LIC New Endowment Plan no. 814 is a non-linked life insurance policy which offers guaranteed returns and bonus. The policy can be availed for duration of 12 to 35 years. Policy can be taken for anyone between 8 to 55 years of age and can be continued till 75 years of age. In this policy, Person Have to Pay Premium for the entire policy term. Maturity Benefit of LIC New Endowment Plan is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus.
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| New Endowment Plan 814 |
LIC New Endowment Plan Features
- This is Guaranteed Returns Plan with bonus Features.
- In this Policy Simple Reversionary Bonus is also Available on maturity or earlier death
- Person Can Take Large Sum Assured Rebate.
- Two Rider - LIC's Accidental Death and Disability Benefit Rider also Available with this Plan.
LIC New Endowment Plan Benefits
Death
Benefit – In
case of death of the Life Insured within the Policy Tenure, the
Nominee would be paid the “Sum Assured on Death” along with
vested Bonuses as Death
Benefit
and the policy would be terminated.
The
Sum Assured on Death has been defined as higher of Basic Sum Assured
or 10 times the Annualized Premium subject to a minimum of 105% of
all Premiums paid.
Maturity
Benefit – On
survival till the end of the Policy Tenure, the policyholder will Sum
Assured + accrued Reversionary Bonus + Final Addition Bonus (if any)
as Maturity Benefit and the policy will be terminated.
Income
Tax Benefit – Life
Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction
from the taxable income each year under section 80C. The Maturity
Benefit is also tax free under section 10(10)D subject to fulfilment
of all terms and conditions.
Eligibility conditions and other restrictions in LIC New Endowment Plan
Sum
Assured Minimum Rs. 1,00,000 in multiples of 5000 & Maximum
Unlimited
Policy
Term Minimum 12 Years & Maximum 35 Years
Premium
Payment Term are Equal to Policy Term
Entry
Age of Policyholder Minimum 8 Years & Maximum 55 Years
Age
at Maturity Maximum 75 Years
Payment
modes are Yearly, Half Yearly, Quarterly or Monthly
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