LIC New Endowment Plan 814 is a regular premium paying Endowment Assurance Plan which was introduced on 3rd January 2014. It provides a combination of protection and saving features. This attractive combination provides financial support anytime before the maturity to the family of a deceased policyholder. On survival of the policyholder, this LIC Endowment Plan 814 provides good lump sum amount at the time of maturity. It also provides many profits and benefits to the policyholder. The benefits, eligibility and other details are provided below.
LIC New Endowment Plan Benefits and Features
Death Benefit: If the policy pay all the due premiums then the death benefit on death of the policyholder during the policy term is
Death Benefit = “Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional bonus, if any
Where, ‘Sum Assured on Death’ is 10 times of annualized premium or higher of Basic Sum Assured. This benefit shall not be less than 105% of total premiums paid as on date of death. Where all these premiums exclude extra premium, service tax and rider premiums, if any.
Maturity Benefit: If the policy pay all the due premiums then the maturity benefit On survival of the policyholder till the end of the policy term is
Maturity Benefit = Basic Sum Assured + vested simple reversionary bonuses + Final Additional bonus, if any
- LIC New Endowment Policy (Plan 814) provides optional benefit namely LIC Accidental Death and Disability Benefit Rider.
- The Modes of premium payment are Yearly, Half-Yearly, Quarterly, and Monthly (ECS only or through Salary Deductions).
- Grace Period:
- For premium payment of yearly or half-yearly or quarterly the Grace Period is allowed for one calendar month but not less than 30 days.
- For premium payment of monthly mode, the Grace Period is allowed for 15 days.
- Surrender Value: If you pay the premium for 3 consecutive years, you can surrender the LIC New Endowment Plan 814 at any time during the policy period,
- Rebate is available on large sum assured.
- Loan: After paying premium for 3 full years, policy holder can avail the Loan Facility under this plan.
LIC New Plan 814 Eligibility Conditions
The eligibility conditions for basic plan is as follows.
|Minimum Entry Age for a Policy Holder||8 Years (Completed)|
|Maximum Entry Age for a Policy Holder||55 Years (nearest birthday)|
|Minimum Policy Term||12 Years|
|Maximum Policy Term||35 Years|
|Minimum Basic Sum Assured||Rs. 1,00,000/-|
|Maximum Basic Sum Assured||No Limit|
|Maximum Maturity Age for Policy Holder||75 Years (Nearest Birthday)|
Note: The Basic SA (Sum Assured) shall be in multiples of Rs. 5,000/-. The Entry Age for the policyholder taken as age nearest birthday except the minimum entry age (8 years).
New Endowment Policy (Plan 814) Riders – Optional Benefit
- With the payment of additional premium you can get the optional rider under LIC New Endowment Plan namely LIC Accidental Death and Disability Benefit Rider.
- If there are more than one policy and if the accident benefit exceeds total Rs. 50 Lakhs, then the benefits shall apply to the first 50 Lakhs Sum Assured.
- On death of a life assured due to the accident, an additional amount equal to Accident Benefit Sum assured is payable along with the death benefit, provided the rider (optional benefit) is in force at the time of the accident.
- On accidental permanent disability of a life assured (within 180 days from the date of accident), an amount equal to Accident Benefit Sum assured will be paid in equal monthly installments spread over 10 years and future premiums will be waived off.
Eligibility for Accident and Disability Benefit Rider
|Minimum Age of Entry for a Policy Holder||18 Years (Completed)|
|Maximum Age of Entry for a Policy Holder||55 Years (nearest birthday)|
|Maximum Cover Ceasing Age||70 Years (nearest birthday)|
|Minimum Accident Benefit Sum Assured||Rs. 1,00,000/-|
|Maximum Accident Benefit Sum Assured||An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs. 50 lakh Accident Benefit Sum Assured taking all existing policies|
LIC New Endowment Plan Premium Calculator
With the help of LIC Premium Calculator you can easily calculate the Premium amount, Death Benefit, Maturity Benefit, Rider and other factors of LIC New Endowment Plan 814. To calculate the premium amount, maturity you need to enter some values such as Policy period, Age and Sum assured.
LIC Endowment Policy (814) Rebates
For the basic LIC New Endowment Policy (plan 814), three rebates are available. They are,
- Mode Rebate
- Sum assured Rebate
- CEIS Rebate
|Yearly mode||2% of tabular premium|
|Half-yearly mode||1% of tabular premium|
High Basic Sum assured Rebate
|Basic Sum assured||Rebate|
|Rs. 1,00,000/- to Rs. 1,95,000/-||NIL|
|Rs. 2,00,000/- to Rs. 4,95,000/-||2.00 % Basic Sum Assured|
|Rs. 5,00,000/- and above||3.00 % Basic Sum Assured|
LIC New Endowment Policy completed under CEIS (Corporations Employee Insurance Scheme) will be eligible for this CEIS Rebate as a percentage of tabular premium of Basic Plan as well as AD&DB Rider Premium.
|Policy Term||% of Tabular Premium of basic plan as well as AD&DB Rider premium|
|12 to 14 years||5%|
|15 years or more||10%|
LIC Endowment 814 Plan Buying Procedure
To buy this LIC New Endowment Plan 814, you need to visit the nearest LIC Branch or LIC official website. Buying or paying premium through online is the easier way than doing it offline. The documents required to buy a fresh LIC New Endowment Plan are
- Application form/Proposal form along with the photo.
- Address proof
- Age proof
- Medical reports (if required)
LIC New Plan 814 Claim Procedure
Also, for claiming LIC New Endowment Policy 814, you may visit the nearest LIC Branch or LIC official website. Claiming for a benefit through online is the easier way than doing it offline. The documents required for the Claim Process are
- NEFT Form
- Discharge Form
- Cancel check or Bank Passbook xerox
- Policy bond
- Death certificate
- Paid-up Value: If you have paid at least 3 years premium and any subsequent premiums have not been duly paid, then this policy shall not be wholly void, but shall subsist as a Paid-up policy.
- Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
- Revivals: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may be revived during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
- Suicide Clause: If the life insured commits suicide at any time within 12 months from the commencement of risk, then the company will not allow any claim under this LIC New Jeevan Rakshak 827 Plan. Instead, he/she will be returned back with 80% of premiums he paid excluding any taxes and extra premium if any.
Get some more information on LIC New Endowment Plan
- Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
- Cooling-Off Period: You may return the policy to the corporation within 15 days from the date of receipt of the policy in case of dissatisfaction with policy conditions and terms.
- Back-Dating Interest: The policyholder can backdate the policy within the same FY (financial year). Back-dating interest as applicable at the time of policy completion. The charges will be applicable for the period in excess of 1 month.
- Policy Stamping: Policy Stamping Charges = 20 paise per 1000 of Basic Sum Assured under this LIC Jeevan Rakshak Plan.
- Assignments/Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can be made in the policy . As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.
- Proposal Form: Proposal Form Number 300 and 340 may be used under this LIC New Jeevan Anand Plan 815, which is subject to change.
Frequently Asked Questions (FAQs)
What is GSV and SSV?
Guaranteed Surrender Value:
Guaranteed Surrender Value = Percentage (Total Premiums Paid – Extra Premiums and Premiums paid for riders)
Special Surrender Value:
Special Surrender Value = Discounted Value (Paid-Up Sum Assured + Vested Simple Reversionary Bonuses)
What are the conditions to avail Loan Facility?
The conditions to avail Loan Facility are,
The maximum loan that we aill get as a % of Surrender Value for various policy terms is:
|Policy Term||% for in force policies||% for paid-up policies|
|Up to 23||90%||80%|
|24 to 27||80%||70%|
|28 to 31||70%||60%|
|32 to 35||60%||50%|