The LIC New Endowment Plan-714 by the Life Insurance Corporation of India (LIC) is a modified, non-linked, individual life insurance plan. Designed for savings and life coverage, this plan provides financial security for policyholders and their families, ensuring returns along with optional rider benefits.
LIC New Endowment Plan 2024 Calculator
Key Features of LIC New Endowment Plan-714
| Features | Details |
|---|---|
| Plan Type | Non-linked, individual, savings-cum-protection plan |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No upper limit (multiples of ₹5,000) |
| Policy Term | 12 to 35 years |
| Premium Paying Term | Equal to the policy term |
| Age at Entry | Minimum: 8 years; Maximum: 50 years |
| Maximum Maturity Age | 75 years |
| Loan Facility | Available after 1 policy year, subject to conditions |
| Bonuses | Simple Reversionary and Final Additional Bonuses based on LIC’s performance |
Benefits of LIC New Endowment Plan-714
- Death Benefit: Provides the higher of 7 times the annualized premium or the Basic Sum Assured, along with bonuses, ensuring a minimum payout of 105% of total premiums paid.
- Maturity Benefit: Offers Basic Sum Assured plus Simple Reversionary Bonuses and Final Additional Bonus upon policy term completion.
- Participation in Profits: Eligible policies earn annual bonuses, enhancing returns.
- Flexible Settlement Options: Allows maturity or death benefits in installments over 5, 10, or 15 years.
- Loan Facility: Access to policy loans after one year of premium payments.
- Optional Riders: Adds extra protection, including accidental coverage and premium waivers.
Rider Options
| Rider | Details |
|---|---|
| Accidental Death & Disability Benefit Rider | Additional payout on accidental death or disability. |
| Accident Benefit Rider | Payout on accidental death. |
| Premium Waiver Benefit Rider | Waives future premiums upon the proposer’s death (if the proposer is a minor’s guardian). |
| New Term Assurance Rider | Additional death benefit during the policy term. |
Premium and Rebates
| Criteria | Details |
|---|---|
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Grace Period | 30 days for yearly/half-yearly/quarterly modes; 15 days for monthly mode |
| Rebates | – 2% for yearly mode – 1% for half-yearly mode – Sum Assured-based rebates |
Eligibility and Premium Rates Example
| Age | Policy Term | Sum Assured | Annual Premium |
|---|---|---|---|
| 30 | 25 years | ₹10,00,000 | ₹52,000 |
How to Apply for LIC New Endowment Plan-714
To apply for LIC New Endowment Plan-714 follow these steps:
- Visit LIC’s Website or Branch: Access LIC’s official website or visit a nearby LIC branch.
- Consult an Advisor: Seek advice from an LIC agent to select the policy term, sum assured, and optional riders.
- Submit Documentation: Provide necessary documents like identity proof, address proof, income proof, and age proof.
- Fill the Proposal Form: Accurately complete the required application form.
- Medical Examination: Undergo a medical test if needed.
- Pay the Premium: Choose a payment mode and pay the first premium.
- Receive Policy Document: Upon approval, the policy bond will be issued.
FAQs on LIC New Endowment Plan-714
1. What is the minimum entry age for the New Endowment Plan?
The minimum entry age is 8 years, and the maximum entry age is 50 years.
2. What happens if I stop paying premiums?
If at least one year’s premium is paid, the policy acquires a paid-up value, ensuring reduced benefits.
3. What are the optional riders available?
Four riders are available, including the Accidental Death and Disability Benefit Rider and Premium Waiver Benefit Rider.
4. Are loans available under this plan?
Yes, loans are available after completing one policy year, subject to conditions.
5. How does the maturity benefit work?
On surviving the policy term, the policyholder receives the Sum Assured on Maturity plus any applicable bonuses.
Conclusion
LIC New Endowment Plan-714 is an excellent savings-cum-protection option offering flexibility, optional riders, and guaranteed benefits. It suits individuals seeking financial security with disciplined long-term savings.
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