The LIC New Endowment Plan 814 is a savings and protection policy in one. This plan provides good returns and insurance coverage at a reasonable cost. Furthermore, this plan is a traditional, for-profit, non-linked endowment assurance plan with a term that the policyholder prefers. Furthermore, using the LIC New Endowment Plan 814 Maturity calculator, you can determine the premium and benefits of the scheme based on the criteria provided. The premium is calculated through the LIC plan 814 maturity calculator with and without riders, such as accident and disability riders, critical illness riders, and so on.
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LIC New Endowment Plan 814: Overview
The LIC New Endowment Plan is a non-linked insurance policy that provides guaranteed returns and bonuses. The policy term for this plan can range from 12 to 35 years, which implies that the policy is for anyone aged 8 to 55 and can continue until the age of 75 according to the LIC new endowment plan 814 maturity amount calculator.
The premiums for this LIC New Endowment Plan 814 need to be paid for the duration of the insurance. At maturity, the sum insured, along with a vested simple reversionary bonus and a final supplementary bonus, is payable to the policyholder on survival until the policy’s termination.
LIC New Endowment Plan 814 Key Features
- After the policy period has expired, the maturity benefits, which include the sum assured, accrued bonus, and final addition bonus, are paid.
- The New Endowment Plan 814 insurance coverage will be equal to the sum assured plus the accrued bonus as of the date of death that you can calculate through the LIC new endowment plan 814 maturity amount calculator.
- The plan has a number of optional riders, including an accidental death and disability benefit, a term rider, and a critical sickness benefit rider.
- Loans are available from this policy after paying at least three full years of premium.
- This plan is eligible for income tax benefits under Section 80c of the Income Tax Act, and the entire maturity amount is tax-free under Section 10(10D) of the Income Tax Act.
Eligibility for LIC New Endowment Plan 814
The eligibility conditions and other restrictions according to the LIC new endowment plan 814 maturity amount calculator in LIC New Endowment Plan 814 are as follows:
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,00,000, in multiples of 5,000 | No Limit |
| Policy Term (in years) | 12 | 35 |
| Premium Payment Term (in years) | Equal to Policy Term | |
| Entry Age of Life Insured (in years) | 8 | 55 |
| Age at Maturity(in years) | – | 75 |
| Payment modes | Yearly, Half Yearly, Quarterly, or Monthly | |
LIC New Endowment Plan 814 Maturity Calculator
The LIC New Endowment Plan 814 maturity calculator is a simple online tool that determines the estimated amount of the policy’s maturity value based on the inputs. This LIC new endowment plan maturity calculator provides an overview of the maturity value guaranteed by the insurer as well as insight into the product features and plan reliability. The LIC New Endowment Plan 814 maturity calculator requires the following credentials to calculate the maturity sum assured:
- Minimum Sum Assured in the Plan – The minimum sum assured under the LIC’s new endowment policy is Rs. 10 lakhs, with no upper limit.
- Premium Paying Term – The minimum premium paying period for the LIC’s new endowment policy is 12 years, and the maximum premium paying term is 35 years.
- Date of Purchase of Plan – The date of purchase of the plan is essential to evaluate the maturity date. However, the plan’s maximum maturity age is when the policyholder reaches the age of 75 or near their birthday.
Once the credentials are set, the LIC new endowment plan 814 maturity calculator will calculate the estimated amount of maturity that the policyholder will receive at maturity. Furthermore, the LIC’s new endowment plan 814 returns are tax-free.
Steps to Use LIC New Endowment Plan 814 Maturity Calculator
The premium costs and maturity amount under the LIC new endowment plan 814 calculator would range from person to person because the LIC plan 814 maturity calculator relies on the total sum assured and policy tenure. The LIC new endowment plan 814 maturity calculator will compute the maturity amount based on the information entered by the customer. However, the following procedures you can follow in order to use the LIC new endowment plan 814 maturity calculator:
Step 1: Visit the official LIC portal. (https://licindia.in/)
Step 2: Click on the “Customer Services” section
Step 3: Search for LIC Calculator
Step 4: Fill up the necessary information such as the plan’s name, sum assured, policy term, and start date.
Step 5: Click “Submit”.
Step 6: The maturity value and the premium levied will be displayed appropriately.
Step 7: Under the maturity value area, the calculator will display the sum assured amount, total bonus amount, and maturity date.
Why Use LIC New Endowment Plan 814 Maturity Calculator?
The LIC new endowment plan 814 maturity calculator assists in calculating the maturity amount and determining the plan’s suitability, such as affordability and credibility. This LIC endowment plan maturity calculator tool is useful for LIC’s new endowment plan 814 policyholders. Furthermore, there are other reasons to use the LIC’s new endowment plan 814 maturity calculator, including:
- Easy and Quick Calculation: The LIC new endowment plan 814 maturity calculator is a simple tool for quickly calculating the maturity amount.
- Efficient: The LIC new endowment plan 814 maturity calculator provides a pretty accurate maturity amount, which aids consumers in future planning. Furthermore, this tool aids in the analysis of policy details and advantages.
- Error-Free: While calculating the maturity amount for the LIC new endowment plan calculator, the LIC new endowment plan 814 maturity calculator tool makes no mistakes.
- Easy to Compare: You may simply contrast and evaluate the benefits of different plans under LIC Life Insurance Policies by using the LIC new endowment plan 814 maturity calculator.
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Conclusion
The LIC new endowment plan 814 maturity calculator is useful for planning the maturity amount and determining whether the plan is appropriate for your needs. This LIC new endowment plan calculator will determine the maturity amount that you can readily spend on your financial liquidities. The LIC New Endowment Plan 814 Maturity Calculator is a simple and useful tool that boosts the company’s credibility. You can use this LIC new endowment plan calculator tool to double-check guaranteed quantities or charges without relying on external sources.
LIC New Endowment Plan 814 Maturity Calculator – FAQs
How is LIC New Endowment Plan 814 Maturity calculated?
Ans. Amount Assured + Simple Reversionary Bonus + Final Addition Bonus + Diamond Jubilee Bonus = LIC Maturity Value
What exactly is SRB?
Ans. SRB stands for simple reversionary bonus and is computed as (Bonus Rate X Sum Assured) / 1000. Every year, LIC announces bonus rates for its participating policies.
How do I obtain the LIC bonus?
Ans. Bonuses are only paid when a death claim, maturity claim, or policy surrender occurs. The only insurance that participates is eligible for the bonus.
What is the maturity amount in LIC Policy?
Ans. It simply means that if your insurance policy has a 15-year duration, you will be paid at the conclusion of those 15 years. In general, the maturity amount refers to the sum of the premiums paid up to that point plus any additional benefits chosen by the insurance company for the policyholder.
How can I calculate the maturity amount of my LIC policy?
Ans. The maturity amount is calculated by adding the sum promised, which is agreed upon by the customer and the firm when the plan is purchased, the bonus amounts or profits received over the plan’s tenure, and any further bonuses indicated by the Corporation.
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