LIC Single Premium Endowment Plan 717: Comprehensive Guide for Savvy Investors
Are you exploring a life insurance policy that combines savings and protection in one simple, single-payment solution? The LIC Single Premium Endowment Plan 717 could be your ideal choice. This plan, offered by the Life Insurance Corporation of India (LIC), is a “Par, Non-Linked, Life, Individual Savings Plan” designed to provide financial security and long-term savings in a hassle-free manner.
In this article, we’ll dive into its features, benefits, and key highlights, helping you decide if this plan aligns with your financial goals.
Key Features of LIC Single Premium Endowment Plan 717
- Single Premium Payment: Enjoy the convenience of paying the entire premium upfront, ensuring no further financial commitments during the policy term.
- Flexible Policy Terms: Choose a policy term ranging from 10 to 25 years based on your financial planning needs.
- Dual Benefits:
- Death Benefit: Offers financial protection to your loved ones in the event of your untimely demise.
- Maturity Benefit: Receive a lump sum, including bonuses, upon policy maturity.
- Eligibility:
- Entry age: Minimum 30 days, maximum 65 years.
- Maturity age: Maximum 75 years.
- High Sum Assured Rebate: Attractive discounts for higher coverage, making it an economical choice for large-scale investments.
- Loan Facility: Address liquidity needs by availing of loans against the policy.
Eligibility and Premium Details
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No limit (in multiples of ₹10,000 for sums up to ₹2,50,000, and ₹25,000 thereafter).
- Premium Example: For a 30-year-old investing in a 25-year policy with a ₹1,00,000 sum assured, the single premium is approximately ₹50,695 (excluding taxes).
Benefits in Detail
1. Death Benefit
In case of the policyholder’s demise during the policy term, the nominee receives:
- The “Sum Assured on Death” (higher of Basic Sum Assured or a multiplier of the single premium paid).
- Bonuses accumulated over the term, if applicable.
2. Maturity Benefit
Upon surviving the policy term, you receive:
- “Sum Assured on Maturity” (equal to the Basic Sum Assured).
- Accrued Simple Reversionary Bonuses and a Final Additional Bonus (if declared).
3. Bonuses
This plan participates in LIC’s profits, rewarding policyholders with:
- Simple Reversionary Bonus: Declared annually and added to the policy.
- Final Additional Bonus: Paid upon policy maturity or death.
Optional Add-Ons (Riders)
Enhance your coverage with riders available at an additional premium:
- Accidental Death and Disability Benefit Rider: Provides financial security in case of accidental death or disability.
- New Term Assurance Rider: Offers an additional death benefit.
Settlement Options for Benefits
Instead of a lump sum, you can opt to receive maturity or death benefits in installments over 5, 10, or 15 years.
Tax Benefits
Enjoy tax deductions under Section 80C of the Income Tax Act on premiums paid, and tax-free payouts under Section 10(10D). Note that tax laws are subject to change, so consult a tax advisor for the latest updates.
Why Choose LIC Single Premium Endowment Plan 717?
1. Hassle-Free Investment
A single premium payment eliminates the need for ongoing financial management.
2. Secure Returns
This plan offers guaranteed maturity and death benefits, along with non-guaranteed bonuses, ensuring a balance of security and potential growth.
3. Liquidity Support
Need funds? The policy allows loans against its surrender value, making it a practical option for emergencies.
4. Trust in LIC
LIC’s robust legacy and high claim settlement ratio make this plan a safe and reliable choice.
Who Should Consider This Plan?
- Individuals seeking a one-time investment option for life coverage and savings.
- Parents planning financial security for their child’s future.
- Investors looking for tax-efficient instruments with secure returns.
Conclusion
The LIC Single Premium Endowment Plan 717 offers the perfect mix of financial protection and savings, catering to diverse investor needs. With its attractive features, tax benefits, and trustworthiness of LIC, this plan could be a cornerstone of your financial strategy.
Act now to secure your future with LIC Single Premium Endowment Plan 717 and enjoy peace of mind for years to come.
Disclaimer: The information provided on Investilli.com is for informational purposes only and does not constitute financial, legal, or investment advice. Readers are advised to consult a certified financial advisor or professional before making any investment decisions. Investilli.com assumes no liability for any inaccuracies or financial losses arising from the use of this content.
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