LIC's New Endowment Plan 814 (also known as table no 814). is as basis life insurance plan. This plan was introduced on 3rd january 2014 by LIC. This plan provides life cover during policy's term and on maturity. This plan provides good amount, which can be adequate for dependent's financial needs. In general this plan provides following features.
- Good mixture of investment and life insurance
- Low premium compared to other plan in this category
- Comparatively Higher Bonus
- Eligible for bonus and Final Addition bonus (declared by LIC)
- Double Accidental benefit with rider
- Tax saving under income tax section 80-C on premium paid
- Maturity amount is tax free
Now that we have seen features of this plan, let's evaluate some basic criteria of New Endowment Plan 814.
| Entry Age | Between 8 to 55 years |
| Maximum maturity age | 75 years (nearest birthday) |
| Policy Term | Between 12 to 35 years |
| Premium Payment mode | Yearly, Half-yearly, Quarterly and Monthly (through ECS or through salary deductions) |
| Sum Assured | Minimum limit is 1 lac rupees, no maximum limit. Sum assured must be in multiples of 5000. |
Documents Required
In order to avail New Endowment Plan 814 policy, one should need below documents
- Application form along with photo
- Address proof
- Age proof
- Medical reports (if required)
There are two rebates for the basic Lic New Endowment plan, they are
- Mode Rebate
- Sum assured Rebate
Mode Rebate
| Mode | Percentage |
| Yearly mode | 2% of tabular premium |
| Half-yearly mode | 1% of tabular premium |
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 |