Invest in LIC Single Premium Endowment Plan and get huge returns
[ad_1]
LIC LIC Single Premium Endowment Plan is a type of insurance plan offered by Life Insurance Corporation of India (LIC) which provides comprehensive protection along with savings benefits to the policy holders. This insurance plan is for individuals who want to invest in an LIC single premium endowment plan that provides financial security to their family in case of any unfortunate event. Today we will tell you about this LIC Single Premium Endowment Plan. We will discuss the benefits, how to apply, who can apply, benefits and examples of LIC Single Premium Endowment Plan.
benefits:
Death Benefit: In case of death of the policyholder during the policy term, the dependents will receive an amount equal to the Sum Assured plus Simple Reversionary Bonuses and Final Additional Bonus.
Maturity Benefit: If the policy holders survives till the end of the policy term, he/she will receive an amount equal to the Sum Assured plus Simple Reversionary Bonuses and Final Additional Bonus.
Participation in LIC profits: Policy holders are eligible to participate in LIC profits and receive Simple Reversionary Bonuses.
Final Additional Bonus: A bonus amount can be declared in the policy year during the death or maturity claim.
Loan: Policy holders can avail loan against the policy after completion of 12 months from the commencement of risk.
Rebate on High Sum Assured: Rebate is offered for higher Sum Assured option.
Eligibility:
• The minimum and maximum entry age is 90 days and 65 years respectively.
• The minimum and maximum age for maturity is 18 and 75 years respectively.
• Mode of premium payment: Single premium or lump sum amount at the beginning of the term.
• Ten years is the minimum policy term.
• 25 years is the maximum policy term.
• Minimum sum assured of Rs.50,000 is given.
• There is no maximum Sum Assured (Sum Assured can be increased or decreased in multiples of Rs.5,000).
how to apply:
1. Visit the nearest LIC branch or sign up for an account on the LIC website.
2. Select the desired policy term and sum assured.
3. Fill in the required details and pay the single premium.
4. Submit the required documents for verification.
profit:
• Single premium payment: This easy investment option requires only one premium payment from the policyholder at the inception of the policy.
• Guaranteed Surrender Value: After the first year of the policy term, a Guaranteed Surrender Value will be paid.
• Loan Facility: The ability to borrow money against a policy gives policy holders a flexible investment option.
• Participation in LIC profits: Policyholders can earn extra money by participating in LIC profits.
example:
Suppose Mr. X has purchased LIC Single Premium Endowment Plan with a Sum Assured of Rs.5,00,000 and a policy term of 20 years. He pays a single premium of Rs 5,00,000 at the inception of the policy. In case of his death during the policy term, his dependents will receive an amount equal to Rs.5,00,000 plus bonus. If he survives till the end of the policy term, he will receive Rs.5,00,000 and an equal amount of bonus.
[ad_2]
Source link
