LIC Single Premium Endowment Plan is a savings and protection policy designed to help you secure your family’s financial future while building a robust savings corpus.
LIC Single Premium Endowment Plan Calculator
Policy Summary
Please enter your details and click "Calculate Benefits" to see the summary.
| Policy Year | Annualized Premium (Cumulative) | Surrender Value (Range) | Expected Maturity Benefit (Range) | Death Benefit (Guaranteed, incl. Bonuses) | Non-Guaranteed Benefits (Range) | Key Notes |
|---|
Premium Details (Including GST)
| Year | Yearly | Half-yearly | Quarterly | Monthly |
|---|
Death Benefit Scenarios (4% and 8%)
| Policy Year | Death Benefit @ 4% | Death Benefit @ 8% |
|---|
Interest Rate Scenarios (4% and 8%)
| Scenario | Guaranteed Maturity Benefit | Non-Guaranteed Benefits @ 4% | Non-Guaranteed Benefits @ 8% |
|---|
This one-time premium policy combines attractive savings with comprehensive financial protection, making it an ideal choice for individuals seeking a long-term investment solution.
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Key Features of LIC Single Premium Endowment Plan
- Single Premium Payment: Make a one-time premium payment and enjoy benefits throughout the policy term.
- Flexible Policy Terms: Choose a policy term ranging from 10 to 25 years.
- Guaranteed Returns: Receive a lump sum amount at maturity along with applicable bonuses.
- Death Benefit: Provide financial security to your family in case of any unforeseen events.
- Loan Facility: Avail loans against the policy’s surrender value.
- Participation in Profits: Enjoy bonuses such as Simple Reversionary Bonus and Final Additional Bonus.
Eligibility Criteria
| Feature | Details |
|---|---|
| Entry Age | Minimum: 30 days, Maximum: 65 years |
| Maturity Age | Minimum: 18 years, Maximum: 75 years |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Premium Payment Mode | Single Premium |
Who Should Go for This Policy?
This policy is ideal for individuals across various age groups and income levels who are looking for long-term financial security and savings:
- Young Professionals (Ages 25-35):
- Suitable for individuals starting their career and aiming to build a secure financial base.
- Ensures financial protection for family members.
- Helps in disciplined savings with a single payment.
- Middle-Aged Individuals (Ages 36-50):
- Ideal for individuals with stable incomes who want a safe and guaranteed savings option.
- Offers a secure investment with bonuses and protection benefits.
- Suitable for securing future goals like children’s education or marriage.
- Senior Citizens (Ages 51-65):
- Provides financial security for retirement planning.
- A great choice for individuals who want to invest lump sum amounts without recurring premiums.
- Income Groups:
- Moderate-Income Earners: The policy’s minimum sum assured of ₹1,00,000 ensures affordability for individuals with moderate income.
- High-Income Earners: Those seeking high-value investments can benefit from premium rebates on higher sums assured.
- Needs:
- Suitable for individuals with irregular incomes who want a single-payment policy.
- Ideal for those who prefer a low-risk, guaranteed return investment.
- Beneficial for individuals seeking both insurance coverage and long-term savings.
Benefits of the Policy
1. Death Benefit
In the event of the policyholder’s death during the policy term, the nominee will receive the Sum Assured on Death, which includes:
- For policyholders below 50 years: Higher of Basic Sum Assured or 1.25 times the Single Premium paid.
- For policyholders 50 years or above: Higher of Basic Sum Assured or 1.10 times the Single Premium paid.
For instance, if a 40-year-old policyholder has a Basic Sum Assured of ₹2,00,000 and pays a Single Premium of ₹1,60,000, the Death Benefit would be higher of ₹2,00,000 or 1.25 x ₹1,60,000 = ₹2,00,000.
2. Maturity Benefit
On survival through the policy term, the policyholder will receive the Sum Assured on Maturity along with accrued Simple Reversionary Bonuses and a Final Additional Bonus, if applicable. For example, a 30-year-old policyholder with a Basic Sum Assured of ₹3,00,000 may receive bonuses totaling up to ₹4,50,000 after 20 years, depending on declared rates.
3. Loan Facility
Loans can be availed against the policy after three months from policy issuance or after the free-look period, whichever is later. Loan amounts depend on the surrender value of the policy. For example, if the surrender value is ₹1,00,000, you may borrow up to 80%, i.e., ₹80,000.
4. High Sum Assured Rebates
Policies with higher Sum Assured values attract rebates on the premium:
| Sum Assured Range | Rebate on Premium |
|---|---|
| ₹1,00,000 to ₹2,00,000 | Nil |
| ₹2,00,000 to ₹3,00,000 | 2% |
| ₹3,00,000 to ₹5,00,000 | 3% |
| ₹5,00,000 and above | 4% |
5. Surrender Value
Policies can be surrendered anytime during the policy term. The Surrender Value is the higher of:
- Guaranteed Surrender Value:
- 75% of Single Premium during the first three years.
- 90% of Single Premium after three years.
- Special Surrender Value: Based on accrued bonuses and policy term.
For example, if you pay a Single Premium of ₹2,50,000 and surrender the policy in the 5th year, you will receive 90% of ₹2,50,000, i.e., ₹2,25,000.
Example Scenarios
Example 1: Policy for a 30-Year-Old
- Policy Term: 10 years
- Sum Assured: ₹1,00,000
- Single Premium: ₹50,695
| Year | Guaranteed Surrender Value (₹) | Death Benefit (₹) | Bonuses @ 4% (₹) | Bonuses @ 8% (₹) |
|---|---|---|---|---|
| 1 | 37,500 | 1,00,000 | 0 | 0 |
| 2 | 37,500 | 1,00,000 | 0 | 0 |
| 3 | 38,021 | 1,00,000 | 0 | 0 |
| 4 | 45,626 | 1,00,000 | 18,620 | 37,000 |
| 5 | 45,626 | 1,00,000 | 19,940 | 39,141 |
| 6 | 45,626 | 1,00,000 | 21,350 | 41,520 |
| 7 | 45,626 | 1,00,000 | 24,870 | 45,003 |
| 8 | 45,626 | 1,00,000 | 26,260 | 48,116 |
| 9 | 45,626 | 1,00,000 | 28,120 | 51,752 |
| 10 | 45,626 | 1,00,000 | 30,140 | 55,116 |
Example 2: Policy for a 40-Year-Old
- Policy Term: 25 years
- Sum Assured: ₹1,00,000
- Single Premium: ₹52,340
| Year | Guaranteed Surrender Value (₹) | Death Benefit (₹) | Bonuses @ 4% (₹) | Bonuses @ 8% (₹) |
|---|---|---|---|---|
| 1 | 39,255 | 1,00,000 | 0 | 0 |
| 5 | 43,106 | 1,00,000 | 22,580 | 47,805 |
| 10 | 44,527 | 1,00,000 | 55,302 | 96,612 |
| 15 | 46,526 | 1,00,000 | 87,000 | 1,43,120 |
| 20 | 49,672 | 1,00,000 | 1,20,000 | 1,90,000 |
| 25 | 52,345 | 1,00,000 | 1,56,400 | 2,48,200 |
Premium Examples
| Age (Years) | Policy Term (Years) | Single Premium (₹) | Sum Assured (₹) |
|---|---|---|---|
| 25 | 10 | 50,695 | 1,00,000 |
| 30 | 15 | 66,865 | 1,00,000 |
| 40 | 25 | 52,340 | 1,00,000 |
Why Choose LIC Single Premium Endowment Plan?
- One-Time Payment: No recurring payments, ensuring convenience and ease.
- Guaranteed Benefits: Financial protection coupled with savings.
- Attractive Bonuses: Earn Simple Reversionary and Final Additional Bonuses.
- Flexible Terms: Choose the policy term that suits your financial goals.
- Loan Facility: Meet urgent financial needs by availing loans against the policy.
LIC’s Single Premium Endowment Plan is an excellent choice for individuals seeking a single-payment policy with assured returns, financial security, and flexibility. It is ideal for securing your future and protecting your loved ones.
Basic Terms Explained
- Sum Assured: This is the amount of money you or your family will receive if something happens to you (death benefit) or at the end of the policy term (maturity benefit). Think of it as the promised amount.
- Policy Term: This is the number of years for which the policy will remain active. For example, if you choose a 20-year policy term, the plan provides coverage for those 20 years.
- Premium: This is the amount of money you pay to LIC to keep your policy active. You can pay it yearly, half-yearly, quarterly, or monthly, depending on what works best for you.
- Annualized Premium: This is the total premium you would pay in a year, excluding taxes, rider premiums, or extra charges.
- Maturity Benefit: If you survive until the end of the policy term, you will get a lump sum amount that includes the Sum Assured and any bonuses.
- Death Benefit: If something happens to you during the policy term, your nominee (family member or legal heir) will receive the Sum Assured on Death and any bonuses declared.
- Reversionary Bonus: This is a bonus LIC adds to your policy each year based on its profits. It is not paid immediately but is included in the total payout at maturity or death.
- Final Additional Bonus (FAB): This is a one-time bonus that LIC may add to your policy when it matures or in case of death. It is given only if the policy has been active for a long time.
- Surrender Value: If you decide to end the policy before the term is completed, LIC will pay you an amount called the surrender value. This is usually lower than the total premiums you’ve paid.
- Guaranteed Surrender Value: This is the minimum amount LIC promises to pay you if you surrender the policy. It is a percentage of the premiums you’ve paid, depending on how long you’ve held the policy.
- Loan Against Policy: You can borrow money against your policy after it has acquired a surrender value. LIC gives you a loan based on a percentage of this surrender value, which you can repay later.
- Riders: Riders are extra benefits you can add to your policy by paying an additional premium. For example, the Accident Benefit Rider gives extra financial protection if you die or become disabled due to an accident.
- Grace Period: LIC allows you extra time to pay your premium if you miss the due date. This period is usually 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly premiums.
- Lapse: If you don’t pay your premium within the grace period, the policy will lapse. This means you lose the benefits of the policy unless you revive it by paying the overdue premium and interest.
- Paid-Up Policy: If you stop paying premiums after a certain period (usually two years), the policy becomes a paid-up policy. It will continue with reduced benefits based on the premiums you’ve already paid.
- Nominee: This is the person you choose to receive the policy benefits (death benefit) if something happens to you.
- Exclusions: These are specific situations where the policy does not provide coverage. For example, most LIC policies exclude suicide within the first year of the policy.
- Rebate: A rebate is a discount on your premium. LIC offers rebates for higher sums assured or if you pay premiums yearly instead of monthly.
