In short (tl;dr)
A one-time payment buys cover and a with-profits maturity value 10 to 25 years out. No renewals, no lapse risk.
About LIC Single Premium Endowment Plan
The Single Premium Endowment Plan (Plan 717) collapses the whole contract into one payment. You hand over a single premium at the start and the policy runs its course — there is nothing to remember, nothing to lapse, and no renewal notice.
Because LIC has the money from day one and earns on it for the full term, the bonus rates on single premium plans are markedly higher than on regular premium endowments. That is the main reason to consider Plan 717 over its instalment cousins if you happen to have the lump sum available.
The entry age starts at 90 days, so this is also a common way for grandparents to settle a fixed amount on a child that matures around the time it is needed.
Key features
- One payment only — no renewal premiums and no lapse risk
- Higher bonus rates than LIC's regular premium endowment plans
- Entry age from 90 days to 65 years
- Loan available after three months from issue
- Surrender value available from the first year
Single Premium Endowment Plan at a glance
- Plan number
- 717
- Category
- Endowment
- Entry age
- 0 to 65 years
- Policy term
- 10 to 25 years
- Premium paying term
- Single premium
- Sum assured
- ₹1 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N283V03
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under Single Premium Endowment Plan
Death benefit
Sum Assured on Death — the higher of 125% of the Basic Sum Assured (for entry ages up to 45) and the absolute amount assured — plus vested bonuses and Final Additional Bonus.
Maturity benefit
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus at the end of the term.
Who it suits
A maturing fixed deposit, a bonus or a retirement gratuity that you want locked into a dated, insured savings pot.
What to watch out for
For policies issued on or after 1 April 2023, maturity proceeds lose the Section 10(10D) exemption if your total annual premiums across non-ULIP policies exceed ₹5 lakh. A large single premium can breach that on its own.
How this calculator works
Single Premium Endowment Plan is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹755.00 per ₹1,000 at age 30, 15-year term, 1-year premium term
- Discount basis
- 6.77% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹48 per ₹1,000 sum assured a year, from LIC's 2023-24 valuation
- Final Additional Bonus
- ₹30 per ₹1,000 at a 15-year term
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Single Premium Endowment Plan on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 2 optional riders on Single Premium Endowment Plan, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's New Term Assurance Rider (Term Rider)UIN 512B210V02
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Single Premium Endowment Plan sales brochure (PDF), Optional Rider Benefits clause.
LIC Single Premium Endowment Plan — frequently asked questions
How much single premium do I pay for ₹5 lakh sum assured?
For a 30-year-old taking a 15-year term, the single premium works out to roughly ₹3.65 lakh for a ₹5 lakh sum assured, after the high sum assured rebate. Longer terms cost less per ₹1000 because the money compounds for longer.
Is a single premium endowment better than an FD?
They do different jobs. The endowment bundles life cover with the savings and its bonus rates are participating, not guaranteed. An FD gives you a contracted rate and liquidity. Compare the projected maturity value here against an FD at the current rate for the same period before deciding.
Can I take a loan against a single premium policy?
Yes, after three months from the date of issue or after the free-look period, whichever is later. That is much sooner than the three-year wait on regular premium plans.
Is the single premium eligible for Section 80C deduction?
Under the old tax regime, yes, up to the ₹1.5 lakh Section 80C ceiling in the year of payment, provided the premium does not exceed 10% of the sum assured. A single premium usually far exceeds that 10% test, so the deduction is typically restricted.
Related calculators
Plans people usually weigh up against Single Premium Endowment Plan before deciding.
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No. 714LIC's plainest savings-and-cover contract, and its cheapest endowment.
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No. 916One single premium, money back every three years, and the premium returned at the end.
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No. 715Endowment savings that keeps paying life cover after the policy matures.
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No. 860Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
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