LIC New Endowment Plan (814) Details
New Endowment (Table No: 814) of LIC, is a basic Life Insurance plan which provides adequate life cover during policy’s term and on maturity, this plan provides a healthy amount which can be used to fulfill financial requirements like children’s higher education and marriage. This plan may be recommended for everyone because of following reasons.
- A sound combination of Life insurance and investment.
- Low premium in comparison other plan in this category.
- Eligible for bonus and Final Addition bonus declared by LIC.
- Comparatively Higher Bonus
- Double Accidental benefit with rider.
- Tax saving on premium paid.
- Tax Free maturity amount.
|Age of Entry||8 to 55 years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Policy Term||12 to 35 Years|
|Basic Sum Assured||100000 and above ( in multiples of 5000)|
|Policy Revival||within 2 year|
|Mode Rebate||2% on yearly, 1% on Half Yearly, Nil on Quarterly|
|Higher Sum Assured Rebate||0% on 0 to 1,95,000 of Sum Assured|
2% on 2,00,000 to 4,95,000 of Sum Assured
3% on 5,00,000 and above Sum Assured
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment|
LIC New Endowment Plan Example
To Illustrate the benefits of New Endowment plan, Lets take an example of a person who is purchasing this Plan with following details.
Sum Assured:Rs. 5,00,000
Policy Term:21 Years
Policy Purchase Year:2015
Yearly Premium:Rs. 23717
If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.
|Maturity Year||Maturity Age||Maturity Amount(approx)|
Year-wise Death Claims
If death happens during the policy term ( Before 21 years ), Sum Assured + Bonus + Final Addition Bonus(FAB) will paid to nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also payable to nominee, the calculation is indicated as Accidental Life Cover.Calculation of year-wise and age-wise death benefit according to accumulated bonus and FAB is illustrated below.
|Year||Age||Normal Life Cover(approx)||Accidental Life Cover(approx)|