Single Premium Plan:
A single premium endowment plan offered by LIC is a participating, non-linked endowment plan. The full premium in the plan is paid before the commencement of the policy. The plan offers twin benefits of life protection and savings in a single plan.
Investing in coverage may be elaborate in today’s international of options; however, the LIC Single Premium Endowment Plan stands proud as one of the few plans which have an excellent quantity of capabilities that gain the policyholder. This twin aggregate of safety and saving guarantees the own circle of relatives continually is in an amazing monetary role in any respect times. If the policyholder dies then it can pay out the sum confident plus bonuses, if any as in step with the phrases and conditions. If the policyholder survives the time period it offers out a lump sum payout as in step with the adulthood gain. This coverage plan additionally presents a mortgage facility wherein policyholders can meet any pressing liquidity needs.
Key features of LIC Single Premium Plan:
This policy can be taken for anyone between 90 days to 65 years of age.
If the person survives till the end of the policy tenure or an earlier death takes place.
The entire sum quoted along with the accrued bonus would be given to the policy terminates.
The policy has participated in the profits of LIC and offers Reversionary Bonus and Final Addition Bonus if there are any
Sum assured in this policy starts from a minimum of Rs 50,000.
There is no maximum limit for quoting the amount but the sum has to be in multiples of 5000.
The minimum age for this plan is 90 days and can go up to 65 years.
The maturity age for this plan is a minimum of 18 years and the maximum could be 75 years. If the person insured is less than 8 years of age then the risk cover under this plan will commence from 2 years after the start of the policy or from the anniversary of the LIC single years.