LIC’s Single Premium Endowment Plan (Plan No. 717) is a traditional, participating life insurance policy designed for individuals who prefer one-time investment with long-term financial security. Instead of paying premiums year after year, the policyholder pays a single lump-sum premium at the beginning of the policy and enjoys life insurance protection throughout the policy term.
This plan is a perfect blend of life protection + disciplined savings. It is especially suitable for individuals who receive lump-sum funds such as retirement benefits, business profits, bonuses, inheritance, or surplus savings and want to invest them safely without recurring payment obligations.
✔ Hassle-Free Investment: No recurring premiums, no payment reminders.
✔ Guaranteed Life Cover: Family remains financially protected throughout the term.
✔ Stable Wealth Creation: Ideal for conservative investors seeking assured returns.
✔ Liquidity Support: Loan facility provides financial flexibility.
✔ Tax-Efficient Savings: Helps reduce tax burden while building wealth.
The policyholder selects a Sum Assured and policy term and pays the entire premium upfront as a single payment. From day one, life insurance coverage starts and continues until the end of the policy term.
If the policyholder survives till maturity, the maturity benefit (Sum Assured + bonuses) is paid. If death occurs during the policy term, the nominee receives the death benefit immediately.
Example 1: Salaried Individual with Lump-Sum Savings
Maturity Value (Approx):
₹5,00,000 – ₹5,50,000 (including bonuses)
Death Benefit:
₹3,00,000 + accrued bonuses payable to nominee.
This example shows how a single investment can provide both protection and long-term wealth creation.
Example 2: Retired Individual Investing Retirement Corpus
Maturity Amount (Approx):
₹7,50,000 – ₹8,50,000
Provides secure savings and life cover during retirement years.
Figures are indicative and depend on age, policy term, sum assured, and LIC bonus declarations.
The single premium paid qualifies for deduction under Section 80C (subject to limits).
Maturity and death benefits are generally tax-free under Section 10(10D), as per prevailing tax laws.
✔ Individuals with surplus or lump-sum funds
✔ Retirees seeking safe long-term savings
✔ Conservative investors avoiding market risk
✔ Parents planning future financial milestones
Advantages: Simplicity, guaranteed protection, tax efficiency, and stable returns.
Limitations: Returns are moderate compared to market-linked investments; best suited for long-term safety.
LIC Single Premium Endowment Plan – 717 is a powerful financial solution for individuals who value simplicity, safety, and long-term financial security. Its one-time premium structure removes future obligations, while its combination of life cover and guaranteed savings ensures peace of mind for policyholders and their families.
Whether you are investing surplus funds, planning retirement, securing your family, or creating disciplined long-term savings, this plan offers unmatched stability and trust backed by LIC.