New Endowment Plan - 714

 

LIC's New Endowment Plan (Plan 714)

LIC's New Endowment Plan (Plan 714) is a traditional, non-linked participating life insurance policy offered by the Life Insurance Corporation of India that combines disciplined long-term savings with life insurance protection. 

It was introduced as an updated version of Plan 914 to comply with IRDAI guidelines.

Key Eligibility Details

Entry Age: 

8 years to 55 years (last birthday).

Maximum Maturity Age: 

75 years.

Policy Term: 

12 to 35 years.

Minimum Sum Assured: 

₹2,00,000.

Maximum Sum Assured: 

No limit. 

Core Benefits

Maturity Benefit: 

You receive the Basic Sum Assured plus any accumulated Simple Reversionary Bonuses and Final Additional Bonus (FAB) if you survive the policy term. 

Death Benefit: 

If the policyholder passes away during the term, the nominee receives the death sum assured along with vested bonuses.

Loan Facility: 

You can borrow money against your policy after paying premiums for the required duration to handle financial emergencies. 

Tax Savings: 

Premiums qualify for deductions under Section 80C, and payouts are tax-free under Section 10(10D).