Presentation on theme: "LIC’s Single Premium Endowment Plan"— Presentation transcript:
1LIC’s Single Premium Endowment Plan Plan No. 817UIN 512N283V01
2With Profit Endowment Plan Minimum Age at entry is 90 days LIC’s SINGLE PREMIUM ENDOWMENT PLAN –HighlightsSingle PremiumWith Profit Endowment PlanMinimum Age at entry is 90 daysLoan available after completion of one yearBack dating is allowed
3After Commencement of Risk Before Commencement of Risk# LIC’s SINGLE PREMIUM ENDOWMENT PLANMaturity BenefitSum Assured PlusSimple Reversionary Bonuses PlusFinal Additional Bonus, if any.Death BenefitAfter Commencement of RiskBefore Commencement of Risk#Sum Assured plus vested Simple Reversionary bonuses and final additional bonus, if any.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.
4Loan LIC’s SINGLE PREMIUM ENDOWMENT PLAN Available after completion of 1 policy year.Amount of loan will depend on year of Policy and Policy Term.The maximum loan shall be granted as a percentage of Surrender Value(SV).Some Examples of Loan as a percentage of Surrender Value are given below -Policy Year →Term ↓23691213 and aboveUpto 15 yrs55%60%80%90%16 to 20 yrs40%45%21 yrs and above30%
5LIC’s SINGLE PREMIUM ENDOWMENT PLAN Eligibility Conditions and RestrictionsParticularsDescriptionAge at entry90 days (completed) to 65 years (nearest birthday)Age at Maturity18 to 75 yearsPolicy Term10 to 25 yearsPremium modeSingle Premium onlyBasic Sum Assured50000 and above ( In multiples of 5000) – No upper Limit.Rebate for High Sum AssuredSum Assured3,00,000 and above2,00,000 to 2,95,0001,00,000 to 1,95,00050,000 to 95,000Rebate (Rs.)30‰ SA25‰SA18‰SANil
6LIC’s SINGLE PREMIUM ENDOWMENT PLAN The policy can be surrendered at any time during the policy term.Higher of Guaranteed Surrender Value or Special Value shall be payable.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
7Why LIC’s SINGLE PREMIUM ENDOWMENT PLAN …………Because it is SPECIAL 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.Thank You !