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LIC's Single Premium Endowment Plan 717


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

  1. One-time premium payment

  2. Guaranteed Sum Assured on maturity

  3. Life cover throughout the policy term

  4. Non-linked and non-participating plan

  5. Suitable for long-term savings

  6. No market risk involved

  7. Simple and transparent structure

Eligibility Criteria

CriteriaDetails
Minimum Entry Age90 days
Maximum Entry Age65 years
Policy Term10 to 25 years
Minimum Sum AssuredAs per LIC norms
Premium PaymentSingle (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:

  1. Sum Assured on Death
    OR

  2. 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:

  1. Sum Assured on Maturity

This amount can be used for:

  1. Retirement planning

  2. Child’s education

  3. Long-term financial goals

3. Single Premium Convenience

You only need to pay the premium once, which makes the plan:

  1. Hassle-free

  2. 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

  1. Premium paid may be eligible for tax deduction under Section 80C of the Income Tax Act, 1961 (as per applicable laws).

  2. 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:

  1. Individuals with lump-sum savings

  2. Conservative investors

  3. People looking for guaranteed returns

  4. Parents planning long-term goals

  5. Those who want insurance + savings in one plan

Advantages and Limitations

Advantages

  1. Guaranteed maturity benefit

  2. No recurring premium burden

  3. Trusted LIC brand

  4. Simple policy structure

Limitations

  1. Lower returns compared to market-linked plans

  2. One-time premium may not suit everyone

  3. Limited flexibility

Is LIC Single Premium Endowment Plan 717 a Good Investment?

This plan is not designed for high returns. Instead, it focuses on:

  1. Safety

  2. Capital protection

  3. 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

  1. Compare with other LIC and insurance plans

  2. Check policy term and maturity amount

  3. Understand surrender and loan provisions

  4. 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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