LIC Single Premium Endowment Plan 717 is a with-profit savings policy where you pay the whole premium once and choose a term of 10 to 25 years. It pays the sum assured plus bonuses at maturity, or on earlier death. A 30-year-old buying ₹10 lakh cover for 20 years pays about ₹5,42,213 once, with no GST on top, and could get an estimated maturity of ₹18.15 lakh at a ₹40 bonus.
Single Premium Endowment 717 Premium & Maturity Calculator
Your estimate
- Total bonus (estimated)
- ₹8,00,000
- Final additional bonusassumed ₹15 per ₹1,000
- ₹15,000
- Sum assured on deathplus bonuses accrued
- ₹10,00,000
- Approx. return (IRR)
- 6.23%
- Age at maturity
- 50 years
- Single premium₹5,42,21330%
- Net gain₹12,72,78770%
Estimated death benefit by policy year
| Policy year | Age at entry | Total bonus (estimated) | Death benefit |
|---|---|---|---|
| 1 | 31 | ₹40,000 | ₹10,40,000 |
| 5 | 35 | ₹2,00,000 | ₹12,00,000 |
| 10 | 40 | ₹4,00,000 | ₹14,00,000 |
| 15 | 45 | ₹6,00,000 | ₹16,00,000 |
| 20 | 50 | ₹8,00,000 | ₹18,00,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Single Premium Endowment Plan 717?
LIC Single Premium Endowment Plan 717 is a traditional endowment policy that you pay for only once. You hand over one lump sum on day one, and in return LIC keeps your life insured for the term you pick (10 to 25 years) and pays out the sum assured plus bonuses when the policy matures. If the life assured dies earlier, the nominee gets the death benefit instead.
It is a non-linked, participating (with-profit) plan, so the money is not tied to the stock market, and the policy shares in LIC’s surplus through yearly bonuses. Plan 717 was launched on 1 October 2024 with UIN 512N283V03. It is the current version of a plan that earlier existed as Plan 917 and, before that, Plan 817.
Plan 717 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 717 / 512N283V03 |
| Plan type | Single premium, with-profit endowment |
| Premium payment | One time, at the start |
| Policy term | 10 to 25 years |
| Entry age | 30 days to 65 years (nearest birthday) |
| Maturity age | Minimum 18, maximum 75 years |
| Minimum sum assured | ₹1,00,000 (no upper limit) |
| Bonus | Simple reversionary bonus + final additional bonus |
| Loan | Available 3 months after issue (or after the free-look period, if later) |
| Status | Active (launched 1 October 2024) |
Eligibility
| Condition | Limit |
|---|---|
| Minimum entry age | 30 days (completed) |
| Maximum entry age | 65 years (nearest birthday) |
| Minimum age at maturity | 18 years |
| Maximum age at maturity | 75 years |
| Policy term | 10 to 25 years |
| Basic sum assured | ₹1,00,000 and above |
The two maturity-age rules shape which terms you can choose. A 60-year-old can go up to 15 years. A 2-year-old child needs a term of at least 16 years, so the policy matures after the child turns 18.
How the single premium is calculated
The single premium depends on your age and the policy term. Our calculator follows the sample single premiums in LIC’s 717 sales brochure, quoted per ₹1 lakh of sum assured. For example, the brochure shows ₹66,865 for a 30-year-old taking ₹1 lakh for 15 years, and the calculator returns the same figure. It follows these steps:
- Rate × sum assured. The rate for your age and term comes from the brochure samples (ages 10 to 60; terms 10, 15 and 25 years), interpolated for ages and terms in between. Longer terms cost much less because LIC holds your money for longer.
- High sum assured rebate. Covers of ₹2 lakh and above get a rebate of ₹20 per ₹1,000 sum assured, rising to ₹30 from ₹3 lakh and ₹40 from ₹5 lakh. On ₹10 lakh that is ₹40,000 off the premium.
- No GST. Individual life insurance premiums are GST-exempt from 22 September 2025. Before that, a single-premium traditional policy attracted 1.8% GST.
Worked example. A 30-year-old chooses ₹10 lakh sum assured for 20 years. The single premium is about ₹5,42,213, and that is the full amount payable. The same cover for 10 years costs about ₹7,40,100, and for 25 years about ₹4,66,950.
A second example: a 40-year-old buying ₹5 lakh cover for 15 years pays about ₹3,16,675.
Tip: age matters far less than term in this plan. Between age 20 and age 40, the 20-year premium for ₹10 lakh rises only from about ₹5,39,291 to ₹5,53,659. Pick the term that matches your goal first.
Maturity benefit
When the policy completes its term, LIC pays:
- the basic sum assured,
- all simple reversionary bonuses added during the term, and
- a final additional bonus, if LIC declares one.
Bonuses are declared each year per ₹1,000 sum assured and are not guaranteed. Our calculator assumes ₹40 per ₹1,000 as a middle estimate and adds a final additional bonus of ₹15 per ₹1,000. On that basis, the 30-year-old above could receive about ₹18,15,000 after 20 years: ₹10 lakh sum assured, ₹8 lakh in bonuses and ₹15,000 FAB. That works out to an approximate return (IRR) of about 6.2% a year on the single premium. For the 40-year-old with ₹5 lakh for 15 years, the estimate is ₹8,07,500.
Change the bonus field to see a cautious case. At ₹30, for example, the 20-year estimate falls to ₹16,15,000. Use our LIC bonus calculator if you want to test several bonus rates.
Death benefit
If the life assured dies during the term after risk has started, the nominee receives:
- the sum assured on death, which is the higher of the basic sum assured or 1.25 times the single premium (1.10 times for entrants aged 50 and above), plus
- the bonuses accrued up to that point and any final additional bonus.
The year-wise table in the calculator shows how the death benefit grows as bonuses build up. For children, risk starts at a later date. If a minor dies before that date, the premium paid (without taxes) is refunded.
Loan, surrender and free look
- Loan: available from 3 months after the policy is issued (or after the free-look period, if later), up to 50% of the surrender value in years 1 to 5, 60% in years 6 to 9 and 80% after that. Interest is charged by LIC as per its prevailing rate.
- Surrender: you can surrender at any time. LIC pays the higher of the guaranteed and special surrender values; the guaranteed value is 75% of the single premium in the first three policy years and 90% after that, so exiting early usually returns less than you put in. Check an estimate with the surrender value calculator.
- Free look: you can return the policy within the free-look period if you do not agree with its terms.
Tax benefits
The single premium qualifies for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) deduction in the year of payment, capped at ₹1.5 lakh under the old tax regime. For maturity to be tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), the premium in any year must not exceed 10% of the sum assured. A single premium is almost always larger than that, so the maturity gain may be taxable. Speak to a tax adviser before relying on tax-free maturity.
Who should consider Plan 717?
It fits people who:
- have a lump sum available now, such as a bonus, inheritance or a matured policy, and do not want yearly premium reminders;
- want a low-risk savings product for a fixed goal 10 to 25 years away;
- want to gift a policy to a child or grandchild in one go.
It is less suitable if you need high life cover. The sum assured here is only about 1.3 to 2.1 times the premium. A term plan gives far more protection for the money.
Plan 717 vs Plan 917 vs Plan 817
| Plan 817 | Plan 917 | Plan 717 | |
|---|---|---|---|
| Years sold | 2014 – Feb 2020 | 2020 – Sept 2024 | From 1 Oct 2024 |
| UIN | 512N283V01 | 512N283V02 | 512N283V03 |
| Minimum sum assured | ₹50,000 | ₹50,000 | ₹1,00,000 |
| ₹10 lakh, age 30, 20 years (our estimate) | ₹7,42,000 | ₹5,08,750 | ₹5,42,213 |
The structure is the same across versions: one premium, a 10 to 25-year term and bonuses. Plan 717 has a higher minimum sum assured and higher premium rates than 917, reflecting lower interest assumptions after 2024.
How to use this calculator
- Enter the age of the person to be insured.
- Choose the policy term from the list.
- Enter the sum assured.
- Leave the bonus rate at ₹40 or change it.
- Read the single premium, maturity estimate, death cover and approximate return. All figures are estimates; LIC’s official quotation is final.
Frequently asked questions
What is LIC Single Premium Endowment Plan 717?
It is a non-linked, participating endowment plan launched by LIC on 1 October 2024 (UIN 512N283V03). You pay one lump-sum premium at the start, stay insured for the chosen term of 10 to 25 years and receive the sum assured plus bonuses at maturity.
How much is the single premium for ₹10 lakh in plan 717?
According to our calculator, a 30-year-old pays about ₹5,42,213 for a 20-year term and about ₹7,40,100 for a 10-year term. No GST is added, because individual life insurance premiums are GST-exempt from 22 September 2025. The exact figure appears in LIC's quotation.
What is the maturity value of LIC 717?
Maturity value = basic sum assured + simple reversionary bonuses + final additional bonus, if declared. With ₹10 lakh cover for 20 years and an assumed ₹40 bonus per ₹1,000, the estimate is about ₹18.15 lakh. Bonuses are not guaranteed.
What is the minimum and maximum entry age for plan 717?
Entry is allowed from 30 days old up to 65 years (nearest birthday). The policy must mature between age 18 and age 75, so a 60-year-old can choose at most a 15-year term and a 3-year-old child needs at least a 15-year term.
What does the nominee get if the policyholder dies?
After risk starts, the nominee receives the sum assured on death plus accrued bonuses and any final additional bonus. Sum assured on death is the higher of the basic sum assured or 1.25 times the single premium (1.10 times for older entrants). For minors, death before risk start returns the premium.
Can I take a loan against LIC 717?
Yes. Because the full premium is paid upfront, the policy acquires a surrender value early, and a loan can be taken against it from 3 months after the policy is issued (or after the free-look period, if later). You can borrow 50% of the surrender value in years 1 to 5, 60% in years 6 to 9 and 80% from year 10.
Is the premium of LIC 717 eligible for Section 80C?
The single premium can be claimed under Section 123 (earlier 80C) in the year you pay it, up to ₹1.5 lakh in the old tax regime. Maturity is tax-free under Schedule II (earlier Section 10(10D)) only if the premium is within 10% of the sum assured, which a single premium usually is not.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.