Single premium endowment

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. 

1. PRESENTED BY: -
SUMEETPAWAR
(INSURANCE ADVISOR )
CONTACTS :-
([phone]
([phone]
Single Premium Endowment Plan
Plan No. 817

2. Features
LIC'sSinglePremiumEndowmentPlanisa
participatingnon-linkedsavingscumprotection
plan,wherepremiumispaidinlumpsumatthe
outsetofthepolicy.Thiscombinationprovides
financialprotectionagainstdeathduringthepolicy
termwiththeprovisionofpaymentoflumpsumat
theendoftheselectedpolicytermincaseofhis/her
survival.Thisplanalsotakescareofliquidityneeds
throughitsloanfacility.

3. Benefit
DeathBenefit:(dealwithsuddenfinancialcrisis)
a)Ondeathduringthepolicytermbeforethedateof
commencementofrisk:Returnofsinglepremium
excludingservicetaxandextrapremium,ifany,
withoutinterest………………………………………………… ...
b)Ondeathduringthepolicytermafterthedateof
commencementofrisk:SumAssuredalongwith
vestedSimpleReversionaryBonusesandFinal
AdditionalBonus,ifany……………………………………… ..

4. Benefit
MaturityBenefit:(Term-EndBenefit)
a)SumAssured,alongwithvestedSimpleReversionary
BonusesandFinalAdditionalBonus,ifany,shallbe
payable………………………………………………………………………
b)Thepolicyshallparticipateinprofitsofthe
CorporationandshallbeentitledtoreceiveSimple
ReversionaryBonusesdeclaredaspertheexperienceof
theCorporation………………………………………………………… .
c)Final(Additional)Bonusmayalsobedeclaredunder
thepolicyintheyearwhenthepolicyresultsintoaclaim
eitherbydeathormaturityonsuchtermsandconditions
asmaybedeclaredbytheCorporationfromtimetotime.

5. Benefit Illustration
Details Value
Age 30 years
Term 25 years
Premium PayingTerm Single
Sum Assured Rs50,000
Single Premium Paid (incl.Service Tax)Rs 24,273
SimpleVested Reversionary Bonus Rs60,000
Final Bonus Rs 12,500
TOTALMaturity Amount Rs 1,22,500
Notes:
Thisillustrationisapplicabletoanon-smokermale/femalestandard(frommedical,lifestyleand
occupationpointofview)life.
InpreparingthisbenefitillustrationitisassumedthattheProjectedCAGRieCompoundedAnnualGrowth
Returnswillbe6%p.a.to10%p.a.,asthecasemaybe.TheProjectedCAGRisnotguaranteed.

6. Eligibility Conditions & Other Restrictions
Details Value
Minimum Entry Age 90 days (completed)
Maximum Entry Age 65 years (nearest birthday)
Maximum Maturity Age 75 years (nearest birthday)
MinimumPolicy Term 10 years
MinimumAge at Maturity 18 years (completed)
MaximumPolicy Term 25 years
MinimumSum Assured Rs 50,000
Maximum Sum Assured NoLimit
Sum Assured will be in multiple of Rs 5,000
Premium Payment Mode Single

7. Date of Commencement of Risk
IncasetheageofLifeAssuredatentryislessthan8
years,riskunderthisplanwillcommenceeither2
yearsfromthedateofcommencementorfromthe
policyanniversarycoincidingwithorimmediately
followingtheattainmentof8yearsofage,whichever
isearlier.Forthoseaged8yearsormore,riskwill
commenceimmediately.

8. Sample Premium Rates
Single Premium per 1000 Sum Assured
Age Terms
10 years 15 years 25years
10 756.90 640.30 463.10
20 757.60 641.55 465.85
30 757.95 642.60 470.90
40 759.75 647.65. 488.35
50 766.05 662.25 527.35
60 777.50 688.60 -

9. Rebate for High Sum Assured
Sum Assured (in Rs) Rebate (in Rs)
50,000 to 95,000 Nil
1, 00,000 to 1, 95,000 18%o S.A.
2, 00,000 to 2, 95,000 25%o S.A.
3, 00,000 and above 30%o S.A.

10. Loan
Loancanbeavailedunderthisplananytimeafter
completionoffirstpolicyyearandsubjecttoterms
andconditionsasthecompanymayspecifyfrom
timetotime.

11. Surrender Value
Buyingalifeinsurancecontractisalongtermcommitment.
However,surrendervalueisavailableundertheplanon
earlierterminationofthecontract.
TheGuaranteedSurrenderValueallowableshallbeasunder:
Firstyear:70%oftheSinglepremiumexcludingservicetax
andextrapremium,ifany.
Thereafter:90%oftheSinglepremiumexcludingservicetax
andextrapremium,ifany.
Inaddition,thesurrendervalueofvestedsimplereversionary
bonuses,ifany,shallalsobepayable,whichisequaltovested
bonusesmultipliedbythesurrendervaluefactorapplicableto
vestedbonuses.Thesefactorswilldependonthepolicyterm
andpolicyyearinwhichthepolicyissurrendered.

12. Cooling-off Period
Ifthepolicyholderisnotsatisfiedwiththe“Termsand
Conditions”ofthepolicy,thepolicymaybereturned
totheCorporationwithin15daysfromthedateof
receiptofthepolicystatingthereasonofobjections.
OnreceiptofthesametheCorporationshallcancel
thepolicyandreturntheamountofsinglepremium
depositedafterdeductingtheproportionaterisk
premiumfortheperiodoncover,chargesformedical
examination,specialreports,ifany,andstampduty.

13. Claims Settlement Report of all Life
Insurance Companies in India (IRDA Annual Report 2012-13)

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