LIC New Endowment Plan (714)

LIC New Endowment Plan (714) – Introduction

LIC New Endowment Plan (Plan No. 714) is a traditional participating life insurance plan that offers a balanced combination of protection and savings. It is designed for individuals who want financial security for their family along with disciplined long-term savings.

Under this plan, the policyholder receives a lump sum amount at maturity, consisting of the Sum Assured along with accrued bonuses, provided the policy survives the full term. In case of the unfortunate death of the life assured during the policy term, a death benefit is payable to the nominee, ensuring financial stability for dependents.

Eligibility – LIC New Endowment Plan (714)

• Minimum Age at Entry: 8 years
• Maximum Age at Entry: 55 years
• Policy Term: 12 to 35 years
• Minimum Sum Assured: ₹2,00,000
• Maximum Sum Assured: No limit
• Maturity Age: Up to 75 years
• Premium Payment Term: Same as policy term

Maturity Benefit

If the policyholder survives till the end of the policy term and pays all due premiums, the Maturity Benefit is paid as a lump sum, consisting of: Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any)

Death Benefit

In the event of the death of the Life Assured during the policy term, provided the policy is in force, the Death Benefit is payable to the nominee as a lump sum, consisting of: Sum Assured on Death + Accrued Simple Reversionary Bonuses + Final Additional Bonus (if any).

Optional Benefit Riders

A Rider is an optional add-on benefit that provides additional protection over and above the base policy benefits, in return for an extra premium. Riders enhance the scope of coverage but cannot be purchased separately; they are available only along with the main policy.

• Accidental Death and Disability Benefit Rider (AD & DB): Provides additional financial support in case of accidental death or permanent disability during the rider term.
• Accidental Benefit Rider: Pays an extra amount equal to the rider Sum Assured if death occurs due to an accident.
• New Term Assurance Rider: Provides an additional term insurance cover, increasing the overall life cover during the rider term.
• Premium Waiver Benefit (PWB) Rider: In case of the death of the proposer during the policy term, all future premiums of the base policy are waived while the policy continues with full benefits.

Surrender

The policy may be surrendered after completion of the minimum required premium payments. On surrender, the policyholder receives the Surrender Value as per LIC rules in force.

Loan

A loan can be availed under the policy once it acquires a surrender value. The loan amount is sanctioned as a percentage of the policy’s surrender value, subject to LIC norms.

Grace Period

A grace period of 30 days from the premium due date is allowed, during which the policy continues to remain in force.

Free Look Period

The policyholder is allowed a 15-day free look period from the date of receipt of the policy document to review the terms and conditions and return the policy if not satisfied.