LIC New Endowment Plan Plan 714
Offline Premium & Maturity Calculator with Rider Options
LIC New Endowment Plan Plan 714 Overview
LIC's New Endowment Plan Plan 714 is a non-linked, participating, regular premium individual life assurance plan. It offers an excellent combination of protection and savings. The plan provides financial support for the family of the deceased policyholder at any time before maturity and a good lump sum amount at the time of maturity for the surviving policyholders.
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.
- Maturity Benefit: Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus.
- Savings & Protection: Classic combination ensuring corpus creation and family security.
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 of Policyholder | 30 Years |
| Policy Term | 20 Years |
| PPT (Premium Paying Term) | 20 Years |
| Yearly Premium (Approx, Base) | ₹27,800 |
| Total Premiums Paid (Approx) | ₹5,56,000 |
| Bonus (Approx) | ₹4,50,000 |
| FAB (Approx) | ₹1,75,000 |
| Total Maturity | ₹11,25,000 |
Calculating…