LIC New Endowment Plan 714

Read more to know about LIC New Endowment Plan 714 in detail.

LIC New Endowment Plan 714- An Overview

LIC New Endowment Plan 714 is a participating plan that offers the dual benefits of protection and savings. It comes with death and maturity payouts, which are paid as financial support to the family of the deceased policyholder or as a lump-sum amount at the time of policy maturity. Due to its participating nature, the 714 plan is entitled to share profits as declared by LIC of India, which is distributed as Simple Reversionary Bonus + Final Addition bonus in the policy payout. Moreover, the New LIC Endowment Plan also helps in emergencies by providing a loan facility. The LIC New Endowment Plan can easily be purchased offline from LIC.

The plan was previously sold as LIC Endowment Plan 914, which LIC is now withdrawn and relaunched as LIC New Endowment Plan 714.

Key Features of LIC New Endowment Plan 714

• Participating Endowment Plan: The LIC New Endowment Plan is a participating, non-linked Endowment Plan

• Dual Benefits: The 714 LIC plan (previously LIC New Endowment Plan 914) offers savings and protection

• Flexibility to:

  • Choose the time for which protection is needed with a range of policy term options

  • Choose the payment of the death benefit and maturity benefit (under Settlement option) in instalments

  • Choose the premium payment frequency as per your comfort

• Optional Riders: LIC New Endowment Plan (Plan-914), currently plan no. 714, also provides optional riders, which can be opted for at an additional premium along with the base coverage offered by the policy.

• Loan Facility: The LIC New Endowment Plan 714 provides loan facilities to fulfil liquidity needs.

• High-sum assured rebates: One of the LIC New Endowment Plan benefits includes rebates if your sum assured is high.

Eligibility Criteria of LIC New Endowment Plan 714

Benefits of the New Endowment Plan 714

The New Endowment Plan by Life Insurance Corporation of India offers a combination of financial protection and savings, helping you secure your family’s future while building long-term wealth. Here are the key benefits that make the LIC Plan 714 a smart choice for your financial goals.

• Maturity Benefit:
  If the policyholder survives the entire policy tenure, upon maturity he/she will receive the basic sum assured amount, along with accrued bonuses, as a maturity benefit, and the policy will lapse. The LIC Endowment Plan 714 offers this maturity amount with bonuses. New customers and policyholders can use LIC New Endowment Plan 914 Maturity Calculator for knowing how much amount they will receive upon the plan’s maturity.

• Death Benefit:
  If the insured person dies during the policy's tenure, the beneficiary receives the death benefit as the total sum assured on death along with the simple reversionary bonus or accrued bonus, and the policy's tenure 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

  This death benefit shall not be less than 105% of the total premiums paid as of the date of death.

• Death benefit in instalment or Settlement option (If Maturity benefit is paid):

  In the LIC New Endowment Plan there are options to receive the death benefit in instalment instead of a lump sum. The maturity benefit can also be received in instalments using the Settlement option. For both cases here is the breakdown of the payout:

  Mode of Instalment payment	Minimum Instalment Amount (Rs)
  Monthly	5,000
  Quarterly	15,000
  Half-yearly	25,000
  Yearly	50,000

• 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 a certain minimum number of years.

• Rider Benefit for Enhanced Protection:
  LIC Plan Number 914 (currently 714) offers five optional riders such as LIC's Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s Critical Illness Health Rider and LIC’s Premium Waiver Benefit Rider. These riders financially protect the policyholder and their family from life’s uncertainties such as death, disability and diseases.

Note: You can only select either the LIC Accidental Death and Disability Benefit Rider or LIC Accident Benefit Rider in the LIC 714 plan.

LIC New Endowment Premium 714 Sample Premium Example

Here is an example of annual premiums of LIC's New Endowment Plan for the Basic Sum Assured of Rs. 2,00,000 using the LIC New Endowment Premium & Maturity Calculator.

LIC New Endowment Plan calculator helps the policyholder get the estimates of the premium payables and allows the policyholder to determine the maturity value of their plan.

Note: You can easily calculate your LIC Plan 714 premiums using the LIC premium and maturity calculator.

Optional Riders Available in New Endowment Plan 714

LIC New Endowment Plan 714 offers 5 additional riders for enhanced coverage. However, a policyholder can select either the Accident Benefit Rider or Accidental Death and Disability Benefit Rider with any other eligible rider.

• LIC’s Accidental Death and Disability Benefit Rider

  It protects you financially when the accident results in death or total disability. In the event of accidental death, the rider sum assured is paid as a lump sum. In the case of disability, monthly instalments are paid for 10 years and future premiums are waived.

• LIC’s Accident Benefit Rider

  This rider gives extra rewards in the form of a lump sum if the life insured dies because of an accident. A cheaper and simpler accident protection rider.

• LIC’s New Term Assurance Rider

  This rider provides an enhanced life cover for the policy duration. When the policyholder who has purchased the rider dies, the nominee receives a death benefit which is additional to the basic coverage and is equal to the rider sum assured.

• LIC’s Premium Waiver Benefit Rider 

  Works well for child/daughter life insurance policies. If the proposer dies, all future premiums get waived off, whereas the benefits of the policy remain intact.

• LIC’s Critical Illness Health Rider

  Upon the diagnosis of any of the specified critical illnesses lump sum is paid. It also provides monthly Assisted Living Benefits for the selected diseases.

LIC New Endowment Policy Details

The following are the LIC Plan 714 details you should be aware of:

• Grace Period
  If the policyholder can't pay the premium on time, a grace period of 15 days is allowed for monthly payments and 30 days for yearly, half-yearly or quarterly premium payments . During this time, the policy stays active, and the policyholder remains covered. In case the premium is not paid before the last date of grace period, the policy lapses.

• Free Look Period
  If the policyholder is not satisfied with the terms and conditions of the policy, they may return it to the insurer within 30 days from the date of receiving the Policy Document, either in physical or electronic form, whichever is earlier, along with a written explanation of their objections.

• Surrender
  The LIC Endowment Plan 714 can be surrendered after completing 1st year of the policy, provided the premium for one complete year has been paid

• Policy Termination

  The 714 LIC Plan will automatically end when any of the following happens, whichever comes first:

  • Date when the lump sum death benefit or last death benefit instalment is paid.

  • Date when the surrender value is paid out.

  • On the maturity date, if the settlement option is not chosen.

  • When the final settlement instalment is paid.

  • If the loan interest is not paid on time.

  • If the policy is not revived within the revival period and hasn’t become paid-up.

  • When the free-look cancellation refund is paid.

  • If the policy is forfeited.

• Paid-Up Policy
  If less than one full year’s premium is paid and the next premium is missed, the policy will lapse after the grace period, and no benefits will be payable. However, if at least one full year’s premium is paid, and further premiums are not paid, the policy will continue as a paid-up policy for the remaining term.

• 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
  ` 2,00,000 to less than Rs. 5,00,000	Nil
  ` 5,00,000 to less than Rs. 10,00,000	2.5% of B.S.A.
  ` 10,00,000 and above	4.00% of B.S.A.

• Policy Revival
  A lapsed policy can be revived within a period of five consecutive years from the date of the first unpaid premium, and before the policy's maturity date.

Exclusions In LIC New Endowment Plan 714

Suicide. If the life assured (whether sane or insane) dies by suicide within 12 months (1 year) from the date of risk commencement and the policy is in force, the nominee or beneficiary will be entitled to 80% of the total premiums paid till the death date. 

If the life assured (whether sane or insane) dies by suicide within 12 months (1 year) from the policy’s revival date, the amount payable will be the higher of 80% of the total premiums paid till the death date or the surrender value available on that day. In such cases, no other claims or benefits will be paid under the policy. 

How to Buy LIC Endowment Plan 714?

LIC New Endowment Plan 714 is available offline only and cannot be purchased directly online. Here is how to buy it:

Step 1: Visit your nearest LIC of India branch

Step 2: Meet an authorised LIC agent or customer service representative who will explain the plan, clarify your doubts, and help you fill the application form

Step 3: Carry the following documents:

• Identity proof (Aadhaar, PAN, Passport)

• Address proof

• Age proof

• Income details and bank details

Step 4: Complete the proposal form accurately with all personal, health, and financial details

Step 5: Pay your first premium to activate the policy

For queries, contact the LIC Customer Care toll-free number: +91-022 6827 6827

LIC New Endowment Plan 714 Calculator

The LIC New Endowment Plan 714 Calculator is a free online tool that helps you estimate:

• Annual premium payable (including GST) based on your age, sum assured, and policy term

• Expected maturity amount including Simple Reversionary Bonus and Final Additional Bonus

• Death benefit at any point during the policy term

• Loan and surrender value eligibility at different stages

How to Use the LIC New Endowment Plan 714 Calculator

Step 1: Enter your age at entry (between 8 and 55 years)

Step 2: Enter your desired sum assured (minimum ₹2,00,000)

Step 3: Select your policy term (12 to 35 years)

Step 4: Choose your premium payment mode (yearly, half-yearly, quarterly, or monthly)

Step 5: Optionally add the Accidental Death and Disability Benefit Rider

Step 6: Click Calculate to view your estimated annual premium, maturity value, and death benefit

Why Use the Calculator Before Buying?

• Confirms whether the premium fits your monthly or annual budget

• Allows you to compare different sum assured and tenure combinations

• Helps you understand the impact of mode-wise rebates and GST on total outgo

• Provides a realistic maturity value expectation before committing to the plan

Use the LIC New Endowment Plan 714 Premium and Maturity Calculator on the official LIC of India website or visit your nearest LIC branch for a printed benefit illustration.

LIC Resources

FAQs