+91 7411199333

+91 7411199666

+91 7411199333

+91 7411199666

Single Premium Endowment Plan

Single premium Endowment plan is an endowment insurance policy or savings plan where the entire premium is paid just once at the start of the policy. This plan offers bonus and is not linked to the market. The premium is paid in lump sum at the outset of the policy and the returns are given to the policyholder at the end of policy term or to the nominee in case of death of the policyholder.

BENEFITS –

Death benefits

In case of death of the Life Insured within the Policy Tenure, the Nominee would be paid:

  • Before the commencement of risk, Only Single Premium paid less taxes and extra premium, would be returned as Death Benefit and the policy would be terminated
  • After the commencement of risk, Sum Assured + accrued Bonuses would be paid as Death Benefit and the policy would be terminated

Maturity benefits

At the maturity of the policy, the insured will get Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any)

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.

Eligibility Conditions & Restrictions 
Minimum age90 days completed
Maximum age65 years
Maximum maturity age75 years
Policy Term10 years to 25 years
Minimum Sum AssuredRs.50,000
Maximum Sum AssuredNo limit
Premium paymentSingle Premium
LoanEligible after 1st year
SurrenderEligible at any time
On DeathSum Assured + Bonus
On MaturitySum Assured + Bonus
Income Tax Benefit20% of Premium paid are eligible for Tax rebate u/s 80c

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