Single Premium Endowment Plan - 817
It has been decided to introduce LIC's Single Premium
Endowment Plan (Plan No. 817) with effect from 1s1 January. 2014.
The Unique Identification Number (UIN) for LIC's
Single Premium Endowment Plan is
512N283V01. This number has to be quoted in all relevant documents
furnished to the Policyholders and other users (public. distribution
This is a single premium conventional With-Profits Endowment Assurance
plan. The benefits and other details of this plan are given below:
a) Benefits payable on
On death of the Life Assured on or after the Commencement of Risk: Sum
Assured along with vested simple reversionary bonuses and final
additional bonus. if any, shall be payable. On death of the Life
Assured before the Commencement of Risk: Return of Single Premium
excluding taxes and extra premium, if any. without interest
b) Benefits payable on
On survival to the end of the policy term, Sum Assured
along with vested simple reversionary bonuses and final additional
bonus. if any, shall be payable..
c) Participation in
Depending upon the Corporation's experience the policies shall
participate in the profits and shall be eligible for simple
reversionary bonus at suc,i rate and on such terms as may be declared
by the Corporation.
Final Additional Bonus may also be declared under the policy which will
be payable on the expiry of the policy term or on earlier death
provided policy has run for certain minimum term.
ELIGIBILITY CONDITIONS AND
1) Minimum Age at entry for Life Assured 90 days
2) Maximum Age at entry for Life Assured 65 years (nearest
3) Minimum Policy Term
4) Maximum Policy Term
5) Minimum Age at Maturity
18 years (completed)
6) Maximum Age at Maturity
75 years (nearest birthday)
7) Premium payment mode
Single premium only
8) Minimum Sum Assured
9) Maximum Sum Assured
The Sum Assured shall be in multiples of Rs. 5000/-.
Age at entry for the life assured is to be taken as age nearest
birthday except for the minimum age at entry i.e 90 days.
Date of Commencement of risk: In case, the age at entry of the Life
Assured is less than 8 years. risk under this plan
will commence either 2 years from the date of commencement or from the
policy anniversary coinciding with or immediately following the
attainment of 8 years of age, whichever is earlier. For those aged 8
years or more. risk will commence immediately.
Loan facility is available under this plan after completion of one
policy year subject to following conditions:
a) The maximum loan that can be granted as a percentage of
surrender value for different policy terms and the policy year in which
the loan is applied are as under:
Upto 15 yrs 16 to 20 yrs 21 years
13 &above 90%
b) The rate of interest to be charged for the ban amount would be
determined from time to time by the Corporation.
c) No foreclosure action shall be taken under this plan even if
there is a default in payment of loan interest. However, any loan
outstanding alongwith interest shall be recovered from the claim
proceeds at the time of exit.
UNDERWRITING, AGE PROOF AND
U & R department will issue instructions in this regard.
This policy shall be void If the Life Assured (whether sane or insane)
commits suicide at any time within 12 months from the date of
commencement of risk, the Corporation will not entertain any claim
under this policy except to the extent of 90% of the single premium
paid excluding any taxes and extra premium, if any.