LIC Single Premium Endowment

Overview

It is a traditional endowment plan offering death and maturity benefits to the policyholder, along with a bonus facility. The premium is paid as a lump sum at the start of the policy. This plan serves both investment and protection purposes, securing your family in case of an untimely demise. It offers guaranteed returns, making it a secure option for financial benefits. LIC's Single Premium Endowment Plan provides insurance cover, ensuring a lump sum amount is given to the family if an unfortunate incident occurs to the insured. This can be particularly beneficial if the insured is the family's breadwinner. LIC's single premium policy also offers rebates and a loan facility. Policyholders can also avail tax benefits under the Income-tax Act.

LIC Single Premium Endowment Plan offers a range of benefits including:

• Maturity Benefits
• Death Benefits
• Multiple Rider Options
• Loan Facility
• Survival Benefits

How to Buy LIC Single Premium Endowment Plan on PolicyX.com:

• Step 1: Visit the official website of PolicyX.com.
• Step 2: Click on the ‘Investment’ tab.
• Step 3: A new page will appear on the screen.
• Step 4: Fill out the form at the top of the page with the necessary details.
• Step 5: Select your income and city. Click on 'Proceed'.
• Step 6: Update your education and occupation details.
• Step 7: Choose your preferred plan and click on 'Buy this plan'.
• Step 8: Select the policy term, premium period, investment amount, and riders (if required), then proceed to pay.

Benefits of LIC Single Premium Endowment Plan

There are various benefits to buying the LIC Single Premium Endowment Plan. Let’s understand each of them in detail:

• Death Benefits: If the policyholder dies within the policy tenure after paying a single premium, and the death occurs before the commencement of risk, only the single premium paid will be returned to the nominee. If death occurs after the commencement of risk, the sum assured plus accrued bonus will be paid as a death benefit. Discounts are available for a high sum assured.
• Maturity Benefit: If the policyholder survives till the end of the policy tenure, the sum assured along with the simple reversionary bonus and final additional bonus (if any) will be given to the insured person as maturity benefits.
• Loan Facility: A loan can be availed on the policy after the first policy year.
• Multiple Rider Options: You can avail of additional riders with this plan as per your requirements.

Surrender Value

This policy has a guaranteed surrender value. If the insured person surrenders the policy within the first year, 70% of the premium will be returned.

Rebates for High Sum Assured

This plan offers rebates for choosing a high sum assured.

Free-Look Period

If the policyholder is not satisfied with the “Terms and Conditions” of the policy, it may be returned to the Corporation within 15 days from the date of receipt of the policy document.

Tax Benefits

LIC Single Premium Endowment Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.

Inclusions

• Step 1: Visit the official website of Life Insurance Corporation of India.
• Step 2: Hover over 'Wealth Creation'.
• Step 3: Click on 'LIC Single Premium Endowment Plan'.
• Step 4: Click on ‘Buy Online’ to be redirected to a new page.
• Step 5: Enter your name and contact information. An LIC representative will contact you to discuss quotes.
• Step 6: After discussion, you can make the premium payment and receive the policy documents.

Exclusions

• If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.

Documents Required

Here is the list of documents required to buy the LIC Single Premium Endowment Plan:

• Photo ID Proof: Any one of these - Passport, Aadhaar card, PAN card, Driving license.
• Age Proof: Any one of these - Passport, Aadhaar card, PAN card, Driving license.
• Address Proof: Any one of these - Utility bill, Passport, Voter ID, Ration card.
• Medical Records: Medical records of the policyholder, if requested.
• Income Proof: Any one of these - Bank statement, last three months' salary slips (for salaried individuals).

Plan At a Glance

In a nutshell

If you are looking for an endowment plan that can provide financial security during your retirement years, consider buying the LIC Single Premium Endowment Plan. This plan offers death and maturity benefits. If you are still unsure whether this plan is right for you, contact us at PolicyX.com.

For more information related to this plan, visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts will listen to your unique needs and suggest the best possible solution for you.