LIC New Endowment Plan Review
- 1 LIC New Endowment Plan Review
- 2 LIC New Endowment Plan Review & Features
- 3 LIC New Endowment Policy Parameters
- 4 LIC New Endowment Plan Premium Calculator
- 5 LIC New Endowment Plan Maturity Calculator
- 6 New Lic Plan 814 Rebates
- 7 LIC New Endowment Plan Benefits
- 8 Additional Information
- 9 LIC New Endowment Plan Example
- 10 Related Lic Endowment Plans
LIC New Endowment Plan is a non-linked life insurance policy which offers guaranteed returns and bonus. LIC New Endowment policy can be availed for the duration of 12 to 35 years. LIC Endowment Plan 814 can be taken for anyone between 8 to 55 years of age and can be continued till 75 years old. In LIC’s New Endowment plan, premium needs to be paid for the entire policy tenure. The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus would be given to the Life Insured on survival till the end of the Policy Tenure. New Endowment Plan 814 Maturity Benefit is paid to the Insured after completion of the total policy payment.
Lic New Endowment Plan Calculator helps you to calculate the premium and maturity amount for Endowment Plan 814. Before buying the New Endowment policy, check the premium rates for your desired sum assured using this Lic New Endowment Premium Calculator or Lic New Endowment Maturity Calculator.
LIC New Endowment Plan Review & Features
- LIC released “Lic New Endowment Plan (814)” by little modifications of old 14 table as per new guidelines of IRDA.
- In LIC Endowment Plan 814 Calculator Service tax is added, which is 3.09%.
- LIC Endowment Plan review is a combination of Endowment Plus Term insurance.
- New Lic Endowment Plan participates in Profits.
- In LIC Endowment Plan if the person lives till the end of Term of the policy will be given Maturity Benefit, which is SUM ASSURED + BONUS +FAB (Final Additional Bonuses) etc.
- If he dies within the duration of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
- The life assured can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
- In New LIC Endowment Plan 814 has a High Bonus and High liquidity and saving point.
LIC New Endowment Policy Parameters
|Premium Paying Mode||
LIC Endowment Plan 814 Premium Chart is provided to know your Premium based on the Premium Paying mode. New Lic Endowment Plan Premium Calculator gives you information about your Premium according to your convenience by filling some details such as Name, Age, Policy term, Sum Assured, etc. Here we are providing Lic New Endowment Plan 814 Calculator, which is given below.
LIC New Endowment Plan Maturity Calculator
New LIC Endowment Plan 814 Maturity Calculator provides your Maturity Benefit based on your Age, policy term, sum assured. LIC Endowment Plan 814 illustration gives you complete details about your Maturity and Death Benefits. LIC New Endowment policy calculator is provided below.
New Lic Plan 814 Rebates
LIC New endowment policy provides discounts based on the Sum Assured chosen by Policyholder. Detailed Information about rebates is tabulated below.
Yearly – Table Premium 2%.
Half yearly – Table Premium 1%.
Sum Assured Rebate
|Rs. 1,00,000/- to Rs. 1,95,000/-||
|Rs. 2,00,000/- to Rs. 4,95,000/-||2.00 % Basic Sum Assured|
|Rs. 5,00,000/- and above||3.00 % Basic Sum Assured|
LIC New Endowment Plan Benefits
- If Life Assured Survive till the end of policy term, you will get Maturity Benefit as mentioned in the Policy.
- Sum Assured + Simple Reversionary Bonus + FAB(final additional bonus) if any.
- If the Life Insured person dies within the Policy Term, then Nominee of the Policy will be given “Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus)” if any.
- Risk Coverage: Till end of Term of the Policy.
- Date of Commencement of Risk: In the case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
- Locking period: 3 years.
- Loan Facility: Available.
- Income Tax Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.
- Housing Loan Surety: Under LIC New Endowment Plan House Loan Surety is available.
- Riders available: Yes.
- Policy Revival: Policy can be revived for 2 years from the date of First Unpaid Premium (FUP).
- Suicide Clause: If insured commit suicide before 12 months he will be returned 80% of premium what he paid.
- Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.
- Service Tax: Under LIC New Endowment policy 3.09% service tax is applicable.
- Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the plan.
- Back-dating interest: The policies can be dated back within the same financial year.
- Assignments/Nominations: Assignment and nominations are possible under this plan.
LIC New Endowment Plan Example
|P.P.Term / P.Term||
|Half Yearly Premium||
For more Information regarding the New Lic Endowment Plan, please refer the given below official link,
Click here for LIC New Endowment Plan details
LIC Single Premium Endowment Plan
LIC Limited Premium Endowment Policy