Lic New Endowment Plan 814 Review, Details

Lic New Endowment Plan 814 ReviewLic New Endowment Plan 814 is a regular premium paying endowment assured plan with profits. This is almost similar to the old LIC of India endowment plan (plan no. 14) with few changes to match with new IRDA guidelines. This plan is a non-linked plan claiming an attractive combination of protection and saving features. On death nominee will get minimum amount of 105% of total premium paid.

In this article we will share lic new endowment plan 814 details and key features. Not only that we also guide you to use the lic new endowment plan 814 premium calculator and lic new endowment plan 814 maturity calculator and din out the desired premium amount and maturity value. Keep the reading this article to know more about this policy.

LIC new endowment plan 814 illustration

  • Entry age is reduced to 8 years. Maximum age limit is 55 years
  • Policy term is changed to 12-35 years from 5-55 years
  • Minimum sum assured increased to 1,00,000
  • Death benefit of minimum 105% of total premium paid
  • Rebate on large sum assured plan
  • Accidental death and disability benefit can be availed
  • Get income tax benefits for the premium payment

Eligibility LIC new endowment plan 814

Entry age:
  • Minimum: 8 years (completed)
  • Maximum: 55 years (nearest birthday)
Maximum Maturity age:
  • 75 years (nearest birthday)
Policy term:
  • Minimum: 12 years
  • Maximum: 35 years
Premium Payment mode:
  • Yearly, Half-yearly, Quarterly or Monthly mode (through ECS only or through salary deductions)
Sum Assured:
  • Minimum: Rs.1,00,000/-
  • Maximum: No limit.
  • Sum Assured shall be in multiples of Rs. 5000/-
Documents required for fresh policy:
  • Application form/Proposal form along with photo.
  • Address proof
  • Age proof
  • Medical reports (if required)

Lic new endowment plan 814 rebates

Mode Rebate:
Yearly mode                               –       2% of Tabular Premium
Half-yearly mode                       –       1% of Tabular premium
Quarterly & Salary deduction   –      NIL

High Sum Assured Rebate:
Basic Sum Assured (B.S.A)                 Rebate (Rs.)
1, 00,000 to 1, 95,000             –           Nil
2, 00,000 to 4, 95,000             –           2.00 %o B.S.A.
5, 00,000 and above               –           3.00%o B.S.A.

Lic new endowment plan 814 benefits

In this section check out maturity benefits and death benefits of this policy.

In case of survival till the policy end, one will get Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any as maturity benefit.

In case of sudden death during the policy premium paying term, his/her family or nominee will get ‘Sum assured on Death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any as Death benefits.

One will also get Accidental Death and Disability Benefit Rider (AD and DB) as optional by paying additional premium to extend the policy benefit. There are certain eligibility rules for Accidental Death and Disability Benefit Rider for lic new endowment policy.

  1. Minimum Age at entry                                :  18 years (completed)
  2. Maximum Age at entry                                : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
  3. Maximum cover ceasing age                       :  70 years (nearest birthday)

Premium payment can be done by yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy. E.g.: Sum assured:  1,00,000, Age: 25 years and policy term : 12 years

Yearly (Rs): 8810
Half Yearly (Rs): 4450
Quarterly (Rs): 2248
Monthly (Rs): 749

In case you missed out the premium payment due date, then there will be a grace period of one month but not less than 30 days will be allowed for payment of  yearly or half-yearly or quarterly premiums and 15 days for monthly mode.

One can surrender lic new endowment plan only after paying complete 3 years of premium payment. Otherwise the policy will be considered as lapsed policy.

One can avail loan against lic new endowment plan 814.

There is a clause of suicide, in case life insurer die within first 12 months of policy then only 80% of the sum assured amount will be paid back to nominee.

As per the cooling-off period clause, you can return or cancel the policy within 15 days of receiving the policy documents. make sure you have gone through all terms & conditions before buying this policy.

Lic new endowment plan 814 calculator

You have to visit LIC of India premium calculators page and choose your policy to calculate the premium amount as per your expected sum assured value.

Lic new endowment plan 814 premium chart

Check out the premium chart by visiting the policy benefit page of LIC of India official website. If you are looking to download lic new endowment plan 814 pdf version, then you have to be little disappointed. There is no such format available on LIC official website.

Lic new endowment plan 814 maturity calculator

If you consider the example above the maturity amount after 12 year will be 1,00,000 + 3% yearly bonus (3000 x 12) = 1,36,000 (approx). On maturity you will also get a FAB (final accured bonus) which will be around 20% of sum assured. So total gain will be around 1,56,000. And you will pay 8810 x 12 = 1,05,720.

For more information about Lic new endowment plan 814 circular and other details, keep a track of LIC of India official website. You can also check out other Endowment polices from LIC of India below.

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9 Comments

  1. hi .sir this hardeep singh i want to know that i took policy lic new endowment plan 814 term of 35 year
    now i want to reduce the term to 20 yearwith same premium.can be possible
    thanks

  2. Hi Sushanta,

    Please need your valuable advise on my below queries:

    Annual Savings Around Rs. 900,000/- (after deducted all family expenses)
    Age: 35 yrs.
    Working in IT sector (abroad)
    Do not have any loan
    I have one SBI-RD A/C with Rs. 50000/- per month for 16 months,
    one Post Office RD with Rs.12000/- per month for 3 yrs.
    one LIC -814 endowment plan – Rs. 41018/- yearly premium (15 yrs terms)

    Those above mentioned investments are correct for me ? or please advise for further best secured investments by remaining amount.

    Also please advise, that approx what would be the claim amount of my above mentioned LIC policy after 15 years. ?

    Thanks in advance.

    1. Personally I follow PPF Account + SIP Mutual Fund way to build long term wealth creation. For short terms goals I prefer recurring deposits.
      Off-course I bought a pure term plan.

  3. dear santanu,
    i am mathavan. 23 years old.i am eager to saving the money.it should be include tax savings.
    can i go insurance or investment….pls tell your valuable comments

    Regards,
    P.Mathavan

  4. Hi

    I took a policy to myself and to my wife under LIC New Endowment Plan on 20/10/2014 with a monthly premium of RS.13400 & 5354 respectively & maturity period of 15/10/2030 , I done only single payment (Monthly Payment) only for this policies .Now I want to cancel that policy . Please advise if I cancel that policy Can I get all money paid & how much time it will take for getting money back.

    Expecting your kind reply for my queries

    Thanks & Regards

    Mohammed Hyder

    1. Hi Hyder,

      It is clear that you have purchased that policy to save tax in a hurry. If you don’t want to continue this policy, then it is better to avoid further premium payments. This way your policy will be lapsed.
      How much money you have paid so far? You can check out the lapse policy rules to get your questions answered.

  5. First let me give you some idea on my position:

    Earning : 5 Lakhs/ Annum
    Age : 26 year
    Loan : 50K/year (Only two installment left 2016 and 2017)

    I haven’t invested in any plan yet but seriously looking for 3 things now:

    1. Tax savings (2nd priority)
    2. Personal savings (1st priority)
    3. Life insurance benefits (3rd priority)

    I really don’t have idea on how to invest as very recently I have entered into Software industry.

    It would be very helpful if you advise me how to start investing, where and how much.

    1. Hi Sunil,

      It is very nice to hear that you have realized the power of investing in your early stage of life. 🙂
      But before suggesting anything, you have to share few more information. Like your current liabilities, do you have any dependents (married, kids, parents etc), any short term target etc. This will help to plan your investment.

      1)First of all keep aside money for your loan payment. Clear all your debts as soon as possible.
      2) if you don’t have any dependent then no need of life insurance.
      3) If you want to accumulate money for 2-3 years horizon, then bank FD or RD could be the best option to start with. You can easily open a FD online also. These days couple of banks provide 6% interest on deposit. If you want to keep the money for some emergency funding them you may open such account. But read the terms and conditions carefully.
      http://www.mydailylifetips.com/how-to-open-fixed-deposit-scheme-online-sbi/
      4) If you want to make a corpus after 10+ years then PPF, MF investment could be the best investment products. As per your age I would say divide your contribution and invest majority is MF by starting a SIP. Rest keep in PPF. In fact you can buy gold as well.
      http://www.mydailylifetips.com/start-investing-in-gold-for-long-term/
      5) If you are thinking about tax saving, then your above investments will automatically take care about that. Besides investments there are many ways to save tax. Don’t buy insurance plans to save tax.
      http://www.mydailylifetips.com/income-tax-saving-options-other-than-80c/
      6) I hope your company is providing you a health insurance cover. Again you have to review it whether this is enough for you and your dependent and if require you have to buy more health cover outside your default company policy.

      Do you think I have answered your queries? Let me know..

Comments are closed.