Single Premium Plans

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LIC's Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival.

Minimum Basic Sum Assured : Rs. 50,000/-
Maximum Basic Sum Assured : No Limit
Minimum Policy Term : 10 years
Maximum Policy Term : 25 years
Minimum Entry Age : 90 years (completed)
Maximum Entry Age : 65 years (nearer birthday)
Maximum Age at Maturity for Life Assured : 75 years
Mode of Premium Payment : Single Premium

LIC's Single Premium Endowment Benefit Details

On Death after commencement of risk : Sum Assured + Vested Bonus + FAB if any.

On Death before commencement of risk : Return of Single Premium excluding taxes and Extra Premium.

On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.

Surrendered Value : The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Loan :Loan Facillity is available under this plan, after completion of one policy year.

Income Tax Benefit : u/s 80C up to 10% of SA.

LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any.

Minimum Basic Sum Assured : Term 9 years then 35,000 and if Term 12 years then 50,000 and if Term 15 years then 70,000
Maximum Basic Sum Assured : No Limit
Policy Term : 9 Years or 12 Years or 15 Years
Minimum Entry Age :15 years (completed)
Maximum Entry Age : Term 9years then 66year (Nearest Birthday) and if Term 12year then 63year (Nearest Birthday) and if Term 15year then 60year (Nearest Birthday)
Maximum Age at Maturity for Life Assured :75 years
Mode of Premium Payment : Single Premium

LIC's Bima Bachat Benefit Details

On Death During 1st five policy years : Sum Assured only.

On Death After completion of five policy years: Sum Assured + Loyalty Addition, if any.

On Survival :

For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.

For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year.

For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year.

At Maturity Time : Single Premium Paid + Loyalty Additions, if any.

Surrendered Value : The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Loan : Loan Facillity is available under this plan, after completion of one policy year.

Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80c.

LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

Minimum Basic Sum Assured : Regular Pay – Rs.1,00,000/-

Single Pay – Rs.1,50,000/-
Maximum Basic Sum Assured : No Limit
Minimum Policy Term : 5 years
Maximum Policy Term : 35 years
Minimum Entry Age : 20 years (completed)
Maximum Entry Age : Regular Pay – 58 years
Single Pay – 60 years
Minimum Vesting Age : 55 years
Maximum Vesting Age : 65 years
Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly

LIC's Jeevan Nidhi Benefit Details

On Death during first five policy year : Sum Assured + Guaranteed Addition

On Death after first five policy year : Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.
This Death Benefit shall not be less than 105% of all Premiums paid as on death.
On Vesting : On survival Basic Sum Assured + Vested Bonus + FAB if any.

Surrendered Value : the policy can be surrendered anytime for Single Pay plans where the Surrender Value if surrendered in the first 3 years will be 70% of the premium paid and thereafter it will be 90% of the premium paid.
For Regular Pay plans, the policy can be surrendered after 2 or 3 full years premiums have been paid.

Loan : Loan is not available under the plan.

Income Tax Benefit : Income tax benefit on the premium paid as per Section 80CCC • on the death benefit under Section 10(10D) of the Income Tax Act.

Life Insurance Corporation of India

Podanur Branch , Coimabatore.