LIC Single Premium Endowment Plan 717 Calculator — Know Your Premium & Maturity Before You Buy

Rohan, a 35-year-old software engineer in Pune, had ₹5 lakh sitting idle in a savings account earning 3.5%. His financial planner suggested LIC’s Single Premium Endowment Plan 717 — one lump sum payment, life cover for 25 years, and a guaranteed maturity amount. Before he signed the proposal form, he wanted numbers. Exact numbers. That’s what this LIC Single Premium Endowment Plan 717 calculator gives you — down to the rupee, based on LIC’s published brochure rates.

What Is LIC Single Premium Endowment Plan 717?

Plan 717 is a par, non-linked, single premium endowment plan from LIC of India (UIN: 512N283V03). You pay once — a lump sum at inception — and the policy runs for your chosen term (10 to 25 years). There are no annual renewals, no missed-premium worries. In return, you get life cover throughout the term and a maturity payout (sum assured + bonuses) if you survive. The plan suits people who have a corpus to invest and want guaranteed protection built in.

Unlike regular endowment plans where monthly or yearly premiums go on for years, Plan 717 is completely done at the start. Once paid, the policy is paid-up forever. Bonus declarations from LIC of India accrue every year — these are not guaranteed upfront, but once declared, they form part of the guaranteed benefit. The plan also allows a policy loan after 3 months from issuance, which helps with liquidity if needed.

• Single premium only — paid once at inception, no renewal required ever
• Entry age: 30 days (completed) to 65 years (nearer birthday); maximum maturity age 75 years
• Policy term: 10 to 25 years — choose based on your financial goal
• Minimum Sum Assured: ₹1,00,000; no upper limit
• High Sum Assured Rebate: up to 40‰ of BSA — significantly reduces effective premium for large SA
• Two optional riders available at inception: Accidental Death & Disability + New Term Assurance
• Settlement option: maturity benefit can be taken in instalments over 5, 10, or 15 years

How to Use This LIC Single Premium Endowment Plan 717 Calculator

1. Enter your Sum Assured. This is the cover amount you want — minimum ₹1,00,000. Amounts up to ₹2,50,000 must be in multiples of ₹10,000; above that, multiples of ₹25,000. The calculator snaps automatically.
2. Enter your Age at Entry. The plan uses “nearer birthday” age — enter your age in completed years. Optionally provide your Date of Birth and the calculator will auto-fill the age for you. Valid range: 0 to 65 years.
3. Select a policy term between 10 and 25 years. Terms that would push your maturity age above 75 are automatically disabled once you enter your age.
4. Pick a bonus scenario — Low (4% assumed return), Medium (practical estimate), or High (8% assumed return). These correspond directly to LIC’s official benefit illustration scenarios.
5. Click Calculate. You’ll get your exact single premium (net + GST), maturity benefit, death benefit, surrender values, year-wise table, and IRR — all in one screen.

LIC Single Premium Endowment Plan 717 — Key Features at a Glance

LIC Single Premium Endowment Plan 717 Premium Calculation — How It Works

The single premium is calculated from LIC’s tabular rates, which depend on your age at entry (nearer birthday) and the policy term you choose. The rate is expressed as a rupee amount per ₹1,00,000 of Sum Assured — for example, a 30-year-old choosing a 25-year term pays ₹50,695 per ₹1 lakh of cover. From this tabular amount, a High Sum Assured Rebate is deducted (if your SA qualifies), and then GST at 4.5% is added on top of the net figure.

Let’s walk through a worked example. Take Priya, age 34 (nearer birthday), Sum Assured ₹4,75,000, policy term 20 years. Interpolating between the brochure’s age/term data points gives a tabular rate of approximately ₹61,780 per ₹1 lakh SA. Base premium = (4,75,000 / 1,00,000) × 61,780 = ₹2,93,455. SA Rebate: ₹3L–<₹5L slab applies at 30‰, so rebate = (30/1000) × 4,75,000 = ₹14,250. Net premium after rebate = ₹2,93,455 − ₹14,250 = ₹2,79,205. GST at 4.5% = ₹12,564. Total payable = ₹2,91,769 (one-time, never again).

High Sum Assured Rebate — How It Reduces Your Effective Premium

Maturity Benefit — What Will You Actually Receive?

At the end of the policy term, LIC pays the Sum Assured on Maturity (which equals your Basic Sum Assured) plus all vested Simple Reversionary Bonuses plus the Final Additional Bonus if declared. Continuing Priya’s example above: BSA = ₹4,75,000. At LIC’s 8% assumed return scenario (bonus ₹37 per ₹1,000 SA per year), total bonus over 20 years = (4,75,000 / 1,000) × 37 × 20 = ₹3,51,500. FAB at maturity ≈ (4,75,000 / 1,000) × 100 = ₹47,500. Total maturity benefit ≈ ₹4,75,000 + ₹3,51,500 + ₹47,500 = ₹8,74,000 against a one-time investment of ₹2,91,769. At the 4% scenario, bonus = ₹0, maturity = just BSA (₹4,75,000). Real declared rates generally fall somewhere between these two.

The actual bonus depends on LIC’s annual declaration — it is not guaranteed in advance. Once declared each year, it sticks and becomes part of the guaranteed benefit. The calculator shows three scenarios to let you plan conservatively or optimistically.

Death Benefit — Life Cover Explained

If the life assured dies during the policy term (after risk commencement), the nominee receives the “Sum Assured on Death” plus all vested bonuses plus FAB if applicable. For policyholders aged below 50 at entry, the Sum Assured on Death is the higher of: the Basic Sum Assured, or 1.25 times the net single premium (excluding GST and rider premiums). For entry age 50 and above, the multiplier drops to 1.10 times. This means for a large SA with high rebate, the BSA will typically be higher and will govern; but for smaller SA amounts the multiplier may provide a higher figure. The calculator shows you exactly which applies for your age.

One important nuance: if the life assured is below 8 years at entry and dies before risk commencement (which starts after 2 years from policy date or on attaining age 8, whichever is earlier), only the net single premium is refunded — no bonuses. For those 8 years and above, risk commences from day one of policy issuance.

Tax Benefits You Get

Section 80C: The single premium paid is eligible for deduction under Section 80C of the Income Tax Act, subject to the overall limit of ₹1.5 lakh per year. Since Plan 717 is a single premium plan, the full deduction must be claimed in the year of payment only — you cannot spread it across years.

Section 10(10D): Maturity proceeds are tax-free under Section 10(10D), provided the annual premium does not exceed 10% of the Sum Assured for policies issued on or after 1 April 2012. For a single premium plan, the “annual premium” is the single premium itself — so for tax-free maturity, your single premium (excl. GST) should be less than 10% of BSA, meaning BSA should be at least 10× the net single premium. For plan 717, since the single premium is typically 50%–80% of BSA (depending on age and term), the 10(10D) condition is generally not met for all combinations. Consult your tax advisor specifically for your numbers.

Is LIC Single Premium Endowment Plan 717 the Right Policy for You?

Buy it if you:

• Have a lump sum to invest and want guaranteed life cover without annual premium discipline
• Are planning for a specific goal 10–25 years away — child’s education, wedding, or retirement supplement
• Want the security of a government-backed insurer with zero market risk in returns
• Are a business owner or self-employed person with irregular income — single premium eliminates premium default risk entirely

Skip it if you:

• Need high investment returns — equity mutual funds will substantially outperform this over 15–25 years on pure return basis
• Don’t have the lump sum available upfront — never stretch to fund a single premium insurance policy
• Are below 35 and primarily need pure term cover — buy a term plan and invest the rest separately at lower cost

Frequently Asked Questions

Use the calculator at the top of this page to get your exact single premium, maturity benefit, and IRR for any age and term combination in under 30 seconds — then walk into your LIC branch with the numbers already in hand.

Disclaimer: This article is for educational purposes only. Premium figures are based on LIC’s published illustrative rates for standard (healthy) lives and may differ for non-standard or rated lives. LIC bonus rates (Simple Reversionary Bonus and Final Additional Bonus) shown are illustrative — actual rates are declared annually by LIC of India and are not guaranteed in advance. GST is applicable as per prevailing rates. Section 80C and 10(10D) tax treatment depends on your individual circumstances — consult a qualified tax advisor. Please consult a licensed LIC agent or IRDAI-registered financial advisor before making any insurance purchase decision.