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New Endowment Plan (Table No 814)



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:

Key Features:

  • 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)

 

 New Endowment Plan Eligibility Criteria:   
Minimum Age at Entry 8 Years (Completed)
Maximum Age at Entry 55 Years(Nearest Birthday)
Maximum Maturity Age 75 Years(Nearest Birthday)
Policy Term 10 Years to 35 Years
Minimum Sum Assured 75000/- 
Maximum Sum Assured No Limit (sum assured in multiple 5000/-) 
Policy Mode

Yearly,Half-Yearly,Quaterly,Monthly (NACH only)

Premium Calculator

 

Rebate Of Mode Of Premium

Yearly-- 2%

Half-Yearly-- 1%

Quaterly & Monthly-- Nil

 

High Sum Assured Rebate

75,000 to 1,95,000 -- Nil

2,00,000 to 4,95,000 -- 2% on B.S.A.

5,00,000 and Above  -- 3% on B.S.A

Loan After payment of premiums for at least 3 full years
Surrender Allowed after 3 year
Revival Within 2 Years of lapse
 

 

The Benefits of LIC New Endowment Plan are

Death Benefit:

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.

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