In an era of financial uncertainty, balancing the need for long-term savings with the imperative of family protection is a priority for many. LIC’s New Endowment Plan (714) stands out as a reliable, participating, non-linked insurance policy designed specifically to bridge this gap.
As of 2026, this plan remains a cornerstone for individuals seeking a disciplined approach to wealth creation coupled with a robust safety net for their loved ones.
Why Choose LIC’s New Endowment Plan (714)?
This plan is more than just an insurance policy; it is a financial companion that matures into a significant lump sum, providing you with the capital to achieve major life milestones—be it your child’s education, a wedding, or a comfortable retirement.
Key Pillars of the Plan:
- Dual Benefit: You gain both life protection and a systematic savings mechanism.
- Participation in Profits: As a participating plan, you share in the corporation’s profits through Simple Reversionary Bonuses and, where applicable, Final Additional Bonuses.
- Flexible Coverage: With policy terms ranging from 12 to 35 years, you have the flexibility to align the plan with your specific financial timeline.
- Liquidity When Needed: Life can be unpredictable. This plan offers a loan facility against your policy to help you navigate short-term financial emergencies.
- Tax Efficiency: Premiums paid are eligible for deductions under Section 80C, and maturity proceeds are generally tax-exempt under Section 10(10D), subject to prevailing tax laws.
Eligibility at a Glance
The plan is designed to be accessible to a wide range of individuals.
| Parameter | Criteria |
|---|---|
| Entry Age | 8 years (completed) to 50 years (nearer birthday) |
| Policy Term | 12 to 35 years |
| Min. Sum Assured | ₹2,00,000 |
| Max. Sum Assured | No limit |
Understanding the Benefits: An Illustrative Example
To visualize the potential of this plan, consider a 30-year-old individual opting for a policy term of 20 years with a Sum Assured of ₹10,00,000.
- Premium Commitment: By paying a disciplined annual premium (illustratively ~₹45,000), you secure a guaranteed base cover of ₹10,00,000.
- At Maturity: Upon surviving the 20-year term, the policyholder receives the Basic Sum Assured (₹10 Lakhs) plus the accumulated Simple Reversionary Bonuses and any applicable Final Additional Bonus. Based on illustrations, the total benefit could reach ₹19,00,000, providing a substantial corpus for your future goals.
- In Case of Untimely Demise: Should the unthinkable happen during the policy term, the nominee receives the Death Benefit—which includes the Sum Assured on death plus all accrued bonuses—ensuring that your family’s financial dreams remain protected despite your absence.
Note: All values and bonuses mentioned are illustrative and based on projected performance. Actual returns may vary.
Enhance Your Protection
Life is dynamic, and so are your needs. You can further customize your policy by adding optional riders, such as:
- Accidental Death and Disability Benefit Rider
- Premium Waiver Benefit Rider
- Critical Illness Health Rider
By choosing LIC’s New Endowment Plan (714), you aren’t just buying insurance; you are investing in peace of mind. To start your journey, visit your nearest LIC branch or consult with an authorized LIC agent to tailor a plan that fits your life goals perfectly.
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