LIC’s New Endowment Plan (Plan No. 914, UIN No. 512N277V02)

Are you searching for a life insurance plan that mixes saving money and protection? LIC’s New Endowment Plan could be exactly what you need. This endowment policy gives you life cover and guaranteed returns.

In this easy guide, I’ll show you the main features, who can get it, and good things about LIC’s New Endowment Plan 914. After reading, you’ll know everything to choose if this policy is right for you.

What is LIC’s New Endowment Plan?

LIC’s New Endowment Plan (Plan No. 914) is a great life insurance policy that gives you protection and helps you save money. It provides financial safety for your family and assists you in building up a big sum of money over time.

With this plan, you can choose how often you want to pay your premium and take out loans when you need them. This makes it adaptable to your life changes. Plus, you get surrender benefits, so you never lose the savings you worked hard for.

Eligibility Criteria

To get LIC’s New Endowment Plan, you must fulfill the eligibility conditions set by the insurer. The table below shows the main requirements:

Parameter	Minimum	Maximum
Entry Age	8 years	55 years
Policy Term	12 years	35 years
Sum Assured	Rs. 1,00,000	No Limit

The broad range of entry ages and policy terms let people from different stages of life get coverage. And with no maximum limit on the sum assured, you can select a coverage amount that matches your money goals and duties.

I suggest you think carefully about how much insurance you need and can afford before deciding on the sum assured and policy term. The friendly experts at licpremiumcalculator.org can guide you in making the right choice based on your specific situation.

Key Features & Benefits

LIC’s New Endowment Plan has many features and benefits that give you complete life insurance coverage. Here are some of the main points:

• You can increase your wealth with Simple Reversionary Bonuses and Final Additional Bonus, which are announced every year based on how well LIC performs
• You can achieve your financial goals with the Maturity Benefit, which includes the Sum Assured and bonuses you’ve earned
• You can safeguard your loved ones with the Death Benefit, which pays out a higher amount of the Sum Assured on Death or 105% of the premiums you’ve paid
• You can tailor your coverage with optional riders like Accidental Death and Disability Benefit Rider for extra peace of mind

With LIC’s New Endowment Plan, you get the double benefits of life insurance protection and savings growth. Since the plan is participatory, you get to share in LIC’s profits, which boosts your returns over time.

Additional Information

To make things flexible and convenient for you, LIC’s New Endowment Plan gives you grace periods for paying your premiums. You get 30 days for quarterly, half-yearly, and yearly payments, and 15 days for monthly ECS payments.

If you change your mind after buying the policy, don’t worry! The free look period lets you review and cancel within 15 days of getting the documents. This way, you have plenty of time to make sure the policy is right for you.

Loan Facility

LIC’s New Endowment Plan offers a loan facility to assist you in handling unexpected financial situations. Once your policy has been in force for at least 3 years, you can take out a loan against a part of its surrender value.

Tax Benefits

Investing in LIC’s New Endowment Plan can also help you reduce your taxes. The premiums you pay can be deducted under Section 80C, and the maturity and death benefits are tax-free under Section 10(10D), as long as certain conditions are met.

If you want to know more about how LIC’s New Endowment Plan can fit into your financial plan, just reach out to our friendly experts at licpremiumcalculator.org. We’ll be happy to walk you through the application process and help you secure a brighter future.

FAQs

What happens if I stop paying premiums?

It’s really important that you keep paying your premiums to keep your policy active. If you stop making payments within the first 3 years of your policy, your coverage will end. But don’t worry, LIC gives you a revival period of 2 years from the first missed premium date. This allows you to restart your policy by meeting certain conditions.

Can I surrender my policy?

Yes, with LIC’s New Endowment Plan, you can surrender your policy if you’ve paid premiums for at least 3 years. The amount you get back when you surrender is calculated as a percentage of the total premiums you’ve paid, depending on the policy year and term. Before you decide to surrender your policy, I suggest you think about the long-term benefits you’ll be giving up.

How can I purchase LIC’s New Endowment Plan?

Buying LIC’s New Endowment Plan is really easy. You can conveniently purchase the policy online through LIC’s official website or by visiting your nearest LIC branch for help. You can also get in touch with an authorized LIC agent who will guide you through the application process and assist you in making the best decision based on your needs.

Verdict

If you have any more questions or need personal assistance, please feel free to contact our friendly and knowledgeable team at licpremiumcalculator.org. We’re here to help you understand the details of LIC’s New Endowment Plan and make sure you choose the best option for your financial future.

To sum it up, LIC’s New Endowment Plan is a complete life insurance policy that perfectly combines protection and savings. With its flexible features, great benefits, and optional riders, this plan can help you protect your loved ones’ financial well-being while also helping you build a big corpus for your long-term goals.

Take the first step towards securing your family’s future by checking out LIC’s New Endowment Plan today. Visit licpremiumcalculator.org to find out more and get a personalized quote that’s tailored just for you and your unique needs.