New Endowment Assurance (Plan No.: 914)
"Get Protected Now! Don't wait until it's too late. Choose from a wide range of insurance plans and secure your future today. Click the button below to get started."
The LIC New Endowment Plan is one of the stylish programs offered by LIC India. The LIC New Endowment plan( Plan No 914) is a must- have plan because of the multitudinous benefits it provides to guests. It's anon-linked life insurance policy with guaranteed returns and a perk. The policy provides a wide range of policy term options. The policy's duration can range between 12 and 35 times. It also has an extended age limit, with anyone between the periods of 8 and 55 being suitable to use it, and this can be extended to 75 times. The Policy is entitled to regular ultra expensive payments for the duration of the policy. However, he or she's entitled to the maturity benefit, which includes the Sum Assured as well as the vested Simple Reversionary perk and the Final Addition perk, If an insured person survives the policy term. The plan is recommended by experts and has gained fashionability in the client request due to the economic benefits it provides. The plan is included in LIC's vanilla plans, which give death and maturity benefits. We'll go over the plan in detail then.
Combination of insurance and savings: The plan provides both life insurance coverage and the opportunity to save money.
Sum Assured: The policyholder can choose the sum assured, which is the minimum amount payable in case of death or maturity of the policy.
Policy Term: The policy term ranges from 12 to 25 years.
Premium Payment Term: The premium payment term is equal to the policy term, and the policyholder can choose to pay premiums either annually, semi-annually, quarterly or monthly.
Bonus: The policy accumulates bonuses, which are declared by LIC from time to time, and are added to the sum assured.
Maturity Benefit: The policyholder receives the sum assured along with the bonuses on the maturity of the policy.
Death Benefit: In case of death of the policyholder during the policy term, the nominee receives the sum assured along with the bonuses.
Tax Benefits: Premiums paid for the policy are eligible for tax benefits under section 80C of the Income Tax Act.
Loan Facility: The policyholder can avail of a loan against the policy after it has acquired a surrender value.
Surrender Value: The policy can be surrendered anytime after the completion of 3 full years, and a surrender value will be payable.
Conditions:
| Minimum | Maximum | |
| Basic Sum Assured | ₹ 100000 | No Limit |
| (The Basic Sum Assured shall be in multiples of Rs 5000/-) | ||
| Entry Age in years | 8 years Completed | 55 (Nearer Birthday) |
| Maturity Age in Years | – | 75 (Nearer Birthday) |
| Policy Term in Years | 12 | 35 |
| Payment Modes | Yearly / Half yearly / Quarterly / Monthly / Monthly(ECS) and through salary deducations(SSS) | |
Sum Assured shall be available in multiples of ₹ 5,000/-
Term Rider Conditions:
| Minimum | Maximum | |
| Basic Sum Assured | ₹ 1,00,000 | ₹ 25,00,000 |
| Entry Age in years | 18 years Completed | 60 (Nearer Birthday) |
| Maturity Age in Years | – | 75 (Nearer Birthday) |
| Policy Term in Years | 12 | 35 |
| Payment Modes | Yearly/Half yearly /Quarterly / Monthly | |
| Minimum | Maximum | |
| Basic Sum Assured | ₹ 1,00,000 | ₹ 25,00,000 |
| Entry Age in years | 18 years Completed | 55 (Nearer Birthday) |
| Maturity Age in Years | – | 70 (Nearer Birthday) |
