LIC new endowment plan 914

By | April 28, 2020

LIC New Endowment Plan 914, features, benefits and review full details with example


LIC New Endowment Plan 914
LIC New Endowment Plan 914

LIC of India launched a new plan on 1st february 2020, which name is LIC New Endowment Plan 914 (LIC Table No 914) is offers Guaranteed Returns with Protections because it is a traditional life insurance plan. Any Person Can Take LIC New Endowment Plan for Minimum 12 yrs and Maximum 35 Yrs. Min. Age will be 8 yrs. and Maximum Age will be 55 Yrs. for take this Policy and can be continued till 75 years. of age.

In New Endowment Plan 914 person have to pay premium for the entire policy term. Maturity Benefit of LIC New Endowment Plan 914 is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus.

Key Features


  • “LIC New Endowment plan 914” is a combination of plus Term insurance.
  • LIC New Endowment Plan 914  participates in Profits.
  • In this Plan if person lives till end of Term of the policy will be given Maturity Benefit which is SUM ASSURED + BONUS +Final Additional Bonuses etc.
  • If person dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS + FAB till death Year.
  • You can opt for Accident and disability Benefit Rider, term rider, Critical Illness Rider and premium waiver by paying small Amount with the Premium.
  • In LIC New Endowment Plan 914 there is High Bonus and High liquidity and saving.

Read alsoLIC new plans launched Jeevan Anand 915

Parameters/Eligibility


Entry AgeMin. age – 8 yrs.
Max. age -55 yrs.
Policy TermMin. Term -12 yrs.
Max. Term -35 yrs.
Sum AssuredMin. Sum Assured – Rs. 1, 00,000/-
Max. Sum Assured – No Limit
Premium Paying ModeMonthly (SSS, ECS), Quarterly,
Half yearly and Yearly

Rebates

This plan provides discounts based on the Sum assured chosen by Policyholder. Detailed given below.

Mode Rebate

  •             Yearly – 2% of tabular premium
  •             Half yearly – 1% of tabular premium

Sum Assured Rebate

Sum AssuredRebate
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 above3.00 % Basic Sum Assured

Read alsoLIC new plan launched Jeevan Labh 936

LIC Plan 914 Maturity and Death Benefits


Maturity Benefit

Sum Assured + Simple Reversionary Bonus + FAB (final additional bonus) if any.

Death Benefit

IF the Insured person dies within the Policy Term then Nominee  of the Policy will be given  “Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus)” if any.

HOW DOES LIC’S NEW ENDOWMENT PLAN 914 WORK?

HOW DOES LIC'S NEW ENDOWMENT PLAN 814 WORK?
HOW DOES LIC’S NEW ENDOWMENT PLAN 914 WORK?

LIC New Endowment 914 with an Example


An example of AMIT who is purchasing this Plan with following details.

Sum AssuredRs.5,00,000
Policy Term21 Years
Policy Purchase Year2020
Age25 Years
Yearly PremiumRs. 23,892

Maturity Details

If policy holder SUNIL survives the policy term 21 years then Maturity will be as under.

Maturity YearMaturity AgeMaturity Amount(approx)
20414610,75,000

Year-wise Death Claim

If death happens during the policy term Before 21 years, Sum Assured + Bonus + Final Addition Bonus will be paid to nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also payable to nominee, the calculation is indicated as Accidental Life Cover. Calculation of year wise and age wise death benefit according to accumulated bonus and FAB is illustrated below.

AgeRisk Cover
Normal
PremiumLIC Return
25524000238920
26548000233770
27572000233770
28596000233770
29620000233770
30644000233770
31668000233770
32692000233770
33716000233770
34740000233770
35764000233770
36788000233770
37812000233770
38836000233770
39870000233770
40896500233770
41923000233770
42949500233770
43981000233770
441015000233770
451054000233770
46001054000

New Endowment plan 914 Additional Information


Risk Coverage: End of the Policy Term.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.

Locking period: 2 years.

Loan: Loan is available after 2 years

Income Tax Deduction:Under Section 80C for premiums paid and Section 10 (10D) for Maturity returns.

Riders available: Yes

Policy Revival: Policy can be revived before 5 years from date of First Unpaid Premium.

Suicide Clause: If insured commit suicide before 12 months, returned back 80% of premium what he paid to the nominee.

Proposal Forms: Proposal Form no. 300 or 340 will be used for this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Condition of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan.

I hope आपको मेरे द्वारा बताई गई “LIC new plan endowment 914” जानकारी अच्छी लगी होगी, अगर हाँ तो इसे अपने सभी Friends के साथ Social media पर Share जरुर करें ताकी आपकी मदद से दुसरे लोग भी इस post की जानकारी को पढ़ सकें। और नीचे दिए गए comment box में टिप्पणी भी अवश्य दें!

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