Here is LIC Single Premium Endowment Plan 917 which provides cover against risk and also guarantees returns. Which generally includes the return of outstanding amount and bonus amount which can be specified every year. It is called the Reversionary Bonus and Terminal Bonus of the policy term. Based on the details of the policy and the tenure chose, the amount can be determined. These policies are basically for a longer duration as they help in increasing the total return that an individual will get at the end of the policy tenure. Single premium policies also have a discount if a higher amount is set.
LIC Single Premium Endowment Plan 917
Along with LIC Single Premium Endowment Plan 917, these policies also provide insurance cover to the policyholder. This means if any unfortunate event happens to the insured then the family will be given a lump sum amount. So if a person is the head of the family and he is the earner, then there is no problem in availing of the LIC Single Premium Endowment Plan 917 scheme. Even exemption is given by LIC Single Premium Yojana. Anyone can avail loan against these schemes. Under the Income Tax Act, there are tax benefits for people taking these policies.
LIC Single Premium Endowment Plan 917 | Required Documents
Documents Required for LIC Single Premium Endowment Plan 917:-
- Address proof of policyholder,
- Identity Proof:- Aadhar Card, Passport and PAN Card, etc.,
- Other KYC related documents,
- An Application Form / Proposal Form has to be filled along with Medical History.
You must have the knowledge that there are many terms and conditions given in any policy or insurance plan, which should be read carefully by the policy taker so that they do not face any kind of problem in the future. Because in some cases medical examination is required based on the age of the person taking the Sum Assured and LIC policy. Through this, the company wants to check in advance whether the policy or plan being given is mentally and physically healthy or not.
LIC Single Premium Endowment Plan 917 | Features
Features of LIC Single Premium Endowment Plan 917:-
- This policy can be taken for any person between 90 days to 65 years.
- This one-time investment plan from LIC offers returns and protection against untimely demise.
- Under LIC Single Premium Yojana, the premium is paid in the form of Lum-Sum at the inception of the policy.
- On survival till the end of the policy tenure or early death, the bonus received along with the entire Sum Assured will be paid to the policyholder and the policy terminates.
- This policy provides a Simple Reversionary Bonus and Final Additional Bonus if it participates in the profits of LIC.
- The sum assured under this Single Premium Endowment Policy of LIC starts from Rs.50,000 and there is no upper limit on the amount. Any sum assured above the minimum amount will be in multiples of Rs.5,000.
- Under this Single Premium Endowment Policy of LIC, the minimum entry age is 90 days and the maximum is 65 years. If the age of the insured is less than 8 years, then the risk covered under this plan will start from the beginning of 2 years after the commencement of the policy or from the anniversary of the policy or immediately after the person turns 8 years.
LIC Single Premium Endowment Plan 917 | Benefits
Benefits of LIC Single Premium Endowment Plan 917:-
- Simple Reversionary Bonus is usually declared every year as a percentage of the sum assured under this Single Premium Endowment Policy of LIC. The bonus amount in this plan does not increase the sum assured. (as Simple Reversionary Bonus and not Compound Reversionary Bonus)
- Final Edition Bonus can be declared at the end of the policy tenure if the policyholder has paid his premiums on time. It is a form of reward given by the company to the policyholders.
- Death Benefit:- If the Life Insured dies at the policy tenure:-
- In case the life insured dies before the commencement of risk, only the single premium paid will be paid to the nominee.
- After the commencement of risk, the sum assured along with the bonus received will be paid as a death benefit.
- High Sum Assured Discount is available in this Single Premium Endowment Policy of LIC.
- In this Single Premium Endowment Policy of LIC, the loan is available after the first year of the plan.
- Income tax benefits are available on premiums paid under section 80C and on claims received as per section 10(10D) of the Income Tax Act.
- This Single Premium Endowment Policy of LIC has Guaranteed Surrender Value. If this LIC Single Premium Endowment Policy is surrendered within the first year then the policyholder will get 70% of the premiums paid, and if surrendered beyond the second year then 90% of the premiums paid Will to be done. Some amount of Insured Vested Reversionary Bonus is also eligible.
Also Read: LIC Saral Pension Yojana 862
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