LIC’s New Endowment Plan (Plan No. 714) is one of the most trusted long-term investment options offering a combination of savings and protection. It’s designed for individuals seeking financial security, maturity benefits, and risk coverage—all in a single plan.
In this example, a 25-year-old policyholder opts for a 35-year policy term with a Sum Assured of ₹20 Lakhs and Double Accident Benefit (DAB) of ₹20 Lakhs.
📌 Key Plan Highlights:
- Plan Name: LIC New Endowment Plan – 714
- Entry Age: 25 years
- Policy Term: 35 years
- Sum Assured: ₹20,00,000
- Double Accident Benefit (DAB): ₹20,00,000
- Premium Paying Term: Same as Policy Term
💰 Premium Details
1st Year Premium (Including 4.5% Tax):
| Mode | Premium (with Tax) | Base Premium | Tax Amount |
|---|---|---|---|
| Yearly | ₹56,815 | ₹54,368 | ₹2,447 |
| Half-Yearly | ₹28,729 | ₹27,492 | ₹1,237 |
| Quarterly | ₹14,526 | ₹13,900 | ₹626 |
| Monthly (ECS) | ₹4,842 | ₹4,633 | ₹209 |
Average Daily Premium (YLY Mode): ₹155/day
Premium After 1st Year (Including 2.25% Tax):
| Mode | Premium (with Tax) | Base Premium | Tax Amount |
|---|---|---|---|
| Yearly | ₹55,591 | ₹54,368 | ₹1,223 |
| Half-Yearly | ₹28,111 | ₹27,492 | ₹619 |
| Quarterly | ₹14,213 | ₹13,900 | ₹313 |
| Monthly (ECS) | ₹4,737 | ₹4,633 | ₹104 |
Average Daily Premium (YLY Mode): ₹152/day
📊 Total Premium Outflow
Over 35 years, the total approximate premium paid amounts to:
₹19,46,909 (including taxes)
🎁 Maturity Benefits (Approximate)
| Component | Amount |
|---|---|
| Sum Assured (S.A.) | ₹20,00,000 |
| Bonus | ₹31,50,000 |
| Final Additional Bonus (F.A.B.) | ₹46,00,000 |
| Total Return | ₹97,50,000 |
🔐 Risk Coverage Benefits
The plan offers life cover throughout the policy term, with double accident benefit. In case of accidental death, the nominee may receive up to ₹40,00,000 depending on terms.
📝 Why Choose LIC New Endowment Plan – 714?
- Guaranteed Returns with Bonuses
- Life Protection with Savings
- Low-Risk Traditional Plan
- Tax Benefits under Sections 80C and 10(10D)
- Affordable Daily Investment (as low as ₹152/day)
✅ Who Should Consider This Plan?
- Young professionals planning long-term savings
- Parents investing for their child’s future
- Individuals looking for guaranteed retirement corpus
- Investors seeking low-risk, tax-saving options
📌 Final Words
With an investment of around ₹55,000 annually, a 25-year-old can accumulate close to ₹97.5 Lakhs over 35 years through LIC’s trusted New Endowment Plan 714. This makes it a powerful tool for long-term wealth creation and protection. It’s not just insurance—it’s a disciplined saving mechanism that secures your future.
For more details, visit the official LIC website or consult an authorized LIC agent.