LIC of India launched a new plan on 1st. October 2024, which name is LIC New Endowment Plan 714 (LIC Table No 714) is offers Guaranteed Returns with Protections because it is a traditional life insurance plan. Any person can buy LIC New Endowment Plan for Minimum 12 yrs and Maximum 35 Yrs. Minimum Age will be 8 yrs. and Maximum Age will be 55 Yrs. and can be continued till 75 years of age.
In New Endowment Plan 714 person have to pay premium for the entire policy term. Maturity Benefit of LIC New Endowment Plan 714 is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus.
Please Note: In view of the IRDAI (Insurance Products) Regulations, 2024, Master Circular on Life Insurance Products, 2024 and other relevant Circulars issued by IRDAI, it has been decided to modify LIC’s New Endowment Plan (Plan No. 914), Unique Identification Number (UIN: 512N277V02). The new Plan Number for this modified LIC’s New Endowment Plan shall be 714 and UIN shall be 512N277V03. |
Please note: You can buy now online LIC new endowment plan 714 through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
Key Features
- “LIC New Endowment plan 714” is a combination of endowment plus Term insurance.
- LIC New Endowment Plan 714 participates in Profits of LIC of India.
- In this Plan if person lives till end of Term of the policy will be given Maturity Benefit which is SUM ASSURED + BONUS +Final Additional Bonuses (if any).
- If person dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS + FAB (if any) till death Year.
- You can opt for Accident and disability Benefit Rider, term rider, Critical Illness Rider and premium waiver by paying small Amount with the Premium.
- In LIC New Endowment Plan 714 there is High Bonus, High liquidity and saving.
Parameters/Eligibility
| ENTRY AGE | Min. age – 8 yrs. Max. age – 55 yrs. |
| POLICY TERM | Min. Term – 12 yrs. Max. Term – 35 yrs. |
| SUM ASSURED | Min. Sum Assured – Rs. 2, 00,000/- Max. Sum Assured – No Limit |
| PREMIUM PAYING MODE | Monthly (SSS, ECS), Quarterly, Half yearly and Yearly |
Rebates
This plan provides 2 types of rebates to the Policyholder. Detailes are given below.
Mode Rebate
- Yearly – 2% of tabular premium
- Half yearly – 1% of tabular premium
Sum Assured Rebate
| SUM ASSURED | REBATE |
|---|---|
| Rs. 2,00,000/- to Rs. 5,00,000/- | NIL |
| Rs. 5,00,000/- to Rs. 10,00,000/- | 2.50% Basic Sum Assured |
| Rs. 10,00,000/- and above | 4.00 % Basic Sum Assured |
LIC Plan 714 Maturity and Death Benefits
Maturity Benefit
Sum Assured + Simple Reversionary Bonus + FAB (final additional bonus) if any.
Death Benefit
IF the 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.
| CALCULATION DETAILS | ||
| Sum Assured: 1000000 | Age: 30 | Term: 25 |
| Death Sum Assured: 1000000 | AD & DB Sum Assured: 1000000 | Term Rider Sum Assured: 1000000 |
| Death Sum Assured is higher of 100% of Basic Sum assured (1000000) or 7 times of Annualised Premium (285712). So Death Sum Assured or Sum Assured on Death in this case will be 1000000. | ||
PREMIUM DETAILS (Including GST)
| 1st Year Premium (With GST) | ||
| Yearly Half-yearly Quarterly Monthly 42653 21555 10892 3630 | ||
| 2nd Year Premium Onwards (With GST) | ||
| Yearly Half-yearly Quarterly Monthly 41734 21091 10658 3552 | ||
| Premium include Goods and Services Tax (GST). The present GST Rate for First Policy Year is 4.5%, and second year onwards the rate becomes 2.25%. | ||
| MATURITY DETAILS | ||
| Sum Assured Bonus (approx.) FAB (approx.) Total Maturity (approx.) 1000000 1125000 450000 2575000 | ||
| Maturity value of LIC New Endowment plan 714 is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB) if any. |
| YEAR-WISE POLICY DETAILS | ||
| Normal Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Term Rider Sum Assured (If opted). Accidental Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Basic Sum Assured+ Term Rider Sum Assured (If opted). To understand year-wise death claim, suppose death happens in year 2035, by that policy year, total paid premium will be 543461 and Normal Life Cover and Accidental Life Covers will be 2585000 and 3585000 respectively. Please refer to highlighted row in the above table. | ||
| Please Note: Above LIC New Endowment Plan 714 calculation for helping people to understand this plan and it is based on personal understanding of this plan. Bonus is based on already declared or earlier bonus rates by LIC Of India of New Endowment Plan 714 and FAB is based on declared FAB rate of similar endowment plan type. |
| Plan Benefits for You | Amount |
| Guaranteed Sum Assured | 1000000 |
| Bonus | 1125000 |
| FAB | 450000 |
| Maturity Returns on 25th Years | 2575000 |
| Plan Benefits for Nominee/Family After You | Amount |
| On Death Before Maturity (Guaranteed Sum Assured) | 1000000 |
| If Accidental Death (DAB Paid) | 1000000 |
| As on death bonus paid | 585000 |
| As on death FAB paid | 0 |
| Term Rider Benefit (if Opted) | 1000000 |
| Total Payable to Nominee (Tax Free) | 3585000 |
New Endowment plan 714 Additional Information
Risk Coverage: End of the Policy Term.
Date of Commencement of Risk: In 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: 1 years.
Loan: Loan is available after 1 years
Income Tax Deduction: Under Section 80-C for premiums paid and Section 10 (10D) for Maturity returns.
Riders available: You can opt for Accident and disability Benefit Rider, term rider, Critical Illness Rider and premium waiver by paying small Amount with the Premium.
Policy Revival: Policy can be revived before 5 years from date of First Unpaid Premium.
Suicide Clause: If insured commit suicide before 12 months, returned back 80% of premium what he paid to the nominee.
Proposal Forms: Proposal Form no. 300 or 360 will be used for this plan.
Cooling-off Period: If a policyholder is not satisfied with the Terms and Condition of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.
Backdating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations is possible under this plan.
