Friday, March 14, 2014

Single Premium Endowment Plan Table No. 817

Single Premium Endowment Plan Table No. 817
Lic’s new single premium endowment plan – Table no – 817

Single Premium Endowment Plan Highlights
1.     Single premium 
2.     With profit endowment plan 
3.     Minimum age at entry is 90 days 
4.     Loan available after completion of one year 
5.  Back dating is allowed 

Maturity benefit
1.     Sum assured
2.     Simple reversionary bonuses
3.     Final additional bonus, if any.

Death benefit
1.     After commencement of risk - Sum assured plus vested simple reversionary bonuses and final additional bonus, if any.
2.     Before commencement of risk# - Return of single premium excluding taxes and extra premiums, if any.
# in case the age at entry of life assured is less than 8 years, risk will commence either 2 years from the doc or policy anniversary after completion of 8 years of age whichever is earlier, for others risk shall commence immediately.

Loan on single premium endowment plan
1.     Available after completion of 1 policy year.
2.     Amount of loan will depend on year of policy and policy term.
3.     The maximum loan shall be granted as a percentage of surrender value (sv).

Eligibility conditions and restrictions

Age at entry
90 days (completed) to 65 years (nearest birthday)
Age at maturity
18 to 75 years
Policy term
10 to 25 years
Premium mode
Single premium only
Basic Sum Assured
50000 and above ( in multiples of 5000)
– no upper limit

Surrender Value: Higher of guaranteed surrender value or special value shall be payable. The policy can be surrendered at any time during the policy term.

Guaranteed surrender value (GSV): 1st year ~ 70% of single premium excluding taxes and extra premium, if any. Thereafter ~ 90% of single premium excluding taxes and extra premium, if any. plus surrender value of vested bonuses.

Special surrender value (SSV): Discounted value of sum assured and vested simple reversionary bonuses. 

Surrender value factors applicable to vested bonuses

Why should I take single premium endowment plan - Table No 817

S - Single premium – One time investment.
P - Protection – Risk cover for full sum assured.
E - Excellent for meeting educational needs of young ones.
C - Children from the age of 90 days can be covered.
I - Ideal for investment planning-wide range of policy term.
A - attractive - Participates in Profits
L - Liquidity through loan.

No comments:

Post a Comment