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LIC’s NEW ENDOWMENT PLAN

Plan No. 814
Benefits

Table No. 14
Endowment Assurance Plan

Table No.814
New Endowment Plan

Maturity Benefit

Maturity Benefit

Basic Sum Assured along with

Basic Sum Assured along with

Vested Simple Reversionary

Vested Simple Reversionary Bonuses

Bonuses and Final Additional

and

Bonus, if Any.

Final Additional Bonus, if Any.

Death Benefit

Death Benefit

Sum Assured (SA) along with

β€˜Sum Assured on Death’ along with

Vested Simple Reversionary

Vested Simple Reversionary Bonuses

Bonuses and Final Additional

and Final Additional Bonus, if any.

Bonus, if any.
LIC’s New Endowment Plan
Eligibility Conditions and Restrictions
Particulars

Table No. 14
Endowment Assurance Plan

Table No. 814
New Endowment Plan

Age at entry 12 to 65 years

8 to 55 years

Age at
Maturity

Maximum 75 years

Maximum 75 Years

Policy Term

5 to 55 years

12 to 35 years

Premium
mode

Yearly, Half-yearly,
Quarterly, Monthly (SSS or
ECS)

Yearly, Half-yearly,
Quarterly, Monthly (SSS or
ECS)

Basic Sum
Assured

50000 and above

100000 and above
( In multiples of 5000)
LIC’s New Endowment Plan ~ Rebates
Rebate

Mode

Table No. 14

Table No. 814

Yearly

3% of tabular Premium

2% of tabular premium

Half-yearly

1.5% of tabular premium

1% of tabular premium

Quarterly

Nil

Nil

Table No 14
Endowment Assurance Plan
Basic Sum Assured

Rebate (Rs.)

Table No. 814
New Endowment Plan
Basic Sum Assured

Rebate (Rs.)

100001 and above

2.00‰ SA

5,00,000 and above

3.00‰ BSA

50001 to 100000

1.00‰ SA

2,00,000 to 4,95,000

2.00‰ BSA

Upto 50000

Nil

<1,95,000

Nil
LIC’s New Endowment Plan ~ Policy Loan
Table No. 14
Endowment Assurance Plan

Table No. 814
New Endowment Plan

Available after payment of 3 full
years premiums.

Available after payment of 3 full
years premiums.

Loan granted shall be 90% of the
Surrender Value in case of inforce
policies and 85% of the Surrender
Value in case of Paid-up policies
irrespective of the policy term.

The maximum amount of loan that
can be granted as a percentage of
Surrender Value shall depend on % of loan
modified
the Policy Term, as given in the
table below.

Foreclosure action was initiated on Foreclosure action shall not be
default of 2 or more half-yearly
taken under fully paid-up and
loan interest installments.
inforce policies even if there is
default of loan interest.
Policy Term

Upto 23

24 to 27

28 to 31

32 to 35

% for inforce policies

90%

80%

70%

60%

% for Paid-up policies

80%

70%

60%

50%
LIC’s New Endowment Plan ~ Surrender Value
Table No.14

Table No. 814

Guaranteed Surrender Value (GSV)

Guaranteed Surrender Value (GSV)

Available after payment of 3 full years
premiums.

Available after payment of 3 full years
premiums.

GSV shall be equal to 30% of the total
premiums paid less First Year Premium
and extra premium, if any.

GSV shall be a percentage of total
premiums paid (net of taxes) excluding
extra premium, if any and premium paid
for riders,if opted for.
Examples of GSV factors applicable for
total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any.

GSV factor applicable to vested bonus,if
any. Examples of Vested bonus factors –
Year of SV – Policy Term – Factor
3
12
18.60%
19
25
20.85%
29
30
30%
LIC’s New Endowment Plan
Table No. 14
Endowment Assurance Plan

Table No. 814
New Endowment Plan

Special Surrender Value (SSV)

Special Surrender Value (SSV)

Surrender Value shall be the
discounted value of the Paid-up Sum
Assured and vested simple
reversionary bonuses.

Surrender Value shall be the
discounted value of the Paid-up Sum
Assured and vested simple
reversionary bonuses.

The discount factors shall be
surrender value factors as provided in
Table-1A of the Special Surrender
Value Booklet and will depend upon
the policy term and duration elapsed
since the commencement of the policy.

The discount factors shall be
surrender value factors as provided in
Table-1A of the Special Surrender
Value Booklet and will depend upon
the policy term and duration elapsed
since the commencement of the policy.

Surrender Value Payable

Surrender Value payable

The Higher of Guaranteed Surrender
Value and Special Surrender Value
shall be payable.

The Higher of Guaranteed Surrender
Value and Special Surrender Value
shall be payable.
LIC’s New Endowment Plan ~ Table No. 814
Table No 14
Endowment Assurance Plan

Table No 814
New Endowment plan

A Policy may be revived within a
period of 5 years from the date of first
unpaid premium.

A Policy may be revived within a
period of 2 years from the date of first
unpaid premium.

Taxes, if any , were borne by the
corporation.

Taxes, if any, shall be applicable at the
prevailing rates and borne by the
policyholder as per rules.

There shall be no change in the
following Items
Back Dating
Grace Period
Paid-up Value
Assignment/Nomination
LIC’s New Endowment Plan –
Changes over Table No.14

β€’ β€˜Sum Assured on Death’ has been defined separately.
β€’ Age at entry has been reduced.
β€’ Percentage of Loan payable as a percentage of
Surrender Value shall depend upon policy term.
β€’ GSV percentage shall also depend on policy term
and year of Surrender.
β€’ Rebates for high SA and premium mode modified.

To Know more visit:
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Endowment Plan Table 14 Vs New Endowment Plan Table no 814

  • 1. To know more please visit : http://licofindiadelhi.weebly.com/lics-new-endowment-plan.html LIC’s NEW ENDOWMENT PLAN Plan No. 814
  • 2. Benefits Table No. 14 Endowment Assurance Plan Table No.814 New Endowment Plan Maturity Benefit Maturity Benefit Basic Sum Assured along with Basic Sum Assured along with Vested Simple Reversionary Vested Simple Reversionary Bonuses Bonuses and Final Additional and Bonus, if Any. Final Additional Bonus, if Any. Death Benefit Death Benefit Sum Assured (SA) along with β€˜Sum Assured on Death’ along with Vested Simple Reversionary Vested Simple Reversionary Bonuses Bonuses and Final Additional and Final Additional Bonus, if any. Bonus, if any.
  • 3. LIC’s New Endowment Plan Eligibility Conditions and Restrictions Particulars Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Age at entry 12 to 65 years 8 to 55 years Age at Maturity Maximum 75 years Maximum 75 Years Policy Term 5 to 55 years 12 to 35 years Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Basic Sum Assured 50000 and above 100000 and above ( In multiples of 5000)
  • 4. LIC’s New Endowment Plan ~ Rebates Rebate Mode Table No. 14 Table No. 814 Yearly 3% of tabular Premium 2% of tabular premium Half-yearly 1.5% of tabular premium 1% of tabular premium Quarterly Nil Nil Table No 14 Endowment Assurance Plan Basic Sum Assured Rebate (Rs.) Table No. 814 New Endowment Plan Basic Sum Assured Rebate (Rs.) 100001 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA 50001 to 100000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA Upto 50000 Nil <1,95,000 Nil
  • 5. LIC’s New Endowment Plan ~ Policy Loan Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term. The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on % of loan modified the Policy Term, as given in the table below. Foreclosure action was initiated on Foreclosure action shall not be default of 2 or more half-yearly taken under fully paid-up and loan interest installments. inforce policies even if there is default of loan interest. Policy Term Upto 23 24 to 27 28 to 31 32 to 35 % for inforce policies 90% 80% 70% 60% % for Paid-up policies 80% 70% 60% 50%
  • 6. LIC’s New Endowment Plan ~ Surrender Value Table No.14 Table No. 814 Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV) Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any. GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for. Examples of GSV factors applicable for total premiums paid Policy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term) Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor 3 12 18.60% 19 25 20.85% 29 30 30%
  • 7. LIC’s New Endowment Plan Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Special Surrender Value (SSV) Special Surrender Value (SSV) Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. Surrender Value Payable Surrender Value payable The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
  • 8. LIC’s New Endowment Plan ~ Table No. 814 Table No 14 Endowment Assurance Plan Table No 814 New Endowment plan A Policy may be revived within a period of 5 years from the date of first unpaid premium. A Policy may be revived within a period of 2 years from the date of first unpaid premium. Taxes, if any , were borne by the corporation. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules. There shall be no change in the following Items Back Dating Grace Period Paid-up Value Assignment/Nomination
  • 9. LIC’s New Endowment Plan – Changes over Table No.14 β€’ β€˜Sum Assured on Death’ has been defined separately. β€’ Age at entry has been reduced. β€’ Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term. β€’ GSV percentage shall also depend on policy term and year of Surrender. β€’ Rebates for high SA and premium mode modified. To Know more visit: http://licofindiadelhi.weebly.com/lics-new-endowment-plan.html