New Endowment Plan 914

Launched on 1st February 2020, LIC New Endowment Plan 914 (Table No. 914) is a traditional, non-linked life insurance plan that combines insurance protection with guaranteed savings. This policy is ideal for individuals who want to ensure financial security for their family and accumulate a lump sum amount for future needs such as education, marriage, or retirement.

Whether you are planning for long-term savings or want to secure your loved ones in your absence, LIC New Endowment Plan 914 offers the perfect balance of protection and wealth creation.

🔑 Key Features at a Glance

Endowment + Term Insurance Combo
Participation in Profits: Eligible for bonuses declared by LIC
Maturity Benefit: Sum Assured + Bonuses + Final Additional Bonus (FAB)
Death Benefit: Sum Assured on death + Bonus + FAB
Rider Options: Add extra protection like Accidental Rider, Critical Illness Rider, Premium Waiver, and Term Rider
Tax-Free Returns under Section 10(10D) and Premium exemption under Section 80C
High liquidity, Loan facility after 3 years
Flexible premium payment – Monthly, Quarterly, Half-Yearly, or Yearly

📋 Eligibility & Policy Parameters

Particulars	Details
Entry Age	8 to 55 years
Policy Term	12 to 35 years
Maximum Maturity Age	75 years
Minimum Sum Assured	₹1,00,000
Maximum Sum Assured	No Limit
Premium Payment Mode	Monthly (ECS/SSS), Quarterly, Half-Yearly, Yearly

💸 Rebate Details

1. Mode Rebate (Discount on Premium)

Mode	Rebate on Tabular Premium
Yearly	2%
Half-Yearly	1%
Quarterly	Nil
Monthly	Nil

2. High Sum Assured Rebate

Sum Assured	Rebate Applicable
₹1,00,000 to ₹1,95,000	Nil
₹2,00,000 to ₹4,95,000	2% of Basic Sum Assured
₹5,00,000 and above	3% of Basic Sum Assured

✅ Benefits of LIC New Endowment Plan 914

1. Maturity Benefit

If the policyholder survives the policy term:

Sum Assured
Simple Reversionary Bonus (SRB)
Final Additional Bonus (FAB) (if any)

2. Death Benefit

If the policyholder dies during the policy term:

Sum Assured on Death
(Higher of Basic Sum Assured or 7 times of annual premium)
+ Bonuses (SRB + FAB)
+ Term Rider Sum Assured (if opted)

Minimum death benefit will always be at least 105% of total premiums paid (excluding taxes and rider premiums).

📊 Example Illustration of LIC New Endowment Plan 914

Let’s understand with a real-life example:

👤 Policyholder Details:

Name: Rajesh
Age: 30 Years
Sum Assured: ₹10,00,000
Policy Term: 25 Years
Premium Payment Mode: Yearly

💰 Premium Details (Inclusive of GST):

Year	Premium Amount
1st Year	₹42,653
2nd Year Onward	₹41,734

📅 Total Premium Paid: ₹10,44,269 (over 25 years)

🎯 Maturity Calculation (Assumed Bonuses)

Component	Amount (₹)
Basic Sum Assured	10,00,000
Simple Bonus (SRB)*	11,25,000
Final Additional Bonus (FAB)*	4,50,000
Total Maturity	₹25,75,000

*Bonus values are approximate and depend on LIC’s future declarations.

☠️ Death Benefit Example (If death occurs in 12th policy year)

Component	Amount (₹)
Death Sum Assured	10,00,000
Accumulated Bonus (till Y12)	₹5,85,000
FAB (assumed)	₹0 (not paid early)
Term Rider Benefit (Optional)	₹10,00,000
Accidental Benefit (Optional)	₹10,00,000
Total Death Benefit (Accidental)	₹35,85,000

📈 Year-wise Premium & Coverage Table

Year	Age	Paid Premium	Normal Cover (₹)	Accidental Cover (₹)
2023	30	₹42,653	₹20,45,000	₹30,45,000
2024	31	₹41,734	₹20,90,000	₹30,90,000
2025	32	₹41,734	₹21,35,000	₹31,35,000
2026	33	₹41,734	₹21,80,000	₹31,80,000
…	…	…	…	…
2048	55	–	–	–
		Total Premium	₹10,44,269
		Maturity	₹25,75,000

🛡️ Additional Plan Information

Feature	Details
Loan Facility	Available after 3 policy years
Surrender Value	After 2 years of full premium payment
Policy Revival	Within 5 years from first unpaid premium
Cooling-Off Period	15 days from receiving policy
Backdating Allowed	Within same financial year
Income Tax Benefit	Section 80C (Premiums), Section 10(10D) (Returns)
Riders Available	Accidental, Term Rider, Critical Illness, PWB
Proposal Forms	Form No. 300 or 360
Suicide Clause	80% refund if suicide within 1st year

🎁 Summary of Benefits

Benefits	Amount (₹)
Guaranteed Sum Assured	10,00,000
Simple Reversionary Bonus (Estimated)	11,25,000
Final Additional Bonus (FAB – Estimated)	4,50,000
Total Maturity	₹25,75,000
Accidental Death Claim (If opted)	₹35,85,000

🧾 Why Choose LIC New Endowment Plan 914?

✔️ Secure future wealth with life cover
✔️ Stable returns with zero market risk
✔️ Regular bonuses from LIC’s profits
✔️ Perfect for family planning, children’s education, or retirement
✔️ Flexibility in premium payment and policy term
✔️ Tax-free returns and life protection