LIC NEW ENDOWMENT PLAN

LIC New Endowment Plan (814) Full Details

LIC NEW ENDOWMENT PLAN
LIC NEW ENDOWMENT PLAN

LIC New Endowment Plan (LIC Table No 814) is offers Guaranteed Returns with Protections because it is a traditional life insurance plan. Any Person Can Take LIC New Endowment Plan for Min. 12 yrs and Maximum 35 Yrs. Min. Age will be 8 yrs and Max. 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 of India New Endowment Plan is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus.

Key Features of LIC New Endowment Plan 814

LIC New Endowment plan is a combination of Endowment plus Term insurance.

LIC New Endowment Plan  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.

We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.

In LIC New Endowment Plan there is High Bonus and High liquidity and saving.

Read Also :    LIC's NEW ENDOWMENT PLANS                               

LIC New Jeevan Anand 915

LIC New Jeevan Lakshya 933

LIC New Jeevan Labh Endowment 936

LIC New Jeevan Umang Plan 945

Parameters/Eligibility of LIC New Endowment Plan

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 (based on underwriting decision)
PREMIUM PAYING MODEMonthly (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              – Table premium 2%.

            Half yearly     – Table Premium 1%.

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

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 814 WORK?

HOW DOES LIC'S NEW ENDOWMENT PLAN 814 WORK?

LIC New Endowment (814) Plan with an Example

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

Sum Assured: Rs.5,00,000
Policy Term: 21 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 23892

Maturity Details

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

Maturity YearMaturity AgeMaturity Amount(approx)
2037461054000

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 NormalRisk Cover AccidentalPremiumAmount Received
255250001025000236920
265500001050000232770
275750001075000232770
286000001100000232770
296250001125000232770
306500001150000232770
316750001175000232770
327000001200000232770
337250001225000232770
347500001250000232770
357750001275000232770
368000001300000232770
378250001325000232770
388500001350000232770
398850001385000232770
409125001412500232770
419400001440000232770
429675001467500232770
4310000001500000232770
4410350001535000232770
4510750001575000232770
460001075000

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: 3 years.

Loan Facility: Available.

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 2 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.

Back-dating interest: The policies can be dated back within the same financial year.

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

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation
  • Life Time Service

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

CON.9891009400 

Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

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