New Endowment Plan No. 914 is a regular premium, non-linked, with-profits Endowment Plan
New Endowment Plan No. 914 Features & Conditions:
Minimum age at entry: 8 years (Complete)
Maximum age at entry: 55 years (Nearer Birthday)
Maximum age at maturity: 75 years (Nearer Birthday)
Minimum term: 12 years
Maximum term: 35 years
Minimum S.A. : 1,00,000 INR
Maximum S.A.: No limit
Available Riders:
LIC’s Accidental Death and Disability Benefit Rider / Accident Benefit Rider, Term Rider, Critical Illness Rider & Premium Waiver Benefit Rider – Up to age 25 of Child.
Mode of Payment:
Yearly, Half Yearly, Quarterly & Monthly ( SSS & NACH)
Rebates:
Mode Rebate: Yearly: 2%, Half Yearly: 1 %
Grace Period:
15 Days for monthly payment mode and 30 days for other payment modes.
Claim Concessions:
Available under Base Plan only. Not apply to Riders and Death due to Suicide.
Paid-up Value:
Available after payment of premium of 2 full years.
Surrender:
Available after payment of premium of 2 full years.
Policy Loan Benefits:
Available after payment of premium of 2 full years.
Revivals:
Within 5 years of First Unpaid Premium (FUP)
Back Dating:
Allowed with lean Month’s benefits.
Proposal Form:
Form 300, Form 340 or Form 360.
Tax Benefits:
On Premium: Deduction under Section 80C subject to a maximum limit
Maturity Amount: Exempt u/s 10(10D)
Death claim : Exempt u/s 10(10D)
All New Endowment Plan No. 914 Details with example are available in Video. Please check the Video given Below.
SUM ASSURED ON DEATH:
Basic Sum Assured
DEATH BENEFIT:
Sum Assured on Death + Vested Bonus + Final additional bonus if any.
MATURITY BENEFIT: Basic Sum Assured + Vested Bonus + Final additional bonus if any.
Maturity/Death Claim in Instalments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
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Actual Sum Assured (ASA) for SUC: For FMR Test, Special Reports, MHR & TRSA: Basic Sum Assured only
Non -Medical Schemes: All Allowed.
Female Lives: All Allowed.
Pregnant ladies: only up to 24 weeks of pregnancy.
Minor lives/Major Students: Max TRSA inclusive of all plans 2 crore & Standard Minor lives only. TRSA beyond 2 crores/substandard minor lives at CUS only with MM’s recommendation. Standard Age Proof is a must.
Third Gender: Allowed, Standard Age Proof is a must. Proposals will be decided by the Central Office NB&R Department
Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee
Occupation/Residence Extra: Standard extra applicable. If Occupation Extra is charged Critical Illness Rider / Accidental Death and Disability Benefit Rider / Accident Benefit Rider will not be allowed.
Example
