LIC Single Premium Endowment Plan 917
- Single Premium Payment
- Policy Term: 10 to 25 years
- Entry Age: 90 days to 65 years
- Minimum Sum Assured: ₹50,000
Premium Details
Benefits Illustration
| Year | Death Benefit (₹) | Maturity Benefit (₹) |
|---|
The LIC Single Premium Endowment Plan 917 is an innovative insurance product designed for those seeking a unique blend of savings and life insurance with the convenience of a one-time premium payment.
Introduction
For customers who want long-term savings, security, and peace of mind without recurring premium payments, LIC’s Single Premium Endowment Plan 917 offers an attractive solution. This plan combines investment benefits with life cover services in a package that requires you to pay the premium only once at the start of the policy term.
What is the LIC Single Premium Endowment Plan 917?
The LIC Single Premium Endowment Plan 917 is a non-linked, participating, individual insurance policy that offers protection as well as savings. Unlike regular insurance policies that require regular premium payments, this plan lets you pay a lump sum amount (single premium) at the outset. From then on, you get uninterrupted coverage and potential for bonuses throughout the policy term.
Key Product Features
- Single premium payment: Pay only once to enjoy lifetime benefits.
- Flexible policy term: Choose a term ranging between 10 to 25 years.
- Minimum entry age: 90 days (completed).
- Maximum entry age: 65 years (nearest birthday).
- Maximum maturity age: 75 years.
- Minimum sum assured: ₹50,000.
- No upper limit: Maximum sum assured can go up based on income.
- Loan facility: Available after 1 year.
- Surrender option: Policy can be surrendered anytime.
- Tax benefits: Deductions under Section 80C and Section 10(10D).
How Does the Plan Work?
When you buy the Single Premium Endowment Plan, you pay a one-time premium based on the sum assured and your age. If you survive the policy period, you get the maturity sum assured plus declared bonuses. If you pass away during the policy term, your nominated family members get the death benefit.
Benefits of LIC Single Premium Endowment Plan 917
1. Death Benefit
- Before commencement of risk: Premium paid (excluding taxes) returned to nominee.
- After commencement of risk: The nominee receives the higher of:
- Basic sum assured; or
- 1.25 times single premium paid
- Plus any vested simple reversionary bonuses and final additional bonus (FAB).
2. Maturity Benefit
If the life assured survives the policy term, they receive:
- Sum assured on maturity
- Vested simple reversionary bonuses accumulated during policy term
- Final additional bonus, if declared.
3. Participation in Profits
The policy participates in LIC’s profits, meaning you get annual bonuses and a final bonus on maturity or death claims.
4. Tax Benefits
- Premium paid eligible for deduction under Section 80C (up to ₹1.5 lakh per year).
- Maturity and death proceeds generally exempt under Section 10(10D).
5. Loan Facility
- You can borrow up to 90% of the surrender value after one policy year.
6. Surrender Value
- Guaranteed surrender value available at any time:
- 75% of single premium for first policy year
- 90% of single premium from the second year onwards.
7. Rebates for High Sum Assured
- No rebate for sum assured below ₹1 lakh.
- 18% rebate for ₹1–1.95 lakh.
- 25% rebate for ₹2–2.95 lakh.
- 30% rebate for ₹3 lakh and above.
8. Free-Look Period
- 15 days to review the policy; if unsatisfied, return it to LIC for a refund of the premium after deductions.
Who Should Buy LIC Single Premium Endowment Plan 917?
This plan is ideal for:
- People who have a lump sum to invest and do not prefer recurring premiums.
- Those seeking both insurance protection and assured returns over 10–25 years.
- Individuals wanting to diversify their savings and get life insurance in one go.
Eligibility Criteria
| Criteria | Value |
|---|---|
| Minimum age at entry | 90 days completed |
| Maximum age at entry | 65 years (nearest birthday) |
| Maximum age at maturity | 75 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 25 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No upper limit (based on income) |
How Does the LIC Single Premium Endowment Plan 917 Calculator Work?
The online calculator helps you estimate premium, maturity benefit, death benefit, surrender value, and accrued bonuses quickly. It needs:
- Age at entry
- Policy term (10–25 years)
- Sum assured (min ₹50,000)
- Date of commencement
- Premium payment date
- Payment mode
Steps to Use Calculator
- Enter age (nearest birthday).
- Select policy term (10–25 years).
- Enter sum assured.
- Click ‘Calculate’ button.
The calculator provides:
- Your single premium amount
- Estimated maturity benefit (sum assured + bonuses)
- Death benefit amount
- Surrender value (if you wish to exit early)
- Bonus estimation
LIC 917 premium and maturity calculators are available on trusted insurance sites and help make financial planning easier.
Try official tools on the LIC website or premium calculator sites for accurate results.
Simple Example Calculation
Suppose Ajay, aged 30, chooses a sum assured of ₹1,00,000 for 20 years.
He enters his details online and gets these results (example only; consult calculator for actual values):
- Premium Payable: ₹63,000 (one time)
- Maturity Benefit: ₹1,75,000 (includes bonuses)
- Death Benefit: ₹1,25,000 to ₹1,75,000 depending on risk commencement and accumulated bonuses.
For personalized values, always use an authentic online calculator.
Surrender Value Calculation
- First Year: 75% of single premium
- Second Year Onwards: 90% of single premium
- Additional bonus percentage may be added as per policy terms.
Bonuses and Profit Participation
The plan offers two kinds of bonuses:
- Simple Reversionary Bonus: Declared yearly by LIC, based on profits.
- Final Additional Bonus (FAB): Given at policy maturity or death claim, based on LIC’s overall performance.
- Example Bonus Rate Table (varies by year and term):
| Financial Year | Policy Term: 10–15 | Policy Term: 16–20 | Policy Term: 21–25 |
|—————-|——————–|——————–|——————–|
| 2018-19 | 41/1000 | 46/1000 | 51/1000 |
Important Considerations and Tips
- The actual bonus rates vary each year, so use calculator and consult LIC for ratified rates before purchasing.
- Surrender values, bonus rates, and loan eligibility may be updated. Always check updated brochures and online calculators.
- User should keep nomination details accurate to ensure smooth claims for family benefits.
How to Buy LIC Single Premium Endowment Plan 917
- Check eligibility and decide on sum assured/policy term.
- Visit the official LIC portal, trusted agents, or branches.
- Fill out the proposal form and pay the single premium.
- Submit identity and age proofs.
- Policy is issued, with risk coverage starting as per LIC’s rules.
Pros and Cons
| Pros | Cons |
|---|---|
| One-time premium; no monthly payments | No top-up allowed after purchase |
| Dual benefit: insurance + savings | Requires lump sum upfront |
| Tax-exempt benefits | Less flexible for mid-term premiums |
| Loan facility for emergencies | Surrender penalties may apply |
| Transparent bonuses and profits | Bonus rates may vary by year |
Frequently Asked Questions (FAQs)
What is the LIC Single Premium Endowment Plan 917?
The plan is a one-time payment insurance policy that provides both savings and life cover. You pay the premium once at the start and get benefits for the entire policy term.
What is the minimum and maximum age to buy this policy?
The minimum entry age is 90 days. The maximum age is 65 years (nearest birthday). The policy can mature at a maximum age of 75 years.
What is the policy term available under this plan?
You can select a term between 10 to 25 years based on your personal needs for insurance and saving goals.
What is the minimum and maximum sum assured?
The minimum sum assured is ₹50,000 (or ₹1,00,000 for certain older versions). There is no maximum limit, though it depends on income and underwriting norms.
What benefits will my family get if I die during the policy term?
If you pass away after risk commencement, your nominee gets the higher of either the sum assured or 1.25 times the single premium, plus bonuses. Before risk starts, only the premium (excluding taxes) is returned.
Final Thoughts
The LIC Single Premium Endowment Plan 917 is a valuable asset for anyone wanting guaranteed returns, life cover, and the convenience of one-time payment. The plan is best suited for disciplined savers and families seeking to build wealth safely and securely while ensuring financial protection.
For a stress-free and informed decision, always use the official calculator and read the latest brochures.
Remember, secure your tomorrow with a thoughtful investment today!
If more clarity is required, consider consulting a LIC agent or use official customer support—these resources can help ensure every aspect of your insurance needs is covered.