LIC’s New Endowment Plan -914 Maturity Calculator

LIC’s New Endowment Plan -914

This is regular premium non-linked with profits endowment plan sum assured on death. Death benefits sum assured on death added to final addition bonus. Maturity  death claim in installments for 5,10,15 years for full or part of maturity death claim amount. Option to be exercised 3months before maturity and for death claim during life time by life assured.

Age entry maximum and minimum

  • 12 to 35 years
  • Minimum entry age
  • 8 years completed
  • Maximum entry age
  • 55 years ( nearby birthday)
  • Maximum mat urination age
  • 75 years

The minimum sum insured is Rs.1,00,000

Maximum Sum Assured No Limit (Depending on Income)

Surrender value

The policy can be surrendered at any time during the term of the policy for which at least 2 full year premiums have been paid .Debt the loan facility is available under this scheme after paying the premium for at least 2 full years.

Income tax benefit

The premium paid under this scheme is eligible for tax deduction under Section 80C . In this scheme, the maturation phase ( 10 d), the lower is free.

From the project : 300/340/360 will be used coming under this project.

Project: New Donation Program – 914, Age – 35,Duration – 25

Insurance amount – Rs.1 , 00.000

Tax 4.5%, with 1 being the annual premium    

Year: Rs.4271 (4087 + 184)

Half- Year : Rs.2157 (2064 + 93)

Quarterly: Rs.1090 (1043 + 47)

Monthly ( ECS): 364 (348 + 16)

YLY Method Average Premium / Date: 11

The annual premiums with tax 2.25%  

Year: Rs.4179 (4087 + 92)

Half- Year : Rs.2110 (2064 + 46)

Quarterly: Rs.1066 (1043 + 23)

Monthly ( ECS): Rs.356 ( 348 + 8)

YLY mode average premium / day : 11

Approximate premium paid : Rs.104567

Approximate income at maturity

SA –Rs.1 , 00,00

Bonus- RS.11 , 2500

FAB – Rs.33,000

Total Earnings at Maturity – Rs.245500.

Conclusion

LIC’s New Donation Scheme 914 Insurance is very useful for us .It is an important part of our lives and after life .It is confident that it will be an anchor not only for us but also for our family.

New Plan 914 – LIC New Endowment Plan

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