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|
Final additional bonus
Features of LIC New Endowment Plan 814
Some of the critical elements of LIC new endowment plan 814 are:
- LIC plan 814 is a reliable plan that provides excellent returns and contains various benefits and bonuses.
- A reversionary bonus is provided to the assured family if the assured dies before the plan’s maturity under LIC new endowment plan 814
- LIC new endowment plan 814 provides an assured sum on a significant rebate.
- 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.
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|
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.|
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.
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.