Endowment Plans
LIC's Single Premium Endowment Plan (717)
Pay once and get life cover plus a lump sum with bonuses at the end of the term
- Entry age
- 30 days (completed) to 65 years (nearer birthday)
- Policy term
- 10 to 25 years
- Premium paying term
- Single premium (one-time payment)
- Min. sum assured
- ₹1,00,000
Plan overview
LIC's Single Premium Endowment Plan is a participating savings plan where you pay the entire premium in one go. It provides life cover during the policy term and pays the Basic Sum Assured with bonuses on maturity. It suits people with a lump sum to invest, such as from a bonus, gift or savings, including parents buying for a child from 30 days of age.
New to endowment plans? Read our simple guide: What Is an Endowment Plan? A Simple Guide →Key benefits
- One-time single premium; no further premiums to remember
- Maturity: Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any
- Death cover of at least Basic Sum Assured, or 1.25 times single premium (1.10 if entry age 50+)
- Entry from 30 days up to 65 years; policy term 10 to 25 years
- Minimum Basic Sum Assured of just ₹1,00,000
- Loan available 3 months after issue (or after free-look), up to 80% of surrender value
- Guaranteed Surrender Value of 75% of single premium in first 3 years, 90% thereafter
Eligibility at a glance
- Plan number
- 717
- UIN
- 512N283V03
- Plan type
- Par, Non-Linked, Life, Individual, Savings Plan
- Entry age
- 30 days (completed) to 65 years (nearer birthday)
- Maximum maturity age
- 75 years (nearer birthday); minimum maturity age 18 years (completed)
- Policy term
- 10 to 25 years
- Premium paying term
- Single premium (one-time payment)
- Minimum sum assured
- ₹1,00,000
- Maximum sum assured
- No limit
- Premium payment modes
- Single premium only
How the plan works
LIC's Single Premium Endowment Plan lets you pay the full premium at once and stay covered for a policy term of 10 to 25 years. The policy participates in LIC's profits through Simple Reversionary Bonuses declared each year, and a Final Additional Bonus may be declared when it ends in a death or maturity claim. At maturity, the Basic Sum Assured plus bonuses is paid.
| Eligibility | Details |
|---|---|
| Entry age | 30 days (completed) to 65 years (nearer birthday) |
| Maturity age | Minimum 18 years (completed); maximum 75 years (nearer birthday) |
| Policy term | 10 to 25 years |
| Premium | Single premium only |
| Basic Sum Assured | Minimum ₹1,00,000; no maximum |
Basic Sum Assured multiples: ₹10,000 from ₹1,00,000 to ₹2,50,000; ₹25,000 above ₹2,50,000.
When cover starts: for a child under 8 at entry, risk cover starts 2 years after the policy begins or on the policy anniversary on or after the child turns 8, whichever is earlier. For those aged 8 or more, cover starts from the date the policy is issued. A policy on a minor's life automatically vests in the child on the policy anniversary on or after their 18th birthday.
Sample single premiums (excluding taxes) for a Basic Sum Assured of ₹1 lakh, standard life:
| Age (nearer birthday) | 10-year term | 15-year term | 25-year term |
|---|---|---|---|
| 10 | ₹77,910 | ₹66,650 | ₹50,005 |
| 20 | ₹77,985 | ₹66,775 | ₹50,255 |
| 30 | ₹78,010 | ₹66,865 | ₹50,695 |
| 40 | ₹78,180 | ₹67,335 | ₹52,340 |
| 50 | ₹78,800 | ₹68,800 | ₹56,160 |
| 60 | ₹79,965 | ₹71,405 | - |
Death benefit
If the life assured dies during the policy term after risk has started, the nominee receives the Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Sum Assured on Death is:
- Entry age below 50: higher of Basic Sum Assured or 1.25 times the single premium
- Entry age 50 and above: higher of Basic Sum Assured or 1.10 times the single premium
If a child who joined below age 8 dies before risk cover starts, the single premium (excluding taxes, extra and rider premiums) is refunded without interest.
Maturity benefit
On surviving the policy term, LIC pays the Sum Assured on Maturity (equal to the Basic Sum Assured) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Bonuses depend on LIC's experience and are not fixed in advance; once declared, reversionary bonuses become part of the guaranteed benefits.
Optional riders
Available at inception only, for extra premium:
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC's New Term Assurance Rider (UIN: 512B210V02)
Loan, surrender & revival
- Loan: available any time during the policy term after 3 months from policy issue or after the free-look period, whichever is later. Limit as a share of surrender value: 50% in policy years 1 to 5, 60% in years 6 to 9, and 80% from year 10. During the child's minority, the proposer can take a loan for the child's benefit. For loans sanctioned from 1 May 2024 to 30 April 2025, interest was 9.5% p.a. compounding half-yearly.
- Surrender: possible at any time. Guaranteed Surrender Value is 75% of the single premium during the first three policy years and 90% after that, plus the surrender value of vested bonuses. You receive the higher of Guaranteed and Special Surrender Value.
- Revival: not applicable, as the full premium is paid at the start.
Other key terms
- Free-look period: 30 days from receiving the policy document.
- Settlement option: all or part of the maturity amount, and also the death benefit, can be received in instalments over 5, 10 or 15 years. Minimum instalments: ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly. The maturity option must be chosen at least 3 months before maturity.
- High Sum Assured Rebate:
| Basic Sum Assured | Rebate |
|---|---|
| ₹1,00,000 to below ₹2,00,000 | Nil |
| ₹2,00,000 to below ₹3,00,000 | 20 per thousand BSA |
| ₹3,00,000 to below ₹5,00,000 | 30 per thousand BSA |
| ₹5,00,000 and above | 40 per thousand BSA |
- Suicide exclusion: within 12 months of start of risk, the higher of 80% of the single premium or the surrender value is payable. Does not apply where entry age was below 8.
Who should buy LIC's Single Premium Endowment Plan?
- People who have a lump sum available and prefer to pay only once
- Parents or grandparents wanting to gift a child a savings policy from 30 days of age
- Older investors up to age 65 seeking a traditional savings plan with life cover
- Those who want a participating plan that earns bonuses from LIC's profits
Frequently asked questions
What is the entry age for LIC Single Premium Endowment Plan (Plan 717)?
From 30 days (completed) to 65 years (nearer birthday). Age at maturity must be at least 18 years (completed) and at most 75 years (nearer birthday).
How many times do I pay premium?
Only once. This is a single premium plan; there are no further premiums during the 10 to 25 year policy term.
What is the death benefit?
The higher of the Basic Sum Assured or 1.25 times the single premium (1.10 times if entry age is 50 or above), plus vested bonuses and Final Additional Bonus, if any.
What is the minimum sum assured?
₹1,00,000, with no upper limit. It goes in steps of ₹10,000 up to ₹2,50,000 and ₹25,000 above that.
Can I take a loan or surrender early?
Yes. A loan is available 3 months after issue or after the free-look period, whichever is later, up to 50% to 80% of surrender value depending on the policy year. You can surrender at any time; the Guaranteed Surrender Value is 75% of the single premium in the first three years and 90% thereafter, plus surrender value of bonuses.
Can I buy this plan for my child?
Yes, from 30 days of age. For children under 8, life cover starts after 2 years or at the policy anniversary after age 8, whichever is earlier; if death happens before that, the premium is refunded without interest.