Comprehensive Plan Breakdown
Policy Input Summary
Premium & Tax Structure
Maturity Estimation
Includes Sum Assured + Simple Reversionary Bonus + Final Additional Bonus
Complete Guide: LIC 717 LIC Single Premium Endowment plan (Plan 717)
Plan Overview
The Life Insurance Corporation of India (LIC) has designed the 717 LIC Single Premium Endowment plan (Plan No. 717) to act as a dual-purpose financial instrument, offering robust life coverage along with a substantial savings element. This participating, non-linked endowment plan ensures that your family remains financially secure in your absence while simultaneously accumulating wealth for your future goals if you survive the policy term.
Whether you are planning for your children's higher education, an upcoming marriage, or a comfortable retirement corpus, Plan 717 provides a disciplined approach to saving. With its steady compounding of bonuses (if any), it is a cornerstone policy for conservative investors looking for guaranteed baseline security.
Eligibility & Premium Chart Summary
Key Benefits Explained
- Death Benefit: Upon the unfortunate demise of the policyholder during the term, the nominee receives the "Sum Assured on Death" along with vested Simple Reversionary Bonuses and Final Additional Bonus (if applicable). This provides immediate and substantial financial relief to dependents.
- Maturity Benefit: On surviving the policy tenure, the policyholder is awarded the Basic Sum Assured, accrued Simple Reversionary Bonuses, and a Final Additional Bonus (typically for terms 15 years and above). Our calculator uses estimated rates to project this lump sum.
- Tax Benefits: Premiums paid are generally deductible under Section 80C of the Income Tax Act, 1961 (up to ₹ 1.5 Lakhs). The maturity and death claim proceeds are largely tax-free under Section 10(10D). (Tax laws are subject to change).
- Loan Facility: For unexpected liquidity needs, a loan can be availed against this policy once it has acquired a Surrender Value (usually after 2 full years of premiums are paid).
Who Should Buy This Plan?
If you are an individual seeking a safe avenue for long-term wealth creation, devoid of stock market volatility, 717 LIC Single Premium Endowment plan is highly recommended. It is perfect for low-risk-appetite investors who prioritize capital guarantee and predictable growth over aggressive, high-risk returns. The integrated life cover ensures that your primary savings objective is met, even if you are not there to complete it.
Frequently Asked Questions (FAQs)
1. Does the premium calculation include GST?
Yes! Our Bima Calculator inherently factors in the exact current GST slabs. It applies 4.5% GST on the base premium for the first year, and 2.25% GST for all subsequent renewal years, giving you the actual out-of-pocket figure.
2. Is the estimated maturity amount guaranteed?
The Basic Sum Assured is guaranteed by LIC. However, the 'Estimated Maturity' shown in our calculator includes projected Reversionary and Final Additional Bonuses. Since bonuses depend on LIC's annual profits, they are indicative and not strictly guaranteed.
3. Can I surrender LIC Plan 717 prematurely?
Yes, you can surrender the policy. It acquires a Guaranteed Surrender Value only after you have paid the premiums for at least two full consecutive years. Be aware that surrendering early typically results in significant financial loss.
4. What is the Grace Period for premium payments?
LIC provides a grace period of 30 days for Yearly, Half-yearly, and Quarterly premium payment modes. For monthly payments (usually through NACH), the grace period is 15 days.
5. Are there discounts for choosing a larger Sum Assured?
Absolutely. LIC offers a "High Sum Assured Rebate" which reduces the tabular premium rate per thousand. Our advanced algorithm automatically detects your inputted Sum Assured and applies the corresponding rebate to save you money.
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