New Endowment (714)
01
Cost-Effective Plans
PLAN 714: LIC's New Endowment Plan
DETAILS:
This is a non-linked, with-profits endowment plan that provides financial protection against death throughout the policy term with a lump sum payout at maturity for the surviving policyholder.
💰SUM ASSURED ON DEATH:
Sum Assured on Death + Vested Bonus + Final Additional Bonus (FAB) if any.
💰DEATH BENEFIT:
- Basic Sum Assured
- 7 times of annualized premium
(Subject to a minimum of 105% of total premiums paid till the date of death.)
💰MATURITY BENEFIT:
Basic Sum Assured + Vested Bonus + Final Additional Bonus (FAB) if any.
💡Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount:
Option to be exercised 3 months before Maturity and for Death Claim during the lifetime by Life Assured.
Example Illustration
📌 Age: 35 years | Sum Assured: ₹5,00,000 | Policy Term: 25 years | Premium Paying Term: 25 years
Entry at Age 35:
- In case of Death at Age 40 (6th Policy Year):
- Death Benefit: Sum Assured on Death + Bonus for full term + FAB
- At Maturity: Basic Sum Assured + Vested Bonus + FAB
Eligibility & Policy Terms
📌 Entry Age: Min: 8 years | Max: 55 years
📌 Maturity Age: Max: 65 years
📌 Policy Term: 12 to 35 years
📌 Premium Paying Term: Equal to Policy Term
📌 Minimum Sum Assured: ₹2,00,000
📌 Maximum Sum Assured: No limit
Available Riders:
✔ Accidental Death & Disability Benefit (ADDB) Rider
✔ Term Rider
✔ Critical Illness Rider
✔ Premium Waiver Benefit Rider
Premium Payment Modes & Rebates
📌 Payment Modes: Yearly, Half-Yearly, Quarterly, Monthly (SSS & NACH)
📌 Mode Rebate:
- Yearly: 2% | Half-Yearly: 1%
📌 High Sum Assured Rebate:
- ₹2,00,000 to ₹5,00,000 → Nil
- ₹5,00,000 to ₹10,00,000 → 2% of Basic SA
- ₹10,00,000 & above → 3% of Basic SA
Additional Benefits & Conditions
✔ Grace Period: 15 days (monthly) | 30 days (other modes)
✔ Policy Loan: Available after 1 full year of premium payments
✔ Surrender/Paid-Up Value: Available after 2 years
✔ Revival: Allowed within 5 years of First Unpaid Premium (FUP)
✔ Backdating: Allowed within the same financial year
Tax Benefits 💰
✅ Premium Paid: Deduction under Section 80C
✅ Maturity & Death Benefits: Exempt under Section 10(10D)
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