LIC 917 Plan Calculator: Your Ultimate Guide to Smart Financial Planning
LIC 917 Plan Calculator
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Are you looking for a LIC 917 Plan Calculator? smart way to invest and secure your financial future? The LIC 917 Plan might be the answer you’ve been searching for. But how do you know if it’s the right fit for you and your financial goals? That’s where the LIC 917 Plan Calculator comes in handy. In this comprehensive guide, we will explore this useful tool and how it can help you make informed decisions about your financial future.
What is the LIC 917 Plan?
The LIC 917 Plan, officially known as LIC’s Single Premium Endowment Plan, is a unique offering from the Life Insurance Corporation of India. It’s a non-linked, participating individual life assurance savings plan that combines the benefits of life insurance with investment opportunities.
The standout feature of this plan is its single premium payment structure: you pay once, and you’re covered for life. It’s designed for those who prefer a one-time investment over regular premium payments.
Key Features of the LIC 917 Plan
Let’s take a deeper look at what makes the LIC 917 Plan special:
| Feature | Description |
|---|---|
| Premium Payment | One-time payment |
| Policy Term | 10 to 25 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No limit |
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 65 years |
| Participation in Profits | Yes, through bonuses. |
| Loan Facility | Available after one year |
| Riders | Accidental Death and Disability Benefit Rider, New Term Assurance Rider |
This plan offers a unique combination of protection and savings, making it an attractive option for many investors.
LIC 917 Plan Calculator: How It Works
The LIC 917 Plan Calculator is an online tool designed to help you understand the potential benefits of this policy. It’s user-friendly and provides quick results. Here’s a step-by-step guide on how to use it:
- Enter your age (nearest birthday).
- Choose the policy term (between 10 and 25 years).
- Enter the sum assured (minimum ₹50,000).
- Click ‘Calculate’
Once you input these details, the calculator will provide you with valuable information:
- Your premium amount
- Estimated maturity benefit
- Death benefit
This information helps you make an informed decision about whether the LIC 917 Plan aligns with your financial goals.
Benefits of Using the LIC 917 Plan Calculator
The LIC 917 Plan Calculator is more than just a number-crunching tool. Here we provided some key benefits of using this calculator:
- Quick Results: Get instant estimates without waiting for an agent.
- Easy to Use: The simple interface makes it accessible to everyone.
- Accurate Estimates: Based on LIC’s latest data for reliable results.
- Better planning helps you understand how different factors affect your policy.
- Cost-Free: Use it as many times as you want, free of charge.
- Comparison Tool: Easily compare different policy terms and sum assured amounts.
- 24/7 Availability: Access it anytime, anywhere, with internet connectivity.
Eligibility Criteria for the LIC 917 Plan
Before you start using the calculator, it’s important to know if you’re eligible for the LIC 917 Plan. Here are the key eligibility criteria:
- Minimum age at entry: 90 days (completed)
- Maximum age at entry: 65 years (nearest birthday)
- Maximum age at maturity: 75 years (nearest birthday)
- Minimum policy term: 10 years
- Maximum policy term: 25 years
- Minimum age at maturity: 18 years (completed)
Premium and Sum Assured Details
The LIC 917 Plan offers flexibility in terms of premium and sum assured. Here’s a more detailed look:
- Minimum Sum Assured: ₹50,000
- Maximum Sum Assured: No upper limit
- Premium: Varies based on age, policy term, and sum assured
- Premium Payment Mode: Single Premium Only
The plan also offers rebates for high-sum assured:
| Sum Assured (S.A.) | Rebate |
|---|---|
| ₹50,000 to ₹95,000 | Nil |
| ₹1,00,000 to ₹1,95,000 | ₹18 per ₹1,000 S.A |
| ₹2,00,000 to ₹2,95,000 | ₹25 per ₹1,000 S.A |
| ₹3,00,000 and above | ₹30 per ₹1,000 S.A |
Maturity and Death Benefits
The LIC 917 Plan offers two main benefits:
- Maturity Benefit: When your policy matures, you receive:
- Sum Assured on Maturity
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if any)
- Death Benefit: In case of unfortunate demise during the policy term:
- Sum Assured on Death
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if any)
Where Sum Assured on Death is higher than:
- Basic Sum Assured
- 1.25 times Single Premium
Additional Features
Loan Facility
You can avail a loan against your policy after completing one year. The loan amount can be up to 90% of the surrender value.
Surrender Value
The policy can be surrendered anytime during the policy term. The surrender value will be the higher of Guaranteed Surrender Value or Special Surrender Value.
Rider Options
You can enhance your coverage with optional riders:
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s New Term Assurance Rider
Tax Benefits
The LIC 917 Plan comes with attractive tax benefits:
- Premium paid is eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
- Maturity benefit is tax-free under Section 10(10D) of the Income Tax Act, 1961.
Remember, tax benefits are subject to changes in tax laws.
How to Use the Calculator for Financial Planning
The LIC 917 Plan Calculator is not just a tool for policy information; it’s a powerful aid for your financial planning:
- Goal Setting: Use it to see how different sum assured amounts align with your financial goals.
- Budget Planning: Understand how much you need to invest to reach your target maturity amount.
- Risk Assessment: Compare death benefits to ensure adequate coverage for your family.
- Retirement Planning: See how this plan can contribute to your retirement corpus.
Other Related LIC Plan Calculators
- LIC Plan 133 Maturity Calculator
- LIC Plan 178 Maturity Calculator
- LIC Child Plan Calculator [Plan No. 934 & 932]
- LIC Jeevan Saral Plan 165 Maturity Calculator
- LIC Plan 815 Maturity Calculator
- LIC Plan 836 Maturity Calculator
- LIC Plan 814 Maturity Calculator
Conclusion
The LIC 917 Plan Calculator is a powerful tool that puts the power of financial planning in your hands. It helps you make informed decisions about your investment in the LIC 917 Plan, allowing you to tailor your policy to your specific needs and goals. Whether you’re looking for life coverage, a savings plan, or both, this calculator can guide you towards making the right choice.
Remember, while the calculator provides estimates, it’s always advisable to consult with a financial advisor for personalized advice. Start planning your financial future today with the LIC 917 Plan Calculator!
FAQs
Is the LIC 917 Plan Calculator free to use?
Yes, the calculator is completely free to use.
Can I change my policy details after using the calculator?
Absolutely! You can recalculate with different inputs anytime you want.
Is the calculator results guaranteed?
The calculator provides an estimate based on current data. The actual amount may vary slightly.
Do I need to register to use the LIC 917 Plan Calculator?
No, you can use the calculator without any registration.
Can I use the calculator on my mobile phone?
Yes, the calculator is designed to work on all devices with internet access.
How accurate is the LIC 917 Plan Calculator?
While the calculator uses up-to-date information, it provides estimates. Actual values may differ slightly.
Can the calculator help me compare the LIC 917 Plan with other plans?
The calculator is specific to the LIC 917 Plan. For comparisons, you’d need to use calculators for other plans as well.
Does using the calculator commit me to buying the policy?
No, using the calculator doesn’t commit you to anything. It’s just a planning tool.
