Who it suits
First-time policy buyers who want simple, disciplined savings with protection.
LIC plans / Endowment Plans
Endowment Plans
New Plan no. 714 UIN 512N277V03
LIC’s New Endowment Plan
Participating · Non-linked · Endowment
Classic savings plan: life cover during the term and a lump sum with bonuses when it ends.
8 – 55 yearsEntry age
12 – 35 yearsPolicy term
Same as policy termPremium paying term
Minimum sum assured applies; no upper limit. See the official brochure for the exact…Sum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- Life cover plus savings
- Bonuses under with-profits
- Loan facility
How it works
Pay premiums through the term. On death the family gets the sum assured on death with bonuses; on survival you get the Basic Sum Assured with bonuses at maturity.
Death benefit
Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Maturity benefit
Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.
Survival / income benefit
None during the term.
Options and riders
Optional riders for accident, term cover and critical illness (as listed in the brochure)
Settlement options for death and maturity benefit in instalments
Step by step
How the plan runs
1
Start the planEntry age: 8 – 55 years. Sum assured: Minimum sum assured applies; no upper limit. See the official brochure for the exact benefit formula..2
Pay premiumsSame as policy term3
Stay coveredPolicy term: 12 – 35 years. Death benefit applies during the term.4
Income during the termNone during the term.5
Receive the benefitBasic Sum Assured plus vested bonuses and Final Additional Bonus, if any.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 714 |
| UIN | 512N277V03 |
| Category | Endowment Plans |
| Plan type | Participating · Non-linked · Endowment |
| Entry age | 8 – 55 years |
| Policy term | 12 – 35 years |
| Premium paying term | Same as policy term |
| Sum assured | Minimum sum assured applies; no upper limit. See the official brochure for the exact benefit formula. |
- Loan facility available as per policy conditions
- Surrender value after the minimum premium-paying period
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
First-time policy buyers who want simple, disciplined savings with protection.
What is the entry age?
8 – 55 years
What are the policy term and premium paying term?
Policy term: 12 – 35 years. Premium paying term: Same as policy term.
What sum assured can I choose?
Minimum sum assured applies; no upper limit. See the official brochure for the exact benefit formula.
What happens if the life assured dies during the term?
Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
What do I receive at maturity?
Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.
Does the plan pay anything during the term?
None during the term.
Are there options or riders?
Optional riders for accident, term cover and critical illness (as listed in the brochure)
Settlement options for death and maturity benefit in instalments
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.