LIC Endowment Assurance Plan 14 Calculator
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| Maximum Loan Eligibility |
LIC Endowment Assurance Plan 14 was a traditional participating life insurance plan that combined long-term savings with financial protection. It was designed to provide a lump sum benefit on maturity while also offering life insurance coverage throughout the policy term.
LIC Endowment Assurance Plan 14 Overview
LIC Endowment Assurance Plan 14 was a non-linked participating policy that offered both insurance protection and savings benefits. Policyholders received financial security for their families during the policy term and a maturity payout if they survived until the end of the policy.
Launch and Withdrawal Details
The plan remained available for several years before being discontinued by LIC.
- Withdrawal Date: 1 January 2014
- Existing policyholders continued to enjoy all benefits as per policy conditions even after the plan was withdrawn from sale.
Key Benefits and Features
Savings and Life Insurance Protection
The plan provided life cover during the policy term while simultaneously building savings through bonuses declared by LIC.
Death Benefit
In the event of the policyholder's death during the policy term, the nominee received the Basic Sum Assured along with any vested reversionary bonuses and applicable additional bonuses.
Maturity Benefit
On survival till the end of the policy term, the policyholder became eligible to receive the Sum Assured together with accumulated bonuses and any Final Additional Bonus declared by LIC.
Loan Facility
After payment of premiums for at least three years, policyholders could avail a loan against the policy, subject to surrender value conditions.
Grace Period
A grace period of 30 days was available for premium payments, allowing policyholders additional time to pay overdue premiums without immediate policy lapse.
Eligibility Conditions
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 12 Years | 65 Years (Nearest Birthday) |
| Policy Term | 5 Years | 55 Years |
| Basic Sum Assured | ₹50,000 | No Upper Limit |
Premium Payment Options
Premiums could be paid through multiple modes including:
- Yearly
- Half-Yearly
- Quarterly
- Monthly (through ECS or Salary Savings Scheme)
Mode rebates were available on yearly and half-yearly premium payments as per LIC rules applicable at the time.
LIC Endowment Assurance Plan 14 Calculator
The LIC Endowment Assurance Plan 14 Calculator helps estimate important policy values by using inputs such as age, sum assured, policy term, and premium payment mode.
The calculator generally provides estimates for:
- Premium payable
- Maturity value
- Death benefit
- Bonus accumulation
- Loan eligibility
- Surrender value projections
By using the calculator, policyholders can better understand the expected benefits of their policy and plan their finances accordingly.
Calculator Inputs Required
To estimate benefits under LIC Endowment Assurance Plan 14, the calculator generally requires the following information:
- Age at policy commencement
- Policy term selected
- Basic Sum Assured
- Premium payment mode
- Applicable bonus rates declared by LIC for the plan
Calculator Results
Based on the entered details, the calculator provides an estimate of:
- Maturity benefit
- Death benefit
- Total premium outgo
- Accumulated bonus value
This helps policyholders understand the expected returns and insurance benefits available under the policy.
Sample Illustration
Assume the following details:
- Entry Age: 30 Years
- Policy Term: 21 Years
- Sum Assured: ₹10,00,000
Estimated benefits:
- Basic Sum Assured: ₹10,00,000
- Simple Reversionary Bonus (₹48 per ₹1,000 Sum Assured for 21 years): ₹10,08,000
- Final Additional Bonus (illustrative): ₹1,00,000
Estimated Maturity Value: ₹21,08,000
Surrender and Loan Provisions
The policy acquires surrender value after payment of at least three full years’ premiums.
The surrender value generally consists of:
- Guaranteed Surrender Value based on premiums paid, and
- Surrender value of vested bonuses, wherever applicable.
Policyholders may also avail loans against the policy after it acquires surrender value. The loan amount can be granted up to 90% of the available surrender value, subject to LIC rules.
Exclusions
If the life assured dies due to suicide within one year from the date of commencement of risk or within one year from policy revival, the claim is restricted according to LIC's prevailing policy provisions, and full death benefits are not payable.
Key Advantages of LIC Endowment Assurance Plan 14
- Combination of insurance protection and long-term savings
- Maturity benefit enhanced through bonus additions
- Multiple policy term options
- Flexible premium payment modes
- Loan facility against policy value
- Assignment facility for financial requirements
- Option to enhance protection through riders
How to Use the LIC Endowment Assurance Plan 14 Calculator
- Open a LIC Plan 14 calculator platform.
- Select LIC Endowment Assurance Plan 14.
- Enter age at entry.
- Choose policy term.
- Enter the Basic Sum Assured.
- Select the premium payment mode.
- Provide bonus rates if required.
- Click on the calculate option to view estimated benefits.
LIC Plan 14 vs LIC New Endowment Plan 814
| Feature | LIC Plan 14 | LIC New Endowment Plan 814 |
|---|---|---|
| Policy Term | 5 to 55 Years | 12 to 35 Years |
| Entry Age | 12 to 65 Years | 8 to 55 Years |
| Minimum Sum Assured | ₹50,000 | ₹1,00,000 |
| Death Benefit | Sum Assured plus bonuses | Sum Assured subject to policy conditions plus bonuses |
| Maturity Benefit | Sum Assured plus bonuses | Sum Assured plus bonuses |
| Loan Facility | Available after 3 years | Available after 3 years |
Importance of LIC Endowment Assurance Plan 14 Calculator
Having a calculator is important for transparency. It helps policyholders:
- Know projected maturity and death benefits.
- Verify premium payments and bonus accruals.
- Simplify policy management without manual math or confusion.
Frequently Asked Questions
What is LIC Endowment Assurance Policy Plan 14?
It is a life insurance plan that combines savings and protection, offering a lump sum payment on maturity and financial security for your family in case of your death during the policy term.
When was LIC Plan 14 launched and withdrawn?
LIC Plan 14 was a long-standing plan but was withdrawn for new policy purchases on January 1, 2014.
What benefits do I get on maturity?
You get the sum assured plus accumulated simple reversionary bonuses and a final additional bonus at the end of the policy term.
What happens if the policyholder dies during the policy term?
The nominee receives the sum assured plus the accrued bonuses up to the date of death.
Can I surrender my LIC Plan 14 policy?
Yes, surrender is allowed after paying premiums for at least three years. The surrender value depends on premiums paid and bonuses accrued.
Conclusion
LIC Endowment Assurance Policy Plan 14 stood out for years as a simple, customer-friendly insurance-cum-savings tool. Through its flexible options, moderate premiums, bonuses, and easy loan features, it served the needs of Indian households.
While it is no longer offered for new policies, existing policyholders can use calculators to stay informed about their returns. If you’re searching for a similar plan today, look into LIC’s New Endowment Plan 814 for an updated experience.
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