LIC New Endowment Plan (914)

LIC New Endowment Plan 914 is a life insurance policy offered by the Life Insurance Corporation of India (LIC). It is a participating, non-linked, individual life insurance plan that provides both protection and savings benefits.

Under this plan, the policyholder pays regular premiums for a specific policy term, which can range from 12 to 35 years. If the policyholder dies during the policy term, the death benefit is paid to the nominee, which includes the sum assured along with any bonuses declared by LIC.

In addition to the death benefit, the plan also offers a maturity benefit, which is paid to the policyholder if they survive the policy term. The maturity benefit includes the sum assured and any bonuses declared by LIC.

The plan also provides optional riders, such as accidental death and disability benefit rider, critical illness rider, and New Term Assurance rider, which can be added to the policy for additional protection.

LIC New Endowment Plan 914 is suitable for individuals who are looking for a combination of life insurance and savings benefits. It offers a guaranteed sum assured, along with bonuses declared by LIC, which can help the policyholder meet their financial goals.

Key Features:

Some of the key features of the LIC New Endowment Plan 914 are:

1. Plan type: It is a participating, non-linked, individual life insurance plan that provides both protection and savings benefits.
2. Policy term: The policy term can range from 12 to 35 years.
3. Premium payment modes: The policyholder can choose to pay premiums either annually, half-yearly, quarterly, or monthly.
4. Death benefit: In case of the policyholder’s death during the policy term, the nominee will receive the sum assured along with any bonuses declared by LIC.
5. Maturity benefit: If the policyholder survives the policy term, they will receive the sum assured along with any bonuses declared by LIC.
6. Bonuses: LIC may declare simple reversionary bonuses and final additional bonus on the policy.
7. Surrender value: The policyholder can surrender the policy after it has acquired a surrender value, which is determined by LIC.
8. Optional riders: The policyholder can opt for additional riders such as accidental death and disability benefit rider, critical illness rider, and New Term Assurance rider.
9. Loan facility: The policyholder can avail of a loan against the policy after it has acquired a surrender value.
10. Tax benefits: The policyholder can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

LIC New Endowment Plan Benefits:

The LIC New Endowment Plan is a non-linked, with-profits life insurance policy that provides a combination of protection and savings benefits. Here are some of the key benefits of the plan:

1. Death Benefit: In the event of the policyholder’s unfortunate demise during the policy term, the nominee will receive the Sum Assured on Death, which is the higher of the basic Sum Assured or 10 times the annual premium.
2. Maturity Benefit: If the policyholder survives the policy term, he/she will receive the Sum Assured on Maturity, which is the basic Sum Assured plus any bonuses declared by LIC.
3. Bonus: The policy participates in the profits of LIC and is eligible to receive bonuses declared by the corporation from time to time.
4. Tax Benefits: The premiums paid and benefits received under the LIC New Endowment Plan are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
5. Loan Facility: The policyholder can avail a loan against the policy after it acquires a surrender value.
6. Surrender Value: The policy acquires a surrender value after the payment of premiums for at least three full years.
7. Flexible Premium Payment Options: The policyholder can choose to pay premiums annually, half-yearly, quarterly or monthly.

Eligibility Criteria:

The eligibility criteria for the LIC New Endowment Plan are as follows:

Minimum Age: The minimum age of entry for the policy is 8 years.

Maximum Age: The maximum age of entry for the policy is 55 years.

Policy Term: The policy term for the LIC New Endowment Plan ranges from 12 years to 35 years.

Premium Payment Term: The premium payment term for the policy is equal to the policy term.

Premium Payment Mode: The policyholder can choose to pay premiums annually, half-yearly, quarterly or monthly.

Minimum Sum Assured: The minimum sum assured under the policy is Rs.1,00,000.

Maximum Sum Assured: The maximum sum assured under the policy is subject to underwriting.

It is important to note that these eligibility criteria may vary based on the age, occupation, and health of the individual, as well as other factors that may be considered by LIC at the time of underwriting. It is advisable to consult an LIC agent or visit the nearest LIC branch for more information on the eligibility criteria and other details of the LIC New Endowment Plan.