LIC NEW ENDOWMENT PLAN
New Endowment Plan is a non-linked plan This is a Regular premium paying with .Profits Endowment Assurance plan. combination of protection and saving features. This plan also takes care of liquidity needs through its loan facility.
LIC New Endowment policy available for the duration of 12 to 35 years. Endowment Plan 814 can be taken for anyone between the age 8 to 55 years and continued till 75 years old. Premium paid for the policy term. Sum Assured + Vested Simple Reversionary Bonus +Final Additional bonus, Provided all due premiums have been paid If any, shall be payable. This death benefit shall not be less than 105% of all the premiums paid as on date of death. service tax, extra premium and rider premiums exclude premiums
Features of Lic New Endowment plan
LIC New Endowment Plan Features & Benifits
LIC released Lic New Endowment Plan (814)
As per new guidelines of IRDA by small changes 14 table.
LIC Endowment Plan combination of Endowment Plus Term insurance.
In LIC Endowment Plan 814 Calculator Service tax is added, with is 3.09%.
Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any shall be payable.
paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
Accidental Death & Disability Benefit Rider(ADDB):
Accidental Death and Disability Benefit Rider is available is an optional rider by payment of additional premium.
Eligibility Conditions for ADDB Rider:-
Min Entry Age:— 18 years
Max Entry Age:— 55 Years
Max ABSA :— Rs.1 Lack
Max ABSA:– Equal to Basic Sum Assured
Max Cover Ceasing Age : 70 years
ABSA in Multiples of :- Rs 5000
In New LIC Endowment Plan 814 has a High Bonus and High liquidity and saving point.
Minimum age – 8 years.
Maximum age – 55 years.
Policy Term Minimum Term -12 years.
Maximum Term – 35 years.
Max. Maturity age 75. years
Sum Assured Minimum SUM ASSURED – Rs. 1, 00,000/-.
Maximum SUM ASSURED – No Limit
Mode Monthly (SSS, ECS), Quarterly, Half yearly, Yearly.
LIC New Endowment Plan Premium Chart
LIC Endowment Plan 814 Premium Chart is provided
LIC New Endowment Plan Maturity Calculator
Lic New Endowment Plan 814 Rebates
LIC New Endowment policy provides discounts based on the Sum Assured chosen by Policyholder. Detailed Information about rebates is below.
Yearly Table Premium 2%.
Half yearly Table Premium 1%.
Sum Assured Rebate
Sum Assured Rebate
Rs. 1,00,000/- to Rs. 1,95,000/- NIL
Rs. 2,00,000/- to Rs. 4,95,000/- 2.00 % Basic Sum Assured
Rs. 5,00,000/- and above 3.00 % Basic Sum Assured
any LIC New Endowment Plan Benefits
Locking period: 3 years.
Loan Facility: Available.
Risk Coverage: Till end of Term of the Policy.
Income Tax Reduction: Available under Section 80C for premiums paid and
Section 10 (10D) for Maturity returns.
Housing Loan Surety: Under LIC New Endowment Plan House Loan Surety is
Riders available: Yes.
Policy Revival: Policy can be revived for 2 years from the date of First Unpaid
Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.
Service Tax: Under LIC New Endowment policy 3.09% service tax is applicable.
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and
Conditions” of the policy, he/she may return the policy within 15 days from the
date of receipt of the plan.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: Assignment and nominations are possible under this plan.
For more Information regarding the New Lic Endowment Plan, please refer the below official link,