LIC Endowment Assurance Policy (14) -Details with calculators
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Please note that this plan is already withdrawn and is not available for sale anymore.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 | |||
---|---|---|---|
Conditions | Minimum | Maximum | |
Age at entry | 12 Years (completed) | 65 Years (Nearest Birthday) | |
Policy Term | 5 Years | 55 Years | |
Basic Sum Assured | 50,000 | No Limit | |
Rebates Available – Mode rebate | |||
Yearly – 2 % | Half Yearly – 1 % | Quarterly – No Rebate | Monthly – No rebate |
Sum Assured Rebate | |||
Less than 50,000 – Nil | 50,000 to 1,00,000 – 1 per 1000 SA | 1,00,000 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 | |||
---|---|---|---|
Age | 30 Years | Term of the plan | 21 Years |
Sum assured | 10,00,000 | Double Accident Benefit rider | Yes |
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 Assured | 10,00,000 |
Bonus* (48000 * 21) | 10,08,000 |
Final Additional Bonus* (10 %of Sum Assured) | 1,00,000 |
Total Benefit | 21,08,000 |
The complete benefit pattern of the plan can be understood by the chart given below.

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 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.