LIC Single Premium Endowment Plan

LIC's Single Premium Endowment Plan is a contributing non-linked investments cum safety plan, where premium is paid in lump sum at the beginning of the policy. This amalgamation provides financial protection in contradiction of death during the policy term with the facility of payment of lump sum at the end of the selected policy term in case of his or her survival. This plan also takes care of liquidity needs through its mortgage facility.
Plan Features

         I.            Date Introduced: 01-JAN-2014

        II.            Unique Identification Number (UIN) : 512N283V01

      III.            This is a single premium conventional With-Profits Endowment Assurance plan

Eligibility & Conditions

1.       Minimum Age: 90 days (completed)

2.       Maximum Age: 65 years (nearest birthday)

3.       Minimum Policy Term: 10 Years

4.       Maximum Policy Term: 25 Years

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: Rs. 50000/-

9.       Maximum Sum Assured: No Limit (Sum Assured shall be in multiples of Rs 5000/-)

10.    If 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.

11.    Loan Available

12.    Service Tax as applicable from time to time. Currently it is 3.09% of the premium.