LIC Plan 817 is officially known as the LIC Single Premium Endowment Plan.
This plan is a popular offering from the Life Insurance Corporation of India (LIC), designed to provide both savings and protection through a single premium payment.
Key Features of LIC Single Premium Endowment Plan (Table No. 817)
The LIC Single Premium Endowment Plan (Table No. 817) is a traditional endowment policy that offers a combination of financial security and wealth accumulation. It was launched to cater to individuals seeking a one-time investment for future financial goals, coupled with life cover.
Here are some important details about this plan:
- Plan Name: LIC Single Premium Endowment Plan
- Table Number: 817
- Launch Date: October 10, 2013
- Policy Type: Traditional Endowment Plan
This plan is characterized by its single premium payment option, making it convenient for those who prefer to pay a lump sum upfront. Policyholders receive a lumpsum amount at the end of the policy term (maturity) or their nominee receives the sum assured in case of the policyholder's unfortunate demise during the policy term.
Understanding Traditional Endowment Plans
A traditional endowment plan, like LIC Plan 817, is a type of life insurance policy that combines insurance coverage with a savings component. Policyholders pay premiums for a specified period, and if they survive the term, they receive a maturity benefit. In case of death during the policy term, the nominee receives the death benefit. These plans often participate in the profits of the insurer, leading to additional bonuses.
Benefits of Opting for a Single Premium Plan
Single premium plans offer distinct advantages, particularly for individuals who have a lump sum amount available and wish to invest it for long-term goals without the hassle of recurring premium payments.
Some benefits include:
- Simplicity: A one-time payment simplifies financial management.
- Guaranteed Returns: Many traditional endowment plans offer guaranteed additions or bonuses, providing a predictable return.
- Tax Benefits: Premiums paid and maturity/death benefits received may be eligible for tax benefits under the Income Tax Act, 1961 (as per prevailing tax laws).
- Financial Security: Provides a safety net for your family in case of an unforeseen event.
For more detailed information on this and other LIC plans, you can refer to official LIC resources and reputable financial planning websites.
