LIC Single Premium Endowment Plan 717 Calculator

LIC Single Premium Endowment Plan 717 is a popular life insurance plan offered by the Life Insurance Corporation of India (LIC). This plan is designed for those who want to secure their family’s future with a single lump sum payment. The plan provides both life insurance coverage and savings benefits, making it a simple and effective way to plan for the future.

What is LIC Single Premium Endowment Plan 717?

LIC Single Premium Endowment Plan 717 is a non-linked, par, individual life insurance plan. This means that the policyholder pays a single premium at the beginning of the policy term and, in return, gets life insurance coverage and savings benefits. The plan is suitable for people who want to avoid the hassle of paying regular premiums and prefer a one-time investment.

Key Features of LIC Single Premium Endowment Plan 717

• Single Premium Payment: The entire premium is paid in one lump sum at the start of the policy term.
• Policy Term: The policy term can be chosen between 10 to 25 years.
• Minimum Entry Age: 30 days (completed).
• Maximum Entry Age: 65 years.
• Minimum Sum Assured: ₹1,00,000.
• Maximum Sum Assured: No limit.
• Maturity Age: The policy matures when the life assured reaches 75 years of age.
• Death Benefit: If the policyholder dies during the policy term, the nominee receives the sum assured plus any bonuses.
• Maturity Benefit: If the policyholder survives the policy term, they receive the sum assured plus any bonuses.
• Bonus: The policy participates in profits, and the policyholder is eligible to receive bonuses declared by LIC.
• Loan Facility: Policyholders can avail of a loan against the surrender value after the first year of the policy.
• Surrender Value: The policy can be surrendered at any time, and the policyholder receives the surrender value.
• Tax Benefits: Premiums paid are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maturity proceeds or death benefit received under the policy are also eligible for tax benefits under Section 10(10D), subject to conditions specified in the Income Tax Act.

Launch Date and Withdrawal Date

• Launch Date: LIC Single Premium Endowment Plan 717 was launched on 1st October 2024.
• Withdrawal Date: The plan is currently active and has not been withdrawn. Policyholders can purchase this plan as long as it is available on the LIC website or through LIC agents.

How Does the LIC Single Premium Endowment Plan 717 Calculator Work?

The LIC Single Premium Endowment Plan 717 calculator is a simple tool that helps policyholders estimate the premium, maturity benefit, and other details of the plan. Here’s how it works:

1. Enter Policy Details: You need to enter the age of the life assured, the policy term, the year of purchase, and the sum assured.
2. Calculate Premium: The calculator will estimate the single premium required based on the entered details.
3. Estimate Maturity Benefit: The calculator will also estimate the maturity benefit, which includes the sum assured and any bonuses.
4. Estimate Death Benefit: The calculator will estimate the death benefit, which includes the sum assured and any bonuses accrued till the date of death.
5. Surrender Value: The calculator will estimate the surrender value, which is the amount the policyholder will receive if the policy is surrendered before maturity.

Step-by-Step Guide to Using the LIC Single Premium Endowment Plan 717 Calculator

1. Visit the LIC Calculator Website: Go to the official LIC calculator website or use a trusted third-party calculator.
2. Enter Policy Details: Enter the age of the life assured, the policy term, the year of purchase, and the sum assured.
3. Select Riders (Optional): If you want to add an accidental death and disability rider, select the option.
4. Calculate: Click on the calculate button to get the estimated premium, maturity benefit, death benefit, and surrender value.
5. Review Results: Review the results and make any necessary adjustments to your policy details.

Benefits of Using the LIC Single Premium Endowment Plan 717 Calculator

• Easy to Use: The calculator is simple and user-friendly, making it easy for anyone to use.
• Accurate Estimates: The calculator provides accurate estimates of the premium, maturity benefit, death benefit, and surrender value.
• Time-Saving: The calculator saves time by providing instant results, eliminating the need for manual calculations.
• Informed Decision Making: The calculator helps policyholders make informed decisions by providing a clear picture of the benefits and costs associated with the plan.

Tax Benefits of LIC Single Premium Endowment Plan 717

• Section 80C: Premiums paid towards LIC Single Premium Endowment Plan 717 are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maximum deduction allowed under Section 80C is ₹1,50,000 per financial year.
• Section 10(10D): The maturity proceeds or death benefit received under the policy are also eligible for tax benefits under Section 10(10D), subject to conditions specified in the Income Tax Act.

Bonus Rates for LIC Single Premium Endowment Plan 717

• Simple Reversionary Bonus: The policy participates in profits, and the policyholder is eligible to receive simple reversionary bonuses declared by LIC. The bonus rates are declared annually and depend on the performance of LIC.
• Final Additional Bonus: In addition to the simple reversionary bonus, the policyholder may also receive a final additional bonus at the time of maturity or death.

Important Points to Remember

• Policy Term: The policy term can be chosen between 10 to 25 years.
• Minimum Entry Age: 30 days (completed).
• Maximum Entry Age: 65 years.
• Minimum Sum Assured: ₹1,00,000.
• Maximum Sum Assured: No limit.
• Maturity Age: The policy matures when the life assured reaches 75 years of age.
• Death Benefit: If the policyholder dies during the policy term, the nominee receives the sum assured plus any bonuses.
• Maturity Benefit: If the policyholder survives the policy term, they receive the sum assured plus any bonuses.
• Bonus: The policy participates in profits, and the policyholder is eligible to receive bonuses declared by LIC.
• Loan Facility: Policyholders can avail of a loan against the surrender value after the first year of the policy.
• Surrender Value: The policy can be surrendered at any time, and the policyholder receives the surrender value.
• Tax Benefits: Premiums paid are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maturity proceeds or death benefit received under the policy are also eligible for tax benefits under Section 10(10D), subject to conditions specified in the Income Tax Act.

Frequently Asked Questions

Conclusion

LIC Single Premium Endowment Plan 717 is a simple and effective way to secure your family’s future with a single lump sum payment. The plan provides both life insurance coverage and savings benefits, making it a popular choice among policyholders.

The LIC Single Premium Endowment Plan 717 calculator is a useful tool that helps policyholders estimate the premium, maturity benefit, death benefit, and surrender value. By using the calculator, policyholders can make informed decisions and plan their finances effectively.

For more details, visit the official LIC website or consult a licensed LIC agent. Always read the policy document carefully before purchasing any insurance plan.

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