Withdrawn plansEndowment Assurance PlansInsurance Plans

LIC Endowment Assurance Policy (14) -Details with calculators

(Last Updated On: )

LIC’s Endowment Assurance Policy (14) – All Details with premium, maturity benefit, and insurance coverage calculator. Endowment Assurance plan (Table 14) is the most basic endowment type insurance plan and is also one of the all-time popular plans from LIC of India. This post is intended to help you to understand all the benefits of the plan in a simple manner.

Please note that this plan is already withdrawn and is not available for sale anymore. You can read all details of the latest version of the plan (which is available for sale) here -> LIC’s New Endowment Plan (814)

Endowment Assurance Plan – Table 14 – Key Features

  • As it is an Endowment Assurance type plan, the term of the plan can be selected by the policyholder according to his needs. The term can be chosen anywhere between 5 and 55 years.
  • The maturity benefit shall be available after the completion of the term (If the policyholder survives the premium paying term).
  • The maturity benefit includes the Sum Assured + Accrued simple reversionary bonus.
  • Sum Assured + bonus accrued up to the date of death is paid as the death benefit if the death occurs during the term of the policy (Provided the policy is in full force at the time of death).
  • Loan facility is available after completion of at least three full years and payment of three-full-year premium.
  • Riders available include accident and disability rider, Critical Illness rider and premium waiver benefit rider.

Endowment Assurance Plan 14 – Eligibility Conditions and Restrictions

LIC’s Endowment Assurance – Plan 14 – Eligibility conditions and restrictions
Age at entry12 Years (completed)65 Years (Nearest Birthday)
Policy Term5 Years55 Years
Basic Sum Assured50,000No Limit
Rebates Available – Mode rebate
Yearly – 2 %Half Yearly – 1 %Quarterly – No RebateMonthly – No rebate
Sum Assured Rebate
Less than 50,000 – Nil50,000 to 1,00,000 – 1 per 1000 SA1,00,000 and above – 2 per 1000

Endowment Assurance Plan – Premium and Benefit Calculator

The online premium and benefit calculator of the Endowment Assurance plan can help you to understand the benefits of the plan easily. Simply provide your own details to get the complete benefits of the plan in a tabular format.

Please note that the bonus rates shown in the calculations are as per the latest rates applicable and the actual rates can vary based on the experiences of the corporation.

Example of benefits

In order to understand the benefits of the Endowment Assurance plan (14) let us consider an example of a person taking the plan. Let the details of the life assured taking the policy be as follows.

Details of the life assured considered for example
Age30 YearsTerm of the plan21 Years
Sum assured10,00,000Double Accident Benefit riderYes

The maturity benefit for the example considered will be as given below. Bonus and final addition bonus rates considered are as per the latest bonus rates and can vary in the future based on the experiences of the corporation.

Maturity Benefit – (For Example considered)
Sum Assured10,00,000
Bonus* (48000 * 21)10,08,000
Final Additional Bonus* (10 %of Sum Assured)1,00,000
Total Benefit21,08,000

The complete benefit pattern of the plan can be understood by the chart given below.

Endowment Assurance Plan 14 - Example of benefits

Riders Available

1. LIC’s Accidental death and disability benefit rider

If this benefit is opted for, an additional amount equal to Accident Benefit Sum Assured is payable on death due to accident, provided rider is in force at the time of accident. In case of accidental permanent disability (within 180 days from date of accident) an amount equal to AB Sum Assured shall be paid in installments spread over a period of 10 years and all the further premiums will be waived.

2. Critical Illness benefit rider

Critical Illness rider help to get protected from the financial loss incurring on the occurrence of major diseases to the life assured.

3. Term Insurance Rider

This rider helps us to get additional insurance coverage along with the coverage provided with the plan, on payment of small extra premium.

LIC Endowment Assurance Plan – 14 – Income Tax benefit.

Premium paid under the plan shall be eligible for income tax benefit under section 80C of the income tax act. The maturity amount available from the policy will be tax-free under section 10 (10D) of the income tax act.

If you have any doubts about the benefits of the plan, please feel free to post your queries in the comment section provided below.

Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.

33 thoughts on “LIC Endowment Assurance Policy (14) -Details with calculators

  • Can I get your e mail id , I need some clarification in Jeevan Anand policy , please

    • My email id is admin@insurancefunda.in But I prefer to reply through this section as others also will be benefitted.

  • Hello,
    I have Plan 14 with annual premium around 10000. It was started in 2007 and I have been paying the premiums regularly. I need money so planning to surrender this policy. Would you be able to estimate the return now if I surrender the policy. Policy term is 20 years and sum assured is 3 lacs.

    • I do not recommend surrendering a policy as you are losing valuable insurance cover taken at a lower age and at a lower rate. Moreover surrendering a policy involves financial loss. So think twice about it. You can get the surrender value from the nearest branch office.

  • Plan 14 15 15 pol 2006 amounting 5 lacs. How much loan available and at whar rate of intrest.Also indicate formalities.

    • The available loan amount can be obtained from the nearest LIC branch office. Please give a call. The rate of interest for a loan is 10% payable half-yearly. Which means you will have to pay 5% of the loan amount as interest every six months. You will have to fill a form and submit your policy bond and bank details to which loan has to be issued by personally visiting the branch office.

  • Please also indicate maturity value in2020 and2021 after paying last premium

    • Can you make your question more clear…

  • Please indicate maturity value 5lacs 14 15 15 of2006

    • Please use the calculator provided in the post itself for the indicative maturity amount. If you have any difficulty, please let me know.

  • Sir this policy was taken by my father for me in 2003. He was paying yearly instalment of 10254 since then. I have got a job now and can make payment of remaining instalments. But I wanted to change the account linked with this policy. However, my father has lost bond papers for the same. How can I change my bank account linked with this policy? Please help sit

    • The policy will be linked to your father’s bank account only and all payments should go to that account only. If you want to pay the premium form your bank account, it is possible. Add a NACH mandate to deduct the amount from your account.

  • My sister’s policy is for 16 years starting in May 2006 with quarterly premium of rs. 2445. She wants to surrender it premature. I would like to know how much amount she will get now and what will be difference of amount at time of maturity. Pls help us as we are not getting proper info.

    • Surrendering of policy will bring in loss and is not advisable. If you want to know the surrender value please contact nearest branch office.

  • I forgot to tell – the sum assured is 1,50,000/-

    • See the Reply to your earlier query.

  • I know I would get loss If I surrender a endowment assurance policy 14 , 15 years term paid for 8 years, but will I get bonus?

    • You will get a portion of the bonus while surrendering the policy. Full accrued bonuses will be available only at the time of the maturity of the policy. The amount available will depend on the surrender value factor which is a percentage value which varies depending on the completed term of the policy.

  • Sir I have taken this plan 8 years ago . Total 16 policies are linked with this plan andyearly premium is around 24K .I want know that there is any yearly bonus paid in this policy.

    • A bonus is added to the policy as and when it is declared. You will receive the bonus only at maturity or in case of death coverage.

  • I continue with LIC T 14 plan since Aug-10 n regularly paid premium INR 25701- half yearly mode. Policy payment term is 20years. Would you tell me app. how much amount I got.

    • Please use this calculator to get the expected maturity amount of the plan.

  • Hello, My age is 34 now i have been paying the premiums for Plan 14 since 10 years now, I was not very much aware about the policy details by then, I’m using the online portal to pay the premiums, It is a group of 19 policies and i pay a total premium of around 54,909 every year. The agent had told me that i have to pay the premiums for 20 years in total and i will start to get the returns from the 21st year to 40th year. but when i check each policy details on the LIC portal they have different maturity dates some on 21 years and some are 35 years. I’m not sure what is what here. Can you clarify please?

    • You have taken a combination of plans in such a way that one policy matures every year starting from the year 21. These types of combinations are usually called magic plans. Taking a group of policies like this will have certain advantages as well as some disadvantages. But in my opinion the advantages are more.
      The concept is that as one policy matures every year, you can pay the premium of the remaining years using the maturity amount which is available every year. So in effect, you will have to pay the premium for 20 years only. The maturity amounts will take care of the future premiums.
      The advantage is that in effect you get a pension starting from 20 th year as a sizable amount will be available even after paying the premium of all the policies.
      Pension in any form is taxable, but the pension created in this form is not taxable as it is the maturity amount of the policy.
      Another advantage is that you will get insurance coverage for a long period without the burden of premium.
      The loyalty addition rates drastically increase with term, so the maturity amount of the policies will also increase with term.
      The only disadvantage is that, the loyalty addition rates for l lakh sum assured policy is lower compared to 2 lakh SA policies.
      I think it is clear.

  • I have Endowment Assurance Policy (14) of 1 Lac for 40 years since 1988. Please tell me the maturity amount, I will get on maturity.

    • Please use the calculator provided in the post itself to get the approximate maturity amount. If you have any difficulty please let me know.

  • Lic endowment assurance policy plan14 sum assured 100000/ for 15 years march 2006 to 31st March 2021.Not received any letter regarding maturity value. I think there is a difference in maturity amt credited.please look in to the matter

    • Please contact any LIC branch office and they will be happy to clear your doubts.

  • Hi Sir, I hv endoWment assurance policy (plan 14) its maturing in this jun 21, its a21 years policy, my sum assured is rs 35000, and bonus allocated rs 37240.
    After the maturity how much amount I get

  • If policy was taken by the policy holder father & he was dead before the completion of policy tenure . Now any benefit available for the policy holder for waiver for remaining EMI’s .
    Please send your reply @ mayank5008@gmail.com

    • Premium Waiver benefit will be applicable if and only if the premium waiver benefit was opted in the policy at the time of commencement of the policy.

  • Hello,
    I have Plan 14 with sum assured 100000. It was started in 2007 , premium quartly 1789/- and term 16 years I have been paying the premiums regularly. Maturity in Feb 2023 ,I need money so planning to Discount maturity claim this policy In Feb 2022 Would you be able to estimate the return, any loss for before 1 year taking money.


    • Discounting the policy within one year from the date of maturity will not bring any loss. You will be charged only the interest for the period of discounting.

Comments are closed.