LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
How to use Daily Tool's New Endowment Plan (814) Premium Calculator
Dailytool's New Endowment Plan (814) Premium Calculator is very easy to use utility for online calculation of premium amount. This premium calculator gives output in four ways
- Calculate premium on yearly basis
- Calculate premium on half yearly basis
- Calculate premium on quarterly basis
- Calculate premium on monthly basis
In order to calculate premium amount you have to enter your age, insurance term, expected sum assured and whether you want to avail accident benefits. There are some constraints in these criteria and which is listed below.
|Age||Age must between 8 years to 55 years.|
|Insurance Term||Insurance term must between 12 years to 35 years|
|Sum Assured||Sum assured can not be less than 1 lac rupees. And it must be in multiples of 5000.|
Let's understand this tool by taking an example. Mr. Joshi (age 40 years) want to calculate premium of new endowment plan - 814. He want to pay premium for 15 years. So in-order to calculate, Mr. Joshi need to enter "40" in age field, need to select term as 15 years, need to enter sum assured amount as 1000000. In case Mr. Joshi need to avail accident benefit then he need to select Accident Benefit else there is no need to select this field. After this is done only thing he need to do is perform calculation.
As soon as he performs calculation, he'll be presented nice tabular format result. Result indicates premium in yearly, half yearly, quarterly and monthly basis. Result also shows service tax applied on it.
Please visit LIC website for more information on this insurance policy.