LIC New Endowment (Plan 814) – Details with Premium, CIR and Maturity Calculator
New Endowment (Plan 814) is an evergreen plan from LIC of India, which offers good returns and insurance coverage at a moderate premium. It is a conventional, with-profit, non-linked, endowment assurance plan where the term of the plan can be chosen as per the wish of the policyholder.
The greatest use of an endowment policy is that it can help you to create 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.
Read more on LIC’s withdrawn plan, Endowment Assurance policy (Table 14) (Previous version of New Endowment plan)
Table of Contents
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.
- The 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 the income tax act and the entire maturity amount is tax-free under section 10(10D) of the 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 the New Endowment plan is intended to give you a clear idea of the premium and benefits of the scheme as per the parameters provided by you. It can calculate the premium with and with outriders, such as accident and disability rider, critical illness rider, etc. Click the button given below to open the premium and maturity calculator.
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 to 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 % |

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

Please note that the bonus rates considered for the presentation are as per the latest bonus rates declared by LIC of India. The actual returns of the plans may vary depending on the actual experiences of the corporation.
Please note that the bonus rates considered for the presentation are as per the latest bonus rates declared by LIC of India. The 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 installments also through the settlement option. Read more on the settlement option and how to get benefitted from it.
Read more:
- LIC’s Bonus rates and Final Addition Bonus rates for various plans with illustrations and examples.
- LIC’s Endowment Assurance Plan – (14) – All details with premium and benefit calculators.
LIC New Endowment Plan – 814 – 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.
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 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. On the 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 helps us to get additional insurance coverage along with the coverage provided with the plan, on payment of small extra premium.