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LIC’s Single Premium Endowment Plan 717: Complete Guide,
Benefits, Features & Returns
LIC’s Single Premium Endowment Plan 717 is a popular life
insurance savings plan offered by the Life Insurance Corporation of India
(LIC). This plan is designed for individuals who want life cover and
savings benefits with a one-time premium payment. In this article, we will
explain the plan in simple language, covering features, benefits, eligibility,
maturity benefits, and whether it is suitable for you.
What is LIC’s Single Premium Endowment Plan 717?
LIC’s Single Premium Endowment Plan (Plan No. 717) is a non-linked,
non-participating life insurance policy. Under this plan, the policyholder
pays the entire premium in one lump sum, and LIC provides life
insurance coverage along with guaranteed maturity benefits.
This plan is ideal for people who have a lump sum amount
available and want safe, long-term financial planning with insurance
protection.
Key Features of LIC Single Premium Endowment Plan 717
- One-time
premium payment
- Guaranteed
Sum Assured on maturity
- Life
cover throughout the policy term
- Non-linked
and non-participating plan
- Suitable
for long-term savings
- No
market risk involved
- Simple
and transparent structure
Eligibility Criteria
|
Criteria |
Details |
|
Minimum Entry Age |
90 days |
|
Maximum Entry Age |
65 years |
|
Policy Term |
10 to 25 years |
|
Minimum Sum Assured |
As per LIC norms |
|
Premium Payment |
Single (One-time) |
Eligibility conditions may vary slightly based on LIC
guidelines at the time of purchase.
Benefits of LIC Single Premium Endowment Plan 717
1. Death Benefit
In case of the policyholder’s death during the policy term,
the nominee receives:
- Sum
Assured on Death
OR - Higher
of the guaranteed benefits as specified in the policy document
This ensures financial security for the family.
2. Maturity Benefit
If the policyholder survives till the end of the policy
term, LIC pays:
- Sum
Assured on Maturity
This amount can be used for:
- Retirement
planning
- Child’s
education
- Long-term
financial goals
3. Single Premium Convenience
You only need to pay the premium once, which makes
the plan:
- Hassle-free
- Ideal
for investors with surplus funds
4. Guaranteed Returns
Since this plan is non-linked, returns are not
affected by market fluctuations, making it suitable for risk-averse
individuals.
Tax Benefits
- Premium
paid may be eligible for tax deduction under Section 80C of the
Income Tax Act, 1961 (as per applicable laws).
- Maturity
and death benefits may be tax-free under Section 10(10D),
subject to prevailing tax rules.
Tax benefits depend on government regulations and may
change over time.
Who Should Buy This Plan?
LIC’s Single Premium Endowment Plan 717 is suitable for:
- Individuals
with lump-sum savings
- Conservative
investors
- People
looking for guaranteed returns
- Parents
planning long-term goals
- Those
who want insurance + savings in one plan
Advantages and Limitations
Advantages
- Guaranteed
maturity benefit
- No
recurring premium burden
- Trusted
LIC brand
- Simple
policy structure
Limitations
- Lower
returns compared to market-linked plans
- One-time
premium may not suit everyone
- Limited
flexibility
Is LIC Single Premium Endowment Plan 717 a Good
Investment?
This plan is not designed for high returns. Instead,
it focuses on:
- Safety
- Capital
protection
- Life
insurance coverage
If your goal is secure savings with insurance, this
plan can be a good choice. However, for wealth creation, market-linked options
may offer higher potential returns (with higher risk).
Important Things to Consider Before Buying
- Compare
with other LIC and insurance plans
- Check
policy term and maturity amount
- Understand
surrender and loan provisions
- Read
the official LIC brochure carefully
Final Thoughts
LIC’s Single Premium Endowment Plan 717 is a safe and
reliable insurance-cum-savings plan for individuals who prefer stability
over high risk. With a one-time premium, guaranteed benefits, and LIC’s
credibility, it remains a trusted option for long-term financial planning.
Before investing, always assess your financial goals,
risk appetite, and liquidity needs.
Disclaimer
This article is for informational purposes only.
Policy features, benefits, and tax rules are subject to change as per LIC and
government regulations. Always consult an authorized LIC advisor or visit the
official LIC website before purchasing any policy.
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