LIC of India launched a new plan on 1st. October 2024, which name is LIC New Endowment Plan 714 (LIC Table No 714) is offers Guaranteed Returns with Protections because it is a traditional life insurance plan. Any person can buy LIC New Endowment Plan for Minimum 12 yrs and Maximum 35 Yrs. Minimum Age will be 8 yrs. and Maximum Age will be 55 Yrs. and can be continued till 75 years of age.

In New Endowment Plan 714 person have to pay premium for the entire policy term. Maturity Benefit of LIC New Endowment Plan 714 is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus.

Please note: You can buy now online LIC new endowment plan 714 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Key Features

• “LIC New Endowment plan 714” is a combination of endowment plus Term insurance.
• LIC New Endowment Plan 714 participates in Profits of LIC of India.
• In this Plan if person lives till end of Term of the policy will be given Maturity Benefit which is SUM ASSURED + BONUS +Final Additional Bonuses (if any).
• If person dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS + FAB (if any) till death Year.
• You can opt for Accident and disability Benefit Rider, term rider, Critical Illness Rider and premium waiver by paying small Amount with the Premium.
• In LIC New Endowment Plan 714 there is High Bonus, High liquidity and saving.

Parameters/Eligibility

Rebates

This plan provides 2 types of rebates to the Policyholder. Detailes are given below.

Mode Rebate

• Yearly – 2% of tabular premium
• Half yearly – 1% of tabular premium

Sum Assured Rebate

LIC Plan 714 Maturity and Death Benefits

Maturity Benefit

Sum Assured + Simple Reversionary Bonus + FAB (final additional bonus) if any.

Death Benefit

If the Insured person dies within the Policy Term then Nominee of the Policy will be given “Death Benefit (Sum Assured on Death) + Simple Reversionary Bonus + FAB (final additional bonus)” if any.

If policy holder survives the policy term (i.e. 21 years), Maturity will be as under.

New Endowment Plan 714 Additional Information

Risk Coverage: End of the Policy Term.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.

Locking period: 1 years.

Loan: Loan is available after 1 years

Income Tax Deduction: Under Section 80-C for premiums paid and Section 10 (10D) for Maturity returns.

Riders available: You can opt for Accident and disability Benefit Rider, term rider, Critical Illness Rider and premium waiver by paying small Amount with the Premium.

Policy Revival: Policy can be revived before 5 years from date of First Unpaid Premium.

Suicide Clause: If insured commit suicide before 12 months, returned back 80% of premium what he paid to the nominee.

Proposal Forms: Proposal Form no. 300 or 360 will be used for this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Condition of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan.