Lic New Endowment Assurance Plan 714

It is a non-linked life insurance plan which offers guaranteed returns in the form of Guaranteed Sum Assured and vested reversionary bonuses with Final Additional Bonus. Policy can be availed with duration of 12 years to 35 years and can be taken by any person between the ages of 8 years to 50 years.

Combination of Life insurance & investment

It gives a lump sum amount at the end of term, to take care of important milestones in your life like retirement needs, children’s education, and children’s marriage. In case of unfortunate demise, family needs are taken care of.

Discount on higher Sum Assured lic New Endowment Assurance Plan 714

A higher Sum Assured discount is offered on premium.
If Sum Assured is more than Rs.200000/- then discount is given on premium and lower premium rates applied. 

 Low Periodic Premium

Comparing Premium charged for other policies in Endowment Category, premium for New Endowment Assurance is low with good returns after completion of Term

 Profit Sharing as per Valuation

Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.

 Additional Accident Benefit of lic New Endowment Assurance Plan 714

In case of untimely demise due to an accident, an additional sum equal to purchase price will be given.By paying a small extra premium amount, you can secure your life for high insurance protection on natural or accidental death by opting DAB and Term Rider.

Advantages of lic New Endowment Assurance Plan 714

Avail Tax benefit on premium paid

Tax Free maturity amount in lic New Endowment Assurance Plan 714

Tension Free Claim Settlement

Eligibility  Criteria:

Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).

Riders Available in lic New Endowment Assurance Plan 714

LIC’s Accidental Death & Disability Benefit Rider

LIC’s Accident Benefit Rider

LIC’s New Term Assurance Rider

LIC’s Premium Waiver Benefit Rider

Death Benefit of lic New Endowment Assurance Plan 714

On death of the Life Assured during the Policy Term, Sum Assured on Death along with vested Simple Reversionary bonuses and Final Additional bonus (if any), where “Sum Assured on Death” is defined as higher of 125% Basic Sum Assured or 7 times of annualised premium.

This Death Benefit (as defined above) shall not be less than 105% of total premiums paid up to the date of death. Where,
1. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC’s Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid.

Maturity Benefit

Sum Assured on Maturity alongwith accrued Guaranteed Additions.

Guaranteed Additions at the rate of Rs. 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year.

Loan Facility is available after completion of the first policy year provided one full year’s premium has been paid.

Option to Surrender the Policy

The policy can be surrendered by the policyholder after completion of the first policy year provided at least one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of at least two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to higher of Guaranteed Surrender Value and Special Surrender Value.

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