Who it suits
People with a lump sum to invest who do not want to commit to yearly premiums.
LIC plans / Endowment Plans
Endowment Plans
New Plan no. 717 UIN 512N283V03
LIC’s Single Premium Endowment Plan
Non-linked · Single premium endowment
Pay one premium, get life cover through the term and a maturity benefit.
Single premiumPremium paying term
See the official brochure for the exact benefit formula.Sum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- One-time premium
- Life cover plus maturity benefit
How it works
You pay a single premium at the start. Cover runs for the chosen term and a maturity benefit is paid on survival.
Death benefit
As per brochure: sum assured on death with applicable benefits.
Maturity benefit
As per brochure.
Survival / income benefit
None during the term.
Step by step
How the plan runs
1
Start the planSum assured: See the official brochure for the exact benefit formula..2
Pay premiumsSingle premium3
Income during the termNone during the term.4
Receive the benefitAs per brochure.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 717 |
| UIN | 512N283V03 |
| Category | Endowment Plans |
| Plan type | Non-linked · Single premium endowment |
| Premium paying term | Single premium |
| Sum assured | See the official brochure for the exact benefit formula. |
- Single premium cannot be paid in instalments
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
People with a lump sum to invest who do not want to commit to yearly premiums.
What are the policy term and premium paying term?
Premium paying term: Single premium.
What sum assured can I choose?
See the official brochure for the exact benefit formula.
What happens if the life assured dies during the term?
As per brochure: sum assured on death with applicable benefits.
What do I receive at maturity?
As per brochure.
Does the plan pay anything during the term?
None during the term.
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.