LIC New Endowment Plan 814

LIC New Endowment Plan 814 Details

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LIC New Endowment Plan 814 Details

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  • Post last modified:November 8, 2023

LIC new endowment plan 814 is a great insurance plan if you want something to fulfill your long-term goals. For example, a person could take LIC’s new endowment plan 814 if they wanted a life cover during the term. It is a reliable plan with various benefits. However, once the plan gets mature, you will be given a considerable amount that you can use to satisfy your long-term financial needs. LIC new endowment plan 814 is an excellent plan for long-term financial markets such as child marriage, education, etc. Still, many other services came under this plan and a best to satisfy short-term needs. However, this article will provide information about LIC’s new endowment plan 814, its key features, benefits, and LIC 814 plan details.

Details of LIC 814 Plan

Below we have provided you with some basic LIC 814 plan details that can be used while applying for a LIC new endowment plan 814:

Age of entry 8 – 55 years
Premium paying mode Yearly, half-yearly, quarterly, monthly
Policy term 12 – 35 years
Basic sum assured 100000and above
Policy revival Within two years
Premium mode rebate 2% on yearly, 1% on half yearly, nil on a quarterly
Higher sum assured rebate 0% on 0 to 1,95,000 of the sum assured

2% on 2,00,000 to 4,95,000 of the sum assured

3% on 5,00,000 and above sum assured

Loan After three years
surrender After three years of full premium payment
Bonus Reversionary bonus

Final additional bonus

Features of LIC New Endowment Plan 814

Some of the critical elements of LIC new endowment plan 814 are:

  1. LIC plan 814 is a reliable plan that provides excellent returns and contains various benefits and bonuses.
  2. A reversionary bonus is provided to the assured family if the assured dies before the plan’s maturity under LIC new endowment plan 814
  3. LIC new endowment plan 814 provides an assured sum on a significant rebate.
  4. The benefits of accidental death and disability benefit riders are an amazing feature of LIC’s new endowment plan 814.

Benefits under LIC New Endowment Plan 814

LIC endowment plan 814 is a healthy plan for those who want long-term protection. It provides a range of benefits to its customers. However, some of the most common benefits of LIC’s endowment plan 814 are :

1. Death Benefits

Death benefits are a premium benefit provided under LIC’s endowment plan 814. In this benefit, however, even the other benefits are only offered to the nominee if the assured person dies before the plan’s maturity. Once the assured fails, the plan terminates after the payment of the assured amount.

2. Maturity Benefits

Maturity benefits are the benefits provided under the LIC’s endowment plan 814. If the assurance is made till the end of the maturity date and paying all the money is on time. The insured will be provided with the sum guaranteed + accrued reversionary bonus + additional bonus at the end of the maturity.

3. Income Tax Benefits

If you’re a LIC’s endowment plan 814 holder, you’ll be provided income tax benefits as you have a plan of more than 150,000. Then you’ll get a chance not to pay any income tax and be provided some deduction in other expenses. It is one of the most beneficial features of LIC Endowment Plan 814.

Also Read: LIC Single Premium Endowment Plan 917 Maturity Calculator

LIC New Endowment Plan 814 Maturity Details

To provide you with detailed and transparent information on LIC endowment plan 814, we have provided you with a hypothetical situation. Suppose a holder has survived the policy term of 21 years. Then the maturity will be:

Maturity year  Age Maturity amount
2036 47 1091500

As we have informed you before if the insured’s death occurs before the policy term’s maturity, then the nominee will be provided with the sum assured + bonus+ final addition bonus will be provided to the family to satisfy the day-to-day needs of the family.

Calculations in Case of Accidental Death of an Insured Person

However, in any case, if the insured faced any accidental death, then the calculation of death and other benefits is provided below given table:

year Age Average life cover ( approx ) Accidental life cover approx.
2015 26 524000 1024000
2016 27 548000 1048000
2017 28 572000 1072000
2018 29 596000 1096000
2019 30 620000 1120000
2020 31 644000 1144000
2021 32 668000 1168000
2022 33 692000 1192000
2023 34 716000 1216000
2024 35 740000 1240000
2025 36 764000 1264000
2026 37 788000 1288000
2027 38 812000 1312000
2028 39 836000 1336000
2029 40 875000 1375000
2030 41 901500 1401500
2031 42 930500 1430500
2032 43 959500 1459500
2033 44 1001000 1501000
2034 45 1042500 1542500
2035 46 1091500 1591500

Advantages of LIC New Endowment Plan 814

LIC’s endowment plan 814 is pretty expensive because of the various premium benefits provided by this. You have to make a choice widely, and only you can get the benefit. However, some of the LIC’s endowment plan 814advantages are:

1. Two-in-one Benefits

There are many advantages of an endowment plan. However, being a multitasking plan is one of the prime advantages of LIC’s new endowment plan 814. Opting for LIC’s new endowment plan 814 will give you dual benefits such as a life insurance policy and a savings scheme. If you want to earn money, you can invest your lump sum amount in various schemes and get different benefits from every scheme. It turns out to be a two-in-one benefit of the LIC endowment plan 814 holders.

2. Tax Benefits

If you’re a LIC new endowment plan 814 holder, then undoubtedly, tax benefits are one of the mandatory advantages you’ll get. You do not have to pay tax on the lump sum you’ll get on the plan’s maturity. However, you must pay tax when your premium is over 1 lakh.

3. Significant Savings

LIC new endowment plan 814 is a very beneficial plan to satisfy your long-term needs. Usually, parents take an endowment plan as the support system for the later expenses of their children. However, LIC’s new endowment plan 814 can be used for more considerable expenses such as child marriage, higher education, etc. Therefore, it is the best way to save money for the future.

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If you need to learn more about endowment plans and spend your money without planning, then LIC’s new endowment plan 814 is for you. It will help you to get a good return on your money, and you can satisfy all your goals with the help of this plan. Moreover, if you’re a LIC’s endowment plan 814 holder, the endowment plan provides a lump sum amount of money at the end of the maturity of the plan, and later, you can use this money for further investments. In this article, we have discussed all the essential details of LIC’s endowment plan 814 above, which can help you later.

LIC New Endowment Plan 814 Details – FAQs

Is the LIC endowment plan taxable?

Ans. No, the LIC endowment plan is tax-free. You get income tax benefits for more than 1,50,000. However, tax you must pay tax for premiums over 1 lakh.

Is the endowment plan guaranteed?

Ans. Yes, endowment plans provide guaranteed returns on the plan’s maturity and various benefits.

Is an endowment fund is asset or income?

Ans. An endowment fund is an asset that includes cash and cash equivalents, funds, accrued interest, restricted investments, etc.

Does the LIC new Endowment plan 814 get converted into a pension plan after maturity?

Ans. No, LIC’s new Endowment plan doesn’t provide this benefit. This plan is non-convertible and pays a single lumpsum amount after maturity.

Is there any natural death benefit under LIC’s new Endowment plan 814 after 5 years of payments?

Ans. For the natural death of the insured person under LIC’s new Endowment plan 814, The amount paid to the nominee will be sum assured plus a bonus accumulated in 5 years.

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