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Life Insurance Corporation of India

  • Endowment
    • New Endowment Plan(814)
    • New Jeevan Anand (815)
    • Single Premium Endowment (817)
    • Jeevan Rakshak (827)
    • Limited Premium Endowment (830)
    • Jeevan Lakshya (833)
    • Jeevan Labh (836)
    • Jeevan Pragati (838)
    • Aadhaar Stambh (843)
  • Money Back
    • New Bima Bachat (816)
    • New Money Back Plan – 20 Years (820)
    • New Money Back Plan – 25 Years (821)
    • Children Money Back Plan (832)
    • Jeevan Tarun (834)
    • Bima Diamond ( 841)
  • Children’s
    • Children Money Back Plan (832)
    • Jeevan Tarun (834)
  • Whole Life
  • Pension
    • New Jeevan Akshay – VI (189)
    • New Jeevan Nidhi (818)
  • Single Premium
    • New Bima Bachat (816)
    • Single Premium Endowment (817)
    • New Jeevan Nidhi (818)
    • Jeevan Utkarsh (846)
  • Health
  • Term Insurance
    • Anmol Jeevan II (822)
    • Amulya Jeevan II (823)

Single Premium Endowment (817)

This is a single premium, non-linked, with profits Endowment Plan.
Commencement of Risk Cover for age at Entry:
Less than 8 years nbd: 2 years after DOC or from policy anniversary coinciding with or immediately following attainment of 8 years of age, whichever is earlier.

8 years nbd and above: Immediate.

DEATH BENEFIT:
On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any
On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.
MATURITY BENEFIT:
Sum Assured + Vested Bonus + FAB if any.

Example:

Age- 35, S.A.- `1,00,000, Term – 10 years, Single Premium-`74,055

Entry Age 35

In case of Death at Age 40:

Death Benefit = Sum Assured + Vested Bonus for 5 years + FAB

=`1,00,000 + `20,500 (41x100x5) + Nil

= `1,20,500

Maturity at age 45:

Maturity Benefit =  Sum Assured + Vested Bonus + FAB

= `1,00,000 + `41,000 ( 41x100x10)+ Nil

= `1,41,000

Features & Conditions: (PLAN 817)
Minimum age at entry : 90 days lbd
Maximum age at entry : 65 years nbd
Min. age at maturity : 18 years lbd
Max. age at maturity : 75 years nbd
Minimum term : 10 years
Maximum term : 25 years
Minimum S.A. : ` 50,000/- & in multiples of ` 5,000 thereafter.
Maximum S.A. : No limit

Available Riders: Nil
Mode of Payment: Single Premium

Policy Loan : Only after one policy year.
Back Dating: Allowed without lean months benefit. Interest will be charged for exact no. of days from DOC to date of payment.
Proposal Form: 300, 340 or 360.
Service Tax: 3.75%
Income Tax Benefits :
On Basic Prem : u/s 80C up to 10% of SA
Maturity : Taxable
Death Claim :u/s 10(10D)

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