LIC's Single Premium Endowment Plan (Plan No. 717)

 LIC's Single Premium Endowment Plan (Plan No. 717)

LIC's Single Premium Endowment Plan (Plan No. 717) is a traditional, non-linked, participating life insurance policy that combines long-term savings with insurance protection through a one-time, lump-sum premium payment. 

Modified under the new IRDAI regulations, it functions similarly to a bank Fixed Deposit (FD) but offers the added benefit of a life insurance cover and tax advantages. [1, 2, 3, 4, 5] 

🔎 Key Parameters & Eligibility Conditions

| Parameter | Minimum Limits | Maximum Limits |

| Entry Age | 90 days (Completed) | 65 years |

| Policy Term | 10 years | 25 years |

| Maturity Age | — | 75 years |

| Basic Sum Assured | ₹50,000 | No Upper Limit (Subject to underwriting) |

| Premium Payment | One-time payment only |

💵 Core Policy Benefits

Maturity Benefit: 

If the policyholder survives to the end of the policy term, a lump sum is paid out.

Death Benefit:

If death occurs before the commencement of risk: 

Nominees receive the Single Premium paid (excluding taxes/extra premiums) without interest.

   * If death occurs after the commencement of risk: Nominees receive the Sum Assured on Death + Vested Bonuses. (Note: Sum Assured on Death is typically defined as higher of Basic Sum Assured or 1.25× the Single Premium paid depending on entry age.) [4, 6] 

* Commencement of Risk for Minors: For children under 8 years of age, life risk cover begins either 2 years from the policy start date or upon attaining 8 years of age, whichever occurs earlier. For those aged 8 and above, risk cover starts immediately. [4, 7] 

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## 💡 Liquidity, Loans & Tax Rules

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* Policy Loan: You can apply for a loan after 3 months from policy issuance. Loan values vary between 50% to 80% of the Surrender Value, depending on the policy year. [2] 

* Guaranteed Surrender: If you need to exit the policy early, the guaranteed surrender value is 75% of the premium within the first 3 years, and 90% from the 4th year onwards (excluding taxes and rider premiums). [2] 

* Tax Benefits: You are eligible for tax deductions on the single premium under Section 80C. The maturity amount is also tax-free under Section 10(10D), provided the Basic Sum Assured is at least 10 times the single premium paid. [4, 8] 

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To calculate an exact quotation or return illustration for this plan, please share:

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* The age of the person to be insured.

* The preferred policy term (between 10 and 25 years).

* The investment budget or the desired Sum Assured amount.

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[1] [https://www.youtube.com](https://www.youtube.com/watch?v=vhxw3DP9SJg)

[2] [https://www.policybazaar.com](https://www.policybazaar.com/insurance-companies/lic-india-investment-plans/single-premium-endowment-plan/)

[3] [https://licplancalculator.com](https://licplancalculator.com/lic-single-premium-endowment-plan-717/)

[4] [https://sinduinsure.in](https://sinduinsure.in/services/lic-single-premium-endowment-717)

[5] [https://www.youtube.com](https://www.youtube.com/watch?v=oUT2yxwRSA4)

[6] [https://licplancalculator.com](https://licplancalculator.com/lic-single-premium-endowment-plan-717/)

[7] [https://www.youtube.com](https://www.youtube.com/watch?v=RxSyk6THARI)

[8] [https://www.magicgyan.com](http://www.magicgyan.com/MobileAppPages/ProdPlanDetails.asp?PlanNo=717)