LIC New Endowment Plan 914, features, benefits and review full details with example.
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.
- “LIC New Endowment plan 914” is a combination of Endowment 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 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 also – LIC new plans launched Jeevan Anand 915
|ENTRY AGE||Min. age – 8 yrs.
Max. age -55 yrs.
|POLICY TERM||Min. Term -12 yrs.Max. Term -35 yrs.|
Min. Sum Assured – Rs. 1, 00,000/-
Max. Sum Assured – No Limit (based on underwriting decision)
|PREMIUM PAYING MODE||Monthly (SSS, ECS), Quarterly, Half yearly, Yearly|
This plan provides discounts based on the Sum assured chosen by Policyholder. Detailed given below.
Yearly – 2%. of tabular premium
Half yearly – 1%. of tabular premium
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|
Read also – LIC new plan launched Jeevan Labh 936
LIC Plan 914 Maturity and Death Benefits
Sum Assured + Simple Reversionary Bonus + FAB (final additional bonus) if any.
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?
LIC New Endowment 914 with an Example
An example of AMIT who is purchasing this Plan with following details.
|Policy Term||21 Years|
|Policy Purchase Year||2020|
|Yearly Premium||Rs. 23,892|
If policy holder SUNIL survives the policy term 21 years then Maturity will be as under.
|Maturity Year||Maturity Age||Maturity Amount(approx)|
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.
|Age||Risk Cover Normal||Risk Cover Accidental||Premium||Amount Received|
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.
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