LIC New Endowment Plan- 914

LIC New Endowment Policy is an endowment plan wherein the policyholder can avail of the benefits of both investment and protection under the single plan. The plan offers financial protection to the family in case of the policyholder's demise. Other than this, the plan will offer a maturity benefit if he/she survives till the end of the policy term. 

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We are rated~
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6.7 Crore
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3.4 Crore
Policies Sold

LIC New Endowment Plan- An Overview

LIC New Endowment Plan- 914, offered by LIC of India, is a participating endowment plan that offers the dual benefit of protection cum saving plan. LIC New endowment plan comes with both death and maturity benefits. 

The combination of saving cum protection provides a financial cushion to the family of the deceased insurance holder during the tenure of the policy. Moreover, if the insurance buyer survives the entire tenure of the policy, then they receive the lump-sum amount as a maturity benefit at the time of policy maturity. Moreover, by providing a loan facility, LIC New Endowment Plan also manages the liquidity needs.

Earlier, LIC Endowment Plan 814 was offered by the company, which is now withdrawn and is no longer available for sale. Hence, individuals who want to secure their loved ones, can purchase LIC New Endowment Plan 914.

Key Features of LIC New Endowment Plan

  • This is a Participating Traditional Endowment Plan

  • Under this plan, the policyholder requires to pay a premium for the entire tenure of the policy.

  • The LIC New Endowment plan 914 also offers surrender benefits and loan facilities to fulfill liquidity needs.

  • On survival till the end of the policy tenure, the maturity benefit is paid to the policyholder, and the policy terminates

  • If the life insured dies within the policy tenure, the death benefit is paid to the nominee, and the policy terminates

  • LIC plan offers additional coverage as optional accidental death and disability benefit rider, which can be opted for additional premium along with the basic coverage offered by the policy.

Eligibility Criteria of LIC New Endowment Plan 914

Parameters Minimum Maximum
Entry Age (Last Birthday) 8 years 55 years
Maturity Age (Last Birthday) - 75 years
Policy Term (PT) in years 12 years 35 years
Premium Paying Term (PPT) in years Equal to the Policy term
Premium Paying Frequency Annual, half-yearly, quarterly, and monthly
Sum Assured Rs 1, 00,000 No Limit

Benefits of the New Endowment Plan 

  1. Maturity Benefit:

    If the policyholder survives the entire tenure of the policy, then at the time of maturity of the policy, he/she will receive the basic sum assured amount along with accrued bonuses as maturity benefit, and the tenure of the policy will lapse.

  2. Death Benefit:

    In case of the demise of the insured person during the policy's tenure, the beneficiary of the policy receives death benefit as the total sum assured on death along with the simple reversionary bonus or accrued bonus, and the tenure of the policy lapses.
    Sum Assured on Death is defined as higher of:

    • The basic Sum Assured as chosen at the beginning of the policy

    • 7 times of annualized premium

    Subject to a minimum of 105% of the total premiums paid as on date of death

  3. Participation in Profit:

    LIC New Endowment Plan participates in the company's profits, and the policy accumulates Simple Reversionary Bonuses and a Final Additional Bonus, which are declared based on the company's experience. A simple reversionary bonus is offered to the insured in case of the death benefit or maturity benefit, provided the policy has completed the certain minimum years.

  4. Rider Benefit for Enhanced Protection

    LIC New Endowment Plan offers 5 optional riders such as LIC’s Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, and LIC’s New Term Assurance Rider,. LIC’s New Critical Illness Benefit Rider and LIC’s Premium Waiver Benefit Rider. These riders financially protect the policyholder and their family from life’s uncertainty such as death, disability and diseases

LIC New Endowment Premium Illustration

LIC New Endowment Premium and Maturity Calculator helps the policyholder get the estimates of the premium payables and allows the policyholder to understand the maturity value of their plan.

Here is a sample illustration of annual premiums for the Basic Sum Assured of Rs. 1,00,000 /- (Tax not included) using the LIC New Endowment Premium & Maturity Calculator

Age / Policy Term Amount
15 25 35
20 6,978/- 3,930/- 2,754/-
30 7,007/- 3,994/- 2,881/-
40 7,139/- 4,239/- 3,249/-

Policy Details of LIC New Endowment Plan- 914

  1. Grace Period

    Suppose the insurance holder fails to pay the premium on time. In that case, a grace period of 30 days is offered under the policy under which the insured can pay the due premium within the pay. If the policyholder fails to pay within the grace period, the policy lapses. However, there is 2 years from the due date of the first unpaid premium for the policy to be revived.

  2. Free Look Period

    If you are unhappy with the policy's coverage and terms and conditions, you can cancel the policy within 15 days of receipt of the policy documents, provided there has yet to be a claim.

  3. Policy Termination or Surrender Benefit

    The LIC New Endowment Plan also comes with a surrender value under which a particular percentage of the premium amount is paid back to the insured if the policyholder decides to surrender the policy after the completion of 3 policy years and can also avail of the Loan.

  4. Rebates

    Mode Rebate
    Yearly mode 2% of Tabular Premium
    Half-yearly mode 1% of Tabular premium
    Quarterly, Monthly mode & Salary Deduction NIL
    High Sum Assured Rebate: Basic Sum Assured (B.S.A) Rebate
    1, 00,000 to 1,95,000 Nil
    2,00,000 to 4,95,000 2%o B.S.A.
    5,00,000 and 9,95,000 3%o B.S.A.

What is Not Covered In LIC New Endowment Policy?

In case of suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher than 80% of premiums paid or acquired Surrender Value is paid


*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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