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This policy provides a life-cover on the policy holder and gives a pay-out during the maturity period. The deceased policy holder nominates another person from the family to transfer the funds in case of unfortunate demise. LIC New Endowment Plan (T-914) is a unique combination of protection and savings. It’s a Non Linked with profits conventional plan which is best for child education and marriage.

Why New Endowment Plan

This policy provides much-needed insurance on the life which pays out the sum assured in the time of the unfortunate death of the policy holder.

Key Features

  • Cover from age group 08 to 55 years.
  • Wide policy term range from 12 to 35 years.
  • Eligible for all Bonuses and Final Addition Bonuses declared by LIC.
  • Term Rider Benefit Available
  • Double Accident Rider Available.
  • PWB Rider is also available in this plan for minors.
  • Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit up to Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
  • Loan and Surrender Facility Available.

Death Benefit

If all the premiums are paid on time, the return on the death benefits will be 105% of the premiums paid. In case of death during policy term of the plan, Sum Assured Along With Bonus and Final Addition Bonus Will Be Paid to the Nominee.

Maturity Benefit

The basic sum assured will be paid, if and only if, the premiums are paid on time and are up to date. Basic Sum Assured + Vested Bonus + FAB.

Eligibility Criteria:

Minimum Age to Apply 8 Years (Completed)
Maximum Age to Apply 55 Years (Nearest Birthday)
Policy Term (Premium Payment Term) 12 to 35 Years
Maximum Maturity Age 75 Years
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Basic Sum Assured 100000 and above ( in multiples of 5000)
Loan After 3 years
Surrender After 3 years of full premium payment
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