Formula
P = (T − R) × S / 1000
T = A / (ä × (1 − λ))
M = G + (B × n + F) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- single premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- S
- Basic Sum Assured
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- 1, since the premium is paid once, at the start
- λ
- expense loading, 5%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- B
- simple reversionary bonus, ₹ per ₹1,000 of sum assured a year, as last declared
- F
- Final Additional Bonus, ₹ per ₹1,000 of sum assured, by term
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- 1, the single premium
*Source LIC Single Premium Endowment Plan brochure (PDF), LIC Reversionary Bonus Rates, valuation as at 31 March 2021 (PDF), for the plans of 2021; not the source of the rates used
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.
Worked example: at 30, ₹5,00,000 of cover over 10 years costs ₹3,70,050 as a single premium and is projected to pay ₹7,40,000 at maturity, a return of 7.18% a year.
What is 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 30 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 30 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
Is it 717, 917 or 817?
LIC's own page gives this plan as 717 with UIN 512N283V03, and that is where both come from here. The V03 on the end of the UIN is a version marker: this is the third version. Plan 817 (UIN 512N283V01) was withdrawn on 1 February 2020 and replaced that day by Plan 917 (UIN 512N283V02), which was itself withdrawn on 1 October 2024 and replaced by this one. If 917 or 817 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC Single Premium Endowment Plan?
What does LIC Single Premium Endowment Plan pay on death?
Sum Assured on Death, the higher of the Basic Sum Assured and 1.25 times the single premium, dropping to 1.10 times for an entry age of 50 or above, plus vested bonuses and Final Additional Bonus. The single premium counted here excludes taxes, extra premium and any rider premium.
What do you get at maturity?
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus at the end of the term.
Who is LIC Single Premium Endowment Plan for?
A maturing fixed deposit, a bonus or a retirement gratuity that you want locked into a dated, insured savings pot.
What should you watch out for?
For policies issued on or after 1 April 2023, maturity proceeds lose the Section 10(10D) (Schedule II of the Income-tax Act, 2025) exemption if your total annual premiums across non-ULIP policies exceed ₹5 lakh. A large single premium can breach that on its own.
What does LIC Single Premium Endowment Plan cost?
Worked out on a 10-year term with premiums paid for 1 year. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹3,70,050 | ₹3,70,050 | ₹7,40,000 |
| ₹10,00,000 | ₹7,40,100 | ₹7,40,100 | ₹14,80,000 |
| ₹25,00,000 | ₹18,50,250 | ₹18,50,250 | ₹37,00,000 |
Premiums are modelled on this plan's own tabular rates; the maturity figure assumes LIC's current bonus rates hold for the full term, which is not guaranteed.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹3,70,022 | ₹3,70,022 | ₹7,40,000 | 35 |
| 30 years | ₹3,70,050 | ₹3,70,050 | ₹7,40,000 | 40 |
| 40 years | ₹3,70,410 | ₹3,70,410 | ₹7,40,000 | 50 |
| 50 years | ₹3,72,080 | ₹3,72,080 | ₹7,40,000 | 60 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 4 Sample Illustrative Premium), at ₹1,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 10-year term, 1 to pay | 15-year term, 1 to pay | 25-year term, 1 to pay |
|---|---|---|---|
| 10 | ₹77,910 | ₹66,650 | ₹50,005 |
| 20 | ₹77,985 | ₹66,775 | ₹50,255 |
| 30 | ₹78,010 | ₹66,865 | ₹50,695 |
| 40 | ₹78,180 | ₹67,335 | ₹52,340 |
| 50 | ₹78,800 | ₹68,800 | ₹56,160 |
| 60 | ₹79,765 | ₹71,405 | Not printed |
Priced on ₹1,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 30, 10-year term, 1-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Only the first line is guaranteed by the contract. Everything under it is bonus, declared a year at a time and assumed here to carry on at the rate this page uses.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Vested reversionary bonus, 10 years at ₹48 per ₹1,000
- ₹2,40,000
- Paid at maturity
- ₹7,40,000
- Return a year on the premiums, if the bonus rate holds
- 7.18%
When does LIC Single Premium Endowment Plan pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 10, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 10 years. It is not a market return. Change the bonus rate and it changes with it.
Who can take LIC Single Premium Endowment Plan?
Age to start
- Minimum
- 30 days
- Maximum
- 65 years
Policy term
- Minimum
- 10 years
- Maximum
- 25 years
Age when the policy matures
- Maximum
- 75 years
Your age at entry plus the policy term cannot come to more than 75.
Years you pay for
- Premium paying term
- One single premium
Sum assured
- Minimum
- ₹1,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Single Premium Endowment Plan sales brochure, linked in the form above.
Tax on LIC Single Premium Endowment Plan
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹3,70,050 a year, which is 74.0% of the sum assured. That is above the 10% test, so both provisions are restricted for it. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- ₹780.10 per ₹1,000 at age 30, 10-year term, 1-year premium term
- Discount basis
- 7.18% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹48 per ₹1,000 sum assured a year, believed to be LIC's 2023-24 rate for this term; we have not found an LIC document that publishes it. Later declarations, which pay higher rates on larger sums assured, are not reflected, so the figure may be low.
- Final Additional Bonus
- Not payable at this 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, and 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.
What they cost
On the ₹5,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| AD & DB RiderAccidental death and disability | ₹5,00,000of rider cover | ₹4,000LIC's stated rate |
| Term RiderExtra life cover | ₹5,00,000of rider cover | ₹7,045interpolated |
Priced on the single premium basis, because that is how Single Premium Endowment Plan is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹1,11,015 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: AD & DB Rider, Term Rider sales brochures.
Source: Single Premium Endowment Plan sales brochure (PDF), Optional Rider Benefits clause.
How LIC Single Premium Endowment Plan compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Single Premium Endowment PlanNo. 717 · this page | 10 to 25 years | One premium | ₹1 Lakh | Pay once, stay covered, collect the sum assured plus bonuses at the end. |
| New Endowment PlanNo. 714 | 12 to 35 years | The full term | ₹2 Lakh | LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it. |
| New Bima BachatNo. 916 | 9, 12, 15 years | One premium | ₹1 Lakh | One single premium, money back every three years, and the premium returned at the end. |
| New Jeevan AnandNo. 715 | 15 to 35 years | The full term | ₹2 Lakh | Endowment savings that keeps paying life cover after the policy matures. |
| Bima JyotiNo. 760 | 15 to 20 years | Term minus 5 years | ₹1 Lakh | Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
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 ₹3.07 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 the Section 80C deduction?
Under the old tax regime, yes, up to the ₹1.5 lakh ceiling of Section 80C (Section 123 of the Income-tax Act, 2025) 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.
What happens if the child dies before the policy's risk cover starts?
If the life assured was under 8 at entry, LIC's own cover does not begin immediately: it starts two years after the policy or on turning 8, whichever comes first. A death in that gap refunds only the single premium paid, excluding taxes, extra premium and rider premium, with no interest and none of the usual death benefit multiples. Once cover has commenced, the full Sum Assured on Death applies from that point on.
Can the maturity or death benefit be received in instalments instead of a lump sum?
Yes, on both benefits, and it has to be arranged in advance rather than chosen after the event. The maturity benefit can be spread over 5, 10 or 15 years under LIC's Settlement Option, exercised at least three months before the maturity date. The death benefit can be spread the same way if the policyholder or life assured sets it up while the policy is running. Minimum instalments start at ₹50,000 a year or ₹5,000 a month, and LIC pays interest on the deferred amount at a rate it revises annually, linked to the 10-year government bond yield.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Single Premium Endowment Plan before deciding.
New Endowment Plan
No. 714LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it.
Open calculatorNew Bima Bachat
No. 916One single premium, money back every three years, and the premium returned at the end.
Open calculatorNew Jeevan Anand
No. 715Endowment savings that keeps paying life cover after the policy matures.
Open calculatorBima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
Open calculator