LIC Child Plans with Single Premium 

LIC Single Premium Endowment Plan is a participating, non-linked, individual savings plan which provides an attractive combination of protection and savings. In this, the premium is paid in a lump sum amount at the inception of the plan. This dual benefit offers financial security against the policyholder's death during the policy tenure along with providing a lump sum benefit at the end of a chosen policy term in case of his/her survival. This LIC child plan single premium also takes care of the liquidity requirements using its facility of loan. 

Features of LIC Child Plans with Single Premium

• The full premium is to be paid at the time of inception of the policy as it is a single premium plan

• The policy offers dual protection for your child i.e., of savings and protection 

• The policy ceases after payout of the death benefit or maturity benefit, whichever comes first 

• The policy offers a simple reversionary bonus and an additional final bonus announced as per the company, provided the policy is in force. 

Eligibility Criteria of LIC Plans with Single Premium 

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Benefits of LIC Child Plans with Single Premium

1. Death Benefits

   • If the death occurred before the commencement risk date: The death benefit payout will be returned as a single premium, excluding all additional premium, taxes, and rider premium, if any.

   • If the death occurred after the commencement risk date: Sum assured amount is provided along with the simple reversionary bonus plus additional final bonus. 

2. Maturity Benefit 

   If a policyholder has survived the policy term, then the sum assured on maturity along with the simple reversionary bonus and additional final bonus is paid. 

3. Profits Participation 

   The plan shall participate in the profits of the company and shall be eligible to receive bonuses as per the Corporation’s experience. 

4. Riders 

   The following two optional riders are available under this plan: 

   • LIC Accidental Death and Disability Benefit Rider – In case of accidental death, the sum assured will be paid in a lump sum. You can purchase this rider at the commencement of the policy. 

   • LIC New Term Assurance Rider – This is available at the commencement of the policy. If the rider is purchased for an amount equivalent to the term assurance rider, SA shall be payable at the time of the policyholder’s demise during the policy tenure. 

Sample Premium Illustration 

The table illustrates the annual premium for basic sum assured of Rs. 1 Lacs for standard lives. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Other Details of the Policy 

1. Free-look Period 

   If the life assured is not satisfied with the terms and conditions of the policy, the plan may be returned to the company within 15 days from the date of policy receipt mentioning the reason. 

2. Surrender Value

   The plan accrues surrender value based on the following terms: 

   • If the life assured surrenders the plan in 1st year, then surrender value will be paid 70 percent of the single premium (excluding additional paid premium and taxes). 

   • If the life assured surrenders the plan after the 1st year, then 90 percent of the single premium is paid as the surrender value (excluding additional paid premium and taxes). 

3. Policy Loan

   The loan can be availed after the completion of 1st year as per the accrued surrender value and the insurer’s T&Cs.

4. Rebates for High SA 

   SA	Rebates (in Rs.)
   50,000 to 95,000	-
   1,00,000 to 1,95,000	18 percent to SA
   2,00,000 to 2,95,000	25 percent to SA
   >3,00,000	30 percent to SA

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Exclusions of LIC Child Plans with Single Premium 

If the life assured commits suicide within 12 months from the commencement date of the plan, then no death benefit amount stated in the plan is payable. The insurer will only return 90 percent of the paid single premium (excluding additional paid premium and taxes).

Make your move today with LIC Child Plans with Single Premium for you better tomorrow