Maturity benefits under policy New Endowment Plan (814) can be availed upon survival till the end of policy term. For example if one has taken New Endowment Plan (814) policy for 21 years, then maturity benefit can be availed after all premium paid which is 21 years.
Maturity benefit can be calculated as below:
Maturity benefit (Benefits payable on maturity) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus (if any).
Let's take an example to calculate maturity amount. Mr. Bajaj (age 25) has taken New Endowment Plan (814) for the duration of 15 years. Sum assured expected by Mr. Bajaj is 10 lac rupees. If we calculate year wise benefit, then it'll look as below.
Premium Estimated
| Mode of Payment | Without Tax | Tax | Total |
| Yearly Premium | 67874 | 2097 | 69971 |
| Half-Yearly Premium | 34294 | 1060 | 35353 |
| Quarterly Premium | 23100 | 714 | 23814 |
| Monthly Premium | 5775 | 178 | 5953 |
Maturity Benefit Yearwise Calculation
| Age | Policy Year | Premium Paid | Tax Saving | Natural Death Coverage | Accident Death Coverage | Bonus | Cash Value | Loan value |
| 25 | 2014 | 67,874 | 67,874 | 1,288,000 | 2,288,000 | 38,000 | 0 | 0 |
| 26 | 2015 | 67,874 | 67,874 | 1,326,000 | 2,326,000 | 76,000 | 0 | 0 |
| 27 | 2016 | 67,874 | 67,874 | 1,364,000 | 2,364,000 | 114,000 | 81,151 | 73,036 |
| 28 | 2017 | 67,874 | 67,874 | 1,402,000 | 2,402,000 | 152,000 | 162,804 | 146,524 |
| 29 | 2018 | 67,874 | 67,874 | 1,440,000 | 2,440,000 | 190,000 | 204,075 | 183,668 |
| 30 | 2019 | 67,874 | 67,874 | 1,478,000 | 2,478,000 | 228,000 | 246,030 | 221,427 |
| 31 | 2020 | 67,874 | 67,874 | 1,516,000 | 2,516,000 | 266,000 | 288,365 | 259,529 |
| 32 | 2021 | 67,874 | 67,874 | 1,554,000 | 2,554,000 | 304,000 | 354,798 | 319,318 |
| 33 | 2022 | 67,874 | 67,874 | 1,592,000 | 2,592,000 | 342,000 | 428,493 | 385,643 |
| 34 | 2023 | 67,874 | 67,874 | 1,630,000 | 2,630,000 | 380,000 | 509,469 | 458,522 |
| 35 | 2024 | 67,874 | 67,874 | 1,668,000 | 2,668,000 | 418,000 | 598,372 | 538,535 |
| 36 | 2025 | 67,874 | 67,874 | 1,706,000 | 2,706,000 | 456,000 | 695,544 | 625,990 |
| 37 | 2026 | 67,874 | 67,874 | 1,744,000 | 2,744,000 | 494,000 | 801,328 | 721,195 |
| 38 | 2027 | 67,874 | 67,874 | 1,782,000 | 2,782,000 | 532,000 | 919,789 | 827,810 |
| 39 | 2028 | 67,874 | 67,874 | 1,820,000 | 2,820,000 | 570,000 | 1,013,988 | 912,589 |
Overall, Maturity amount of 15,90,000 is payable to Mr. Bajaj.
I hope this article was helpful to you. Thank you.