The LIC New Endowment Plan 714 Calculator helps users easily estimate premiums, maturity values, and policy benefits under the LIC New Endowment Plan 714—a participating, non-linked, life insurance policy that combines savings and insurance protection. This article provides an in-depth yet simple and easy-to-understand guide, helping readers make informed decisions and understand every aspect of the plan, including calculator use, policy features, benefits, eligibility, and frequently asked questions.

What is LIC New Endowment Plan 714?

The LIC New Endowment Plan 714 is a traditional participating endowment policy crafted by the Life Insurance Corporation of India (LIC). It offers twin benefits:

• Insurance protection (financial security for the family in case of the policyholder’s death),
• Savings (a lump sum payment at maturity).

This plan also participates in LIC’s profits, so policyholders receive bonuses declared by the corporation during the policy period.

How the LIC 714 Calculator Works

The LIC New Endowment Plan 714 calculator is an online tool that helps prospective policyholders estimate:

• How much premium will be payable,
• What the maturity amount will be,
• The sum assured in case of death,
• Bonus amounts, and more.

By entering details like age, sum assured, policy term, and premium frequency, users can generate instant projections—removing complex calculations from the decision-making process.

Key Features of LIC Endowment Plan 714

Here is a comprehensive table summarizing the key features:

Feature	Details
Plan Type	Non-linked, Participating, Endowment
Entry Age	8–50 years
Policy Term	12–35 years
Premium Paying Term	Usually equals policy term
Minimum Sum Assured	₹2,00,000
Maximum Maturity Age	75 years
Premium Payment Modes	Yearly, Half-Yearly, Quarterly, Monthly (NACH)
Loan Facility	After payment of 1 full year’s premium
Surrender Value Available	After 2 policy years
Optional Riders	Accidental Death & Disability, New Term Assurance, Critical Illness (additional premium)

Eligibility and Who Should Choose This Plan

• Minimum Entry Age: 8 years
• Maximum Entry Age: 50 years
• Minimum Policy Term: 12 years
• Maximum Policy Term: 35 years
• Minimum Basic Sum Assured: ₹2,00,000
• Maximum Maturity Age: 75 years

This plan is ideal for individuals wanting a safe savings vehicle that also provides life insurance protection throughout the policy term.

Premium Payment Options

• Yearly, Half-Yearly, Quarterly, or monthly (NACH) payment modes are available.
• Rebates: Yearly = 2%, Half-Yearly = 1%, No rebate for other modes.
• There are additional incentives for high sum assured amounts.

Benefits of LIC New Endowment Plan 714

Maturity Benefit

On survival till the end of the policy term, the policyholder gets:

• Basic Sum Assured,
• Accumulated Simple Reversionary Bonuses,
• Final Additional Bonus (FAB), if declared.

Death Benefit

If the policyholder dies during the policy term, the nominee receives:

• Sum Assured on Death (usually the higher of 125% of the Basic Sum Assured or 7 times the annual premium),
• Plus accrued bonuses and the final additional bonus (if declared).

Bonus

• Simple Reversionary Bonus: Declared annually and added throughout the policy term.
• Final Additional Bonus: Declared at policy maturity or on death, typically paid if the policy has run for a certain period.

Rider Benefits

• Accidental Death & Disability Rider
• New Term Assurance Rider
• Critical Illness Rider
  These can be added for additional premium for enhanced coverage.

Loan Facility

• After payment of at least 1 year’s premium, loans can be availed against the policy’s surrender value.

Surrender Value

• After 2 years of full premium payment, policyholders can surrender the policy and receive either the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is higher.

Tax Benefits

• Premiums paid and benefits received may qualify for tax deductions and exemptions under Section 80C and 10(10D) of the Income Tax Act, subject to changes in tax laws.

Example Calculation: How Much Will You Get?

Let’s consider the example of a 29-year-old who opts for:

• Policy Term: 21 years
• Sum Assured: ₹10,00,000

Suppose the annual premium (approx.) is ₹48,817 in year 1. At the end of 21 years, the maturity payout could be structured like this:

Year	Age	Premium Paid	Bonus (Est.)	FAB (Est.)	Returns (Est.)
1	29	₹48,817	₹45,000	₹0	₹10,45,000
…	…	…	…	…	…
21	49	₹10,04,137	₹9,45,000	₹1,00,000	₹20,45,000

Note: These numbers may vary each year, and actual bonuses declared by LIC can change based on company performance.

Step-by-Step: Using the LIC New Endowment Calculator

1. Access an LIC New Endowment Plan 714 calculator online.
2. Enter:
   • Name, Age, Gender,
   • Policy Term,
   • Sum Assured,
   • Premium Payment Frequency.
3. Click “Calculate” to:
   • See premium breakdown (with GST),
   • Annual, half-yearly, quarterly, or monthly premiums,
   • Projected maturity value,
   • Probability death/accident coverage,
   • Bonus breakdowns.

Tip: Calculators are great for comparing different sums assured/policy terms and for understanding the long-term value before buying.

Bonuses in LIC New Endowment Plan 714

• Bonuses enhance the returns.
• Declared as a % of the sum assured.
• Simple Reversionary Bonus: Typically declared every year and is paid on maturity or death, not earlier.
• Final Additional Bonus: Single lump sum paid at maturity or claim, declared on the completion of a minimum policy term (usually 15 years or more).

Riders: Increasing Your Coverage

Optional add-ons include:

• Accidental Death and Disability Rider: Increases benefit if policyholder suffers accidental death or disability.
• LIC’s New Term Assurance Rider: Offers additional coverage at nominal cost.
• Critical Illness Rider: Pays a lump sum upon diagnosis of listed critical illnesses.

Paid-Up & Surrender Value Explained

If all premiums aren’t paid, the policy may convert to a paid-up policy (if at least two years’ premiums are paid), where:

• Paid-up Sum Assured = (Sum Assured) × (number of premiums paid / number of premiums payable)
• Paid-up value also attracts any accrued bonuses.

Surrender Value applies if the policy is voluntarily closed after two years. You’ll get either the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher.

Advantages & Disadvantages of LIC New Endowment Plan 714

Aspect	Advantages	Disadvantages
Returns	Steady, low-risk savings and insurance	Lower returns vs. market-linked products
Life Cover	Guaranteed sum assured even if the worst happens	Premiums are higher for higher maturity value
Participating plan	Bonuses can significantly boost final payout	Bonuses are not guaranteed every year
Flexibility	Rider options, loan, surrender, paid-up option	Lock-in period of a minimum of 2 years for surrender
Simplicity	Transparent plan, easy to compare using calculators	Final maturity takes 12–35 years—long-term commitment

Step-by-Step: Buy LIC New Endowment Plan 714

1. Consult an authorized LIC advisor or visit LIC’s official website: https://licindia.in/
2. Use the LIC calculator to decide optimal sum assured and premium frequency.
3. Submit basic details and required documentation (age proof, ID, income source).
4. Select optional riders if required.
5. Pay the first premium.
6. Receive the policy bond after completion of processing.

Frequently Asked Questions (FAQs)

Conclusion

The LIC New Endowment Plan 714 Calculator takes the guesswork out of planning for future financial security—whether for savings or life insurance. This plan is ideal for anyone desiring guaranteed maturity value, steady bonus accumulation, and comprehensive risk protection, with flexible options to customize coverage and payment mode.

LIC’s reputation, strong bonus history, and simple online calculator make it easier than ever to plan a safe, stable financial future—underlined by reliable insurance protection and the discipline of long-term savings.