Investment Plans 349 views April 10, 2021

If you are looking to choose a life insurance plan with long-term savings in mind, LIC One Time Investment Plan could be a suitable option for you. Also known as LIC Single Premium Endowment Plan, this plan from LIC offers individuals a unique combination of savings and protection for themselves & their families. With this plan, you can secure your family’s future in case something unfortunate happens to you during the policy term. Let’s look at the striking features of the LIC One Time Investment Plan mentioned below.

  1. Death Benefit and Maturity benefit
  2. Settlement option for maturity benefit
  3. Multiple Rider Options
  4. Option to take death benefit in installments
  5. Rebate for high sum assured
  6. Tax benefits under Income Tax Act, 1961
  7. Loan facility against your policy
  8. A 15-day free look period

On this page, we will discuss these features in detail so that you can understand them better. Also, we will talk about its sum assured, premium amount, rider options, eligibility criteria, etc. Let’s start without any further delay!

Let’s Understand LIC One Time Investment Plan Features in Detail!

LIC One Time Investment Plan or LIC Single Premium Endowment Plan is a non-linked, participating, individual life assurance savings plan with which individuals can secure the financial future of themselves and their families. You can know more about its exciting features and benefits below.

Death Benefit

LIC One Time Investment Plan provides a death benefit to the nominee in case the policyholder dies during the policy term. However, the benefit will depend on the date of commencement of the risk.

If death happens before the commencement of the risk, the death benefit will be equal to the return of a single premium without any interest whereas, if it happens after the commencement of the risk, the death benefit will be as follows.

Sum assured along with the vested simple reversionary bonuses and final additional bonuses (if any) where the sum assured on death will be higher of the following amounts

  1. Basic sum assured
  2. 1.25 times the single premium

Maturity Benefit

If the policyholder survives until the end of the policy term, LIC One Time Investment Plan will provide the following maturity benefits.

  1. Sum assured on maturity (basic sum assured)
  2. Vested simple reversionary bonus
  3. Final additional bonus (if any)

Option to Take Benefits in Installments

One of the best things about the LIC One Time Investment Plan is that policyholders can choose to receive maturity or death benefits in installments over 5, 10 or 15 years if they don’t want a lump sum amount. The four different modes of installment payment are monthly, quarterly, half-yearly and yearly. To know more, please check the below table.

Mode of Installment PaymentMinimum Installment Amount (In INR)
Monthly5,000
Quarterly15,000
Half-yearly25,000
Yearly50,000

What is the Sum Assured for LIC One Time Investment Plan?

The minimum sum assured for LIC One Time Investment Plan can be INR 50,000. However, there is no limit on the maximum amount. The sum assured can be increased in multiples of INR 5,000 only.

What is the Policy Term and Premium Payment Mode for LIC One Time Investment Plan?

For LIC One Time Investment Plan, individuals can choose a policy term of 10-25 years. Coming to the premium payment mode, as it’s clear from the name, only one-time premium payment is available.

Rider Options

If you want to enhance your overall coverage, you can choose multiple rider options provided by the LIC One Time Investment Plan. To choose them, you will need to pay an additional premium over and above the single premium towards your plan. To know more about rider options, check the below table.

Rider OptionsDetails
LIC Accidental Death and Disability Benefit RiderIn case of accidental death, the accidental benefit rider sum assured will be paid as a lump sum amount. In case of disability due to an accident, benefits will be paid in equal monthly installments over 10 years.
LIC New Term Assurance RiderAn amount equal to the term assurance rider sum assured will be paid on the death of the policyholder during the policy term.

High Sum Assured Discount

If you choose a high sum assured, you will get a discount on the premium of your plan. The necessary details are given in the below table.

Sum Assured (In INR)Discount on Premium
50,000 to 95,000Nil
1,00,000 to 1,95,00018% of the sum assured
2,00,000 to 2,95,00025% of the sum assured
3,00,00 and above30% of the sum assured

Loan Against Policy

You can also get a  loan against your LIC One Time Investment Plan after the completion of one policy year. The loan amount can be as high as 90% of the surrender value of your policy at the time of sanction.

LIC One Time Investment Plan Eligibility Criteria

Please check the following important conditions related to the LIC One Time Investment Plan.

  1. The minimum entry stands at 90 days while it can go up to 65 years.
  2. The minimum maturity age can be 18 years while the maximum can be 75 years.

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