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LIC New Endowment Plan

LIC Endowment Plan is best for those looking for short-term investment

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 new endowment plan 814 features are mentioned below-

  • The entry age of the LIC Policy Plan 814 is 8 years to a maximum of 55 years.
  • LIC Endowment Policy 814 matures when the insured life reaches 75 years.
  • The minimum sum assured for LIC Policy Plan 814 is Rs. 1,00,000.
  • The premium tenure to ensure LIC endowment plan’s benefits is equal to the full tenure of the policy from 12 to 35 years depending on the age the policy is taken.

LIC endowment plan benefits

LIC endowment plan benefits are among the best offered in the insurance market for endowment plans.

1. Death Benefit:

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

  • Basic Sum Assured chosen
  • 10 times of annualized premium.
  • Minimum of 105%of total premiums paid as on the date of death.

2. Maturity Benefit:

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.

3. Bonus Share:

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.

4. Accidental Death and Disability Benefit Rider:

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.

5. Tax Rebate:

Premium and Maturity amount are eligible under Section 80C and 10(10D) of the Income Tax Act.

6. Policy Termination and Surrender Benefits:

The policy can be surrendered before maturity after the completion of 3 years under LIC endowment policy 814.

7. Grace Period and Free Look Period:

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 age8 years (Completed)
Maximum age55 years
Maximum maturity age75 years
Policy Term12 years to 35 years
Minimum Sum AssuredRs.1,00,000
Maximum Sum AssuredNo limit
Premium paymentYearly / Half yearly / Quarterly / Monthly (Thru Bank)
LoanEligible after 3 years
SurrenderEligible after 3 years
On DeathSum Assured + Bonus is payable
On MaturitySum Assured + Bonus is payable

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