Life Insurance Corporation launched the LIC's New Endowment Plan (Table No. 814) on 3rd January 2014. LIC Plan no 814 was a simple investment plan with high bonus and liquidity facility incorporated.Under this plan also provides a healthy amount which can be used to fulfill financial requirements such as higher education of the children and marriage.The Salient Features of the plan are as under:
Key Features:
This is Guaranteed Returns Plan with bonus Features.
Large Sum Assured Rebate is available.
Low premium when compared with other Endowment Plans.
Two Rider - LIC's Accidental Death and Disability Benefit Rider also Available with this Plan.
Term rider and accidental rider options are also available.
Double tax benefit of section 80C & 10(10D)
New Endowment Plan Eligibility Criteria | |
---|---|
Minimum Age at Entry | 8 Years (Completed) |
Minimum Age at Entry | 55 Years(Nearest Birthday) |
Maximum Maturity Age | 75 Years(Nearest Birthday) |
Policy Term | 10 Years to 35 Years |
Minimum Sum Assured | 75000/- |
Maximum Sum Assured | No Limit (sum assured in multiple 5000/-) |
Policy Mode | Yearly, Half-Yearly, Quaterly, Monthly (NACH only) Premium Calculator |
Rebate Of Mode Of Premium | Yearly-2% Half-Yearly-1% Quaterly & Monthly-Nil |
High Sum Assured Rebate | 75,000 to 1,90,000 - Nil 2,00,000 to 2,90,000 - 2% on B.S.A. 3,00,000 - 3% on B.S.A |
Loan | After payment of premiums for at least 3 full years |
Surrender | Allowed after 3 year |
Revival | Within 2 Years of lapse |
The Benefits of LIC New Endowment Plan are
Death benefit:
In case of unfortunate death of the policyholder during the policy term, the nominee will receive the Death Benefit as
Death Benefit = Sum Assured on Death + Simple Reversionary Bonus + FAB (final additional bonus).
Sum Assured on Death is higher of basic sum assured or 10 times of annualized premium.
Death benefit shall not be less than 105% of total premiums paid as on date of death.
Maturity Benefit:
On survival till the end of the Policy Tenure, the policy holder will Basic Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any) as Maturity Benefit and the policy will be terminated.
Related Links
Aadhaar Shila Plan (TABLE NO. 844)
New Endowment Plan (Table No. 814)
Jeevan Labh Plan (Table No. 836)
Jeevan Lakshaya Plan/Kanyadaan Plan (Table No. 833)
Aadhaar Stambh Plan (Table No. 843)
New Jeevan Anand Plan (Table No. 815)
Jeevan Pragati Plan (Table No. 838)
Limited Premium Endowment Plan (Table No. 830)
New Money Back Plan (Table No. 820)
LIC New Money Back Plan 25 Years (Table No. 821)
LIC Children Money Back Plan( Table No. 832)
LIC Jeevan Shiromani Plan
( Table No. 847)
Jeevan Umang Plan (Table No. 845)
New Jeevan Anand Plan (Table No. 815)
Jeevan Akshay (VI) (Table No. 189)
Pradhan Mantri Vaya Vandana Yojana (Table No. 842)
LIC Children Money Back Plan ( Table No. 832)
LIC Jeevan Tarun Plan (Table No. 834)
Jeevan Utkarsh (Table No. 846)
Single Premium Endowment Plan (Table No. 817)
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