LIC New Endowment (Plan 814) – Details with Premium, CIR and Maturity Calculator

(Last Updated On: November 21, 2017)

New Endowment (Plan 814) is an evergreen plan from LIC of India, which offers good returns and insurance coverage at moderate premium. It is a conventional, with-profit, non-linked, endowment assurance plan where term of the plan can be chosen as per the wish of the policy holder. The greatest use of an endowment policy is that it can provide you a corpus fund for your future needs such as education and marriage of children, creation of a pension fund etc. Riders such as Accidental death and Disability rider and Critical Illness rider can be added to the plan to get better protection.

LIC New Endowment – Plan 814 – Key features
  • Maturity benefits of the plan, which include Sum Assured, Accrued Bonus and final Addition Bonus (if any)  shall be  paid when the plan gets matured after completion of the term.
  • Insurance coverage will be equal to Sum Assured + Accrued Bonus as on the date of death.
  • LIC’s Accidental death and disability benefit, Term rider and Critical illness benefit rider are the optional riders available with the plan.
  • Loan will be available form the policy subject to the payment of at least 3 full years of premium.
  • Income Tax benefits on the premium paid shall be available under sec 80C of income tax act and the entire maturity amount is tax free under section 10(10D) of income tax act.


LIC New Endowment – Plan 814 – Eligibility conditions and restrictions
Conditions Minimum Maximum
Age at entry 8 Years (completed) 55 Years (Nearest Birthday)
Policy Term 12 Years 35 Years
Basic Sum Assured 1,00,000 No Limit
Rebates Available – Mode rebate
Yearly – 2 % Half Yearly – 1 % Quarterly – No Rebate Monthly – No rebate
Sum Assured Rebate
1,00,000 to 1,95,000 – Nil 2,00,000 to 4,95,000 – 2 per 1000 SA 5,00,000 and above – 3 per 1000
Premium and Maturity Calculator – LIC New Endowment – Plan 814

Online Premium and Maturity calculator of New Endowment plan is intended to give you a clear idea on the premium and benefits of the scheme as per the parameters provided by you. It can calculate the premium with and with out riders, such as accident and disability rider, critical illness rider etc. Click the button given below to open premium and maturity calculator.Premium and benefit calculator LIC New Endowment Plan 814

LIC New Endowment – Plan 814 – Example of Benefits

In order to understand the LIC’s New Endowment plan at depth, let us consider an example of a person taking the plan. Let the details of the life assured be as follows.

Details of the life assured considered for example
Age 35 Years Term of the plan 21 Years
Sum assured 10,00,000 Double Accident Benefit rider Yes
Critical Illness coverage Not opted Income tax slab of the life assured 30 %

LIC new endowment plan 814 premium example

The insurance coverage and other benefits under the scheme will be as follows.

LIC new endowment plan 814 insurance coverage details

Please note that the bonus rates considered for the presentation is as per the latest bonus rates declared by LIC of India. Actual returns of the plans may vary depending on the actual experiences of the corporation.

LIC New Endowment Plan – 814 – Maturity Benefit

The maturity benefit of LIC’s New endowment plan shall be available after the completion of the term of the policy. The maturity benefit will be the sum of Sum Assured, Accrued Simple Reversionary Bonus and the Final Addition Bonus (if any). There is an option to receive the maturity amount as instalments also through settlement option. Read more on settlement option and how it is useful.

Read more: LIC’s Bonus rates and Final Addition Bonus rates for various plans with illustrations and examples.

LIC New Endowment Plan – 814 – Income Tax benefit.

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

Read more:

LIC New Endowment Plan – 814 -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 instalments 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. On first Diagnosis of any of the 15 critical illnesses listed by LIC, Critical Illness Rider Sum Assured will be paid. Read more on the critical illness benefit rider.

3. Term Insurance Rider

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

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