LIC Single Premium Endowment Plan (717) Calculator

LIC Single Premium Endowment Plan (717) Calculator

What this calculator does

LIC's Single Premium Endowment Plan (Plan 717) is a savings-cum-insurance policy where you pay the entire premium as one lump sum at the start, instead of paying it monthly or yearly over the policy term. In return, LIC provides life cover equal to the sum assured from day one, plus a maturity payout that grows with accrued bonus.

This calculator gives you a quick, indicative estimate of:

• the single premium you'd need to pay upfront
• the life cover (death benefit) available immediately
• the bonus that accrues over the policy term
• the final additional bonus paid on longer-duration policies
• the total maturity benefit payable at the end of the term

based on your entry age, the sum assured you want, and the policy term.

Formula Used

The single premium rate (per ₹1,000 of sum assured) combines a savings component that shrinks as the term lengthens (since a longer term means more time for the lump sum to grow) with a mortality component that grows with entry age and term-based exposure:

$$Rate_{\text{₹ per 1000 SA}} = \frac{1000}{Term} \times 0.72 \;+\; \left(2 + (Age - 18) \times 0.35\right) \times \frac{Term}{20}$$ $$Single\ Premium = \frac{Sum\ Assured}{1000} \times Rate$$

Simple reversionary bonus accrues every year the policy is in force, at an illustrative rate of ₹45 per ₹1,000 of sum assured per year:

$$Bonus\ Accrued = \frac{Sum\ Assured}{1000} \times 45 \times Term$$

A Final Additional Bonus (FAB) is added at maturity for longer-duration policies, as a one-time rate per ₹1,000 of sum assured (₹15 for terms of 15-19 years, ₹25 for terms of 20 years or more, ₹0 for shorter terms):

$$Maturity\ Benefit = Sum\ Assured + Bonus\ Accrued + Final\ Additional\ Bonus$$

How to use it

1. Enter your current age (18-65 years).
2. Enter the sum assured you want the policy to guarantee.
3. Enter the policy term in years (10-25 years).
4. Submit to see the estimated single premium, life cover, accrued bonus, final additional bonus, total maturity benefit, and a year-wise bonus accumulation snapshot.

Example

Age 30, ₹5,00,000 sum assured, 15-year term:

$$Rate = \frac{1000}{15} \times 0.72 + \left(2 + 12 \times 0.35\right) \times \frac{15}{20} \approx 52.65$$

That works out to an estimated single premium of about ₹26,325 paid upfront, with life cover of ₹5,00,000 available immediately. Over the 15-year term, the policy accrues about ₹3,37,500 in bonus, plus a final additional bonus of about ₹7,500 (since the term is 15 years or more), for a total estimated maturity benefit of about ₹8,45,000.

Notes

• This is an illustrative estimate, not an official LIC quotation. LIC sets actual single premium rates using detailed age-and-term tables filed with the insurance regulator, and bonus rates are declared annually by LIC based on its valuation surplus. Contact a licensed LIC agent or branch for the exact premium and current bonus rate before buying a policy.
• The full sum assured is payable as a death benefit immediately from policy commencement, since the entire premium is already paid upfront - unlike periodic-premium plans where cover can be reduced if premiums lapse.
• This calculator models the base policy only and doesn't include optional riders (e.g. accidental death benefit) that may be available with Plan 717.