New Endowment 714
LIC of India launched a new plan on 1st. October 2024, which name is LIC New Endowment Plan 714 is offers Guaranteed Returns with Protections because it is a traditional life insurance plan. Any Person Can Take LIC New Endowment Plan for Minimum 12 yrs and Maximum 35 Yrs. Min. Age will be 8 yrs. and Maximum Age will be 55 Yrs. for take this Policy and can be continued till 75 years. of age. 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.
When it comes to trust, safety, and guaranteed returns, Life Insurance Corporation of India (LIC) has always been the first choice for Indian families. Among its wide range of life insurance and savings products, the LIC New Endowment Plan 714 stands out as a perfect blend of insurance and savings, making it an excellent option for long-term financial planning.
In this blog, we will deep dive into LIC New Endowment Plan 714—covering its features, benefits, eligibility, examples with tabular data, maturity values, analyst opinions, multiple investor scenarios, FAQs, and how it compares with other LIC plans.
What is LIC New Endowment Plan 714?
The LIC New Endowment Plan 714 is a non-linked, participating life insurance plan. This means:
- It provides risk cover (life insurance protection) and also helps in wealth creation through savings.
- It participates in LIC’s profits by way of bonuses.
- It ensures financial security for your family in case of the policyholder’s untimely demise.
- If the policyholder survives the policy term, he/she gets maturity benefit + bonuses.
In short, it’s a dual-purpose policy that combines protection + savings, making it ideal for middle-class families, salaried individuals, and self-employed professionals.
Key Features of LIC New Endowment Plan 714
| Feature | Details |
|---|---|
| Plan Name | LIC New Endowment Plan 714 |
| Type | Endowment (Protection + Savings) |
| Policy Term | 12 to 35 years |
| Entry Age | 8 to 55 years |
| Maturity Age | Up to 75 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit (based on income) |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly (ECS/NACH) |
| Loan Facility | Available after 3 years |
| Surrender Value | Available after 3 years |
| Riders Available | Accidental Death Benefit, Critical Illness, Disability Benefit |
| Tax Benefits | Premiums eligible for Section 80C and maturity proceeds under Section 10(10D) |
Why Choose LIC New Endowment Plan 714?
- ✅ Dual Benefit: Protection + Savings.
- ✅ Low Entry Age: Starts from just 8 years (good for children’s future).
- ✅ Flexibility: Choose policy term up to 35 years.
- ✅ Loan Option: Liquidity through policy loan.
- ✅ Bonus Earnings: Participates in LIC’s annual profits.
- ✅ Tax Savings: Double advantage—save tax on premiums and maturity proceeds.
Benefits of LIC New Endowment Plan 714
1. Death Benefit
If the policyholder dies during the policy term, the nominee receives:
- Sum Assured on Death + Bonuses.
- Sum Assured on Death = Higher of (Basic Sum Assured OR 10 × Annual Premium).
2. Maturity Benefit
If the policyholder survives till maturity:
- Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (if any).
3. Participation in Profits
Since this is a participating plan, the policyholder earns bonuses declared by LIC every year.
4. Loan Facility
After paying premiums for at least 3 years, policyholders can avail loan against the policy.
5. Tax Benefits
- Premiums qualify for deduction under Section 80C.
- Maturity/death benefits are tax-free under Section 10(10D).
Example – LIC New Endowment Plan 714 with Tabular Data
Let’s take an example to understand better:
Case Study:
- Age of Policyholder: 30 years
- Sum Assured: ₹10,00,000
- Policy Term: 25 years
- Annual Premium: Approx. ₹40,000 (exclusive of taxes)
Maturity Benefit Illustration
| Year | Premium Paid (Cumulative) | Bonus Accumulated (Approx.) | Total Value at Maturity |
|---|---|---|---|
| 5 Years | ₹2,00,000 | ₹75,000 | ₹2,75,000 |
| 10 Years | ₹4,00,000 | ₹2,00,000 | ₹6,00,000 |
| 15 Years | ₹6,00,000 | ₹4,25,000 | ₹10,25,000 |
| 20 Years | ₹8,00,000 | ₹7,00,000 | ₹15,00,000 |
| 25 Years (Maturity) | ₹10,00,000 | ₹12,00,000 | ₹22,00,000 |
👉 This means, by paying ₹40,000 annually (total ₹10,00,000 over 25 years), the policyholder gets around ₹22,00,000 on maturity (including bonuses).
Analyst Opinions on LIC New Endowment Plan 714
- Financial Planners say this plan is low-risk, suitable for conservative investors who want guaranteed returns with insurance cover.
- Insurance Analysts suggest it’s best for long-term wealth creation since bonuses compound over time.
- Market Experts highlight that although returns are not as high as equity, the safety and tax benefits make it attractive for risk-averse individuals.
Investor Scenarios – Who Should Buy LIC New Endowment Plan 714?
1. Young Salaried Professionals (Age 25–35)
- Can start early, pay affordable premiums, and enjoy long-term wealth creation.
2. Parents (Age 30–45)
- Secure children’s education and marriage expenses with guaranteed maturity benefits.
3. Business Owners (Age 35–50)
- Benefit from tax savings and secure family with life cover.
4. Retirement Planners (Age 40–55)
- Choose long-term policy term (20–25 years) to receive a lump sum at retirement.
Investor Examples
Example 1:
Ravi (Age 28, IT professional) buys a 20-year LIC New Endowment Plan 714 with ₹5,00,000 Sum Assured.
- Annual Premium: ₹20,000
- Total Paid: ₹4,00,000
- Expected Maturity Value: ₹9,50,000
👉 He gets more than double of investment + life cover.
Example 2:
Seema (Age 40, homemaker) buys a 15-year plan with ₹3,00,000 Sum Assured.
- Annual Premium: ₹15,000
- Total Paid: ₹2,25,000
- Maturity Value: ₹5,50,000
👉 A safe way to grow savings while staying insured.
Expert Insights
- Not a high-return plan (compared to equity/mutual funds).
- Best suited for conservative investors looking for stability and tax benefits.
- Ideal for financial discipline since it forces long-term savings.
- Liquidity via loan is an added advantage.
Comparison with Other LIC Plans
| Plan | Type | Risk Cover | Returns | Best For |
|---|---|---|---|---|
| LIC New Endowment 714 | Protection + Savings | High | Moderate | Balanced Investors |
| LIC Jeevan Anand | Protection + Lifetime Cover | Very High | Moderate | Long-term family security |
| LIC Jeevan Labh | Limited Premium + Endowment | Moderate | Moderate-High | Early retirement planning |
| LIC Amritbaal | Child Future Plan | Moderate | Moderate | Parents securing child’s future |
FAQs on LIC New Endowment Plan 714
Q1. What is the minimum policy term for LIC New Endowment 714?
👉 12 years.
Q2. Can I take a loan against this policy?
👉 Yes, after 3 years of premium payment.
Q3. Is LIC New Endowment Plan 714 tax-free?
👉 Premiums are eligible under Section 80C, and maturity benefits are tax-free under Section 10(10D).
Q4. What happens if I stop paying premiums?
👉 The policy acquires a paid-up value after 3 years.
Q5. Is this plan better than investing in mutual funds?
👉 It depends. Mutual funds offer higher but risky returns, while LIC 714 offers safe, guaranteed returns + insurance.
Final Thoughts
The LIC New Endowment Plan 714 is one of the most trusted, secure, and balanced insurance + savings options available in India. While the returns are moderate compared to equity-linked products, the assurance of life cover, guaranteed savings, bonus participation, and tax benefits make it a perfect choice for risk-averse investors.
Whether you’re a young professional, a parent planning for your child’s future, or someone looking for retirement savings, LIC New Endowment Plan 714 ensures peace of mind, financial security, and steady growth of wealth.
👉 If you’re looking for a safe long-term investment with insurance protection, this plan is worth considering.
