LIC Single Premium Endowment Plan 917
Plan Features
- Single Premium Payment
- Policy Term: 10 to 25 years
- Entry Age: 90 days to 65 years
- Minimum Sum Assured: ₹50,000
- Maximum Maturity Age: 75 years
Premium Details
Overview of LIC Single Premium Endowment Plan 917
LIC Single Premium Endowment Plan 917 is a specially designed life insurance policy for individuals looking for both savings growth and life protection through a one-time premium payment. The plan is suitable for those who prefer long-term financial security without the responsibility of paying recurring premiums throughout the policy term.
Introduction to LIC Single Premium Endowment Plan 917
For individuals seeking stable savings, insurance protection, and financial peace of mind with a single upfront investment, LIC Single Premium Endowment Plan 917 can be an attractive option. This policy combines the advantages of life insurance coverage and long-term savings while requiring only one premium payment at the beginning of the policy.
The plan is designed to provide financial support to the family in case of an unfortunate event during the policy term, while also offering maturity benefits if the policyholder survives until the end of the selected duration.
Understanding LIC Single Premium Endowment Plan 917
LIC Single Premium Endowment Plan 917 is a non-linked, participating individual life insurance policy that offers a combination of savings and insurance protection. Unlike regular insurance plans that require periodic premium payments, this policy requires only a one-time lump sum premium payment at the beginning of the policy term. After making this single payment, the policyholder continues to enjoy insurance coverage and bonus benefits throughout the selected duration.
Main Features of LIC Single Premium Endowment Plan 917
- One-Time Premium Payment: Premium needs to be paid only once at the start of the policy.
- Flexible Policy Duration: Policy term options range from 10 years to 25 years.
- Minimum Entry Age: 90 days completed.
- Maximum Entry Age: 65 years (nearest birthday).
- Maximum Maturity Age: 75 years.
- Minimum Sum Assured: ₹50,000.
- Maximum Sum Assured: No fixed upper limit, subject to income eligibility.
- Loan Facility: Available after completion of one policy year.
- Surrender Facility: Policy can be surrendered during the policy term according to applicable conditions.
- Tax Benefits: Eligible for tax advantages under Section 80C and Section 10(10D) as per prevailing tax laws.
How Does LIC Single Premium Endowment Plan 917 Work?
Under this plan, the policyholder pays a lump sum premium amount at the beginning based on age, sum assured, and selected policy term.
- If the policyholder survives until the end of the policy term, the maturity benefit along with bonus additions is paid.
- If the policyholder passes away during the policy period, the nominee receives the applicable death benefit.
This structure makes the plan suitable for individuals who prefer long-term savings and insurance coverage without recurring premium obligations.
Major Benefits of LIC Single Premium Endowment Plan 917
1. Death Benefit
Before Risk Commencement
If death occurs before the commencement of risk, the nominee generally receives the premium amount paid excluding applicable taxes.
After Risk Commencement
If death occurs after the risk commencement date, the nominee receives the higher of:
- Basic Sum Assured, or
- 1.25 times the single premium paid
In addition, vested Simple Reversionary Bonuses and Final Additional Bonus (FAB), if applicable, are also payable.
2. Maturity Benefit
If the life assured survives the selected policy term, the maturity benefit generally includes:
- Sum Assured on Maturity
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if declared)
3. Participation in LIC Profits
As a participating policy, LIC Single Premium Endowment Plan 917 is eligible for bonus declarations based on LIC’s profits. Policyholders may receive annual bonus additions and Final Additional Bonus according to policy conditions.
4. Tax Benefits
- Premium paid under the policy may qualify for deduction under Section 80C up to applicable limits.
- Maturity and death benefits are generally exempt under Section 10(10D), subject to prevailing tax rules.
5. Loan Facility
Policyholders can avail loans against the policy after completion of one policy year. In many cases, loans up to 90% of the surrender value may be available according to LIC rules.
6. Surrender Value Benefit
The policy offers guaranteed surrender value benefits:
- Around 75% of the single premium during the first policy year
- Around 90% of the single premium from the second year onward
Applicable conditions and deductions may apply according to policy rules.
7. Rebates on Higher Sum Assured
The policy may offer premium rebates for higher sum assured amounts:
- No rebate below ₹1 lakh sum assured
- Around 18% rebate for ₹1 lakh to ₹1.95 lakh
- Around 25% rebate for ₹2 lakh to ₹2.95 lakh
- Around 30% rebate for ₹3 lakh and above
8. Free-Look Period
Policyholders generally receive a free-look period of 15 days to review the policy terms and conditions. If dissatisfied, the policy may be returned to LIC subject to applicable deductions.
Who Should Consider LIC Single Premium Endowment Plan 917?
This policy may be suitable for:
- Individuals who have a lump sum amount available for investment and prefer avoiding recurring premium payments
- People looking for both life insurance protection and stable long-term savings benefits
- Investors seeking to diversify savings while securing life cover under a single policy structure
Eligibility Conditions for LIC Single Premium Endowment Plan 917
| Criteria | Eligibility Details |
|---|---|
| Minimum Entry Age | 90 days completed |
| Maximum Entry Age | 65 years (nearest birthday) |
| Maximum Maturity Age | 75 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 25 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No upper limit, subject to income eligibility |
How Does the LIC Single Premium Endowment Plan 917 Calculator Function?
The LIC Single Premium Endowment Plan 917 Calculator is an online tool that helps users quickly estimate important policy values such as premium amount, maturity benefits, death benefits, surrender value, and bonus additions.
Details Required for Calculation
To use the calculator accurately, users generally need to enter:
- Age at the time of policy purchase
- Selected policy term between 10 and 25 years
- Desired sum assured amount
- Policy commencement date
- Premium payment date
- Preferred payment mode
Steps to Use the LIC Single Premium Endowment Plan 917 Calculator
- Enter your age according to the nearest birthday.
- Select the desired policy duration ranging from 10 to 25 years.
- Input the sum assured amount.
- Click the “Calculate” button to generate the estimates.
After processing the details, the calculator generally displays:
- One-time premium payable
- Estimated maturity value including bonuses
- Expected death benefit
- Approximate surrender value for early exit
- Bonus projections
These calculators are available on trusted insurance websites and help simplify long-term financial planning. Official LIC tools are recommended for the most accurate results.
Sample Illustration of LIC Single Premium Endowment Plan 917
Consider an example where Ajay, aged 30 years, chooses a sum assured of ₹1,00,000 for a policy term of 20 years.
Based on estimated values shown by the calculator:
- Single Premium Payable: Approximately ₹63,000
- Estimated Maturity Benefit: Around ₹1,75,000 including bonuses
- Estimated Death Benefit: Between ₹1,25,000 and ₹1,75,000 depending on bonus additions and risk commencement conditions
These figures are only illustrative examples. Actual policy values may vary according to LIC’s latest premium and bonus declarations.
Understanding Surrender Value Calculation
The policy offers surrender benefits according to the duration completed:
- Around 75% of the single premium during the first policy year
- Around 90% of the single premium from the second year onward
Additional bonus-related values may also apply depending on policy conditions.
Bonus Benefits and Profit Participation
LIC Single Premium Endowment Plan 917 participates in LIC’s profits through bonus additions. The plan generally includes two types of bonuses:
Simple Reversionary Bonus
Declared annually by LIC based on company profits and policy performance.
Final Additional Bonus (FAB)
A one-time bonus payable during maturity or death claim settlement for eligible policies.
Illustrative Bonus Rate Example
| Financial Year | Policy Term 10–15 Years | Policy Term 16–20 Years | Policy Term 21–25 Years |
|---|---|---|---|
| 2018–19 | ₹41 per ₹1,000 Sum Assured | ₹46 per ₹1,000 Sum Assured | ₹51 per ₹1,000 Sum Assured |
Actual bonus rates may change from year to year according to LIC’s performance and declarations.
Important Points to Remember
- Bonus rates, surrender values, and loan eligibility may change over time, so it is important to check the latest LIC updates before purchasing.
- Always keep nominee information updated to ensure smooth claim settlement for family members.
- Using updated calculators and official brochures helps avoid confusion and improves financial planning accuracy.
How to Purchase LIC Single Premium Endowment Plan 917
Simple Buying Process
- Check your eligibility and decide the suitable sum assured and policy term.
- Visit the official LIC India Website, an LIC branch, or a trusted LIC agent.
- Complete the proposal form and make the single premium payment.
- Submit required identity proof and age verification documents.
- After approval, the policy is issued and risk coverage begins according to LIC rules.
Advantages and Disadvantages of LIC Single Premium Endowment Plan 917
| Advantages | Limitations |
|---|---|
| Single premium payment with no recurring installments | Additional top-up investments are not allowed |
| Combination of savings and life insurance protection | Requires a large upfront payment |
| Tax benefits available under applicable laws | Less flexibility for mid-term premium additions |
| Loan facility available during emergencies | Surrender deductions may apply |
| Transparent bonus participation | Bonus rates are not guaranteed |
Frequently Asked Questions About LIC Single Premium Endowment Plan 917
What is LIC Single Premium Endowment Plan 917?
It is a one-time premium insurance policy that combines savings benefits with life insurance protection throughout the selected policy term.
What is the Eligible Age Range for This Policy?
The minimum entry age is 90 days, while the maximum entry age is 65 years. The policy can mature up to a maximum age of 75 years.
What Policy Terms Are Available?
Policyholders can choose a policy term ranging between 10 years and 25 years according to their financial goals.
What is the Minimum and Maximum Sum Assured?
The minimum sum assured starts from ₹50,000, while there is generally no fixed upper limit subject to underwriting and income eligibility conditions.
What Benefits Does the Nominee Receive in Case of Death?
If death occurs after risk commencement, the nominee receives the higher of the Basic Sum Assured or 1.25 times the single premium paid, along with bonus additions. If death occurs before risk commencement, only the premium paid excluding taxes is generally returned.
Conclusion
LIC Single Premium Endowment Plan 917 can be a suitable option for individuals looking for guaranteed savings, life insurance protection, and the convenience of a one-time investment. The policy is especially beneficial for disciplined savers who want long-term financial security without recurring premium commitments.
For better financial planning and accurate estimates, using the official LIC calculator and reviewing the latest policy brochures is always recommended.
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