LIC New Endowment Plan (714)
Guaranteed Savings + Life Cover | English + हिन्दी Guide
What is LIC New Endowment Plan 714?
LIC New Endowment Plan 714 is one of the most popular participating endowment insurance plans offered by LIC of India. It combines guaranteed life insurance protection with long-term savings and bonus benefits. This policy is ideal for parents who want to build a secure future for their children as well as individuals planning wealth creation through disciplined savings.
हिन्दी: LIC न्यू एंडोमेंट प्लान 714 एक “With Profit” जीवन बीमा योजना है जिसमें जीवन सुरक्षा, बोनस तथा मैच्योरिटी पर एकमुश्त राशि प्राप्त होती है। यह बच्चों की शिक्षा, विवाह तथा भविष्य की आर्थिक सुरक्षा के लिए उपयुक्त योजना है।
Eligibility Details
| Feature | Details |
|---|---|
| Plan Name | LIC New Endowment Plan (714) |
| Entry Age | 8 – 50 Years |
| Policy Term | 12 – 35 Years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No Limit |
| Premium Modes | Yearly, Half-Yearly, Quarterly & Monthly ECS |
Illustration Example
Below is an example for a child aged 8 years with a policy term of 35 years.
| Details | Value |
|---|---|
| Entry Age | 8 Years |
| Policy Term | 35 Years |
| Maturity Age | 43 Years |
| Sum Assured | ₹5,00,000 |
| Premium Mode | Amount |
|---|---|
| Yearly | ₹13,279 |
| Half-Yearly | ₹6,714 |
| Quarterly | ₹3,394 |
| Monthly (ECS) | ₹1,131 |
| Average Per Day | ₹36 |
Total Approximate Premium Paid: ₹4,51,486
Approximate Maturity Benefit
| Benefit | Amount |
|---|---|
| Basic Sum Assured | ₹5,00,000 |
| Bonus | ₹7,87,500 |
| Final Additional Bonus | ₹11,50,000 |
| Total Approximate Return | ₹24,37,500 |
Major Benefits
1. Guaranteed Life Cover
The policy provides financial protection throughout the policy term. In case of the unfortunate death of the life assured, the nominee receives the applicable death benefit along with vested bonuses as per policy conditions.
2. Long-Term Wealth Creation
By paying only ₹36 per day in this illustration, the policy can generate a substantial maturity corpus over 35 years through guaranteed savings and bonus additions.
3. Bonus Benefit
Since this is a participating policy, LIC may declare Simple Reversionary Bonus and Final Additional Bonus depending upon its valuation. These bonuses significantly increase the maturity amount.
4. Loan Facility
After acquiring surrender value, policyholders may avail loan facility subject to LIC rules.
5. Tax Benefits
Premium paid and maturity benefits are eligible for tax advantages as per prevailing Income Tax rules applicable at the time.
Why Choose This Plan?
- Ideal for Child Education Planning
- Suitable for Marriage Corpus
- Guaranteed Savings Habit
- Life Insurance Protection
- Bonus Growth Potential
- Flexible Premium Modes
- Long-Term Financial Security
English Summary
LIC New Endowment Plan 714 is a traditional participating endowment policy designed for individuals seeking both insurance protection and savings. With affordable premiums, bonus participation, and attractive maturity value, it remains one of the preferred LIC plans for long-term goals.
हिन्दी सारांश
यदि आप अपने बच्चे के भविष्य, उच्च शिक्षा या विवाह के लिए सुरक्षित निवेश चाहते हैं, तो LIC New Endowment Plan 714 एक उत्कृष्ट विकल्प हो सकता है। नियमित प्रीमियम, जीवन बीमा सुरक्षा तथा बोनस के साथ यह योजना दीर्घकालीन वित्तीय सुरक्षा प्रदान करती है।
Frequently Asked Questions (FAQ)
Q1. LIC New Endowment Plan 714 क्या है?
यह एक With Profit एंडोमेंट जीवन बीमा योजना है जिसमें बीमा और बचत दोनों मिलते हैं।
Q2. Minimum Sum Assured कितना है?
₹2,00,000
Q3. Entry Age क्या है?
8 वर्ष से 50 वर्ष तक।
Q4. Policy Term कितनी है?
12 से 35 वर्ष।
Q5. Monthly Premium उपलब्ध है?
हाँ, ECS के माध्यम से Monthly Premium उपलब्ध है।
Q6. Loan मिल सकता है?
हाँ, Surrender Value बनने के बाद।
Q7. Bonus Guaranteed है?
नहीं। बोनस LIC की घोषणा पर निर्भर करता है।
Q8. Maturity पर कितना मिलेगा?
इस उदाहरण में लगभग ₹24,37,500।
Q9. Is this good for children?
Yes. It is suitable for education and future planning.
Q10. Is this plan suitable for long-term savings?
Yes, it is designed for disciplined long-term wealth creation with life protection.
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