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LIC Single Premium Endowment Plan (917) Maturity Calculator
Calculate Single Premium for LIC Single Premium Endowment Plan (917) and try maturity settlement option to plan maturity in installment.
Single Premium Endowment Plan (917) Maturity Calculation
In Single Premium Endowment Plan (917), Maturity benefit becomes available after completion of policy term and maturity amount is equal to Basic Sum Assured + Simple Revisionary Bonus (Bonus) added during policy term + Final Additional Bonus (FAB). Simple Revisionary Bonus is declared for each policy year and keeps accumulating to the policy.
Bonus rates which are already declared for single Premium Endowment plan (817) is given in the following table. FAB is terminal bonus or applicable for the particular year in which maturity or death happens. Since 817 and 917 are similar plans, bonus rates for 817 are used for calculation.
| Bonus Rate for Single Premium Endowment Plan (817) for 1000 of Sum Assured | |||
|---|---|---|---|
| Financial Year | Policy Term | ||
| 10 to 15 | 16 to 20 | 21 to 25 | |
| 2014-15 | 40 | 45 | 50 |
| 2015-16 | 41 | 46 | 51 |
| 2016-17 | 41 | 46 | 51 |
| 2017-18 | 41 | 46 | 51 |
| 2018-19 | 41 | 46 | 51 |
As per above table, for 100000 Basic Sum Assured and 15 years policy term, total earned Bonus for year 2018-19 will be 100000*41/1000=4100.
Single Premium Endowment Plan (917) Surrender Value
Single Premium Endowment Plan (917) can be surrendered at any time after purchase of the policy and the Guaranteed Surrender Value (GSV) will be (70% of single premium for first policy year or 90% of single premium after first policy year) + (percentage of accrued bonus). The percentage values of accrued bonus are available in the policy document. Based on these factors and bonus, above calculator also provides year-wise surrender value too.
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