LIC New Endowment Plan Plan 914
Premium & Maturity Offline Calculator with Rider Options
LIC New Endowment Plan Plan 914 Overview
LIC New Endowment Plan Plan 914 is a non-linked, participating, individual endowment assurance plan. It replaces the older Plan 714, providing similar features with updated premium rates and bonus regulations.
Eligibility & Rules
- Entry Age: 8 to 55 Years
- Policy Term: 12 to 35 Years
- Minimum Sum Assured: ₹1,00,000
- Maximum Maturity Age: 75 Years
Key Plan Benefits
- Death Benefit: Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any).
- Maturity Benefit: Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any).
Detailed Maturity Benefit
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). Payable on surviving the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Age | 30 Years |
| Policy Term | 20 Years |
| Yearly Premium (Base) | ₹27,800 |
| Total Paid Premium | ₹5,56,000 |
| Total Maturity Payout | ₹11,25,000 |
Calculating…