LIC New Endowment 714

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.

Normal Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Term Rider Sum Assured (If opted).

Accidental Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Basic Sum Assured+ Term Rider Sum Assured (If opted).

To understand year-wise death claim, suppose death happens in year 2035, by that policy year, total paid premium will be 543461 and Normal Life Cover and Accidental Life Covers will be 2585000 and 3585000 respectively. Please refer to highlighted row in the above table.

Please Note: Above LIC New Endowment Plan 714 calculation for helping people to understand this plan and it is based on personal understanding of this plan. Bonus is based on already declared or earlier bonus rates by LIC Of India of New Endowment Plan 714 and FAB is based on declared FAB rate of similar endowment plan type.

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.