New Endowment LIC Plan 914 – Policy Detail and PDF

In the Endowment Category of LIC Policy, I’m talking about the New Endowment LIC Plan 914. Here this Policy Plan is identified by Table Number 914.

This Endowment Plan is an Individual, Life Assurance Savings Plan that has good Maturity and Death Benefits, LIC also manages the Fund Liquidity for the policyholder by providing a Loan against this Policy.

Benefits of New Endowment LIC Plan 914:

While purchasing any policy what we consider is the Maturity Benefits and Death claim, this policy fits both criteria let’s see how.

  1. Death Benefits: The family of the deceased policyholder will receive “Sum Assured on Death” along with Bonuses if any, where this Sum Assured on Death is defined as higher of Basic Sum Assured or 7 times the annual premium whichever is higher. Also, the Sum Assured on Death should not be less than 105% of the total premium paid till the death of the policyholder.
  2. Maturity Benefits: When your Policy term is completed and it is time to withdraw your Maturity Amount called “Sum Assured on Maturity” is equal to the Basic Sum Assured you chose at the time of Policy Purchase added with a Reversionary bonus and Final Additional Bonus (if any).
  3. Tax Benefits: Premium paid against this Policy per year is exempted under Section 80C and the Maturity or Death Claim is Tax-Free under Section 10(10D)
New Endowment LIC Plan 914

Read Full Policy information Download the PDF File

LIC Plan 914 Basic Conditions and Minimum Requirements:

With all Insurance policies, you will see some mandatory criteria or minimum values such as minimum sum assured amount or minimum age restriction of the policyholder. In table form, let’s check the Minimum criteria for New Endowment LIC Plan 914.

Grace Period: If you missed the Premium Payment Date then your policy will not lapse if you pay the premium before the expiry of the Grace period.

Age ConditionsMin. age – 8 years,
Max. age -55 years.
Policy TermMin. Term -12 years,
Max. Term -35 years.
SUM ASSUREDMin. Sum Assured – ₹1,00,000/- (1 Lack Rupee)
Max. Sum Assured – No Limit
PREMIUM PAYING MODEMonthly, Quarterly,
Half-yearly and Yearly (Through NACH only
or through Salary Deduction.)
Grace Period30 Days for Quarterly, Half-yearly, and Yearly,
15 Days for a Monthly
Locking Period2 Years
Loan Against PolicyAfter 3 Years

New Endowment LIC Plan 914 Calculators:

If you want to measure your benefits using any calculator; then feel free to use the links in the table below.

New Endowment LIC Plan 914 Maturity CalculatorCalculate Here
New Endowment LIC Plan 914 Surrender ValueCalculate Here
New Endowment LIC Plan 914 Bonus RatePDF Download

Options to Choose Policyholder’s Death Benefits:

If in case of death of the New Endowment LIC Plan policyholder rather than taking the Death Claim in Lumsum amount you can choose to get the payment in Instalments of monthly, quarterly, or yearly based on the following criteria.

Mode of InstalmentMinimum Amount
Monthly₹ 5,000/-
Quarterly₹ 15,000/-
Half-Yearly₹ 25,000/-
Yearly₹ 50,000/-

FAQ – Important Questions mostly asked by Users:

Q1. What is Endowment Policy Meaning?

Answer: An Endowment Policy is a category of Insurance Policy which gives benefits of Life Insurance and Return on investment of the Policy Holder. Which means you get Maturity and Death Benefits both in this Endowment Policy.

Q2. Endowment Plan vs Term Plan?

Answer: The Endowment Plan was introduced to give both death and maturity benefits to the policyholder and their family. Whereas the Term plan only gives you Death Benefits by supporting the policyholder’s family.

Q3. What is a Single Premium Endowment Plan?

Answer: Unlike other LIC Endowment plans in Single Premium Endowment Plan the Policy buyer needs to pay the Premium Amount at once in the first installment and then wait till the Policy term ends. This Policy is similar to buying any Stock at Lumsum price and waiting.

Q4. Which is Better Term Insurance or Endowment Plan?

Answer: There is no comparison between Term Insurance and Endowment Plan because both serve different purposes for the Policyholder’s life and family. Let me explain with an example.

  1. If you are the sole person earning in your family and bought a Term Insurance plan (₹1cr), but unfortunately you died, then the term insurance ensures your family expenses. This is because the Term insurance purpose is to serve in case of your death/disability, there are no Maturity benefits for the policyholder after the Term period is over.
  2. Whereas in the Endowment Plan the Policybuyer purchases this policy in the hope of Maturity Amount at the end of his/her policy term, and along with this Endowment Plan provides some amount of Death Benefits in case of death of the policyholder.
Q5. What is the Maturity Benefit of an Endowment Plan?

Answer: The Endowment Plan Maturity Benefit is calculated as Maturity Amount = Basic Sum Assured (you selected at the time of purchase) + Revisory Bonus + Final Additional Bonus. You can simply use the Calculator for exact calculations.

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