LIC Single Premium Endowment Plan Review, Benefits, Details – LIC Endowment Plan No. 817

LIC Single Premium Endowment Plan Review

LIC Single Premium Endowment Plan is a non-linked savings cum insurance plan introduced on 1st January 2014. Under this plan no. 817, the entire premium can be paid just once at the start of the policy. This LIC Single Premium Policy provides financial protection against the death of the policyholder during the policy term. In the case of his/her survival, this plan gives the provision of payment of lump sum at the end of the selected policy term.

This plan offers bonus and is not linked to the market. The Unique Identification Number (UIN) of this policy is 512N283V01. This UIN should be used in all relevant documents provided to the policyholders. The Key features, Eligibility Conditions, Benefits, Rebates, etc. of LIC’s Single Premium Endowment Plan are mentioned in detail below. Refer our site for more information regarding LIC Endowment Plans.


What are the Features of LIC Plan No. 817?

  • Large Sum Assured is available under this plan.
  • Single Premium Policy with Profit plan.
  • The Policyholder can avail the loan facility after completion of one year.
  • Minimum age at entry is 90 days.
  • Death Benefit within the Policy term is Sum Assured + Bonus.
  • High Bonus, High Liquidity, and Saving point.

LIC Single Premium Policy Eligibility Conditions


Eligibility Conditions & Restrictions


Minimum Age of Entry for Life Assured

90 days (Completed)

Maximum Entry Age 

65 years (Nearer Birthday)

Minimum Policy Term

10 years

Minimum Age at Maturity

18 years (Completed)

Maximum Maturity Age

75 years
6. Minimum value of Sum Assured  Rs. 50,000
7. Maximum value of Sum Assured No Limit
8. Mode of Premium Payment Single Premium only
9. Maximum Policy Term 25 years

NOTE: Sum Assured will be in multiples of Rs.5,000 /- only.

Benefits of Single Premium Endowment Plan (Table 817)

The Benefits of LIC Single Premium Endowment Plan are

Death Benefit:

  1. On death during the policy term before the date of commencement of risk:

If the insured dies before the date of commencement of risk, the single premium shall be refunded without interest, Service tax and extra premium will be excluded.

2. On death during the policy term after the date of commencement of risk:

If the policyholder dies after the date of commencement of risk, the Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any shall be payable.

Maturity Benefit:

If the Life Assured survives till the end of the policy term, the Maturity Benefit shall be payable as

Maturity Benefit = Simple Reversionary Bonus + Sum Assured + FAB (final additional bonus).

Participation in Profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.

Final Additional Bonus:

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.

Surrender Value:

Surrender value is available under this LIC Single Premium plan on earlier termination of the contract. This LIC Plan no 817 can be surrendered at any time after the policy was purchased.

  • Guaranteed Surrender Value: The Guaranteed Surrender Value (GSV) for this Single premium policy is mentioned below.
    • During First Year, 70% of the Single premium excluding service tax and extra premium shall be payable.
    • Thereafter, 90% of the Single premium excluding service tax and extra premium shall be payable.

Cooling Off Period or Free Look Period:

The Policyholder may return the policy to the corporation within 15 days if he/ she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the plan.

Rebates of LIC Single Premium Plan

1. High Sum Assured Rebate:

Sum Assured Rebate
Rs. 50,000/- to Rs. 95,000/- NIL
Rs. 1,00,000/- to Rs. 1,95,000/- 18.00 % Basic Sum Assured
Rs. 2,00,000/- to Rs. 2,95,000/- 25.00 % Basic Sum Assured
Rs. 3,00,000/- and above 30.00 % Basic Sum Assured

2. Corporation Employees Insurance scheme (CEIS) Rebate

The Policy completed under Corporation Employees Insurance Scheme will be eligible for the CEIS Rebate of 2% of the tabular premium. However, the policy should not be taken from any Intermediaries such as Agents/ Direct Sales Executives/ Brokers, etc.

LIC Single Premium Endowment Plan Premium Calculator

LIC Single Premium Endowment Plan Calculator is used to calculate the Premium amount that has to be paid to get all the benefits available under this policy. Since the mode of payment for this policy is available in single premium only, you can calculate your maturity amount and bonus for the single premium mode. The data required for calculating premium rates using Single Premium Endowment Plan Maturity Calculator are Name, Email-Id, Age, Term, Sum Assured, etc.

LIC Single Premium Endowment Plan 817 Buying Procedure

The major drawback why a lot of people stayed away from LIC Policies is because of their high price. When compared with the endowment plans available with other insurers in India, insured think that these are costly. But few still tried to buy this LIC Single Premium Endowment plans with LIC because of their faith in it and to diversify their risk among the insurers. The Buying procedure of LIC Single Premium policy is very simple if you have all the information regarding documents with you. The Life Assured can buy the LIC Plan 817 either in online or offline mode.

In Online mode, the insured have to visit the LIC Direct Website and fill the application form or proposal form for the relevant policy. The guidelines regarding how to fill the form and required documents are mentioned in detail there. Whereas in Offline mode, the policyholder need to approach the nearest LIC branch office for applying.

Before buying this policy, you have to keep the following documents with you.

  1. Proposal Form/ Application Form.
  2. Proof of Age.
  3. Identification proof.
  4. Any Medical Certificates (If Required), etc.

Requirements for Claiming Endowment Plan 817

If the insured dies within the policy period, then you can make a Death Claim. In case if the policyholder survives till the end of the policy term, you can get the Maturity Claim. The Claimant should submit the following documents while claiming the Single Premium Endowment Plan No 817.

  1. Duly filled claim form.
  2. Original Policy Document.
  3. NEFT Form.
  4. Identification Proof.
  5. Proof of Death.
  6. Medical treatment documents before death.
  7. Age proof.
  8. Proof of Accident/ Disability.
  9. School/ College/ Employer’s Certificate.

Additional Information about Single Premium LIC Endowment Plan

  • Loan Facility: Loan Facilities are available under this plan and can be availed any time after completion of the first policy year. The Loan facility is as per the terms and conditions of the corporation which may vary from time to time.
  • Date of Commencement of Risk: If the entry age for the insured is less than eight years, risk under this plan will commence either two years from the date of commencement or the policy anniversary following the attainment of 8 years of age whichever is earlier. For those people who aged eight years or more, the risk will commence for them immediately.
  • Taxes: The amount of tax payable by the policyholder on single premium including extra premiums, if any shall be payable. The amount of tax paid shall not be considered for the calculation of benefits payable under this LIC Single Premium Endowment Plan.
  • Back-Dating Interest: The policies can be dated back to the same financial year. The Back-dating interest will be charged at the rate from time to time as fixed by the Corporation.
  • Policy Stamping: 20 paise per thousand of Basic Sum assured will be Charged for policy stamping under this plan no 817.
  • Assignments/ Nominations: Assignments or Nominations for the Single Premium Endowment Plan should be made at the proposal stage as per Section 39 of Insurance Act, 1938.
  • Proposal Forms: Proposal Form no. 300 and 340 issued by the U&R Department as applicable should be used for this LIC Single Premium plan which may subject to change.


Suicide Clause: If the insured commits suicide at any time within one year from the date of commencement of risk, the policy shall be void, and the Corporation will not entertain any claim. 90% of the single premium paid may be returned to the policyholder excluding taxes and any extra premium paid.

FAQ’s of LIC Single Premium Policy

1. Is there any loan facility available for this LIC Single Premium Endowment Plan?

A. Loan Facilities are available as per the terms and conditions of the corporation. The Loan can be availed any time after completion of the first policy year.

2. What are the advantages of Single Premium Plans?

A. In Single Premium Plans, the premium amount shall be paid in lump sum at the beginning of the policy, and also these are available with profits.

3. What is meant by Sum Assured?

A. Sum Assured is the amount of money guaranteed to be paid on Policy Maturity and also the amount of life cover for which the policyholder is being insured.