LIC Single Premium Endowment Plan – The LIC Single Premium Endowment Plan stands out as one of the few plans that has an extraordinary number of features that benefit the policyholder. Investing in insurance can be difficult in today’s world of options. In the event that the policyholder survives to the end of the policy term, in addition to providing benefits to dependents, the plan also provides for the payment of a lump sum to the policyholder. Additionally, policyholders can access a loan facility through this insurance plan to meet any immediate liquidity requirements.
Looking to invest in the LIC Single Premium Endowment Plan (SPEP)? You’re in luck, because our team of experts have put together a detailed guide on how to do just that. In this article, we’ll cover everything you need to know about the LIC SPEP, from the benefits of investing to how to get started. So whether you’re a first-time investor or you’re just curious about this popular retirement plan, read on for all the information you need.
LIC Single Premium Endowment Plan 2024
The LIC Single Premium Endowment Plan is a Single Premium Participating Endowment Plan, as the name suggests. In this way, it is a conventional blessing with death and development benefits alongside a reward office. Endowment insurance plans provide protection against risk and guarantee returns. These returns typically consist of the return of the sum assured as well as bonus amounts that may be declared annually (referred to as a reversionary bonus) or at the end of the policy term (referred to as a terminal bonus). Depending on the specifics of a policy, a policyholder can choose how much coverage they want and for how long they want it.
Looking to invest in a LIC insurance plan that offers long-term stability and growth? The Single Premium Endowment Plan (SPEP) is the perfect option for you! This plan provides investors with generous dividends, as well as the ability to purchase LIC insurance products at attractive prices. Plus, you can rest assured knowing that your money is managed by experienced professionals who are dedicated to helping you reach your financial goals. Don’t wait – contact us today to learn more about this revolutionary plan!
LIC Single Premium Endowment Plan Details
| Name Of Article | LIC Single Premium Endowment Plan |
| LIC Single Premium Endowment Plan | Click Here |
| Category | Insurance |
| Official Website | Click Also |
LIC’s Single Premium Endowment Plan Overview
If you’re wondering what LIC’s Single Premium Endowment Plan (SPEP) is all about, you’re not alone. In this article, we provide an overview of SPDF – including its key features, how it works, and what you need to know in order to qualify for it. We also provide a quick primer on LIC annuities, so that you have a better understanding of what this type of plan offers. Finally, we answer some of the most common questions that SPDF applicants frequently ask. So whether you’re interested in learning more about SPDF or just want to get started applying, read on!
This LIC one-time money growth strategy has a more extended residency and just requires a solitary premium. You only need to pay one premium to buy the policy, and after that, you can rest assured for the duration of the plan. This LIC one-time investment plan is a participating endowment plan with bonuses earned over the policy’s term that increase death and maturity benefits even further.
The LIC Single Premium Endowment Plan’s key features
If you’re looking for a retirement plan that offers a high degree of flexibility and convenience, the LIC Single Premium Endowment Plan (SPEP) may be the right option for you. This plan has several key features that make it stand out from the crowd, including the ability to invest in a wide variety of securities and the availability of tax-free withdrawals. In this article, we’ll explore these features in detail and explain why they could be beneficial for you.
Simple reversionary bonuses are earned during the plan’s term,
- making this one-time investment plan from LIC stand out from the rest.
- In addition, the death or maturity benefit may be supplemented by a final bonus.
- Premiums may be reduced if you select a plan with a high level of coverage.
- If you need money during the plan, you can get a policy loan.
- If you want to leave the plan before the term ends, there is a surrender value that is guaranteed.
Benefits of LIC Single Premium Endowment Plan
If you’re thinking of investing in life insurance, it’s important to understand the benefits of LIC Single Premium Endowment Plan. This plan offers a number of advantages that may be beneficial to you, and we’ll discuss them in detail here. So whether you’re looking for a long-term investment or want to take advantage of tax breaks, read on to learn more about this valuable option.
The benefits of this LIC one-time investment plan include the following
Death benefit
If the insured passes away during the term of the policy, they will receive a death benefit. The insured’s death is required to receive this benefit. In the event that the insured dies before the risk cover has begun, the insured would be reimbursed for their premiums. However, if the insured passes away before the risk cover has begun, the sum assured, any vested reversionary bonuses, and any final additional bonus are paid. Risk cover does not begin immediately for insureds under the age of eight. If this is the case, coverage begins on the insured’s eighth birthday or two years after they purchase the policy, whichever comes first.
Maturity benefit
If the insured survives the policy’s term, the maturity benefit is made up of the sum assured, vested reversionary bonuses, and a final bonus.
Premium discounts
You may be eligible for a discount on the single premium required to purchase the policy if you select a sum assured of at least INR 1 lakh. The discount would be as follows:
| Sum assured level opted | Discount available |
| INR 100,000 to INR 195,000 | 18% of the sum assured |
| INR 200,000 to INR 295,000 | 25% of the sum assured |
| INR 300,000 and above | 30% of the sum assured |
Policy loan
You are eligible for a loan under the policy if you have completed the first year. The maximum loan amount and interest rate are determined on a regular basis by the LIC.
Surrender value
You can leave the game plan before the term of the course of action arrives at a resolution. This is called surrender, and the plan makes it possible to do so at any time during the policy’s term. When the policy is surrendered, the higher of the guaranteed surrender value or the special surrender value is paid to you. The method by which the guaranteed surrender value is calculated is as follows:
- 70% of the single premium paid plus (vested bonuses up until surrender x surrender value factor for bonus) 90% of the single premium paid plus (vested bonuses up until surrender x surrender value factor for bonus) if the policy is surrendered during the first policy year
Tax benefit of LIC Single Premium Endowment Plan
This LIC one-time investment plan’s single premium is deductible from taxable income. It is possible to request a deduction from premium payments up to a maximum of INR 1.5 lakh. Additionally, this LIC one-time investment plan’s benefits are tax-free in the event of your death or maturity. You won’t have to pay any taxes for these advantages. They would not be subject to any tax restrictions at all under the Act’s Section 10 (10D).
Product Specification
Minimum | Maximum | |
Entry Age (Last Birthday) | 90 days | 65 years |
Maturity Age (Last Birthday) | 18 years | 75 years |
Policy Term (PT) in years | 10 years | 25 years |
Premium Paying Term (PPT) in years | Single | |
Premium Paying Frequency | Single | |
Sum Assured | Rs. 50,000 | No Limit |
The LIC Single Premium Endowment Plan’s exclusions
If the insured committed suicide within a year of purchasing the policy, the sum assured would not be distributed as a death benefit. The company would cancel the policy and reimburse the policyholder for 90% of the single premium paid.
Eligibility conditions of LIC Single Premium Endowment Plan
If you are an individual, you can open an LIC Single Premium Endowment Plan (LIC SPEP) in order to save for your future. The LIC SPEP is an innovative way to save for retirement, and it has several eligibility conditions that you need to meet. In this article, we will discuss these conditions in detail, and explain why they are important. We also provide a brief overview of the LIC SPEP, and answer some common questions about this innovative retirement plan.
| Entry age | 90 days to 65 years |
| Maturity age | 18 years to 75 years |
| Term of the plan | Minimum – 10 years Maximum – 25 years |
| Sum assured | Minimum – INR 50,000 Maximum – no limit |
| Single premium | Depends on age, term and sum assured |
Rates of the LIC Single Premium Endowment Plan
Are you looking to invest in property but are unsure of the best way to go about it? If so, you may be interested in the LIC Single Premium Endowment Plan (SPEP).SPEP is a flexible investment product that allows investors to make fixed or variable contributions to a LIC fund that invests in property. As a result, SAPEPS can provide investors with a range of options and the opportunity to grow their investments over time. In this article, we’ll take a look at rates of the SAPEPS and explain what makes it such an attractive investment option.
The single premium for the LIC one-time investment plan is based on your age, policy term, and selected sum assured.
| Age of the insured | Term 10 years | Term 15 years | Term 25 years |
| 30 years | INR 457,950 | INR 342,600 | INR 170,900 |
| 40 years | INR 459,750 | INR 347,650 | INR 188,350 |
| 50 years | INR 466,050 | INR 362,250 | INR 227,350 |
Understanding the LIC Single Premium Endowment Plan
Are you looking to invest in life insurance but don’t know where to start? If so, you’re not alone. In fact, many people find it difficult to understand the LIC Single Premium Endowment Plan (SPLEP). That’s because SPLEP is a complicated plan that offers a range of benefits for investors. In this article, we’ll explore what SPLEP is, how it works, and some of the benefits that you can expect. So if you’re wondering where to start with life insurance, read on for information that will help you make an informed decision.
The following is an illustration of the operation of the LIC one-time investment plan:
- Age of the insured – 30 years
- Term selected – 25 years
- Sum assured – INR 50,000
- Single premium paid – INR 23,545
How to buy LIC Single Premium Endowment Plan?
The LIC one-time investment plan can be purchased by visiting the company’s branch offices or through an agent. If you don’t have a very high risk of death, the company will look over the proposal form and give you a policy. You would have to fill out an application form and send it in with your supporting documents and premium. Instead of purchasing the LIC one-time investment plan in person, we can do so online through the company’s official website.
Required documents for purchasing the LIC Single Premium Endowment Plan
- Identity proof
- Address proof
- Age proof
- Proof of income
- Photographs
- Proposal form, filled and signed
How does the LIC Single Premium Endowment Plan work?
When the term of the LIC one-time investment plan ends, it is considered mature. Upon reaching maturity, the maturity benefit is paid out. You are required to submit a claim discharge form, identity verification, and the policy bond in order to claim the maturity benefit. The business would then deal with the claim and pay it. You may also be able to simplify the entire procedure if you claim through. If you bought the policy through them, you can tell the company about your maturity or death claim. would then take the necessary steps to ensure the settlement of your claims. Simply send an email to [email protected] or call 1800 266 011 to learn more.
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