Single Premium Endowment Plan 717

🏛️ Introduction

LIC of India introduced a powerful new insurance-cum-savings plan on 1st October 2024 – the LIC Single Premium Endowment Plan 717 (Table No. 717).

This plan is ideal for those who want to invest just once and enjoy guaranteed returns, risk cover, and bonus benefits without recurring premium obligations.

It is a modified version of LIC’s earlier Plan No. 917, and as per the latest IRDAI guidelines (2024), the new Plan No. is 717 and UIN: 512N283V03.

You can now buy this policy online through LIC’s New Business Platform using Credit Card, Debit Card, UPI, Net Banking, or Wallets.


✨ Key Features of LIC Single Premium Endowment 717

  • 💰 Single Premium: Just pay once, and you’re covered for the full term.
  • 📈 Participates in Profits: Eligible for annual bonuses and final additional bonus (FAB).
  • 📆 Flexible Term Options: Choose a term between 10 to 25 years.
  • 🧾 Tax Benefits: Premium paid eligible under Section 80C of Income Tax Act.
  • 🔐 Life Cover: Protection till the end of the policy term.
  • 🧒 Coverage for Minors: Risk cover begins from age 8 or after 2 years (whichever is earlier).
  • 💸 Loan Facility: Available after 1 policy year.

🧮 How Does It Work?

  • You choose a Sum Assured and Policy Term (10 to 25 years).
  • You pay a lump-sum premium once at the time of buying the policy.
  • On survival till maturity, you receive: Sum Assured + Bonus + Final Additional Bonus (FAB)
  • In case of death during the policy term, the nominee receives: Sum Assured + Accumulated Bonus + FAB

📋 Plan Eligibility & Parameters

ParticularDetails
Minimum Entry Age90 days (completed)
Maximum Entry Age65 years
Maximum Maturity Age75 years
Policy Term10 to 25 years
Minimum Sum Assured₹1,00,000
Maximum Sum AssuredNo Limit
Premium PaymentOne-time (single premium only)
Risk Commencement (For Minors)After 2 years or age 8 (whichever earlier)
Lock-in Period1 year
Loan FacilityAvailable after 1 policy year
Tax Benefitu/s 80C for up to 10% of premium

🏷️ Sum Assured Rebate

The plan offers attractive rebates based on the Sum Assured chosen:

Sum Assured RangeRebate on Basic Sum Assured
₹50,000 – ₹95,000NIL
₹1,00,000 – ₹1,95,00018% of Basic Sum Assured
₹2,00,000 – ₹2,95,00025% of Basic Sum Assured
₹3,00,000 and above30% of Basic Sum Assured

🎁 Benefits of LIC Single Premium Endowment Plan 717

🏆 Maturity Benefit

If the policyholder survives till the end of the policy term, the maturity amount payable is:

Sum Assured + Accumulated Bonus + Final Additional Bonus (FAB, if any)
All amounts are completely tax-free under Section 10(10D).


⚰️ Death Benefit

👉 After Commencement of Risk
If the policyholder dies during the policy term:

Nominee receives: Sum Assured + Bonus till date + FAB (if any)

👉 Before Commencement of Risk (for minors)
If the policyholder dies before the risk starts:

LIC will refund the single premium paid (excluding taxes and extra premium) without interest.


📊 Example Illustration – Ravi’s Plan

Let’s understand with a practical example:

ParticularValue
Policyholder NameRavi
Age at Entry25 Years
Policy Term25 Years
Sum Assured₹8,00,000
Single Premium Paid₹3,62,688
Policy Start Year2020

📈 Maturity Details

If Ravi survives the full 25 years:

Maturity YearAge at MaturityApprox. Maturity Amount
204550 Years₹21,80,000

Includes Sum Assured + Approximate Bonuses + Final Additional Bonus


🔍 Additional Information

FeatureDetails
Risk CoverageTill end of the policy term
Risk Start for Minors2 years from start or on turning 8 years
Lock-in Period1 year
Loan FacilityAvailable after 1 year
Tax Benefit on PremiumAvailable under Sec 80C (10% of premium)
Tax-Free MaturityUnder Sec 10(10D)
Suicide Clause80% of premium refunded if suicide within 12 months
Proposal Forms UsedForm No. 300, 340
Cooling-off Period30 Days from receipt of policy
BackdatingAllowed within the same financial year
Assignment/NominationPermitted under this plan

✅ Summary – Why Choose LIC Single Premium Endowment 717?

BenefitsDescription
💵 One-Time InvestmentNo stress of recurring payments
🔐 Lifetime SecurityRisk cover till policy term ends
📈 Bonus ParticipationEligible for yearly and final bonus
💸 High Maturity ValueMaturity includes Sum Assured + Bonuses
📜 Tax BenefitsUnder 80C and 10(10D)
🔁 Loan FacilityAvailable after 1 year
💻 Online PurchaseThrough LIC’s digital platform

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