LIC’s new plans 2014-New Endowment Plan (No.814)

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• Hi sir,

  Myself Sampath. I am planning to take LIC's new endowment Policy (No 814) with SA 7,50,000 INR with Yearly premium of 28,500 INR (Approx) with 25 Years Term. I have calculated and getting Returns on the Maturity as 6.12%. Have considered RA Bonus as 48 & Final Add Bonus as 50 (Assumed) - Advise me whether my calculation is correct?

  And I have few concerns and Doubts before taking this Policy. Need your advise.

  Already i have the following Investment options.

  1) HDFC Life Term Insurance for 50 Lakhs
  2) Investing in Mutual Funds (Monthly 6K)
  3) Investing in PPF (Monthly 3K)
  4) Existing LIC money Back Policy (Yearly 6500 INR) - Maturing on 2027
  5) Existing LIC Endowment plan(14) 16 Years Term - (Yearly 10,000 INR) - Maturing on 2027
  6) Completed an Endowment plan in Maxlife - SA 1,50,000 - 6 Years Payable - Maturity after 20 Years - Life gain plus - Maturing on 2033
  7) Some small portion in Direct Equity

  NOW I AM LOOKING FOR SOME INVESTMENT OPTIONS AND FINALLY THINKING TO GO WITH LIC 814. I COULD NOT FIND ANY OTHER OPTIONS.

  Advise me some good option.

  Thanks
  Sampath.

  • Dear Sampath,
    Why you need ONE more investment option?

• Hello Sir,
  I need your assistance,
  My uncle wishes to purchase LIC New Endowment plan, his DOB is 06.07.1969. he is not at all convinced to but term insurance. Nowadays he is asking in HDFC life which one is good.

  Which one is good to buy... He wishes to avail till 75 of his age.

  • Dear Nagaraj,
    Whether someone financially dependent on him? If yes, then let him buy term life insurance and if NONE, then stay away from any LIFE INSURANCE PRODUCTS.

• Hello Sir,
  What's the procedure to convert LIC New Endowment to Paid up policy after 3 Years ?

  I mean whom to meet and all...?

  • Dear Vanita,
    You no need to follow any special procedure. You just stop paying the premium. The policy will automatically turn to paid up.

• I am in a great dilemma. Wish you could help me here.
  I have purchased New Endowment 814 plan in 2016 with SA 11,00,000 for 21 years and yearly premium of 50352. I have made payment for two premiums and my 3rd premium is due in June'18.
  I am in process of purchasing a 1Cr Aegon iterm Term insurance plan too.
  Questions here is, should I also continue with the LIC plan which I have bought or just forgot about it and start investing the same amount somewhere else like PPF/MF/ELSS.
  I wish,I could come across this article two years earlier. Decision would have been much simpler then. :(

  • Amit-If you close NOW, then you will not get any money in return. If you are ready for that then you simply can stop paying future premiums.

• Hi,
  Under Rebate for higher SA:
  there is mention of 3% of BSA for >5L.
  Does this rebate mean for every premium there will be rebate of 3% in the payment of premium?

  • Avinash-YES.

• dear sir,

  i want know policy details of New Endowment Policy Plan with example,like doc,death benifit ,death happened before doc after doc and what percentage amount to nominee

  vikram.h

  • Vikram-It is all explained above.

• Dear sir,

  I am 26 years old and have recently taken up the NEW LIC ENDOWMENT PLAN. My financial advisor says that on investing Rs. 2200 per month, 15 years down the line, I will get a return of Rs. 700000, half of which I will be able to withdraw and half which the company will pay post the age of 40 till the age of 90 or say 100. However, I feel I have taken a hasty decision, since I am unmarried and therefore have no responsibilities on my shoulder. Please advise me as to what I should do, in order to secure my future monetarily?

  • Chitra-First share agent's view like how he arrived at these values. Then we discuss further.

• Hi

  I would like to know if the below is true for the lic endowment table 814 are the below values are correct?
  Will I get 23Lakhs after 16 years if I invest 5K/month or 60K/ year ?

  Term maturity after 16 years MONTHLY 5000 MONTHLYpension after maturity
  2301300 900000 18698

  Cheers,
  PraseethaRanjit

  • PraseethaRanjit-What is the Sum Assured and how you arrived at this maturity value (or your agent)?

• Hi
  I am planning that for an investment of 63K/ year for 16 years at the end of 16th year I am told that I would get around 23Lakhs as the maturity amount.
  All the other benefits like death benefits etc all stays the same.

  I am wondering if 23L is the assured sum which is projected can that be true or is there a misguidance ?

  Termmaturity MONTHLY 5000
  2301300 900000 18698

  Cheers,
  PraseethaRanjit.

  • PraseethRanjit-I replied to your latest comment. Check it.

• I am 27 just bought 814 new endowment for 16 years with 2 lac sum assured. How much in total am I suppose to receive at the time of maturity? Any rough idea, sir?

  Thanks much for your help in advance!

  • Shakti-Returns will be anywhere around 5% to 6%.