LIC New Endowment Plan-914 Premium Calculator

Are you seeking a life insurance policy that combines protection with savings? Look no further than LIC New Endowment Plan-914. In this guide, we’ll walk you through the key features of the plan and show you how to use the premium calculator to estimate your premium based on factors like age, policy term, and sum assured. Let’s dive in and explore the benefits of this comprehensive life insurance policy.

What is the LIC New Endowment Plan-914?

The LIC New Endowment Plan-914 by the Life Insurance Corporation of India (LIC) is designed to provide financial security and savings for individuals aged between 8 and 55 years. The policy offers flexibility with a term ranging from 12 to 35 years, and the maximum age at maturity is 75 years.

The maturity amount you receive at the end of the policy term is composed of three main components:

1. Basic Sum Assured: The guaranteed amount payable upon maturity.
2. Accumulated Simple Reversionary Bonus: Bonuses accrued over the policy term.
3. Final Additional Bonus (FAB): A bonus paid at the end of the policy term for added financial benefit.

Comprehensive Coverage and Optional Riders

Death Benefit

In case of the policyholder’s demise during the policy term, the LIC New Endowment Plan-914 ensures comprehensive coverage. The death claim includes:

• Death Sum Assured: Either the basic sum assured or 7 times the annualized premium, whichever is higher.
• Accumulated Simple Reversionary Bonus (up to the date of death)
• Final Additional Bonus (FAB)
• Term Rider Sum Assured (if selected)
• Accidental Rider Sum Assured (in case of accidental death, if chosen)

Optional Riders

Policyholders can opt for additional riders to enhance coverage, such as:

• Accidental and Disability Benefit Rider
• Term Assurance Rider
• Accidental Benefit Rider
• Premium Waiver Benefit Rider

These riders offer added protection, giving you peace of mind in case of unforeseen events.

How to Use the LIC New Endowment Plan-914 Premium Calculator

Calculating the premium manually can be tricky, but LIC offers a user-friendly premium calculator for the New Endowment Plan (Table-914). Here’s how you can use it:

1. Visit the LIC Premium Calculator or go to the premium calculator section on the New Endowment Plan page.
2. Enter key details such as your age, policy term, and sum assured.
3. Click “Calculate” to instantly view the premium amount based on your inputs.

The calculator provides a quick and accurate estimate, helping you make an informed decision about your policy.

Premium Calculation Example and Benefits

Let’s illustrate how the premium calculation works with an example:

Imagine a 30-year-old individual opts for the LIC New Endowment Plan-914 with a policy term of 20 years and a sum assured of ₹10,00,000. Here’s what the premium calculation and benefits might look like:

• First-year premium (with GST, for different payment modes)
• Second-year onward premiums (for various payment modes)

Benefits include:

• Total Premium Paid
• Minimum Risk Cover
• Maximum Risk Cover
• Estimated Maturity Amount

By using the calculator, you can easily assess how much premium you’ll need to pay and the potential benefits you’ll receive at maturity.

Conclusion

The LIC New Endowment Plan-914 by LIC is an excellent life insurance solution for individuals seeking both protection and savings. With its flexible policy term, optional riders for enhanced coverage, and tax benefits, this plan offers a well-rounded approach to achieving your financial goals.

Make use of the LIC premium calculator to estimate your premium based on age, policy term, and sum assured, and secure your financial future with the LIC New Endowment Plan-914. Before making any decisions, it’s always advisable to consult with a licensed insurance professional to ensure the plan suits your specific needs.

For more information on the LIC New Endowment Plan-914, visit the LIC website or reach out to your nearest LIC branch for personalized advice.