LIC Single Premium Endowment Plan 717
LIC Single Premium Endowment 717 : Premium and Maturity Calculator
LIC Single Premium Endowment Plan 717 launched on 1st. October 2024 is a life insurance-cum-savings plan for those who want all their financial needs securely managed in a single go. It enables you to ensure your family’s future and meet your financial objectives with just a single premium payment. This plan provides a guaranteed sum assured to compensate your family in the event of a mishap. The plan also enables you to meet your personal mission of attaining long-term life goals, like child’s education and valid retirement. Additionally, you can gain by enhancing your cover with available riders optional as per your liking.
Plan Features Table Of LIC Single Premium Endowment 717
| Feature | Details |
|---|---|
| Plan Type | Individual Life Savings Endownment Plan |
| Minimum Entry Age | 30 days |
| Maximum Entry Age | 65 years |
| Maximum Maturity Age | 75 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 25 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Premium Payment Mode | Single Premium |
| Loan Facility | Yes, available after 3 months |
| Surrender Option | Available after 3 months |
| Rebate for High Sum Assured | Yes (Detailed below) |
| Rider Options |
Accidental Death & Disability Benefit, Term Assurance Rider (Other options available) |
| Settlement Option | Option to take maturity and death benefits in installments |
| Bonuses | Simple Reversionary Bonus + Final Additional Bonus (FAB) |
| Maturity Benefit | Sum Assured + Bonuses |
| Death Benefit | Sum Assured on Death + Bonuses |
| Tax Benefits | Premiums and payouts qualify for tax benefits under Section 80C |
Lic Single Premium Policy 717 Rebates
Rebates:
- Mode Rebate: This plan offers a single premium payment mode, so no mode rebates apply.
- Sum Assured Rebate:
| Sum Assured Range | Rebate |
|---|---|
| ₹1,00,000 - ₹2,00,000 | Nil |
| ₹2,00,001 - ₹3,00,000 | 20% of B.SA |
| ₹3,00,001 - ₹5,00,000 | 30% of B.SA |
| ₹5,00,001 and above | 40% of B.SA |
LIC Single Premium Endowment Plan 717 Calculation with an Example
Policyholder Details:
- Name: Rahul Kumar
- Age: 35 years
- Policy Term: 20 years
- Sum Assured: ₹15,00,000
- Rider: Accidental Death and Disability Rider
Premium Calculation (Single Premium Plan)
Details | Amount (₹) |
Basic Premium (Sum Assured ₹15,00,000) | ₹7,89,000 |
GST @ 4.5% | ₹35,505 |
Total Single Premium (With GST) | ₹8,24,505 |
Rebate for High Sum Assured:
- Rebate for sum assured of ₹15,00,000 = 4% of Basic Premium.
- Rebate Amount = ₹7,89,000 × 4% = ₹31,560.
- Premium after Rebate (Without GST) = ₹7,89,000 – ₹31,560 = ₹7,57,440.
- Total Premium with GST = ₹7,57,440 + ₹34,085 (GST 4.5%) = ₹7,91,525.
With Rider:
- Additional Rider Premium: ₹15,000
- Total Premium with Rider and GST = ₹8,06,525.
Maturity Calculation (At 8% and 4% return)
| Year of Policy | Sum Assured (₹) | Guaranteed Benefits (₹) | Non-Guaranteed Benefits (4% Growth) | Non-Guaranteed Benefits (8% Growth) |
|---|---|---|---|---|
| Year 1 | ₹15,00,000 | ₹15,00,000 | ₹15,00,000 | ₹15,00,000 |
| Year 2 | ₹15,00,000 | ₹15,00,000 | ₹15,00,000 | ₹15,00,000 |
| Year 3 | ₹15,00,000 | ₹15,00,000 | ₹15,10,000 | ₹15,20,000 |
| Year 4 | ₹15,00,000 | ₹15,00,000 | ₹15,20,000 | ₹15,40,000 |
| Year 5 | ₹15,00,000 | ₹15,00,000 | ₹15,60,000 | ₹16,20,000 |
| Year 6 | ₹15,00,000 | ₹15,00,000 | ₹16,00,000 | ₹17,00,000 |
| Year 7 | ₹15,00,000 | ₹15,00,000 | ₹16,40,000 | ₹17,80,000 |
| Year 8 | ₹15,00,000 | ₹15,00,000 | ₹16,80,000 | ₹18,60,000 |
| Year 9 | ₹15,00,000 | ₹15,00,000 | ₹17,20,000 | ₹19,40,000 |
| Year 10 | ₹15,00,000 | ₹15,00,000 | ₹18,00,000 | ₹21,00,000 |
| Year 11 | ₹15,00,000 | ₹15,00,000 | ₹18,50,000 | ₹21,80,000 |
| Year 12 | ₹15,00,000 | ₹15,00,000 | ₹19,00,000 | ₹22,60,000 |
| Year 13 | ₹15,00,000 | ₹15,00,000 | ₹19,60,000 | ₹23,40,000 |
| Year 14 | ₹15,00,000 | ₹15,00,000 | ₹20,20,000 | ₹24,20,000 |
| Year 15 | ₹15,00,000 | ₹15,00,000 | ₹20,80,000 | ₹25,00,000 |
| Year 16 | ₹15,00,000 | ₹15,00,000 | ₹21,40,000 | ₹25,80,000 |
| Year 17 | ₹15,00,000 | ₹15,00,000 | ₹22,00,000 | ₹26,60,000 |
| Year 18 | ₹15,00,000 | ₹15,00,000 | ₹22,60,000 | ₹27,40,000 |
| Year 19 | ₹15,00,000 | ₹15,00,000 | ₹23,20,000 | ₹28,20,000 |
| Year 20 (Maturity) | ₹15,00,000 | ₹15,00,000 | ₹24,00,000 | ₹30,00,000 |
Maturity Value with Rider:
If the policyholder opts for a rider, such as the Accidental Death and Disability Rider, the maturity benefits will include the basic sum assured plus any bonus amounts declared by LIC throughout the policy term. These bonuses depend on LIC’s investment performance and the company’s bonus declarations. Death Benefit Calculation:
- In the event of death during the policy term, the nominee will receive the higher of:
- Basic Sum Assured: ₹15,00,000
- 1.25x Single Premium Paid: ₹10,28,156 (without rider)
- Death Benefit with Rider: If the policyholder opts for an Accidental Death Rider, the total death benefit will include the sum assured and the rider benefit. For example, with an additional rider sum of ₹15,00,000, the total death benefit will be ₹30,00,000 (₹15,00,000 basic sum assured + ₹15,00,000 from the rider).
Summary
Rahul Kumar chose the LIC Single Premium Endowment Plan with a 20-year term and a sum assured of ₹15,00,000.
He paid a one-time premium of ₹8,06,525 with the Accidental Death and Disability Rider. At maturity, Rahul will receive around ₹30,00,000 based on an 8% growth rate. In case of his death during the policy tenure, his nominee would receive ₹30,00,000, including the rider benefit.
This plan ensures financial stability while combining savings and protection, making it ideal for individuals seeking long-term security.
FAQs on LIC Single Premium Endowment Plan 717
Q1: What is the minimum age to enter this plan?
The minimum entry age is 30 days.
Q2: What happens if the policyholder dies before risk commencement?
The single premium paid is refunded in full.
Q3: Are there any bonuses available?
Yes, the policy participates in LIC’s Simple Reversionary and Final Additional Bonuses.
Q4: Can the premium be paid in installments?
No, the premium must be paid as a lump sum.
Q5: Is there a loan facility under this plan?
Yes, loans are available after three months.
Q6: What are the rider options available?
Accidental Death and Disability Benefit, Term Assurance Rider.
Q7: What is the maximum policy term?
The maximum policy term is 25 years.
Q8: Can I surrender the policy?
Yes, the policy can be surrendered after three months.
Q9: Is the maturity benefit taxable?
The maturity benefits may be tax-exempt under Section 10(10D) of the Income Tax Act.
Q10: How is the death benefit calculated?
It is the higher of the sum assured or 1.25 times the single premium paid.