LIC New Endowment Plan (714)

LIC New Endowment Plan (Plan 714) - Overview

LIC New Endowment Plan (Plan 714) is LIC's classic endowment assurance plan. It combines life insurance protection with savings — paying out the Sum Assured plus bonuses on maturity, or the full Sum Assured plus bonuses to the family in case of the policyholder's unfortunate death during the policy term.

Key Features

• Life cover + Savings — guaranteed payout on maturity or death.
• Participating plan — eligible for simple reversionary bonus + FAB.
• Loan facility — available after surrender value is acquired.
• Tax benefits — premium under 80C (up to ₹1,50,000/year), maturity tax-free under 10(10D).
• Choice of premium modes — yearly, half-yearly, quarterly, monthly.

Eligibility

Benefits

On Maturity

• Sum Assured + Accrued Simple Reversionary Bonus + Final Addition Bonus (FAB) (if any)

On Death (During Policy Term)

• Sum Assured + Accrued Bonus till date of death + FAB (if any) — paid to the nominee.

Example Premium & Maturity

Anita, age 30, buys LIC New Endowment (714) with Sum Assured ₹10,00,000 and a 20-year term.

• Approximate yearly premium (before GST): ~₹65,000
• Yearly premium with 18% GST: ~₹76,700
• Total premiums paid (20 years): ~₹15,34,000
• Estimated bonus (@ ₹48 per ₹1,000 SA per year for 20 years): ~₹9,60,000
• Estimated FAB: ~₹1,00,000
• Total Maturity Value: ~₹20,60,000

Optional Riders

• Accidental Death & Disability Benefit (AD&DB) Rider
• New Term Assurance Rider
• Premium Waiver Benefit (PWB) Rider

Frequently Asked Questions