|
Single Premium Endowment Plan
Lic’s new single premium endowment plan – Table no – 817
Single Premium Endowment Plan
Highlights
1. Single premium
2. With profit endowment
plan
3. Minimum age at entry
is 90 days
4. Loan available after
completion of one year
5. Back dating is
allowed
Maturity benefit
1. Sum assured
2. Simple reversionary
bonuses
3. Final additional
bonus, if any.
Death benefit
1. After commencement of
risk - Sum assured plus vested simple reversionary bonuses and final
additional bonus, if any.
2. Before commencement
of risk# - 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 on single premium endowment plan
1. Available after
completion of 1 policy year.
2. Amount of loan will
depend on year of policy and policy term.
3. The maximum loan
shall be granted as a percentage of surrender value (sv).
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
|
Single premium only
|
|
basic sum
assured |
50000 and above ( in multiples of 5000)
– no upper limit |
Surrender Value: Higher of
guaranteed surrender value or special value shall be payable.the policy can be
surrendered at any time during the policy term.
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 should I take single premium
endowment plan - Table No 817
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.
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.
