LIC’s Single Premium Endowment Table No. 817 is a Single premium plan, with Profit, non-linked Endowment Plan.
Sum Assured: Minimum limit for the sum assured is Rs. 50,000/- and there is no maximum limit.
Policy Term: 10 Years to 25 Years.
Premium Paying Term: Single Premium Policy.
Entry Age: 90 days Completed to Age 65 Year (It is also applicable to child)
Maximum Maturity Age: 75 Years.
Premium Payment Mode: Single Premium.
Maturity Benefits: Basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policy holder.
If the Death happens before the commencement of risk, the nominee will get an amount equal to total amount of paid premium’s excluding taxes and rider premium, if any.
If the Death happens after the commencement of risk, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)
Income Tax Benefit: 10 % of Sum Assured in this policy is exempted under section 80C of Income Tax Act.
Liquidity Benefit: Policy holder can take a loan under this policy after completion of 1 years of the Policy.
Surrender: Policy can be surrendered at any time
For simplicity study following table
|Plan||Single Premium Endowment|
|Min Age||90 Days|
|Max Age||65 Year|
|Max Maturity Age||75 Year|
|Policy Term||10 to 25 Year|
|Premium Paying Term||Single|
|Min Sum Assured||Rs. 50,000/-|
|Max Sum Assured||Any|
|Payment Mode||Single Premium|
|Loan||Yes -1 Year|
An example of LIC’s Single Premium Endowment Plan Table No. 817
This plan is available for 90 days completed child to 65-year-old persons. Here we have taken an example for Rs. 10, 00, 000/ Basic Sum Assured for 1 Year, 15 Year and 30 years age of Insured Person at the time of application.
From this, it can be concluded the effect on Premium according to the age of the applicant.
“Single Premium Endowment” Table 817
Basic Sum Assured: Rs. 10,00,000/-
|Plan||Single Premium Endowment||Single Premium Endowment||Single Premium Endowment|
|Age||1 Year||15 Year||30 Year|
|Premium Paying Term||1||1||1|
|Policy Term||25 Year||25 Year||25 Year|
|Basic Sum Assured||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-|
|Double Accidental Benefit||NA||NA||NA|
|Premium First Year||Rs. 4,51,701/-||Rs. 4,54,157-||Rs. 4,60,742/-|
|Premium second Year Onwards||0||0||0|
|Total Premium Paid||Rs. 4,51,701/-||Rs. 4,54,157-||Rs. 4,60,742/-|
|Money Back At the Year||NA||NA||NA|
|Money back %||NA||NA||NA|
|Total Money Back||NA||NA||NA|
|Maturity Return||Rs. 27,25,000/-||Rs. 27,25,000/-||Rs. 27,25,000/-|
|Total Return||Rs. 27,25,000/-||Rs. 27,25,000/-||Rs. 27,25,000/-|
|Life Time Cover||NA||NA||NA|
Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.