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New Endowment Plan (Table No. 814)

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%
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.

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