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LIC launches Single Premium Endowment Plan

The policy can be taken for age 90 days to 65 years for maximum of 25 years term

January 03, 2014 2:59 IST | India Infoline News Service
Life Insurance Corporation of India on Wednesday launched LIC’s Single Premium Endowment Plan. This is a with profit non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy.

The policyholder is entitled to full risk coverage for the term of the policy. At the end of the policy term Sum Assured along with Simple Reversionary Bonus and Final Additional Bonus (if any) is payable.

The policy can be taken for age 90days to 65 years for maximum of 25 years term. Minimum Sum Assured is Rs 50000/- and in multiples of RS. 5000/-. It also takes care of liquidity through its loan facility.

This plan is suitable for those who want financial protection with a single premium. The plan is also ideal for providing for future educational needs of the children. It can be a great Gift from Grandparents/Parents to their children.

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