LIC New Endowment Plan 714: A Smart Choice for Savings and Protection
 
 

Are you searching for a savings plan that also provides life coverage?   
 

Life is unpredictable, but your financial future doesn’t have to be. The LIC New Endowment Plan 714 is designed to offer the perfect combination of life insurance coverage and savings. Let’s break down, its key features, benefits, eligibility, premium details, bonus, performance, average return, maturity benefits, commission details, tax benefits, plan presentation with other financial products.

LIC’s New Endowment Plan (Table No. 714) might be the right solution for you! 

This policy is one of the most popular plan from LIC of India, combining of financial security with long-term savings. Whether you are looking to secure your family’s future or achieve a financial goal, this plan helps you stay on track. They were perceived as safe investment options with guaranteed returns in the form of Bonuses (Simple Reversionary and Final Additional Bonuses) to enhance the maturity, death benefits and life cover with options for riders such as accidental death, critical illness, and disability benefits currently critical illness rider is not available with options for different premium payment modes (yearly, half-yearly, quarterly, or monthly). This plan have been a preferred choice for individuals seeking low-risk investment options. Perfect saving plan for future goals like children's education, marriage, or retirement while ensuring life insurance.

Let explore all key features, benefits, eligibility criteria, and other important details of the LIC New Endowment Plan 714.

What is LIC New Endowment Plan 714?

The LIC New Endowment Plan 714 is a traditional, non-linked, participating life insurance policy. It guarantees financial protection for your loved ones and creates a savings corpus to meet long-term goals. This plan is ideal for individuals seeking a mix of security and wealth growth.

Key Features of LIC New Endowment Plan 714

1. Dual Benefits: Combines savings and life insurance in a single plan.
2. Guaranteed Maturity Benefit: Assured lump sum payment upon maturity.
3. Death Benefit: Financial protection for your family in case of the policyholder’s untimely demise.
4. Bonus Participation: The policy participates in LIC’s profit-sharing and earns bonuses.
5. Loan Facility: Option to avail a loan against the policy.
6. Premium Payment Flexibility: Multiple premium payment modes - yearly, half-yearly, quarterly, or monthly.

Eligibility Criteria

To qualify for LIC New Endowment Plan 714, ensure you meet the following requirements:

Premium Payment Modes:

• Yearly,
• Half-Yearly,
• Quarterly,
• Monthly (ECS/Salary Deduction).

Endowment Plan LIC 714 Benefits

1. Death Benefit

In case of the policyholder’s untimely demise during the term:

• Sum Assured on Death: Higher of Basic Sum Assured (BSA) or 10 times the annual premium.
• Bonuses: Accrued Simple Reversionary Bonuses and Final Additional Bonus, if applicable.

2. Maturity Benefit

On surviving the policy term, the policyholder receives:

• Sum Assured on Maturity: Equal to the Basic Sum Assured.
• Bonuses: Accrued during the term.

3. Tax Benefits

Enjoy tax exemptions under:

• Section 80C: Premiums paid.
• Section 10(10D): Death and maturity payouts.

Process to take Policy

Step-by-Step Guide:

1. Calculate Needs: Use LIC’s calculators or consult an LIC agent.
2. Choose Term and Sum Assured: Align with financial goals.
3. Fill Application: Online or at your nearest LIC branch.
4. Undergo Medical Examination: If required.
5. Pay Premium: Select a suitable mode and make the payment.
6. Receive Policy Document: Post-verification.

Real-Life Examples

Example:

Rahul Sharma, 35: Rahul chose a 20-year term with a Basic Sum Assured of ₹5,00,000. Paying an annual premium of ₹30,000, he expects significant returns at maturity, securing his family’s financial stability.

Testimonial:

“LIC’s New Endowment Plan has given me peace of mind and a reliable way to save for my child’s education.” – Priya Mehta, LIC Policyholder.

Comparison with Similar Products

Common Mistakes to Avoid

1. Underestimating Coverage Needs: Ensure adequate coverage for your family’s needs.
2. Skipping Riders: Enhance protection with riders like Accidental Death and Disability.
3. Delaying Premium Payments: Maintain consistency to avoid policy lapse.

Additional Features

Downloadable Resources:

• Brochures
• Application Forms
• Quick Policy Guide

Frequently Asked Questions (FAQs)

1. What if I miss a premium?

Policies can be revived within the revival period (usually 5 years) by paying overdue premiums with interest.

2. Can I surrender the policy?

Yes, after 3 years of premium payments. The Surrender Value includes a percentage of premiums paid and accrued bonuses.

3. What is the free-look period?

30 days from policy issuance to review and cancel if dissatisfied.

The LIC New Endowment Plan 714 offers unmatched benefits, combining life insurance with savings. Make the right decision for your family’s future today. Take the first step toward financial security and prosperity!

Disclaimer :    
Bima Times does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer.  Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Always read the policy document thoroughly for specifics on terms, conditions, benefits, and exclusions. Consult with a LIC Agent or a financial advisor to make an informed decision based on individual financial goals and risk appetite. This overview provides crucial points about the New Endowment LIC Policy,  Plan No. 714. For the latest updates and detailed information, always refer to the official LIC of India literature and consult an expert before making investment decisions.