LIC Single Premium Endowment Plan 717 Calculator
• Single premium payment is made only once at policy inception.
• Maturity Benefit = Sum Assured + Bonus.
• Death Benefit = Sum Assured + Bonus (if applicable).
• Loan facility available after first policy year.
• Policy participates in LIC profits and bonuses.
• Minimum Sum Assured: ₹1,00,000.
The Life Insurance Corporation of India LIC Single Premium Endowment Plan 717 is a well-known life insurance policy that combines protection and savings in a single plan. It is ideal for individuals who prefer to pay the premium only once through a lump sum amount while ensuring financial security for their family. Along with life cover, the plan also offers maturity benefits, making it a convenient and reliable option for long-term financial planning.
What is Life Insurance Corporation of India LIC Single Premium Endowment Plan 717?
LIC Single Premium Endowment Plan 717 is a non-linked, participating, individual life insurance policy that offers both protection and savings benefits. Under this plan, the policyholder pays the premium only once at the beginning of the policy term and receives life insurance coverage throughout the selected duration. It is a suitable option for individuals who prefer a one-time investment instead of paying premiums regularly.
Key Features of LIC Single Premium Endowment Plan 717
- One-Time Premium Payment: The entire premium amount is paid as a single lump sum at the start of the policy.
- Flexible Policy Term: The policy term can be selected between 10 years and 25 years.
- Entry Age: Minimum entry age is 30 days completed, while the maximum entry age is 65 years.
- Minimum Sum Assured: The basic sum assured starts from ₹1,00,000.
- Maximum Sum Assured: There is no upper limit on the sum assured.
- Maximum Maturity Age: The policy matures when the life assured reaches 75 years of age.
- Death Benefit: In case of the policyholder’s death during the policy term, the nominee receives the sum assured along with applicable bonuses.
- Maturity Benefit: If the life assured survives the policy term, the maturity amount along with accrued bonuses is paid.
- Bonus Facility: Since the plan is participating in nature, it is eligible for bonuses declared by LIC from time to time.
- Loan Facility: A loan can be availed against the policy after acquiring surrender value.
- Surrender Benefit: The policy can be surrendered anytime after completion of the required period to receive the surrender value.
- Tax Benefits: The premium paid qualifies for tax deductions under Section 80C of the Income Tax Act, 1961. The maturity and death benefits may also receive tax exemptions under Section 10(10D), subject to prevailing tax rules.
LIC Single Premium Endowment Plan 717 Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 90 days (completed) | 65 years (NBD) |
| Policy Term | 10 years | 25 years |
| Maturity Age | 18 years (completed) | 75 years (NBD) |
| Basic Sum Assured | ₹1,00,000 | No limit |
| Premium Payment | Single premium only | Single premium only |
Launch Date and Withdrawal Date
- Launch Date: Life Insurance Corporation of India LIC Single Premium Endowment Plan 717 was introduced on 1st October 2024.
- Withdrawal Status: The plan is currently active and has not been discontinued. Interested individuals can purchase the policy through LIC branches, agents, or the official LIC platform while it remains available.
How Does the LIC Single Premium Endowment Plan 717 Calculator Work?
The LIC Single Premium Endowment Plan 717 Calculator is an easy-to-use online tool that helps users estimate important policy details such as premium amount, maturity value, death benefits, and surrender value. It allows policyholders to understand the financial aspects of the plan before purchasing it.
Working Process of the Calculator
- Enter Policy Information: Provide details such as the life assured’s age, policy term, purchase year, and desired sum assured.
- Premium Calculation: The calculator estimates the single premium payable based on the entered information.
- Maturity Benefit Estimation: It calculates the expected maturity amount, including bonuses declared by LIC.
- Death Benefit Estimation: The tool provides an estimate of the death benefit payable to the nominee during the policy term.
- Surrender Value Calculation: It also estimates the surrender value if the policy is discontinued before maturity.
Step-by-Step Guide to Using the LIC Single Premium Endowment Plan 717 Calculator
- Visit the official LIC calculator portal or any trusted insurance calculator website.
- Enter details such as age, policy term, year of purchase, and sum assured.
- Choose optional rider benefits if required.
- Click on the calculate option to generate the premium and benefit estimates.
- Review the displayed results and adjust policy details if necessary for better planning.
Benefits of Using the LIC Single Premium Endowment Plan 717 Calculator
- Simple and Convenient: The calculator is designed to be user-friendly and easy to understand.
- Accurate Projections: It provides estimated values for premium, maturity amount, death benefit, and surrender value.
- Saves Time: Instant calculations eliminate the need for manual computations.
- Better Financial Planning: Helps users compare benefits and make informed insurance decisions.
Tax Benefits of LIC Single Premium Endowment Plan 717
Section 80C Benefits
The premium paid under LIC Single Premium Endowment Plan 717 qualifies for tax deductions under Section 80C of the Income Tax Act, 1961. The maximum deduction allowed in a financial year is ₹1,50,000.
Section 10(10D) Benefits
The maturity amount and death benefit received from the policy may also qualify for tax exemption under Section 10(10D) of the Income Tax Act, subject to applicable tax regulations and conditions.
Bonus Rates for LIC Single Premium Endowment Plan 717
Simple Reversionary Bonus
As a participating policy, the plan is eligible for simple reversionary bonuses declared periodically by LIC based on its financial performance.
Final Additional Bonus
Apart from regular bonuses, the policyholder may also receive a final additional bonus at the time of maturity or claim settlement, depending on LIC’s bonus declarations.
Important Points to Remember
- Policy term ranges from 10 years to 25 years.
- Minimum entry age is 30 days completed.
- Maximum entry age allowed is 65 years.
- Minimum basic sum assured starts from ₹1,00,000.
- There is no upper limit on the maximum sum assured.
- The policy matures when the life assured reaches 75 years of age.
- Death benefits include the sum assured along with applicable bonuses.
- Maturity benefits include the sum assured plus accrued bonuses.
- The plan participates in LIC profits and earns bonuses accordingly.
- Loan facilities are available against the policy’s surrender value.
- The policy can be surrendered as per LIC surrender rules.
- Tax benefits are available under Sections 80C and 10(10D) of the Income Tax Act, subject to prevailing tax laws.
Frequently Asked Questions
What is the Life Insurance Corporation of India LIC Single Premium Endowment Plan 717?
LIC Single Premium Endowment Plan 717 is a life insurance policy that requires only a one-time premium payment at the beginning of the policy term. In return, it offers both life protection and savings benefits, providing financial security along with maturity returns.
Who is eligible to purchase this plan?
Individuals aged between 90 days and 65 years are eligible to buy this plan, provided the maturity age does not exceed 75 years.
What is the policy term and minimum sum assured?
The policy term under LIC Single Premium Endowment Plan 717 ranges from 10 years to 25 years. The minimum basic sum assured available under the plan is ₹1,00,000.
What maturity benefits are offered under the plan?
If the life assured survives the entire policy term, the policyholder receives the basic sum assured along with accrued bonuses declared by LIC, including any applicable final additional bonus.
What happens in case of the policyholder’s death?
In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the death benefit, which includes the sum assured along with accumulated bonuses. If death occurs before the commencement of risk for a minor life assured, the premiums paid excluding taxes are refunded.
Conclusion
LIC Single Premium Endowment Plan 717 is a convenient and reliable insurance solution for individuals looking to secure their family’s financial future with a one-time investment. The plan combines life insurance protection with long-term savings benefits, making it an attractive option for policyholders seeking both security and financial growth.
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