There are several reasons to choose the LIC Single Premium Endowment Plan 817, but there are some things that you should be aware of before purchasing it. The benefits of this plan include a one-time investment, Tax-free, and the Free Look Period. If you are unsatisfied with the plan, there is a 14-day grace period, after which you can cancel it. In addition, the company is a trusted name, so you should feel comfortable purchasing this plan.
One-time investment plan
If you’re in the market for a new policy, you may want to consider a LIC single premium endowment plan. These policies require only one premium and include death, maturity, and bonus benefits. In addition, they offer financial and insurance coverage. If you’re interested in purchasing a plan, you can find a comparison chart and maturity date calculator online.
The LIC Single Premium Endowment Plan is one of the few plans in the market that offers so many benefits. It also has a loan facility for those who need money in case of their death. It’s classified as a non-linked savings cum protection plan and is available to individuals and families. It’s also available in a variety of variants.
One of the benefits of the LIC single premium endowment plan is that it allows policyholders to borrow from the plan after one year. This enables them to obtain higher cover for a lower premium. In addition, they can receive a bonus at the end of the policy’s term.
Tax-free
The LIC Single Premium Endowment Plan 817 is a traditional endowment plan that offers death, maturity, bonus, and critical illness benefits. This plan is not market-linked and pays returns at the end of the policy term. It has a single premium payment of Rs 363925 per year.
The LIC Single Premium Endowment Plan has two kinds of bonuses. The first is the simple reversionary bonus, a percentage of the sum assured. The second one is the final additional bonus, which you will receive after paying all your premiums on time. Both of these bonuses have terms and conditions.
LIC’s Single Premium Endowment Plan (817) has a low premium requirement and offers safe, secured returns. You pay a single premium for 10 to 25 years, and the plan pays the basic sum assured bonus and death benefit upon maturity. It is a good option for long-term goals like retirement or education. However, keep in mind that the returns are taxable.
Returns offered
The Lic Single Premium Endowment Plan offers two main features – surrender value and loan after one policy year. The guaranteed surrender value is based on the premium amount, without tax. The surrender value calculation is explained below. It also includes the bonus declared for the plan.
The single premium endowment plan is a combination of Term insurance and Endowment. Its returns are not linked to the market and are suitable for long-term investment. The LIC Jeevan Anand plan, with a sum of Rs 5000000, is the best choice for those seeking to invest their money for a more extended period. It also has a terminal bonus at the end of the policy term.
Another benefit of the LIC Single Premium Endowment Plan is that it offers secured returns and provides life cover. The plan requires only one premium to be paid and is available for 10 to 25 years. It also offers death benefits and bonus payments.
Free look period
If you’re not happy with the terms and conditions of your LIC Single Premium Endowment Plan 817, you can cancel the policy within the first 15 days after you’ve received your policy documents. This gives you a chance to fully understand the terms and conditions of the policy before committing to it. Also, you don’t have to worry about paying any premiums or making a claim during this period.
LIC Single Premium Endowment Plan 817 offers a one-year premium-paying term, and the minimum sum assured is based on your income. After one year, you can decide to surrender your policy and get a loan for the balance amount. However, you should be aware that the amount you receive is likely higher than what you pay in premiums.
If you are unhappy with the terms and conditions of the LIC Single Premium Endowment Plan 817, you can return it to the corporation for a full refund. However, this is only valid for new policy purchases and does not apply to existing policies. It is worth noting that the CEIS rebate is 10% of the tabular premium amount. However, this rebate does not apply to policies purchased through an intermediary.