Tuesday, 31 December 2013
LIC’s Single Premium Endowment Plan(Plan No. 817 UIN 512N283V01)
LIC’s SINGLE PREMIUM ENDOWMENT PLAN –
Highlights
§Single Premium
§With Profit Endowment Plan
§Minimum Age at entry is 90 days
§Loan available after completion of one year
§Back dating is allowed
Maturity Benefit
Sum Assured Plus
Simple Reversionary Bonuses Plus
Final Additional Bonus, if any.
Death Benefit
After Commencement of Risk
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Before Commencement of Risk#
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Sum Assured plus vested Simple Reversionary bonuses and final additional bonus, if any.
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Return of Single Premium excluding taxes and extra premiums, if any.
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# In case the age at entry of Life Assured is less than 8 years, risk will commence either 2 years from the DOC OR policy anniversary after completion of 8 years of age whichever is earlier, for others risk shall commence immediately.
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Loan
§Available after completion of 1 policy year.
§Amount of loan will depend on year of Policy and Policy Term.
§The maximum loan shall be granted as a percentage of Surrender Value(SV).
Some Examples of Loan as a percentage of Surrender Value are given below -
Policy Year →
Term ↓
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2
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3
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6
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9
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12
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13 and above
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Upto 15 yrs
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55%
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60%
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80%
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90%
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90%
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90%
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16 to 20 yrs
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40%
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45%
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60%
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80%
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90%
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90%
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21 yrs and above
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30%
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30%
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45%
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60%
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80%
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90%
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Eligibility Conditions and Restrictions
Particulars
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Description
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Age at entry
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90 days (completed) to 65 years (nearest birthday)
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Age at Maturity |
18 to 75 years
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Policy
Term |
10 to 25 years
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Premium mode
Basic Sum Assured |
Single Premium only
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50000 and above ( In multiples of 5000)
– No upper Limit
Rebate for High Sum Assured
The policy can be surrendered at any time during the policy term.
Higher of Guaranteed Surrender Value or Special Value shall be payable.
Guaranteed Surrender Value(GSV):
1st Year ~ 70% of Single Premium excluding taxes and extra premium, if any.
Thereafter ~ 90% of Single Premium excluding taxes and extra premium, if any.
Plus Surrender Value of vested bonuses.
Special Surrender Value (SSV):
Discounted value of Sum Assured and vested simple reversionary bonuses
Why
LIC’s SINGLE PREMIUM ENDOWMENT PLAN
…………Because it is SPECIAL
S~ Single Premium -One time investment.
P~ Protection -Risk Cover# for full Sum Assured.
E~ Excellent for meeting educational needs of young ones.
C~ Children from the age of 90 days can be covered.
I~ Ideal for investment planning-Wide range of policy term.
A~ Attractive - participates in profits.
L~ Liquidity through Loan.
Thank You !
LIAFI
COIMBATORE DIVISIO
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