LIC's Endowment Plan 814 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.
‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
1. Minimum Accident Benefit Sum Assured : Rs. 100,000
2. 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 of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
1.Minimum Age at entry : 18 years (completed)
2.Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
3.Maximum cover ceasing age : 70 years (nearest birthday)
Above Illustration is for LIC New Endowment Plan
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 35 years
Policy / Maturity Term : 35 years
Bonus Rate (2016) : 48 per 1000
Benefits:
Death benefit:
In case of death during the policy term provided all due
premiums have been paid Death benefit, defined as sum of
"Sum Assured on Death" and vested
Simple Reversionary Bonuses and
Final Additional bonus, if any, shall be
payable. Where, “Sum Assured on Death” is defined as higher
of Basic Sum Assured or 10 times of annualised premium. This
death benefit shall not be less than 105% of all the premiums
paid as on date of death.
Where premiums exclude service tax, extra premium and rider
premiums, if any.
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 12 years
Policy / Maturity Term : 12 years
Bonus Rate (2016) : 38 per 1000
LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 12 YEARS
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 12 years
Policy / Maturity Term : 12 years
Bonus Rate (2016) : 38 per 1000
Maturity Benefit:
Basic Sum Assured, along with vested
simple reversionary bonuses and
Final Additional bonus, if any, shall be
payable in lump sum on Survival to the end of the policy term
provided all due premiums have been paid.
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, provided the policy is
in full force.
Final (Additional) Bonus may also be declared under the
policy in the year when the policy results into a claim
either by death or maturity, provided the policy has run for
certain minimum term.
Optional Benefit:
LIC’s Accidental Death and Disability Benefit
Rider: LIC's Accidental Death and Disability Benefit
Rider is available as an optional rider by payment of
additional premium. In case of accidental death, the Accident
Benefit Sum Assured will be payable as lump sum along with
the death benefit under the basic plan. In case of accidental
permanent disability arising due to accident (within 180 days
from the date of accident), an amount equal to the Accident
Benefit Sum Assured will be paid in equal monthly instalments
spread over 10 years and future premiums for Accident Benefit
Sum Assured as well as premiums for the portion of Basic Sum
Assured which is equal to Accident Benefit Sum Assured under
the policy, shall be waived.
‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit as defined above shall not be less than
105% of total premiums* paid as on the date of death.
What is Sum Assured on Death?
Sum Assured on Death shall be higher of ~ Basic Sum Assured
(BSA) OR 10 times Annualized Premium. (10 x AP). [*The premiums
mentioned in death benefit are excluding taxes, extra premiums
and premiums for riders, if any]
Lic Endowment Plan Eligibility Conditions and Restrictions
·
Age at entry – 8 to 55 years
·
Age at Maturity – Maximum 75 Years
·
Policy Term – 12 to 35 years
·
Premium mode – Yearly, Half-yearly, Quarterly,
Monthly (SSS or ECS)
· Minimum
Basic Sum Assured – 100000 and above
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
· Maximum Sum Assured – No Limit
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 21 years
Policy / Maturity Term : 21 years
Bonus Rate (2016) : 48 per 1000
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
· Maximum Sum Assured – No Limit
LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 21 YEARS
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 21 years
Policy / Maturity Term : 21 years
Bonus Rate (2016) : 48 per 1000
Accidental Death and Disability Benefit Rider
1. Minimum Accident Benefit Sum Assured : Rs. 100,000
2. 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 of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
1.Minimum Age at entry : 18 years (completed)
2.Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
3.Maximum cover ceasing age : 70 years (nearest birthday)
Loan Benefit
Available after payment of 3 full years’ premiums.
The maximum amount of loan that can be granted as a percentage of
Surrender Value shall depend on the Policy Term.
Foreclosure action shall not be taken under fully paid-up and
enforce policies even if there is default of loan
interest.
Guaranteed Surrender Value (GSV)
- Available after payment of 3 full years premiums.
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)
GSV factor applicable to vested bonus, if any. Examples of Vested
bonus factors –
Surrender Value shall be the discounted value of the
Paid-up Sum Assured and vested simple reversionary bonuses.
Year of SV – Policy
Term – Factor
3
12
18.60%
19
25
20.85%
29
30
30%
(In multiples of 5000)
Special Surrender Value (SSV)
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 – The Higher of Guaranteed Surrender
Value and Special Surrender Value shall be payable.
LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 35 YEARS
Above Illustration is for LIC New Endowment Plan
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 35 years
Policy / Maturity Term : 35 years
Bonus Rate (2016) : 48 per 1000
LIC’s New Endowment Plan – Changes over Table No.14
1.
Sum Assured on Death’ has been defined separately
2.
Age at entry has been reduced.
3.
Percentage of Loan payable as a percentage of
Surrender Value shall depend upon policy term.
4.
GSV percentage shall also depend on policy term and
year of Surrender
5.
Rebates for high SA and premium mode modified.
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