• Premium rates are approximate and based on LIC’s official calculation structure
• GST: 4.5% first year & 2.25% from second year onwards
• Bonus estimated using LIC historical declaration trends
• Maturity Benefit = Sum Assured + Bonus + Final Additional Bonus
• Death Benefit = Higher of (125% SA, 10× Annual Premium, 105% Premiums Paid)
• Loan available after payment of 2 full years premium
• Final Additional Bonus estimated for policies above 15 years.
• Actual premiums and bonuses may vary as per LIC underwriting rules.
• This plan was withdrawn on 01 October 2024 for new sales.
What is LIC New Endowment Plan 914?
The LIC New Endowment Plan 914 is a traditional insurance and savings policy offered by the Life Insurance Corporation of India. It is a participating, non-linked endowment insurance plan designed to provide both financial protection and long-term savings benefits to policyholders.
This plan became popular among individuals seeking guaranteed financial security along with bonus-based wealth accumulation through a traditional LIC policy.
LIC New Endowment Plan 914 Launch and Withdrawal Details
When Was LIC New Endowment Plan 914 Introduced?
LIC New Endowment Plan 914 remained available for several years before 2024 and became one of LIC’s widely chosen endowment policies.
When Was LIC New Endowment Plan 914 Withdrawn?
LIC officially discontinued New Endowment Plan 914 for new business from October 1, 2024. It was replaced with an updated version known as LIC New Endowment Plan 714, introduced with revised features and premium structures.
Existing policyholders under Plan 914 continue to receive benefits according to original policy terms.
Main Features of LIC New Endowment Plan 914
LIC New Endowment Plan 914 was a participating endowment policy, meaning policyholders participated in LIC profits through bonus additions.
The policy provided:
- Life insurance protection during the policy term
- Savings accumulation through regular premium payments
- Annual simple reversionary bonuses declared by LIC
- Final additional bonus wherever applicable
- Loan facility against policy after payment of required premiums
The plan was suitable for individuals planning long-term financial goals such as education expenses, marriage planning, retirement savings, or family security.
Eligibility Criteria for LIC New Endowment Plan 914
What Were the Eligibility Conditions for LIC New Endowment Plan 914?
| Parameter | Details |
|---|---|
| Minimum Entry Age | 8 years |
| Maximum Entry Age | 55 years nearest birthday |
| Maximum Maturity Age | 75 years |
| Policy Term | 12 years to 35 years |
| Premium Paying Term | Equal to policy term |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No fixed limit subject to income eligibility |
| Premium Payment Modes | Yearly, half-yearly, quarterly, monthly |
| Loan Facility Availability | After payment of 2 to 3 years’ premiums |
The plan offered flexibility in policy duration and premium payment frequency according to individual financial needs.
Key Features and Benefits of LIC New Endowment Plan 914
1. Life Cover and Death Benefit
In case of the policyholder’s death during the policy term, the nominee received the Sum Assured on Death along with accrued bonuses.
The death benefit payable was the highest of:
- 125% of Basic Sum Assured
- 10 times the annual premium
- 105% of total premiums paid until death
This ensured substantial financial support for the family.
2. Maturity Benefit
If the policyholder survived until maturity, LIC paid:
- Basic Sum Assured
- Accrued Simple Reversionary Bonuses
- Final Additional Bonus if applicable
The maturity amount provided a lump sum corpus for future financial goals.
3. Bonus Benefits
As a participating policy, LIC declared simple reversionary bonuses annually depending on company profits. Eligible policies could also receive a final additional bonus at maturity.
4. Loan Facility
After payment of at least two full years’ premiums, policyholders became eligible to avail loans against the policy according to LIC rules.
5. Surrender Value
If the policyholder surrendered the policy after paying at least two years’ premiums, LIC paid either:
- Guaranteed surrender value, or
- Special surrender value
whichever was higher.
6. Paid-Up Value
If premium payments stopped after payment of minimum required premiums, the policy did not lapse immediately but converted into a paid-up policy with reduced benefits.
7. Tax Benefits
- Premiums qualified for tax deduction under Section 80C of the Income Tax Act
- Maturity and death benefits remained tax-free under Section 10(10D) subject to prevailing tax laws
8. Flexible Premium Payment Modes
The policy allowed premium payments through multiple modes including:
- Monthly
- Quarterly
- Half-yearly
- Yearly
This flexibility helped policyholders manage premiums according to their budget and convenience.
LIC New Endowment Plan 914 Calculator
LIC New Endowment Plan 914 had premium rates that varied according to factors such as age, policy term, sum assured, and premium payment mode. Because manual premium calculation could be complicated, LIC and various insurance platforms provided online calculators to estimate policy benefits and premium amounts.
What Does LIC New Endowment Plan 914 Calculator Help Calculate?
The LIC New Endowment Plan 914 Calculator helps estimate:
- Premium amount payable for the selected policy term and sum assured
- Estimated maturity value including bonuses
- Death benefit available during the policy term
How to Use LIC New Endowment Plan 914 Calculator?
Step-by-Step Process
- Enter your age
- Select the desired policy term between 12 years and 35 years
- Enter the required Basic Sum Assured with minimum ₹1,00,000
- Choose the premium payment mode such as monthly, quarterly, half-yearly, or yearly
- The calculator then displays:
- Estimated premium payable excluding GST
- Projected maturity benefit including bonuses
- Death benefit details
The calculator helps individuals evaluate affordability and understand expected policy benefits before purchasing the policy.
Example Calculation of LIC New Endowment Plan 914
Suppose a 30-year-old individual selects:
- Policy term: 20 years
- Basic Sum Assured: ₹10,00,000
- Premium payment mode: Yearly
Estimated Illustration
- Approximate annual premium: ₹90,000 excluding GST
- Estimated maturity value after 20 years: ₹15,00,000
- Death benefit: Higher of:
- 125% of Basic Sum Assured, or
- 10 times annual premium
These figures are illustrative and actual premiums and benefits depend on LIC bonus declarations and official premium rates.
Why Choose LIC New Endowment Plan 914?
Main Advantages of LIC New Endowment Plan 914
- Combination of insurance protection and long-term savings
- Participating bonuses increase maturity value over time
- Flexible policy terms and premium payment modes
- Loan facility available against policy
- Tax benefits available under Sections 80C and 10(10D)
- Backed by the trusted reputation of Life Insurance Corporation of India
Important Things to Consider Before Choosing LIC New Endowment Plan 914
- The plan was withdrawn from new sales on October 1, 2024
- LIC introduced Plan 714 as the updated replacement
- Suitable mainly for conservative investors preferring guaranteed protection and bonus-based returns
- Timely premium payments are important to keep policy benefits active
- Bonus rates are not fixed and may vary depending on LIC profits
- Official LIC calculators or LIC representatives should be consulted for accurate premium estimates
Alternative After Withdrawal of LIC New Endowment Plan 914
What Replaced LIC New Endowment Plan 914?
After discontinuing Plan 914, LIC introduced New Endowment Plan 714 with revised features including:
- Updated premium structure
- Increased minimum sum assured of ₹2,00,000
- Revised entry age criteria and updated policy features
New customers are advised to explore LIC Plan 714 as the updated alternative.
Frequently Asked Questions
What is LIC New Endowment Plan 914?
LIC New Endowment Plan 914 is a traditional participating endowment insurance policy that offers life insurance coverage along with savings benefits through bonus additions during the policy term.
When Was LIC New Endowment Plan 914 Introduced?
The plan had been available for several years and became popular because of its combination of insurance protection and savings benefits.
Is LIC New Endowment Plan 914 Still Available?
No, LIC discontinued the plan for new purchases from October 1, 2024. Existing policyholders continue to receive policy benefits according to original terms.
What Was the Minimum and Maximum Entry Age for LIC New Endowment Plan 914?
The minimum entry age was 8 years, while the maximum entry age allowed was 55 years nearest birthday.
What Was the Available Policy Term Under LIC New Endowment Plan 914?
The policy term could be selected between 12 years and 35 years.
What Happens if the Policyholder Dies During the Policy Term?
The nominee receives the highest of:
- 125% of Basic Sum Assured
- 10 times annual premium
- 105% of premiums paid till death
along with accrued bonuses declared by LIC.
What Benefits Were Payable at Maturity?
At maturity, the policyholder received:
- Basic Sum Assured
- Accrued simple reversionary bonuses
- Final additional bonus if applicable
Conclusion
LIC New Endowment Plan 914 remained one of LIC’s preferred traditional savings and protection plans because of its balanced combination of guaranteed insurance protection and bonus-based savings growth.
Although the plan was withdrawn for new business in October 2024, existing policyholders continue to benefit from its features. Understanding premium calculations and maturity benefits through the LIC New Endowment Plan 914 Calculator can help policyholders plan their finances more effectively.
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