Lic New Endowment Plan 814 Review: Lic 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
|Maximum Maturity age:||
|Premium Payment mode:||
|Documents required for fresh policy:||
Lic new endowment plan 814 rebates
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.
- Minimum Age at entry : 18 years (completed)
- 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.
- 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.
- LIC Single premium Endowment Policy 817
- LIC New Jeevan Anand Policy 815
- LIC Jeevan Rakshak Policy
- LIC Limited Premium Endowment Policy 830
- LIC Jeevan Sangam Policy 831
- LIC Jeevan Lakshya Policy 833