Work Hours
Monday to Saturday: 8AM - 8PM
Weekend: 10AM - 6PM
Best LIC Agent in Kolkata, Somenath Naskar.
Schedule your FREE consultation today and let me help you find the best Insurance plan for you!
Call me on the below given number.
Are you looking for a life insurance plan that offers both protection and savings with just a single premium payment? Look no further than the LIC Single Premium Endowment Plan. This unique offering from Life Insurance Corporation of India (LIC) provides an attractive combination of financial security and wealth accumulation.
Table of Contents
Key Takeaways
- Single premium payment for long-term life coverage and savings
- Death and maturity benefits with added bonuses
- Flexible payout options for both maturity and death benefits
- Rider options for enhanced protection
- Potential tax benefits under current tax laws
What is the LIC Single Premium Endowment Plan?
The LIC Single Premium Endowment Plan is a non-linked, participating, individual life assurance savings plan. It’s designed for those who prefer to make a one-time premium payment while enjoying life coverage and the potential for wealth growth through bonuses.
Key Features:
- Single Premium Payment: Pay once and secure coverage for the entire policy term
- Life Coverage: Financial protection for your loved ones in case of unfortunate events
- Maturity Benefit: Lump sum payout at the end of the policy term
- Bonus Additions: Participate in LIC’s profits through reversionary and final additional bonuses
- Loan Facility: Access to policy loans after the first year
- Tax Benefits: Potential tax advantages under existing tax laws
How Does It Work?
When you opt for the LIC Single Premium Endowment Plan, you make a one-time premium payment at the start. This premium is invested by LIC, and your policy begins providing life coverage immediately (or after 2 years for minors).
If something happens to you during the policy term, your nominees receive the death benefit. If you survive till the end of the term, you receive the maturity benefit along with accrued bonuses.
Benefits in Detail
1. Death Benefit
If the policyholder passes away during the policy term:
- Before risk commencement: Return of single premium (excluding taxes and extra premiums)
- After risk commencement: Higher of Basic Sum Assured or 1.25 times the single premium, plus bonuses
2. Maturity Benefit
On surviving the policy term, you receive:
- Sum Assured on Maturity
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if declared)
3. Participation in Profits
Your policy participates in LIC’s profits through:
- Simple Reversionary Bonuses (declared annually)
- Final Additional Bonus (may be declared at maturity or claim)
Eligibility and Terms
| Criteria | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 65 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 25 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No limit (in multiples of ₹5,000) |
Additional Options
Rider Benefits
You can enhance your coverage with these optional riders:
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s New Term Assurance Rider
Settlement Options
- For Maturity Benefit: Receive payouts in installments over 5, 10, or 15 years
- For Death Benefit: Nominees can receive payouts in installments
Sample Premium Rates
Here’s a glimpse of single premium rates per ₹1,000 Sum Assured for standard lives:
| Age / Term | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| 25 years | ₹738.90 | ₹739.60 | ₹739.95 |
| 35 years | ₹622.30 | ₹623.55 | ₹624.60 |
| 45 years | ₹445.10 | ₹447.85 | ₹452.90 |
Note: Actual premiums may vary. Consult an LIC agent for personalized quotes.
Why Choose LIC Single Premium Endowment Plan?
- Convenience: One-time payment for long-term coverage
- Dual Benefits: Life protection and savings in one plan
- Bonuses: Potential for wealth growth through profit sharing
- Liquidity: Access to policy loans for financial emergencies
- Tax Benefits: Possible tax advantages on premium and benefits
“The LIC Single Premium Endowment Plan is perfect for those who want to secure their family’s future and grow their wealth, all with a single premium payment.” – Somenath Naskar, LIC Agent
Things to Consider
- Surrender values are available, but early surrender may result in lower returns
- The plan is best suited for those who can afford a substantial one-time premium
- While bonuses add to your returns, they are not guaranteed and depend on LIC’s performance
The LIC Single Premium Endowment Plan offers a unique opportunity to secure your family’s future and grow your wealth with a single premium payment. It’s an excellent choice for those looking for a hassle-free, long-term financial solution. Remember, every individual’s needs are different, so it’s always best to consult with a qualified LIC agent to understand how this plan can fit into your overall financial strategy.
Ready to secure your future with the LIC Single Premium Endowment Plan? Contact me, Somenath Naskar, your trusted LIC agent in Kolkata, at 7980031260 for personalized guidance and to get started with your policy today!
Frequently Asked Questions
Can I take a loan against this policy?
Yes, you can avail a loan up to 90% of the surrender value after completing one policy year.
Are the bonuses guaranteed?
Simple Reversionary Bonuses are declared annually but not guaranteed. The Final Additional Bonus, if any, is paid at maturity or on earlier death.
What happens if I can’t continue the policy?
Since it’s a single premium plan, you don’t need to pay any further premiums. The policy continues until maturity or claim.
Can I surrender the policy early?
Yes, but it’s advisable to hold the policy till maturity for maximum benefits. Early surrender may result in lower returns.
Are there any tax benefits?
Tax benefits may be available on premiums paid and benefits received, subject to prevailing tax laws. Consult a tax advisor for details.
Explore Various LIC Plans and Policies
