Life Insurance Corporation launched the LIC's New Endowment Plan (Table No. 814) on 3rd January 2014. LIC Plan no 814 was a simple investment plan with high bonus and liquidity facility incorporated.Under this plan also provides a healthy amount which can be used to fulfill financial requirements such as higher education of the children and marriage.The Salient Features of the plan are as under:
- This is Guaranteed Returns Plan with bonus Features.
- Large Sum Assured Rebate is available.
- Low premium when compared with other endowment plans.
- Two Rider - LIC's Accidental Death and Disability Benefit Rider also Available with this Plan.
- Term rider and accidental rider options are also available.
- Double tax benefit of section 80C & 10(10D)
The Benefits of LIC New Endowment Plan are
In case of unfortunate death of the policyholder during the policy term, the nominee will receive the Death Benefit as
Death Benefit = Sum Assured on Death + Simple Reversionary Bonus + FAB (final additional bonus).
- Sum Assured on Death is higher of basic sum assured or 10 times of annualized premium.
- Death benefit shall not be less than 105% of total premiums paid as on date of death.
Maturity Benefit: On survival till the end of the Policy Tenure, the policy holder will Basic Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any) as Maturity Benefit and the policy will be terminated.