LIC Endowment Plan 814 Features & Details

Monday, January 6, 2014

LIC Of INDIA

LIC Endowment Plan 814 Features & Details | Features, Benefits Reviews, Premium, Maturity and Risk Cover

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.

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.

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

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.
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.



LIC New Single premium Endowment Plan 817-2014 


LIC New Endowment Plan Table No 814 Premium Chart








You can buy this as a LIC Pension Plan with single maturity or multiple maturities.



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