LIC New Endowment Plan 914 – A Smart Choice for Secure Future
Life Insurance Corporation of India (LIC) has always been at the forefront of providing reliable and secure insurance solutions. One such promising plan is the LIC New Endowment Plan 914, a comprehensive savings-cum-protection scheme that ensures financial stability and a secure future for policyholders and their families.
What is LIC New Endowment Plan 914?
LIC New Endowment Plan 914 is a non-linked, participating, individual life assurance plan that offers the dual benefit of life coverage and savings. The plan provides a lump sum payout at maturity along with bonuses, making it an excellent choice for individuals looking for long-term wealth accumulation and security.
Key Features of LIC New Endowment Plan 914
- Dual Benefit: Combines life insurance coverage with long-term savings.
- Maturity Benefit: Sum assured along with bonuses paid at policy maturity.
- Death Benefit: In case of the policyholder’s demise during the policy term, the nominee receives the sum assured along with additional bonuses.
- Bonus Benefits: Eligible for Simple Reversionary Bonuses and Final Additional Bonus as declared by LIC.
- Loan Facility: Policyholders can avail of loans against their policy after a certain period.
- Tax Benefits: Premiums paid qualify for tax deductions under Section 80C and the maturity benefit is tax-free under Section 10(10D) of the Income Tax Act.
Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 8 years | 55 years |
| Maturity Age | – | 75 years |
| Policy Term | 12 years | 35 years |
| Sum Assured | Rs. 1,00,000 | No Limit |
Benefits of LIC New Endowment Plan 914
1. Death Benefit
In case of unfortunate death during the policy term, the nominee receives:
- Sum Assured on Death (Higher of Basic Sum Assured or 7 times the annual premium)
- Accrued Bonuses (Simple Reversionary Bonus + Final Additional Bonus, if applicable)
2. Maturity Benefit
Upon policy maturity, the policyholder will receive:
- Basic Sum Assured
- Accrued Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
3. Loan Facility
After paying premiums for a specified period, policyholders can avail of a loan against their policy to meet financial needs.
4. Surrender Value
If a policyholder discontinues the policy after a certain period, a surrender value is paid as per LIC’s terms.
5. Tax Benefits
- Premiums paid are deductible under Section 80C
- Maturity and death benefits are exempt under Section 10(10D)
Why Choose LIC New Endowment Plan 914?
- Ideal for individuals seeking long-term financial security with life coverage.
- Provides assured savings along with insurance protection.
- Offers attractive bonuses that enhance the overall returns.
- Loan facility ensures liquidity in times of need.
- Reliable and trusted brand – LIC of India.
Who Should Buy LIC New Endowment Plan 914?
- Individuals looking for a safe investment option with life cover.
- Those who want to build long-term wealth with added security.
- Parents planning for their children’s future expenses.
- Working professionals seeking tax-saving options along with life protection.
How to Buy LIC New Endowment Plan 914?
- Visit the nearest LIC branch or connect with a LIC agent.
- Buy the plan online through the official LIC website.
- Consult with a financial advisor to choose the right sum assured and policy term.
Conclusion
LIC New Endowment Plan 914 is a well-structured savings-oriented life insurance plan that not only provides financial security but also ensures systematic wealth accumulation. Whether you’re looking for risk-free savings, tax benefits, or life coverage, this plan serves as a comprehensive solution for your financial goals.
For expert guidance and easy policy issuance, visit LICFuture.com today!
