LIC’s Single Premium Endowment Plan is a life insurance policy that combines protection and savings elements. It requires a one-time premium payment and offers a lump sum payout at maturity or upon the insured’s death.
Key Features:
Single Premium: A one-time payment is made at the beginning of the policy term.
Protection and Savings: Provides financial security to dependents in case of death and offers a savings component for future needs.
Flexibility: Choose the policy term and opt for installment payments for the maturity benefit.
Riders: Enhance coverage with optional riders like Accidental Death and Disability Benefit and New Term Assurance Rider.
High Sum Assured Rebate: Enjoy discounts on high sum assured amounts.
Loan Facility: Access funds against the policy after a certain period.
Eligibility Criteria:
Age: 30 days to 65 years at entry
Maturity Age: Maximum 75 years
Policy Term: 10 to 25 years
Minimum Sum Assured: Rs. 1,00,000
Benefits:
Death Benefit: Sum Assured on Death, along with bonuses, is paid upon the insured’s death during the policy term.
Maturity Benefit: Sum Assured on Maturity, along with bonuses, is paid if the insured survives the policy term.
Participation in Profits: The policyholder receives Simple Reversionary Bonuses and Final Additional Bonuses.
Options:
Rider Benefits: Enhance coverage with optional riders for additional protection.
Settlement Option: Receive the maturity benefit in installments instead of a lump sum.
Option to Take Death Benefit in Installments: Receive the death benefit in installments.
Additional Information:
Risk Commencement: The risk starts 2 years from the policy commencement for those under 8 years old; otherwise, it starts immediately.
Policy Vesting: For minors, the policy vests at age 18.
Premium Payment: Single premium only.
Loan Facility: Available after one year, up to 90% of the surrender value.