New Endowment

LIC’s New Endowment Plan Table No. 814

LIC New Endowment 814 is a plan with the premium paying terms equal to policy term, non-linked Endowment Assurance Plan with Profit. Other benefits are also available under this plan like tax benefits, loan facility and rider benefits.

Sum Assured: Minimum limit for the sum assured is Rs. Rs. 1,00,000/- and there is no maximum limit.

Policy Term: 12 to 35 Years.

Premium Paying Term: Policy Term.

Entry Age: The minimum entry age of the policy holder should be 8 years and the maximum age limit is 55 years.

Maximum Maturity Age: 75 Years.

Premium Payment Mode: Premium can be paid Monthly, Quarterly, Half Yearly or Yearly.

Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policyholder.

Death Benefits: If the Death happens after the commencement of risk, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)

Rider benefits: Accidental Death benefit is available during the policy term; accident benefit sum assured will be paid along with death benefit under the basic plan. Disability benefits are paid till 70 years of age of the policyholder.

Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D).

Liquidity Benefit: Policy holder can take the loan under this policy after completion of 3 full years of the Policy.

For simplicity study following table

PlanNew Endowment
Table814
Min Age8 Year
Max Age55 Year
Max Maturity Age75 Year
Policy Term12 to 35 Year
Premium Paying Term12 to 35 Year
Min Sum AssuredRs. 1,00,000/-
Max Sum AssuredAny
Payment ModeAll
LoanYes
Surrender3 Years

An example of New Endowment Plan, 814

Suppose someone of 30 years age is going to apply for policy 814 New Endowment Plan for the Basic Sum Assured Rs. 10,00,000/- and 25 years term. Following are Key points of the policy.

New Endowment Table 814

Age: 30 Year

Basic Sum Assured: Rs. 10,00,000/-

PlanNew Endowment
Table814
Age30 Year
Premium Paying Term25 Year
Policy Term25 Year
Basic Sum AssuredRs. 10,00,000/-
Double Accidental BenefitRs. 10,00,000/-
Premium First YearRs. 39,642/-
Premium second Year OnwardsRs. 38,789/-
Total Premium PaidRs. 9,70,578/-
Money Back At the YearNA
Money back %NA
Total Money BackNA
Maturity ReturnRs. 26,50,000/-
Total ReturnRs. 26,50,000/-
Life Time CoverNA

Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.

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