LIC new endowment plan 914

By | February 3, 2020

LIC New Endowment Plan 914 full details, features, benefits and Review.

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 yrs. of age. In this policy, 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 circularDownload pdf


Key Features

“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 alsoLIC new plans launched Jeevan Anand 915

Plan Parameters

ENTRY AGE Min. age – 8 yrs.

Max. age -55 yrs.

POLICY TERM Min. Term -12 yrs.Max. Term -35 yrs.
SUM ASSURED 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

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 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 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?

LIC New Endowment 914 with an Example

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

Sum Assured: Rs.5,00,000
Policy Term: 21 Years
Policy Purchase Year: 2020
Age: 25 Years
Yearly Premium: Rs. 23,892

Maturity Details

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

Maturity Year Maturity Age Maturity Amount(approx)
2041 46 10,75000

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.


New Endowment plan 914 Additional Information

Age

Risk Cover Normal

Risk Cover Accidental

Premium

Amount Received

25

525000

1025000

23692

0

26

550000

1050000

23277

0

27

575000

1075000

23277

0

28

600000

1100000

23277

0

29

625000

1125000

23277

0

30

650000

1150000

23277

0

31

675000

1175000

23277

0

32

700000

1200000

23277

0

33

725000

1225000

23277

0

34

750000

1250000

23277

0

35

775000

1275000

23277

0

36

800000

1300000

23277

0

37

825000

1325000

23277

0

38

850000

1350000

23277

0

39

885000

1385000

23277

0

40

912500

1412500

23277

0

41

940000

1440000

23277

0

42

967500

1467500

23277

0

43

1000000

1500000

23277

0

44

1035000

1535000

23277

0

45

1075000

1575000

23277

0

46

0

0

0

10,75000




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!

2 thoughts on “LIC new endowment plan 914

  1. ANURAG SRIVASTAVA

    plz send complete detailed table 914 . as i have to use premium calculator

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *