LIC New Endowment Plan 914
LIC New Endowment Plan is a participating non-market-linked plan which offers an attractive combination of protection and saving features. LIC New Endowment Plan 814 details would help you to understand the benefits of the combination which provide financial support for the family of the deceased policyholder any time before maturity and a good lump sum amount at the time of maturity for the surviving policyholders.
LIC Endowment Plan is best for those looking for short term investment. Endowment Plan the shortest premium paying term is 12 years, which is the minimum term among all plans in LIC. As the minimum entry age is 8 years, this plan suits children from age 8 to 12 for higher studies and marriage planning.
Features of LIC New Endowment plan 914
- Minimum Basic Sum Assured: Rs. 1,00,000/-
- Maximum Basic Sum Assured: No Limit
- Minimum Policy Term: 12 years
- Maximum Policy Term: 35 years
- Minimum Entry Age: 8 years (completed)
- Maximum Entry Age: 55 years (nearer birthday)
- Maximum Age at Maturity for Life Assured: 75 years
- Mode of Premium Payment: Yearly, Half-yearly, Quarterly & Monthly
- Accidental Death & Disability Benefit Rider is available on payment of additional premium.
LIC New Endowment plan 914 benefits
- On Death of the Policyholder :
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Annualised Premium, OR
ii. 105%of all Premiums paid as on death
• On Survival: On survival Basic Sum Assured + Vested Bonus + FAB if any.• Surrendered Value:
The Policy can be surrendered at any time during the policy term provided at least 3 full years of premiums have been paid.
Loan:
Loan Facility is available under this plan, after payment of premiums, for at least 2 full years.
Income Tax Benefit:
- Premium paid under this plan is eligible for TAX rebate under section 80C
- Maturity under this plan is free under sec 10(10D). Please refer to the latest tax rules.