Overview
LIC’s Single Premium Endowment Plan is a non-linked, with-profits savings-cum-protection plan where you pay a single premium at the beginning of the policy. It provides financial protection against death during the policy term and a lump sum amount on maturity for the surviving policyholder.
Key Features
- One-time premium payment
- Maturity Benefit + Bonuses
- Risk cover throughout the policy term
- Loan facility available
Eligibility
- Entry Age: 90 days to 65 years
- Policy Term: 10 to 25 years
- Minimum Sum Assured: ₹50,000
- Maximum Sum Assured: No limit (multiples of ₹5,000)
Benefits
1. Death Benefit
If death occurs during the policy term (before maturity), Sum Assured + Bonuses are paid.
2. Maturity Benefit
On survival till the end of policy term, Sum Assured + vested bonuses are paid.
💡 Example
Let’s say Ramesh, aged 35, buys this policy with a Sum Assured of ₹1,00,000 for a term of 15 years. He pays a one-time premium of approx ₹75,000 (subject to actual quote). On survival after 15 years, he may get ₹1,00,000 + Bonus (say ₹60,000) = ₹1,60,000 (non-guaranteed). In case of death during the term, the nominee gets the full Sum Assured + Bonus.
Tax Benefits
Premiums paid are eligible for tax deduction under Section 80C and Maturity Amount is exempt under Section 10(10D), subject to conditions.
Who Should Consider This Plan?
- People with a lump sum amount looking for long-term secure investment
- Those who prefer one-time payment instead of yearly premiums
- Ideal for gifts to children or legacy planning
Contact for More Details
📞 Diwakar Cherukuwada
Authorized LIC Insurance Agent
KPHB Colony, Hyderabad
📱 9052300600 | 📧 support@theinsuranceagency.in
💬 Chat on WhatsApp
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Serving customers across Hyderabad, Telangana & Andhra Pradesh.