LIC New Endowment Plan is a participating plan that offers savings along with life coverage. Endowment plan differs from that of a normal term insurance plan which offers only life coverage. This plan was started since inception of LIC. Earlier this plan was called as LIC Endowment plan. From 2014 the name was changed as LIC New Endowment plan.
This plan is suitable for everyone as the minimum tenure start from 12 years to maximum 35 years. Any goal can be set with this plans as it is very flexible and start with minimum coverage.
LIC endowment plan benefits are among the best offered in the insurance market for endowment plans.
The beneficiary mentioned in the LIC new endowment plan 814 receives the total sum assured and the accrued bonus amount on the unfortunate demise of the insured life, terminating the policy. The sum assured on death is higher of
The life insured receives the basic sum assured along with bonus as maturity benefit if the policy holder stays alive during the entire tenure of the LIC endowment policy 814.
Since LIC new endowment plan 814 features it to be a participative plan, the company shares its profits as Simple Reversionary Bonus and Final Additional Bonus.
An optional add-on benefit is offered under the LIC endowment policy 814 within 180 days of the accident as additional sum assured amount to the beneficiary in case of accidental death of the insured person.
Premium and Maturity amount are eligible under Section 80C and 10(10D) of the Income Tax Act.
The policy can be surrendered before maturity after the completion of 3 years under LIC endowment policy 814.
A grace period of 30 days is given to clear the due premium. The LIC new endowment plan 814 details also offer the option of cancelling the policy within 15 days of the receipt of the documents.
|Eligibility Conditions & Restrictions|
|Minimum age||8 years (Completed)|
|Maximum age||55 years|
|Maximum maturity age||75 years|
|Policy Term||12 years to 35 years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3 years|
|Surrender||Eligible after 3 years|
|On Death||Sum Assured + Bonus is payable|
|On Maturity||Sum Assured + Bonus is payable|