LIC Endowment Plan Maturity Calculator

Read on to know about features, benefits, and usage of the LIC Plan 814 Maturity Calculator.

What is the LIC Endowment Plan Maturity Calculator?

The LIC Endowment Plan Maturity Calculator (currently LIC Endowment Plan Maturity 714 Calculator) is an online and user-friendly tool that evaluates an approximate amount of maturity value of the LIC New Endowment Plan. Although the previous plans have been withdrawn, LIC of India has relaunched it as LIC New Endowment Plan 714. The tool helps the customers get an overview of the maturity value assured by the insurer to get an insight into the product details and reliability of the plan. The 814 LIC Plan Maturity Calculator uses the information below to evaluate the maturity sum assured of your LIC policy. 

Inputs Required for LIC Plan 914 Maturity Calculator

Sum Assured in the Plan: Minimum Sum assured in the LIC Endowment Policy is Rs. 10 lakhs, and the Maximum Sum has no limits.

Premium Payment Term: The minimum premium paying term is 12 years, and the maximum paying term is 35 years.

Date of Purchase: The LIC 914 Calculator asks for the customers' date of purchasing the plan to evaluate the date of maturity. The maximum maturity age of the plan is when the customers reach 75 or nearer their birthday.

After filling in the above details, the LIC Endowment Plan 914 Maturity Calculator will evaluate the reasonably approximate maturity amount that the customer will receive at the time of maturity.

Outputs Generated by LIC Plan 914 Maturity Calculator

Premium Payable (Excluding GST): The LIC 914 Maturity Calculator shows the estimated premium amount you need to pay monthly, quarterly, half-yearly, or yearly for the LIC New Endowment Plan 914, excluding applicable GST charges.

Estimated Maturity Benefits (Based on Bonus Rates): The LIC Plan 914 maturity calculator estimates the maturity amount by adding the basic sum assured and expected bonuses declared by LIC over the policy term.

Death Benefit Sum Assured: The LIC 914 maturity calculator also displays the death benefit payable to nominees, including the sum assured and applicable bonuses as per policy conditions.

Using the LIC New Endowment Plan 914 maturity calculator online helps you compare premium payments, maturity returns, and policy benefits before purchasing the LIC policy.

How to Use the LIC Endowment Plan Maturity Calculator?

To use the LIC 814 Maturity Calculator, you need to visit an online tool, choose the specific plan, and enter details such as your age, sum assured and policy term. This calculator will then estimate your maturity benefit, which is generally the sum assured plus bonuses. Here is a step-by-step guide on using the LIC Plan 914 Maturity Calculator: 

Step 1: Visit the official LIC website.

Step 2: Scroll down to the "How much do you need" section. Click on “Calculate Premium”.

Step 3: Enter basic details such as name, DOB, gender, etc. Click on “Next” then select “Quick Quotes”.

Step 4: Select the LIC New Endowment Policy (Plan no 714) from the plan list and hit “Coverage”.

Step 5: Fill in the required credentials, such as sum assured, policy term and click on “Quote”. 

Step 6: Click on the preferred premium paying mode and click on “Get Illustration”. 

The maturity value and the premium charged will be shown accordingly. The LIC Endowment Plan Maturity Calculator will show the sum assured amount, total bonus amount, and maturity date under the maturity value section.

Benefits of LIC Endowment Plan Maturity Calculator

LIC Endowment Plan 814 Maturity Calculator is helpful for LIC customers and especially for policyholders of the LIC Endowment Plan. This LIC Maturity Calculator helps policy seekers and policyholders calculate the maturity amount, determining the plan's suitability, affordability, and credibility. The benefits of the LIC Endowment Policy Maturity Calculator are:

Easy and Quick Evaluation: The LIC Endowment Plan 814 Calculator helps policyholders evaluate maturity without manual labour in a quick way.

Efficiency: The calculator provides a fairly approximate maturity amount, which helps the customers with further planning.

Easier Analysis: The LIC Endowment Plan Maturity Calculator helps analyse the policy details and benefits.

Error-free: The possible mistakes in manual evaluation become negligible by using the LIC Endowment Plan Maturity Calculator.

Comparison: With the help of this LIC Calculator, policy seekers can easily contrast and compare their desires and benefits of different policies under LIC Life Insurance Plans.

How is the LIC Endowment Plan Maturity Amount Calculated?

With the LIC Endowment Plan, the Paid-Up Value is the amount you will get when your policy matures. The sum assured during term maturity is reduced to the Maturity Paid-Up Sum Assured. Basically, this new amount is calculated by taking the original sum you were guaranteed at maturity and multiplying it by the ratio of the total premiums you've already paid to the maximum number of premiums you were supposed to pay initially.

For instance, 

Basic Sum Assured = X

Periods Premiums have been paid = a

Original Tenure of Premium Payments = b

Maturity Paid-Up Sum Assured = X (a: b)

The insurer will pay the Maturity Paid-Up Sum Assured along with simple reversionary bonuses and final additional bonuses (if any) at maturity. That means:

Total Maturity Amount = Maturity Paid-Up Sum Assured + Simple reversionary bonuses + Final Additional Bonuses (if any)

For example, if a 30-year-old individual purchases the LIC New Endowment Plan 714 (active plan) with a policy term of 20 years, BSA of ₹10,00,000 and a yearly premium payment mode, the LIC New Endowment Plan 714 maturity calculator may display the following estimated values:

• Annual Premium: ₹90,000 approx. (excluding GST)

• Estimated Maturity Benefit: ₹15,00,000 after 20 years

• Death Benefit: Higher of 125% of Basic Sum Assured or 10 times the annual premium

This considerable lump sum of money the insurer assures is lucrative for the customers to invest in this specific plan. This sum of money helps the policyholders in other financial crises and maximizes the money as per their convenience.

Wrapping It Up

The LIC Endowment Plan 814 Maturity Calculator will help the customers plan their maturity amount accordingly, and the policyholders will find whether the plan is appropriate to their requirements. This online tool will evaluate the amount customers can easily spend on their financial liquidities. Such a lump sum at maturity is lucrative to an already beneficial plan.

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