endowment

LIC's New Endowment Plan

Plan 714UIN 512N277V03

A participating individual life insurance savings plan currently listed by LIC.

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At a glance

Key highlights

Plan type

Endowment

Plan number

714

Who should consider this plan?

long term savings, family protection

Eligibility and policy information

Eligibility and policy information for this plan
minimum Entry Age	8 years (completed)
maximum Entry Age	50 years (nearer birthday)
minimum Maturity Age	20 years (completed)
maximum Maturity Age	75 years (nearer birthday)
policy Term	12 years
premium Paying Term	35
minimum Sum Assured	` 200,000
maximum Sum Assured	No Limit
Premium modes	Yearly, Half-Yearly, Quarterly, Monthly
Loan available	Yes
Surrender available	No

Benefits and riders

Death benefit

Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of total premiums paid upto the date of death. Where, i. "Annualized Premium” shall be the premium payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums ii. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC’s Premium Waiver Benefit Rider is opted for, in the

Maturity benefit

On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Maturity” is equal to Basic Sum Assured. C. 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-force. In case the premiums are not duly paid, the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid-up value. Simple Reversionary Bonuses shall be declared annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan on such terms and conditio