LIC Policy No. 814: the LIC (Life Insurance Corporation of India) Policy No. 814 refers to the New Endowment Plan. This is a traditional participating non-linked endowment assurance plan. Here are the key features and benefits of this plan:
- Nature of the Plan: It’s a combination of protection and saving. In the event of the policyholder’s death during the policy term, the sum assured along with the vested bonuses is payable. If the life assured survives until the end of the policy term, then the same amount (sum assured plus vested bonuses) is payable as maturity benefit.
- Entry Age: Policy can be taken by anyone between 8 to 55 years of age.
- Policy Term: Can vary from 12 to 35 years.
- Sum Assured: The minimum sum assured is INR 1,00,000, and there’s no upper limit.
- Premium Payment Mode: Yearly, half-yearly, quarterly, or monthly.
- Bonuses: Being a participating plan, it earns a bonus. The rate of the bonus might vary.
- Loan Facility: After paying premiums for a certain number of years, one can avail a loan against the policy.
- Tax Benefit: Premiums paid are eligible for tax benefits under Section 80C, and the maturity proceeds are free under Section 10(10D) of the Income Tax Act, 1961.
- Additional Riders: LIC offers riders such as Accident Death and Disability Benefit Rider and Critical Illness Benefit Rider which can be attached to this policy for added benefits.
- Surrender Value: The policy can be surrendered after it has been in force for a minimum period.
It’s always recommended to refer to the official LIC website or contact an LIC agent to get the most updated and detailed information about the plan.
