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
| Particular | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 65 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Premium Payment | One-time (single premium only) |
| Risk Commencement (For Minors) | After 2 years or age 8 (whichever earlier) |
| Lock-in Period | 1 year |
| Loan Facility | Available after 1 policy year |
| Tax Benefit | u/s 80C for up to 10% of premium |
🏷️ Sum Assured Rebate
The plan offers attractive rebates based on the Sum Assured chosen:
| Sum Assured Range | Rebate on Basic Sum Assured |
|---|---|
| ₹50,000 – ₹95,000 | NIL |
| ₹1,00,000 – ₹1,95,000 | 18% of Basic Sum Assured |
| ₹2,00,000 – ₹2,95,000 | 25% of Basic Sum Assured |
| ₹3,00,000 and above | 30% 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:
| Particular | Value |
|---|---|
| Policyholder Name | Ravi |
| Age at Entry | 25 Years |
| Policy Term | 25 Years |
| Sum Assured | ₹8,00,000 |
| Single Premium Paid | ₹3,62,688 |
| Policy Start Year | 2020 |
📈 Maturity Details
If Ravi survives the full 25 years:
| Maturity Year | Age at Maturity | Approx. Maturity Amount |
|---|---|---|
| 2045 | 50 Years | ₹21,80,000 |
Includes Sum Assured + Approximate Bonuses + Final Additional Bonus
🔍 Additional Information
| Feature | Details |
|---|---|
| Risk Coverage | Till end of the policy term |
| Risk Start for Minors | 2 years from start or on turning 8 years |
| Lock-in Period | 1 year |
| Loan Facility | Available after 1 year |
| Tax Benefit on Premium | Available under Sec 80C (10% of premium) |
| Tax-Free Maturity | Under Sec 10(10D) |
| Suicide Clause | 80% of premium refunded if suicide within 12 months |
| Proposal Forms Used | Form No. 300, 340 |
| Cooling-off Period | 30 Days from receipt of policy |
| Backdating | Allowed within the same financial year |
| Assignment/Nomination | Permitted under this plan |
✅ Summary – Why Choose LIC Single Premium Endowment 717?
| Benefits | Description |
|---|---|
| 💵 One-Time Investment | No stress of recurring payments |
| 🔐 Lifetime Security | Risk cover till policy term ends |
| 📈 Bonus Participation | Eligible for yearly and final bonus |
| 💸 High Maturity Value | Maturity includes Sum Assured + Bonuses |
| 📜 Tax Benefits | Under 80C and 10(10D) |
| 🔁 Loan Facility | Available after 1 year |
| 💻 Online Purchase | Through LIC’s digital platform |
