LIC New Endowment Plan 814

          This endowment plan gives the policy holders the benefit of LIC’s Accidental Death and Disability Benefit Riderin equal monthly installments for 10 years with the payment of extra premium.The sum assured on death (not less than 105% of total premiums paid or 10 times of annualized premium) is payable to nominee on death of policy holder or to the policy holder on survival. The profit plan can be taken anytime between 8-55 years and will continue up to 75 years.

          The policy holder will get a share in the profits of the company through Simple Reversionary Bonus if the policy is running properly. Final Bonus will be declared at the time of claiming the policy through death or maturity. This plan also provides disability benefit in case of permanent disability during policy term, and the future premiums would be waived off. In case of accidental death, an optional rider called Accidental Death Benefit rider can be opted for which provides twice the sum assured, available with payment of Rs.100 per 1 lakh sum assured every year.Service Tax is applicable on the premium paid at the rate of 3.09% for 1st year and 1.545% from 2nd year onwards. The policy term can extend from 12-35 years, and the sum assured starts from a minimum of 1, 00,000 Rupees.

Features of LIC New Endowment Plan 814

• New Endowment Plan with guaranteed returns and bonus.
• Large Sum Assured Rebate is available.
• Low premium when compared with other endowment plans.
• Double Accident Benefit with Rider.
• Premium payment modes are available in Yearly, Half Yearly, Quarterly, and Monthly modes.
• High Bonus, High Liquidity, and Saving point.
• Optional Benefit of Accidental Death and Disability Benefit Rider is available for this LIC New Endowment Plan.
• Sum Assured + Bonus shall be payable on Maturity or earlier Death.

LIC New Endowment Policy Eligibility Conditions

S.No	Eligibility Conditions & Restrictions	Details
1	Minimum Age of Entry for Life Assured	8 years (Completed)
2	Maximum Entry Age	55 years (Nearest Birthday)
3	Minimum Policy Term	12 years
4	Maximum Maturity Age	75 years (Completed)
5	Minimum value of Basic Sum Assured	Rs. 1,00,000
6	Maximum value of Sum Assured	No Limit
7	Mode of Premium Payment	Yearly, Half Yearly, Quarterly, and Monthly
8	Maximum Policy Term	35 years
9	Policy Revival	within two years

NOTE: The Basic Sum Assured will be in multiples of Rs. 5,000.

Benefits 

Death Benefit:

          In case of unfortunate death of the policyholder during the policy term, the nominee will receive the Death Benefit as

Death Benefit = Sum Assured on Death + Simple Reversionary Bonus + FAB (final additional bonus).

           Sum Assured on Death is higher of basic sum assured or 10 times of annualized premium.

Death benefit shall not be less than 105% of total premiums paid as on date of death.

Maturity Benefit:

             If the insured survives until the end of the policy term, the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Addition Bonus shall be payable.

Participation in Profits:

              The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.

Final Additional Bonus:

               Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or earlier death. However, the policy has run for a specified minimum term.

Surrender Value:

                The Policy can be surrendered at any time during the policy term provided at least three full years premium have been paid.

Guaranteed Surrender Value

•                   Guaranteed Surrender Value shall be a percentage of total premium paid excluding any extra premiums and premiums for riders if any opted.
•                  The Percentage of GSV depends on the policy term and policy year in which the policy is surrendered and enclosed.
•                  Surrender Value of vested simple revisionary bonus shall also be payable which is equal to vested bonuses multiplied by Surrender value factor applicable to vested bonuses.

Special Surrender Value

•                  The Special Surrender Value will be the discounted value of the sum of the Paid-up Sum Assured and Vested Simple Revisionary bonuses.

Grace Period: 

                 A Grace Period of not less than 30 days will be allowed for the payment of rider premium in yearly, half-yearly or quarterly modes. For monthly rider premiums, the grace period is within 15 days.

Cooling-off Period or Free Look Period: 

                 The Policyholder may return the policy to the corporation within 15 days if he/ she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the plan.

Rebates 

Mode Percentage

Mode	Percentage
Yearly mode	2% of tabular premium
Half-yearly mode	1% of tabular premium
Quarterly and Monthly mode	NIL

 High Basic Sum Assured Rebate

Basic Sum Assured	Rebate
Rs. 1,00,000/- to Rs. 1,95,000/-	NIL
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

Corporation Employees Insurance Scheme (CEIS) Rebate:

                 LIC New Endowment Policy completed under CEIS (Corporations Employee Insurance Scheme) will be eligible for this CEIS Rebate as a percentage of tabular premium of Basic Plan as well as AD&DB Rider Premium.

Policy Term	% of Tabular Premium of basic plan as well as AD&DB Rider premium
12 to 14 years	0.05
15 years or more	0.1

Riders for LIC Endowment Plan (Optional Benefits)

                 Riders are the optional benefits offered which can be added to savings plans, and the insured can enjoy the benefits of both protection and savings. These can be availed by paying the additional premium. Accidental Death and Disability Benefit Rider is the optional rider available under this LIC New Endowment Plan.

LIC’s Accidental Death and Disability Benefit Rider

                 LIC’s Accidental Death and Disability Benefit Rider (AD & DB) is an optional rider that can opt for at any time within the premium paying term. The UIN for this rider is 512B209V01. If there are more policies than one and the total accident benefit exceeds Rs. 50 Lakhs then the benefits are applicable to first Rs. 50 lakhs Sum Assured.

Eligibility Conditions of Accidental Death and Disability Benefit Rider

S.No	Eligibility Conditions & Restrictions	Details
1	Minimum Age of Entry for Life Assured	18 years (Completed)
2	Maximum Age of Entry for Life Assured	55 years (Nearest Birthday)
3	Maximum Cover Ceasing Age	70 years (Nearest Birthday)
4	Minimum Accident Benefit Sum Assured	Rs. 1,00,000
5	Maximum Accident Benefit Sum Assured	An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs. 50 lakh Accident Benefit Sum Assured taking all existing policies

Requirements for Claiming LIC Endowment Policy

                The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured.

• Duly filled claim form.
• Original Policy Document.
• NEFT form.
• Identification Proof.
• Death Proof.
• Proof of Accident/ Disability.
• School/ College/ Employer’s Certificate.
• Medical treatment documents before death, etc.

Additional Information about LIC’s New Endowment Plan

Paid-Up Value: If the insured have paid the premium at least three years and any subsequent premiums have not been duly paid, then this policy shall not be wholly void, but shall subsist as a Paid-up policy.

Paid-Up Value = Basic Sum Assured * (No. of Premiums Paid/ Total no of Premiums payable).

Housing Loan Surety: Housing Loan Surety is available for this New Endowment Policy.

Loan Facility:  Loan facility is available under this policy after payment of premiums for at least three years. The rate of Interest to be charged for the loan amount would be determined by the corporation from time to time.

Policy Term	% for Inforce Policies	% for Paid-Up Policies
Upto 23	90%	80%
24 to 27	80%	70%
28 to 31	70%	60%
32 to 35	60%	50%

Policy Revival: If the premium was not paid within the grace period, then the policy will lapse. The Lapsed policy may be revived during the lifetime of the Insured but within a period of 24 months from the date of first unpaid premium.

Taxes: The amount of tax payable by the policyholder on premiums including extra premiums and rider premiums, if any shall be payable. The amount of tax paid shall not be considered for the calculation of benefits payable under this LIC New Endowment Plan.

Back Dating Interest: The policies can be dated back to the same financial year. The period upto 14 days is to be ignored and 15 days or more is to be rounded to a month for this calculation.

Policy Stamping: 20 paise per thousand of Sum assured will be the Charges for policy stamping under this plan.

Assignments/ Nominations: For this LIC Plan 814, Assignments or Nominations should be made at the proposal stage as per Section 39 of Insurance Act, 1938.

Proposal Form: Proposal Forms no. 300 and 340 may be used under this plan but may subject to change.

Exclusions

Suicide Clause: The Policy will become void if the life assured commits suicide within one year from the date of commencement of risk or the date of revival. An amount equal to 80% of premiums shall be paid excluding any taxes, rider premium, and extra premium.

Questions Arises?

1. Is there any loan facility available for this LIC New Endowment Plan?

 Ans. Loan Facilities are available as per the terms and conditions of the corporation. The Loan can be availed for at least three full years.

2. What are modes of paying the premium for LIC Plan 814?

 Ans. The method of payment available under this LIC New Endowment Plan is Yearly, Half Yearly, Quarterly, and Monthly.

 3. How to revive a Lapsed Policy?

 Ans. The Lapsed policy may be revived during the lifetime of the Insured but within a period of 2 years from the date of first unpaid premium and before the date of maturity.

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