LIC of India launched a new plan on 1st February 2020, which name is LIC New Endowment Plan 914 (LIC Table No 914) 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 914 person have to pay premium for the entire policy term. Maturity Benefit of LIC New Endowment Plan 914 is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus.

Please note: You can buy now online LIC new endowment plan 914 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Key Features

• “LIC New Endowment plan 914” is a combination of endowment plus Term insurance.
• LIC New Endowment Plan 914 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 914 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. 1, 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. 1,00,000/- to Rs. 1,95,000/-	NIL
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 Plan 914 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 914 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

Year Age Paid Premium Normal Life Cover (Approx.) Accidental Life Cover (Approx.) 2023 30 42653 2045000 3045000 2024 31 41734 2090000 3090000 2025 32 41734 2135000 3135000 2026 33 41734 2180000 3180000 2027 34 41734 2225000 3225000 2028 35 41734 2270000 3270000 2029 36 41734 2315000 3315000 2030 37 41734 2360000 3360000 2031 38 41734 2405000 3405000 2032 39 41734 2450000 3450000 2033 40 41734 2495000 3495000 2034 41 41734 2540000 3540000 2035 42 41734 2585000 3585000 2036 43 41734 2630000 3630000 2037 44 41734 2695000 3695000 2038 45 41734 2745000 3745000 2039 46 41734 2795000 3795000 2040 47 41734 2845000 3845000 2041 48 41734 2905000 3905000 2042 49 41734 2970000 3970000 2043 50 41734 3045000 4045000 2044 51 41734 3140000 4140000 2045 52 41734 3285000 4285000 2046 53 41734 3430000 4430000 2047 54 41734 3575000 4575000 2048 55 1044269 Maturity Amount 2575000

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 914 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 914 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 914 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: 2 years.

Loan: Loan is available after 3 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 15 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.