Endowment Policy : New Endowment Plan ( T814 )

Endowment Policy : New Endowment Plan ( T814 ) :

LIC updated New Endowment Plan -T814  as per new guidelines of IRDA. The new plan included Service tax include  of 3.09% and it is a  combination of Endowment plus Term insurance.In New Endowment Plan if person lives till end of Term of the policy will be given Maturity Benefit which is SUM ASSURED + BONUS +FAB etc…If he dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.In New Endowment Plan there is High Bonus and High liquidity and saving point.

Eligibility Criteria for Endowment Policy : 

Age limit : Minimum age  8 years – Maximum age 55 years

Policy Term : Minimum Term 12 years – Maximum Term  35 years

Sum Assured : Minimum SUM ASSURED – Rs. 1, 00,000/- to Maximum SUM ASSURED: No Limit (based on underwriting decision)

Premium Paying Mode : Monthly (SSS, ECS), Quarterly, Half yearly, Yearly

Other Rebates for Endowment Policy : 

Rebate Mode :    Yearly   Table premium 2% –  Half yearly   Table Premium 1%

Sum Assured Rebate:-

Sum Assured


Rs. 1,00,000/- to Rs. 1,95,000/-


Rs. 2,00,000/- to Rs. 4,95,000/- 2.00 % Basic Sum Assured
Rs. 5,00,000/- and above 3.00 % Basic Sum Assured


Endowment Plan Benefits :

  1. Maturity Benefit : Sum Assured +  Simple Reversionary Bonus + FAB(final additional bonus) if any
  2. Death Benefit : IF the  Insured person dies within the Policy Term then Nominee  of the Policy will be given  “Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus)” if any

Other Information  :

Risk Coverage: – Till end of Term of the Policy

Date of Commencement of Risk:–  In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or  from achieving 8 years old which is earlier.

Locking period: – 3 years

Loan Facility: – Available

Income Tax Reduction:  Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns

Housing Loan Surety:  Available

Riders available:  Yes

Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

Suicide Clause: if insured commit suicide before 12 months he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Service Tax: 3.09% service tax is applicable

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan. 

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