LIC - JEEVAN RAKSHA
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).
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