LIC Single Premium Endowment Plan 817 Calculator
Calculate Premium & Maturity
Introduction to LIC Single Premium Endowment Plan 817
LIC Single Premium Endowment Plan 817 was a popular life insurance policy introduced by the Life Insurance Corporation of India (LIC) on 1 January 2014. The plan combined life insurance protection with long-term savings, making it suitable for individuals who preferred paying a one-time premium instead of regular installments.
The policy offered financial security during the policy term and provided maturity benefits along with bonus additions if the policyholder survived until maturity.
What is LIC Single Premium Endowment Plan 817?
LIC Single Premium Endowment Plan 817 is a non-linked and participating endowment insurance policy where the entire premium is paid only once at the beginning of the policy.
In return, the policy provides:
- Life insurance protection during the chosen term
- Lump-sum maturity benefit on survival
- Death benefit during the policy period
- Bonus participation declared by LIC
Because it is a participating plan, policyholders are eligible for simple reversionary bonuses and final additional bonuses based on LIC’s performance.
Key Features of LIC Single Premium Endowment Plan 817
One-Time Premium Payment
The policy requires only a single premium payment at the start of the plan, eliminating the need for regular premium payments.
Flexible Policy Term
Policyholders can choose a policy term ranging from:
- 10 years
- Up to 25 years
according to their savings and protection requirements.
Sum Assured Options
- Minimum Basic Sum Assured: ₹50,000
- Maximum Basic Sum Assured: No upper limit (subject to underwriting rules)
Entry Age Limits
| Criteria | Age Limit |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 65 years |
| Minimum Maturity Age | 18 years |
| Maximum Maturity Age | 75 years |
Bonus Benefits
The plan participates in LIC’s profits and becomes eligible for:
- Simple Reversionary Bonus
- Final Additional Bonus (FAB)
as declared by LIC from time to time.
Loan Facility
Policyholders can avail loans against the policy after completion of one policy year, subject to LIC conditions.
Surrender Value
The policy acquires surrender value after one year, allowing policyholders to exit the policy before maturity if required.
Optional Rider Benefit
An optional Accidental Death Benefit Rider could be added by paying an additional premium for enhanced protection.
Tax Benefits
Premiums paid and benefits received under the plan qualified for tax benefits under:
- Section 80C
- Section 10(10D)
subject to prevailing income tax rules.
Eligibility Criteria for LIC Single Premium Endowment Plan 817
| Parameter | Eligibility Details |
|---|---|
| Entry Age | 90 days completed to 65 years |
| Minimum Maturity Age | 18 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹50,000 (in multiples of ₹5,000) |
| Maximum Sum Assured | No upper limit |
| Premium Payment Mode | Single Premium Only |
Launch and Withdrawal Dates
| Event | Date |
|---|---|
| Launch Date | 1 January 2014 |
| Withdrawal Date | 1 February 2020 |
The plan remained available for more than six years before LIC discontinued it for new sales. Existing policyholders, however, continue to enjoy all benefits according to policy conditions.
How LIC Single Premium Endowment Plan 817 Works
Under this policy, the policyholder pays a one-time premium at the beginning of the plan based on:
- Age
- Sum Assured
- Policy Term
During the policy period:
- If the policyholder dies during the term, the nominee receives the death benefit along with applicable bonuses.
- If the policyholder survives until maturity, LIC pays the maturity amount consisting of the Basic Sum Assured plus accrued bonuses and final additional bonus, if declared.
The plan combines insurance protection with savings, helping policyholders meet future financial goals such as:
- Children’s education
- Marriage planning
- Retirement savings
- Long-term wealth creation
LIC Single Premium Endowment Plan 817 Calculator Explained
The LIC Single Premium Endowment Plan 817 Calculator is an online estimation tool designed to help users understand premium requirements and expected policy benefits.
What Does the Calculator Estimate?
Premium Calculation
The calculator estimates the one-time premium payable according to:
- Entry age
- Policy term
- Sum assured selected
Maturity Value Estimation
It projects the estimated maturity amount by including:
- Basic Sum Assured
- Reversionary bonuses
- Final additional bonus (if applicable)
Death Benefit Estimation
The calculator also shows the estimated death claim amount payable to nominees during the policy period.
How to Use LIC Single Premium Endowment Plan 817 Calculator
Step 1: Enter Age
Provide the age of the life assured at the start of the policy.
Step 2: Select Policy Term
Choose a policy duration between:
- 10 years
- 25 years
Step 3: Enter Sum Assured
Input the desired Basic Sum Assured amount.
Step 4: Calculate
The calculator instantly displays:
- Single premium payable
- Estimated maturity amount
- Projected death benefit
This helps users evaluate the policy easily without performing manual calculations.
Benefits of LIC Single Premium Endowment Plan 817
Insurance Plus Savings
The policy combines life insurance protection with long-term savings benefits.
One-Time Premium Convenience
Since the premium is paid only once, there is no risk of missing future premium payments.
Bonus Additions
Being a participating policy, it earns bonuses declared by LIC, increasing overall returns.
Loan Facility
Loans can be availed against the policy after one year, helping during financial emergencies.
Surrender Option
Policyholders may surrender the plan after the required period and receive surrender value according to LIC rules.
Tax Benefits
The plan offered tax advantages under:
- Section 80C
- Section 10(10D)
subject to applicable tax laws.
Encourages Financial Discipline
The single investment structure supports disciplined long-term savings without recurring payment obligations.
Eligibility Criteria for LIC Single Premium Endowment Plan 817
- Minimum entry age: 90 days completed
- Maximum entry age: 65 years
- Policy term available: 10 to 25 years
- Minimum Basic Sum Assured: ₹50,000
- No upper limit on Sum Assured
- Medical examination may be required depending on the applicant’s age and chosen Sum Assured
Applicants should carefully review all eligibility conditions before purchasing the policy.
Tax Benefits Under LIC Single Premium Endowment Plan 817
Section 80C Deduction
The single premium paid under the plan qualified for tax deduction under Section 80C of the Income Tax Act, subject to prescribed limits.
However, the deduction was generally allowed only up to 10% of the Sum Assured.
Tax on Maturity Amount
The maturity proceeds could become taxable if the premium paid exceeded 10% of the Basic Sum Assured according to prevailing tax regulations.
Tax-Free Death Benefit
The death benefit paid to the nominee, including bonuses, remained exempt from income tax under Section 10(10D), subject to applicable rules.
Because tax laws may change over time, consulting a qualified tax advisor is always recommended.
Surrender and Loan Benefits
Surrender Benefit
The policy acquired surrender value after completion of the required period.
The surrender amount depended on:
- Number of completed policy years
- Guaranteed surrender value
- Accrued bonuses
- LIC surrender rules applicable at the time
Policyholders should note that early surrender may reduce overall returns because of applicable deductions and lower surrender values.
Loan Facility
Loans could be availed after completion of the first policy year.
Key Loan Features
- Loan amount available up to 90% of surrender value
- Interest rates generally lower than unsecured personal loans
- Outstanding loan and interest deducted from maturity or death claim proceeds
This feature helped policyholders manage emergency financial requirements without surrendering the policy.
Important Things to Consider Before Buying
High Initial Investment
Since this is a single premium policy, the upfront investment amount can be substantial. Buyers should evaluate affordability before investing.
Bonus-Based Returns
Part of the returns depends on LIC bonus declarations, which may vary from year to year.
Tax Implications
The taxability of maturity proceeds may differ compared to regular premium life insurance plans if premium conditions are not met.
Long-Term Commitment
Investors should assess future liquidity requirements and long-term financial goals before choosing the plan.
Frequently Asked Questions
What is LIC Single Premium Endowment Plan 817?
It is a non-linked participating endowment insurance policy where the premium is paid only once, offering life cover along with maturity benefits and bonus additions.
When was LIC Single Premium Endowment Plan 817 launched and withdrawn?
The plan was launched on 1 January 2014 and withdrawn on 1 February 2020.
Who was eligible to buy this policy?
Individuals aged between 90 days and 65 years could purchase the policy with a term ranging from 10 to 25 years.
What is the minimum Sum Assured?
The minimum Basic Sum Assured under the plan was ₹50,000.
Is regular premium payment required?
No. This was a single premium policy requiring only one-time payment at policy inception.
Can the policy be surrendered before maturity?
Yes, surrender value became available after completion of one policy year according to LIC rules.
What tax benefits were available?
Premiums qualified for deduction under Section 80C, while maturity and death benefits were eligible for exemption under Section 10(10D), subject to prevailing tax conditions.
Conclusion
LIC Single Premium Endowment Plan 817 was a suitable option for individuals seeking a one-time investment plan that combined life insurance protection with savings benefits. Even though the policy has been withdrawn, it still serves as a useful reference for understanding LIC’s single premium insurance products.
The LIC Single Premium Endowment Plan 817 Calculator also helps users estimate premium requirements, maturity value, and expected benefits more accurately for better financial planning.
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