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LIC’s Single Premium Endowment Plan: The Best One-Time Investment Option

When planning for the future, choosing the right investment is crucial. LIC’s Single Premium Endowment Plan stands out as an exceptional one-time investment option that combines insurance and guaranteed returns. This plan is tailored for those seeking financial security and wealth accumulation through a single payment. In this article, we’ll delve into the plan’s benefits, its operation, and address common questions based on the latest information from various authoritative sources.

What is LIC’s Single Premium Endowment Plan?

The Single Premium Endowment Plan (Plan No. 917) from LIC (Life Insurance Corporation) is designed for individuals who prefer making a one-time investment. This plan provides both life insurance and guaranteed returns over the policy term. According to LIC’s official page, this plan offers a secure way to accumulate wealth while ensuring financial protection for your loved ones.

Also Read: 45 वर्ष के व्यक्ति के लिए सर्वश्रेष्ठ LIC योजनाएं: जीवन सुरक्षा और निवेश विकल्प
Also Read: Which LIC Plans Are Closing on 30 September 2024 and Why?

Key Features of LIC’s Single Premium Endowment Plan

1. One-Time Premium Payment: Make a lump sum payment once and benefit from life insurance coverage for the entire policy term without the need for recurring payments.
2. Guaranteed Sum Assured: At the end of the policy term, you receive the sum assured along with any accrued bonuses. This ensures a predictable return on your investment.
3. Comprehensive Life Cover: The plan offers complete insurance protection. In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the sum assured plus any bonuses.
4. Tax Benefits: Investments qualify for tax deductions under Section 80C of the Income Tax Act, and the maturity amount is tax-free under Section 10(10D). This dual advantage enhances the financial benefits of the plan.
5. Loan Facility: After one year, you can avail of a loan against the policy, providing added liquidity and flexibility.

Benefits of LIC’s Single Premium Endowment Plan

• Dual Benefits: Combines insurance protection with guaranteed returns, making it a secure investment option.
• Bonus Additions: LIC declares annual bonuses, which are added to the sum assured, increasing your returns. According to Probus Insurance, these bonuses can significantly enhance the maturity value.
• Financial Security: The plan ensures that your family remains financially secure in case of your untimely demise.

Real-Life Examples

To illustrate how this plan works, here are a few examples:

Example 1:

• Age of Investor: 35 years
• Single Premium: ₹2,00,000
• Policy Term: 15 years
• Sum Assured: ₹3,50,000

The investor pays ₹2,00,000 upfront and receives ₹3,50,000 plus bonuses at maturity after 15 years. If the policyholder dies during this period, the nominee will get ₹3,50,000 plus bonuses.

Example 2:

• Age of Investor: 40 years
• Single Premium: ₹5,00,000
• Policy Term: 10 years
• Sum Assured: ₹7,50,000

By investing ₹5,00,000, the policyholder will receive ₹7,50,000 plus bonuses at the end of 10 years. In case of death, the family will receive the sum assured along with bonuses.

Example 3:

• Age of Investor: 50 years
• Single Premium: ₹1,50,000
• Policy Term: 12 years
• Sum Assured: ₹2,00,000

The policyholder invests ₹1,50,000 and gets ₹2,00,000 plus bonuses at maturity. If the policyholder passes away, the nominee receives the sum assured along with bonuses.

Comparing LIC’s Single Premium Endowment Plan with Other Options

Compared to traditional investment avenues like Fixed Deposits (FDs) or Public Provident Fund (PPF), the LIC Single Premium Endowment Plan offers a unique advantage. Unlike FDs and PPFs, which provide fixed returns and no insurance cover, this plan combines growth with protection. For more details, check out the comparison on BankBazaar and PolicyBazaar.

Also Read: 45 वर्ष के व्यक्ति के लिए सर्वश्रेष्ठ LIC योजनाएं: जीवन सुरक्षा और निवेश विकल्प
Also Read: Which LIC Plans Are Closing on 30 September 2024 and Why?

Related Keywords for LIC’s Single Premium Endowment Plan

• LIC Single Premium Endowment Plan
• One-Time Investment LIC
• Guaranteed Returns Insurance
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• Tax-Saving LIC Plans
• Insurance with One-Time Premium
• LIC One-Time Premium Policy
• LIC Single Premium Investment

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or investment advice. Policy terms and benefits are subject to change based on LIC’s rules and guidelines. Always consult with a licensed financial advisor or an official LIC representative before making any insurance purchase. LIC policies are subject to underwriting conditions, exclusions, and terms as per LIC of India.

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