LIC’s Single Premium Endowment Plan is a life insurance policy that combines savings with death benefits. The plan involves paying a single lump sum premium at the beginning of the policy term. Upon maturity, the plan pays out a lump sum amount. If the policyholder passes away during the policy term, the plan provides financial support to their family.

Key features:

• Eligibility:

  • Entry age: 90 days to 65 years

  • Maturity age: 18 to 75 years

  • Policy term: 10 to 25 years

  • Basic Sum Assured: ₹50,000 to no limit

• Benefits:

  • Death Benefit: Payable if the policyholder dies during the policy term. The amount depends on the policy term and premiums paid.

  • Maturity Benefit: Payable if the policyholder survives the policy term. It includes the Basic Sum Assured and vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

• Options:

  • Riders: Offers various riders like Accidental Death and Disability Benefit and New Term Assurance.

  • Settlement Option: Allows the policyholder to receive the Maturity Benefit in installments over 5, 10, or 15 years.

  • Option to take Death Benefit in installments over 5, 10, or 15 years.

• Additional features:

  • High Sum Assured rebates.

  • Loan facility.

  • Surrender: The policy can be surrendered at any time during the policy year.