LIC New Endowment Plan

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.

Plan Parameters

Age of Entry8 to 55 years
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term12 to 35 Years
Basic Sum Assured100000 and above ( in multiples of 5000)
Policy Revivalwithin 2 year
Mode Rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly
Higher Sum Assured Rebate0% 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
LoanAfter 3 years
SurrenderAfter 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
Age:26 Years
Yearly Premium:Rs. 23717

Maturity Details

If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.

Maturity YearMaturity AgeMaturity Amount(approx)
2036471091500

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.

YearAgeNormal Life Cover(approx)Accidental Life Cover(approx)
2015265240001024000
2016275480001048000
2017285720001072000
2018295960001096000
2019306200001120000
2020316440001144000
2021326680001168000
2022336920001192000
2023347160001216000
2024357400001240000
2025367640001264000
2026377880001288000
2027388120001312000
2028398360001336000
2029408750001375000
2030419015001401500
2031429305001430500
2032439595001459500
20334410010001501000
20344510425001542500
20354610915001591500