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LIC New Endowment 914

LIC New Endowment 914

LIC New Endowment 914, (UIN No. 512N277V02) is a popular participating non-linked endowment life insurance plan offered by reputable insurance companies. It combines the benefits of life coverage and savings, making it an ideal choice for individuals looking for financial protection and wealth creation. The plan provides a lump-sum payout to the policyholder upon maturity or in the event of the policyholder’s demise during the policy term.

Let’s know more about the plan!

LIC New Endowment 914, (UIN No. 512N277V02) is a popular participating non-linked endowment life insurance plan offered by reputable insurance companies. It combines the benefits of life coverage and savings, making it an ideal choice for individuals looking for financial protection and wealth creation. The plan provides a lump-sum payout to the policyholder upon maturity or in the event of the policyholder’s demise during the policy term.

Let’s know more about the plan!

new endowment 914
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KEY HIGHLIGHTS OF LIC NEW ENDOWMENT 914
KEY HIGHLIGHTS OF LIC NEW ENDOWMENT 914
Type Of PlanProtection Cum Savings Plan
Plan Number914
UIN Number512N277V02
Online AvailabilityNo
Premium Payment TermEqual To Policy Term

Features Of LIC New Endowment 914

Features Of LIC New Endowment 914

The LIC New Endowment 914 plan comes with several notable features that make it a preferred choice among individuals. Here are the key features:

LIFE COVERAGE

The plan offers life coverage throughout the policy term, ensuring financial protection for the policyholder and their family.

MATURITY BENEFITS

If the policyholder survives until the end of the policy term, they receive the maturity benefit, which is a lump-sum amount that includes the sum assured along with any accrued bonuses.

DEATH BENEFITS

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support to the family.

PARTICIPATION IN PROFITS

Policyholders are eligible to participate in the profits of the insurance company through bonuses declared.

The LIC New Endowment 914 plan comes with several notable features that make it a preferred choice among individuals. Here are the key features:

LIFE COVERAGE

The plan offers life coverage throughout the policy term, ensuring financial protection for the policyholder and their family.

MATURITY BENEFITS

If the policyholder survives until the end of the policy term, they receive the maturity benefit, which is a lump-sum amount that includes the sum assured along with any accrued bonuses.

DEATH BENEFITS

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support to the family.

PARTICIPATION IN PROFITS

Policyholders are eligible to participate in the profits of the insurance company through bonuses declared.

Eligibility Criteria Of LIC New Endowment 914

Eligibility Criteria Of LIC New Endowment 914

ParametersValues
Minimum Entry Age8 Years
Maximum Entry Age55 Years
Minimum Policy Term12 Years
Maximum Policy Term35 Years
Minimum Basic Sum AssuredRs. 1,00,000
Maximum Basic Sum AssuredNo Limit

FUNCTIONING OF LIC NEW ENDOWMENT 914 POLICY

FUNCTIONING OF LIC NEW ENDOWMENT 914 POLICY

LIC New Endowment 914 offers a range of benefits that cater to the financial needs and goals of individuals. Some key benefits include:

LUMP-SUM PAYOUT

The plan provides a lump-sum payout to the policyholder upon maturity or in the event of the policyholder’s demise during the policy term, ensuring financial security.

SAVINGS COMPONENT

Along with life coverage, the plan also acts as a savings tool, allowing individuals to accumulate wealth over the policy term.

BONUSES

Policyholders are eligible to receive bonuses declared by the insurance company, which enhance the overall value of the policy.

LOAN FACILITY

The plan offers the option to avail a loan against the policy’s surrender value, providing liquidity during emergencies.

premium payment options

LIC New Endowment 914 offers flexible premium payment options to suit the policyholder’s financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as age, sum assured, and policy term.

maturity and death benefits

The LIC New Endowment 914 plan provides both maturity and death benefits to ensure financial security for the policyholder and their family. If the policyholder survives until the end of the policy term, they receive the maturity benefit, which is a lump-sum amount that includes the sum assured along with any accrued bonuses. In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support.

LIC New Endowment 914 offers a range of benefits that cater to the financial needs and goals of individuals. Some key benefits include:

LUMP-SUM PAYOUT

The plan provides a lump-sum payout to the policyholder upon maturity or in the event of the policyholder’s demise during the policy term, ensuring financial security.

SAVINGS COMPONENT

Along with life coverage, the plan also acts as a savings tool, allowing individuals to accumulate wealth over the policy term.

BONUSES

Policyholders are eligible to receive bonuses declared by the insurance company, which enhance the overall value of the policy.

LOAN FACILITY

The plan offers the option to avail a loan against the policy’s surrender value, providing liquidity during emergencies.

Premium payment options

LIC New Endowment 914 offers flexible premium payment options to suit the policyholder’s financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as age, sum assured, and policy term.

Maturity and death benefits

The LIC New Endowment 914 plan provides both maturity and death benefits to ensure financial security for the policyholder and their family. If the policyholder survives until the end of the policy term, they receive the maturity benefit, which is a lump-sum amount that includes the sum assured along with any accrued bonuses. In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support.

Benefits Illustration - Plan No. 914

In order to understand how LIC’s New Endowment plan functions, you need to undergo an example!

Mr. Kapoor, aged 30, opts for the New Endowment 914 plan with a sum assured of Rs. 25,00,000. He selects a 35-year policy period. 

ModeBase Premium1st Year2nd Year
Yearly624486525863853

If he survives until the end of the policy term, he will receive the maturity benefit, which includes the sum assured along with any accrued bonuses. In case of his unfortunate demise during the policy term, his nominee will receive the sum assured along with any accrued bonuses.

Sum AssuredBonus (Approx.)FAB (Final Addition Bonus) (Approx.)Total (Approx.)
2500000385000006350000

If he dies before the policy’s term expires, his nominee will get a death benefit lump amount that includes earned bonus and is worth more than the basic sum assured or total yearly premium paid until his death.

riders and add-ons

LIC New Endowment 914 provides policyholders with the option to enhance their coverage by adding riders or additional benefits to the base plan. These riders offer supplementary protection for specific events or circumstances. Common riders include accidental death benefit rider, critical illness rider, and waiver of premium riders. Policyholders can choose the riders based on their individual needs and requirements.

eligibility and application

To be eligible for the New Endowment 914 plan, individuals need to meet certain criteria set by the insurance company. The minimum entry age is 18 years, and the maximum entry age typically ranges from 50 to 65 years, depending on the insurance provider. The policy continues until the policyholder’s demise or the maturity date, whichever occurs earlier. To apply for the plan, individuals need to fill out the application form and undergo the necessary medical and documentation procedures as required by the insurance company.

TAX Benefits

Premiums paid towards the New Endowment 914 plan are eligible for tax deductions under Section 80C of the Income Tax Act.Additionally, the maturity benefit and death benefit received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

CONCLUSION

The LIC New Endowment 914 plan is a comprehensive life insurance policy that provides life coverage, savings benefits, and financial protection. By understanding the plan’s features, benefits, and illustrative examples, individuals can make an informed decision about securing their financial future with this policy. It is advisable to assess your specific financial needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan before making a purchase decision.

How Does the Plan Work?

The LIC  New Endowment 914 plan works on the principle of providing life coverage and savings benefits. Policyholders need to choose the sum assured and policy term at the time of policy inception. They need to pay premiums regularly throughout the premium payment term. If the policyholder survives until the end of the policy term, they receive the maturity benefit, which is a lump-sum amount that includes the sum assured along with any accrued bonuses. In the event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support to the family.

FAQ

Most frequent questions and answers

The New Endowment Plan 914 is a life insurance policy offered by a reputed insurance company. It is a non-linked, participating endowment plan that provides life insurance and savings benefits

The New Endowment Plan 914 offers several features, including a death benefit, a maturity benefit, participation in the company’s profits, optional riders for enhanced coverage, and tax benefits.

The New Endowment Plan 914 is available to individuals who meet the entry age criteria set by the insurance company. The policy can be purchased by anyone looking for comprehensive life insurance coverage with a savings component.

In the unfortunate event of the policyholder’s demise during the policy term, the death benefit, which is the sum assured, along with any applicable bonuses, is paid to the nominee.

In the unfortunate event of the policyholder’s demise during the policy term, the death benefit, which is the sum assured, along with any applicable bonuses, is paid to the nominee.

Yes, the New Endowment Plan 914 offers a maturity benefit if the policyholder survives till the end of the policy term. The maturity benefit includes the sum assured along with any accrued bonuses.

Yes, the New Endowment Plan 914 provides additional riders for enhanced coverage. Policyholders can opt for riders such as an accidental death benefit, a critical illness benefit, or a premium waiver benefit, depending on their individual needs.

Yes, under Section 80C of the Income Tax Act of 1961, premiums made towards the New Endowment Plan 914 are tax deductible. Additionally, the maturity benefit and any applicable riders’ benefits may also qualify for tax exemptions under Section 10(10D).

It is possible for policyholders to surrender their policies before they mature. However, the surrender value will depend on the policy’s duration and the premium payment terms.

If the premium is not paid within the grace period provided by the insurance company, the policy may lapse and the benefits may cease. It is important to ensure timely premium payments to keep the policy active.

To apply for the New Endowment Plan 914, you can visit the official website of the insurance company or contact their authorized representatives. They will guide you through the application process, explain the policy’s terms and conditions, and assist you in choosing the appropriate coverage and premium payment options.