LIC’s Single Premium Endowment Plan 2023 Benefits, Features, Details, Reviews

LIC’s Single Premium Endowment Plan – Blessing strategies are those which guarantee a dependable corpus either on death during the strategy residency or when the arrangement develops. As a result, these plans let you make a safe fund for the future. Individuals who want insurance coverage in addition to guaranteed returns on their investments are a good fit for endowment plans. One such policy, the LIC Single Premium Endowment Plan, addresses individuals’ dual requirements.

If you’re looking to save for retirement, the LIC Single Premium Endowment Plan (SPEP) may be the perfect option for you. SPEP is a 2023 retirement plan that offers tax-deferred growth and guaranteed income. Plus, it has a number of features that make it an attractive option, including guaranteed withdrawal rates, guaranteed annual income, and access to benefits at any stage of your retirement. In this article, we explore all of the details about this exciting plan, including its benefits and features. Ready to take the plunge? Read on to learn more!

LIC’s Single Premium Endowment Plan 2023

This LIC one-time investment plan has a longer tenure and only requires a single premium. To purchase the policy, you only need to pay one premium, after which you can rest assured for the duration of the plan. This LIC one-time investment plan is a participating endowment plan with bonuses earned throughout the policy’s term that raise death and maturity benefits even more.

Looking to invest in life insurance? Check out LIC’s Single Premium Endowment Plan 2023! This plan offers investors a variety of benefits, features, and details. In this article, we’ll outline the key benefits of this plan, as well as provide a review of the plan itself. So whether you’re interested in getting a quote or just want to learn more about LIC’s Single Premium Endowment Plan 2023, read on.

LIC's Single Premium Endowment Plan

LIC’s Single Premium Endowment Plan 2023 Details

Name Of Article LIC’s Single Premium Endowment Plan 2023
LIC’s Single Premium Endowment Plan Click Here
Category Insurance
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Key features of LIC Single Premium Endowment Plan

Simple reversionary bonuses are earned during the plan’s term, making this LIC one-time investment plan stand out from the competition. In addition, a final bonus may be paid in addition to the death or maturity benefit. If you choose a high level of coverage for the plan, you can get a discount on premiums. You can get a policy loan if you need money over the course of the plan. The plan has a guaranteed surrender value if you want to leave before the term ends.

Benefits of LIC Single Premium Endowment Plan

If you’re looking to invest in a long-term plan, LIC Single Premium Endowment Plan might be the right choice for you. This plan offers a high degree of flexibility and allows you to invest in a variety of securities, including stocks, bonds, and mutual funds. Plus, the fees associated with this plan are fairly low – making it an ideal option for those who want to invest without breaking the bank. In this article, we will discuss the benefits of investing in a LIC Single Premium Endowment Plan.

This LIC one time investment plan offers many benefits which are listed below

Death benefit

A death benefit is paid to the insured if they pass away during the policy’s term. This benefit is contingent on the insured’s passing. The insured’s premiums would be reimbursed in the event that the risk cover has not begun and the insured passes away. However, the sum assured, vested reversionary bonuses, and any final additional bonus are paid if the insured dies before the risk cover has begun. If the insured is younger than eight years old, risk cover does not begin immediately. If this is the case, coverage begins either two years after the insured purchases the policy or on the policy anniversary following their eighth birthday, whichever comes first.

Maturity benefit

The sum assured, vested reversionary bonuses, and a final additional bonus are paid as the maturity benefit if the insured survives the policy’s term.

Premium discounts

The sum assured, vested reversionary bonuses, and a final additional bonus are paid as the maturity benefit if the insured survives the policy’s term.

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

If you have completed the policy’s first year, you can get a loan under the policy. The LIC periodically determines the maximum loan amount and interest rate.

Surrender value

You can get out of the policy before the plan’s term ends. This is known as surrender, and the plan allows for it at any time during the duration of the policy. You receive the higher of the guaranteed surrender value or the special surrender value when the policy is surrendered. The value of the guaranteed surrender is calculated. LIC determines the special surrender value. It is not set in stone; rather, it is determined by how well the business does in a given fiscal year. As a result, LIC would specify the value when the policy is surrendered.

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

Tax benefit of LIC Single Premium Endowment Plan

You can deduct the single premium you pay for this LIC one-time investment plan from your taxable income. In accordance with Section 80C of the Income Tax Act of 1961, you are entitled to a deduction for the premium paid. A maximum of INR 1.5 lakhs can be claimed as a deduction from premium payments. Additionally, the benefits you receive from this LIC one-time investment plan in the event of your death or maturity are exempt from tax. These benefits do not require you to pay any taxes. Under Section 10 (10D) of the Act, they would not be subject to any restrictions at all in terms of taxes.

Exclusions under LIC Single Premium Endowment Plan

The sum assured would not be distributed as a death benefit if the insured committed suicide within a year of purchasing the policy. The policy would be cancelled by the company and 90 percent of the single premium paid by the policyholder would be refunded.

Eligibility conditions of LIC Single Premium Endowment Plan

If you are an individual, have completed your 18th year of age, and have been continuously residing in India during the preceding 6 years, then you are eligible to invest in LIC Single Premium Endowment Plan (SPE). However, please note that if you are already a part of any other LIC-SPE scheme, you are not eligible to invest in LIC SPE.

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

Premium rates of LIC Single Premium Endowment Plan

Premium rates of LIC Single Premium Endowment Plan will continue to be available from LIC Financial Services Limited (LIC) starting 1st January 2020. LIC will revise the premium rates every year based on the benchmark index nominated by RBI. The revised premium rates will be published in the Annual Confirmation Statement (ACS) of LIC.

The LIC one-time investment plan’s single premium is determined by 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 LIC Single Premium Endowment Plan

If you’re an employer that offers long-term employee benefits, you’ll want to be familiar with the LIC Single Premium Endowment Plan. This plan is designed to provide retirees with a steady stream of income, no matter what happens to the stock market. And because it’s an employer-sponsored plan, it’s secure and compliant with all relevant regulations. In this post, we’ll explain everything you need to know about LIC Single Premium Endowment Plan, including how to open and administer it.

An illustration of how this LIC one-time investment plan works is provided below:

  • 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?

You can purchase the LIC one-time investment plan by going to the company’s branch offices or through an agent. You would be required to complete an application form and submit it, along with your supporting documents and premium, If you don’t pose a very high risk of death, the company will look over the proposal form and issue the policy. We can buy the LIC one-time investment plan online through the company’s official website as an alternative to purchasing it in person.

Also Read-Family Health Insurance Plan 2023

Documents required for buying LIC Single Premium Endowment Plan

To purchase this LIC one-time investment plan, you must submit the following documents:

  • Identity proof
  • Address proof
  • Age proof
  • Proof of income
  • Photographs
  • Proposal form, filled and signed

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