LIC plan

LIC’s Single Premium Endowment Plan is an individual life assurance and savings plan. It offers a combination of savings and protection features. The premium is paid as a lump sum at the beginning of the policy. This plan provides financial protection in the event of the policyholder’s death during the policy term and offers a lump sum payout at the end of the selected policy term if the policyholder survives. Additionally, it offers a loan facility to address liquidity needs.

Death Benefit

Death Benefit

a) If the policyholder passes away before the commencement of risk, a return of the single premium (excluding taxes, extra premium, and rider premiums) will be provided.

b) If the policyholder passes away after the commencement of risk, the payout includes the Sum Assured along with bonuses, with the ‘Sum Assured on Death’ defined as the higher of the Basic Sum Assured or 1.25 times the Single premium (excluding taxes and additional premiums).

Maturity Benefit

If the policyholder survives the policy term, they will receive the Sum Assured on Maturity, along with vested Simple Reversionary Bonuses and any Final Additional Bonus. The ‘Sum Assured on Maturity’ is equal to the Basic Sum Assured.

Participation in Profits
Survival Benefits

Participation in profits

The policy is eligible for Simple Reversionary Bonuses based on the corporation’s performance, and a Final (Additional) Bonus may be declared in the year when a claim is made, either by death or maturity, as per terms and conditions set by the Corporation.

The allocation of surplus from actuarial investigations to policyholders is subject to approval by the Central Government in accordance with provisions under the LIC Act, 1956.

Eligibility Conditions

a) Minimum Basic Sum Assured 65 years (nearest birthday)
b) Maximum Basic Sum Assured 65 years (nearest birthday)
c) Maximum maturity age 75 years (nearest birthday)
d) Minimum policy term 10 years
e) Minimum age at maturity 18 years (completed)
f) Maximum policy term 25 years
g) Minimum Sum Assured Rs 50,000
h) Maximum Sum assured Sum Assured will be in multiples of Rs 5,000/- only No limit
i) Premium payment mode Single Premium only

Payment Options Available

Mode of Instalment payment Minimum instalment amount
Monthly Rs 5,000/-
Quarterly Rs 15,000/-
Half-Yearly Rs 25,000/-
Yearly Rs 50,000/-


Suicide: The policy becomes void if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of risk commencement. In such a case, the payout will be the higher of 90% of the Single Premium for the Base Policy (excluding any taxes, extra premium, and rider premiums, except for the term assurance rider premium, if any) or the Surrender Value available as of the date of death. No other claims under this policy will be entertained by the Corporation.

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