The LIC Single Premium Endowment Plan, is a traditional single premium participating endowment policy with death and maturity benefits along with bonus facilities.
1. LIC’s Single Premium Endowment Plan is not linked to or is not dependent on the share market.
2. One has to pay a single premium as a lump sum at the start of the policy.
3. This plan is an endowment plan that offers both investment returns and protection against untimely demise.
4. You can avail a loan from LIC with this policy from 2nd year onward.
5. This policy can be taken for anyone between the age group of 90 days to 65 years.
6. You get significant rebates on the premium when you opt for higher sum assured.
7. This policy also has a guaranteed surrender value. The insured will get 70% of the premium paid if surrendered in the first year and 90% of the premium paid from the second year onward. The insured are also eligible for a certain amount of bonus when they surrender the policy.
8. You can opt for a larger sum assured in this plan.
9. The Death Benefit for this policy within the policy tenure is sum assured + bonus. It offers Maturity Benefit is sum assured + accrued bonus.
10. The insured can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.
