The LIC New Endowment Plan 714 is a widely preferred life insurance policy that combines financial protection with long-term savings benefits. This plan is ideal for individuals looking for a secure and disciplined way to build future wealth while also ensuring financial support for their family.

One of the most useful tools associated with this policy is the LIC New Endowment Plan 714 Calculator, which helps users estimate premium amounts, maturity benefits, and other policy-related returns with greater accuracy and convenience.

Overview of LIC New Endowment Plan 714

LIC New Endowment Plan 714 is a traditional endowment life insurance policy that offers a combination of financial protection and long-term savings benefits. Under this plan, the policyholder receives life insurance coverage during the policy term, and if they survive until maturity, they receive the maturity amount along with bonus benefits.

Main Features of LIC New Endowment Plan 714

• Entry Age Eligibility: 8 years to 50 years
• Policy Term Options: 12 years to 35 years
• Minimum Sum Assured: ₹2,00,000
• Premium Payment Modes: Yearly, half-yearly, quarterly, and monthly through NACH
• Maturity Benefits: Basic Sum Assured along with Simple Reversionary Bonus and Final Additional Bonus
• Death Benefits: Sum Assured plus accumulated bonuses payable to the nominee
• Loan Facility: Available after payment of at least one full year’s premium
• Surrender Benefit: Available after completion of one policy year

This is a participating, non-linked insurance policy, which means policyholders are eligible to receive bonuses declared by LIC based on the corporation’s profits. Since the plan is not linked to market performance, the returns are protected from market fluctuations, making it a comparatively stable and secure long-term financial option.

Eligibility Criteria for LIC New Endowment Plan 714

Parameter	Eligibility Details
Minimum Entry Age	8 years (completed)
Maximum Entry Age	50 to 55 years (may vary slightly according to different sources)
Minimum Policy Term	12 years
Maximum Policy Term	35 years
Minimum Maturity Age	20 years (completed)
Maximum Maturity Age	75 years (nearer birthday)
Minimum Basic Sum Assured	₹2,00,000
Maximum Basic Sum Assured	No upper limit

The plan offers flexible policy term options and sum assured choices, making it suitable for individuals looking for long-term financial protection and savings benefits.

Why Should You Use the LIC New Endowment Plan 714 Calculator?

Before purchasing any life insurance policy, it is important to clearly understand the premium commitments and the benefits you may receive. The LIC New Endowment Plan 714 Calculator is a convenient online tool that simplifies these calculations and helps users make informed financial decisions.

Key Reasons to Use the Calculator

• Premium Estimation:
  Helps calculate the premium amount based on your age, selected policy term, and sum assured.
• Maturity Benefit Projection:
  Provides an estimate of the maturity amount, including applicable bonus additions.
• Death Benefit Understanding:
  Shows the financial protection amount that may be payable to the nominee.
• Better Financial Planning:
  Allows you to evaluate whether the premium amount suits your budget and long-term financial goals.
• Comparison of Payment Modes:
  Enables comparison between yearly, half-yearly, quarterly, and monthly premium payment options.

Using the calculator gives a clear overview of policy benefits and premium obligations before making an investment decision.

How to Use the LIC New Endowment Plan 714 Calculator?

The calculator is simple and easy to use. Generally, it requires the following details:

Information Needed

• Age of the policyholder
• Selected policy term ranging from 12 to 35 years
• Desired sum assured amount (minimum ₹2,00,000)
• Preferred premium payment frequency
• Premium-paying term, which is usually equal to the policy term under this plan

Details Shown by the Calculator

After entering the required information, the calculator typically displays:

• Estimated premium amount along with applicable GST
• Projected maturity value including bonus estimates
• Expected death benefit details
• Eligibility for loan and surrender value benefits

Users can also modify policy terms and sum assured values to compare different premium and benefit combinations.

Important Insurance Terms Explained

Understanding some key insurance terms can help you use the LIC New Endowment Plan 714 Calculator more effectively.

Sum Assured

The sum assured is the guaranteed base amount payable on maturity or death. For example, if the selected sum assured is ₹5,00,000, this amount forms the guaranteed core benefit under the policy.

Bonus

LIC distributes profits to eligible policyholders in the form of bonuses. Under this plan, bonuses generally include:

• Simple Reversionary Bonus: Declared annually and linked to the basic sum assured
• Final Additional Bonus (FAB): A one-time bonus payable at maturity or death for eligible policies

Premium Paying Term

This refers to the duration during which premiums must be paid. In LIC New Endowment Plan 714, the premium-paying term is generally the same as the selected policy term.

Maturity Benefit

If the policyholder survives the policy duration, LIC pays the basic sum assured along with accumulated bonuses.

Death Benefit

If the life assured passes away during the policy term, the nominee receives the sum assured along with vested bonus additions.

How Premium Calculation Works

The premium amount under the policy depends on several factors, including:

• Selected sum assured
• Age of the policyholder
• Chosen policy term
• Premium payment mode
• Available premium rebates

LIC may offer rebates for higher sum assured amounts and yearly premium payment modes. For example:

• Approximately 2% rebate on yearly premium payments
• Around 2.5% rebate for sum assured amounts between ₹5,00,000 and ₹10,00,000

GST is applicable according to prevailing tax rules, generally:

• 4.5% during the first policy year
• 2.25% from the second policy year onward

For death benefit calculations, the death sum assured is generally the higher of:

• 100% of the Basic Sum Assured, or
• 7 times the annualized premium

The LIC New Endowment Plan 714 Calculator automatically considers all these factors to provide accurate premium and benefit estimates.

Major Benefits of LIC New Endowment Plan 714

Combination of Protection and Savings

The policy offers life insurance coverage for family protection along with long-term savings through bonus-based returns.

Stable and Guaranteed Benefits

The basic sum assured remains guaranteed, while bonus additions help increase the overall maturity value.

Loan Facility

Policyholders can avail loans against the policy after payment of the first full year’s premium, which can be helpful during emergencies.

Flexible Premium Payment Choices

Premiums can be paid yearly, half-yearly, quarterly, or monthly through NACH according to personal convenience.

Surrender and Paid-Up Benefits

If continuing the policy becomes difficult, surrender value and paid-up value options may provide partial financial support.

Optional Rider Benefits

Additional protection can be added through riders such as:

• Accidental Death and Disability Rider
• Accident Benefit Rider
• Premium Waiver Rider

Example Illustration of LIC New Endowment Plan 714 Benefits

To understand the policy benefits more clearly, consider an example of a 29-year-old individual selecting a sum assured of ₹10,00,000 with a policy term of 21 years.

Policy Year	Age	Total Premium Paid	Sum Assured	Accumulated Bonus	Final Additional Bonus (FAB)	Estimated Death Benefit	Estimated Maturity Benefit
1	29	₹48,817	₹10,00,000	₹45,000	₹0	₹10,45,000	₹0
10	38	₹4,78,711	₹10,00,000	₹4,50,000	₹0	₹14,50,000	₹0
21	49	₹10,04,137	₹10,00,000	₹9,45,000	₹1,00,000	₹20,45,000	₹20,45,000

If all premiums are paid regularly and the policy completes the full term, the estimated maturity amount may be around ₹20.45 lakh, including bonuses and Final Additional Bonus.

Important Policy Provisions of LIC New Endowment Plan 714

Free Look Period

Policyholders have the option to return the policy within 30 days from receipt if they are not satisfied with the terms and conditions. The eligible premium amount is refunded according to policy rules.

Suicide Clause

If the life assured dies due to suicide within 12 months from policy commencement or revival, the nominee generally receives 80% of the premiums paid or the surrender value, whichever is higher.

Policy Revival Facility

If premiums are not paid within the grace period, the policy may lapse. However, it can usually be revived within 5 years by paying overdue premiums along with applicable interest.

Settlement Options

The maturity or death benefit amount can be received either as a lump sum or in installments over periods such as 5, 10, or 15 years, depending on the chosen settlement option.

Frequently Asked Questions About LIC New Endowment Plan 714

What is LIC New Endowment Plan 714?

LIC New Endowment Plan 714 is a traditional endowment life insurance policy that combines life cover with long-term savings and bonus benefits.

Who Can Buy This Policy?

Individuals aged between 8 and 50 years are eligible to purchase this plan, with policy term options ranging from 12 to 35 years.

What is the Minimum Sum Assured Available?

The minimum basic sum assured under the policy starts from ₹2,00,000. Higher coverage amounts can be selected according to financial requirements.

What Happens if the Policyholder Dies During the Policy Term?

In case of the policyholder’s death during the policy period, the nominee receives the sum assured along with accumulated bonuses as the death benefit.

Can the Policy Be Surrendered Before Maturity?

Yes, surrender value benefits are available after payment of premiums for at least one full policy year, subject to policy conditions.

Are Tax Benefits Available Under This Plan?

Premiums paid and policy benefits may qualify for tax advantages under Section 80C and Section 10(10D) of the Income Tax Act, subject to prevailing tax laws and conditions.

Conclusion

The LIC New Endowment Plan 714 Calculator is a valuable tool for individuals considering this popular life insurance policy. It helps users clearly understand premium commitments, expected maturity returns, and death benefit coverage before making a financial decision.

By using the calculator, policyholders can compare different policy terms and sum assured options to select a plan that best suits their financial needs and long-term goals. LIC New Endowment Plan 714 offers a balanced mix of financial protection and stable savings benefits, making it a suitable option for individuals seeking security along with assured returns.

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