Comparision between LIC Endowment Plan Table 814 Vs Table 14

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LIC’s NEW ENDOWMENT PLAN
Plan No. 814

2. Benefits
Table No. 14
Endowment Assurance Plan
Table No.814
New Endowment Plan
Maturity Benefit
Maturity Benefit
Basic Sum Assured along with
Basic Sum Assured along with
Vested Simple Reversionary
Vested Simple Reversionary Bonuses
Bonuses and Final Additional
and
Bonus, if Any.
Final Additional Bonus, if Any.
Death Benefit
Death Benefit
Sum Assured (SA) along with
‘Sum Assured on Death’ along with
Vested Simple Reversionary
Vested Simple Reversionary Bonuses
Bonuses and Final Additional
and Final Additional Bonus, if any.
Bonus, if any.

3. LIC’s New Endowment Plan
Eligibility Conditions and Restrictions
Particulars
Table No. 14
Endowment Assurance Plan
Table No. 814
New Endowment Plan
Age at entry 12 to 65 years
8 to 55 years
Age at
Maturity
Maximum 75 years
Maximum 75 Years
Policy Term
5 to 55 years
12 to 35 years
Premium
mode
Yearly, Half-yearly,
Quarterly, Monthly (SSS or
ECS)
Yearly, Half-yearly,
Quarterly, Monthly (SSS or
ECS)
Basic Sum
Assured
50000 and above
100000 and above
( In multiples of 5000)

4. LIC’s New Endowment Plan ~ Rebates
Rebate
Mode
Table No. 14
Table No. 814
Yearly
3% of tabular Premium
2% of tabular premium
Half-yearly
1.5% of tabular premium
1% of tabular premium
Quarterly
Nil
Nil
Table No 14
Endowment Assurance Plan
Basic Sum Assured
Rebate (Rs.)
Table No. 814
New Endowment Plan
Basic Sum Assured
Rebate (Rs.)
100001 and above
2.00‰ SA
5,00,000 and above
3.00‰ BSA
50001 to 100000
1.00‰ SA
2,00,000 to 4,95,000
2.00‰ BSA
Upto 50000
Nil
<1,95,000
Nil

5. LIC’s New Endowment Plan ~ Policy Loan
Table No. 14
Endowment Assurance Plan
Table No. 814
New Endowment Plan
Available after payment of 3 full
years premiums.
Available after payment of 3 full
years premiums.
Loan granted shall be 90% of the
Surrender Value in case of inforce
policies and 85% of the Surrender
Value in case of Paid-up policies
irrespective of the policy term.
The maximum amount of loan that
can be granted as a percentage of
Surrender Value shall depend on % of loan
modified
the Policy Term, as given in the
table below.
Foreclosure action was initiated on Foreclosure action shall not be
default of 2 or more half-yearly
taken under fully paid-up and
loan interest installments.
inforce policies even if there is
default of loan interest.
Policy Term
Upto 23
24 to 27
28 to 31
32 to 35
% for inforce policies
90%
80%
70%
60%
% for Paid-up policies
80%
70%
60%
50%

6. LIC’s New Endowment Plan ~ Surrender Value
Table No.14
Table No. 814
Guaranteed Surrender Value (GSV)
Guaranteed Surrender Value (GSV)
Available after payment of 3 full years
premiums.
Available after payment of 3 full years
premiums.
GSV shall be equal to 30% of the total
premiums paid less First Year Premium
and extra premium, if any.
GSV shall be a percentage of total
premiums paid (net of taxes) excluding
extra premium, if any and premium paid
for riders,if opted for.
Examples of GSV factors applicable for
total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)
Cash Value of vested bonuses, if any.
GSV factor applicable to vested bonus,if
any. Examples of Vested bonus factors –
Year of SV – Policy Term – Factor
3
12
18.60%
19
25
20.85%
29
30
30%

7. LIC’s New Endowment Plan
Table No. 14
Endowment Assurance Plan
Table No. 814
New Endowment Plan
Special Surrender Value (SSV)
Special Surrender Value (SSV)
Surrender Value shall be the
discounted value of the Paid-up Sum
Assured and vested simple
reversionary bonuses.
Surrender Value shall be the
discounted value of the Paid-up Sum
Assured and vested simple
reversionary bonuses.
The discount factors shall be
surrender value factors as provided in
Table-1A of the Special Surrender
Value Booklet and will depend upon
the policy term and duration elapsed
since the commencement of the policy.
The discount factors shall be
surrender value factors as provided in
Table-1A of the Special Surrender
Value Booklet and will depend upon
the policy term and duration elapsed
since the commencement of the policy.
Surrender Value Payable
Surrender Value payable
The Higher of Guaranteed Surrender
Value and Special Surrender Value
shall be payable.
The Higher of Guaranteed Surrender
Value and Special Surrender Value
shall be payable.

8. LIC’s New Endowment Plan ~ Table No. 814
Table No 14
Endowment Assurance Plan
Table No 814
New Endowment plan
A Policy may be revived within a
period of 5 years from the date of first
unpaid premium.
A Policy may be revived within a
period of 2 years from the date of first
unpaid premium.
Taxes, if any , were borne by the
corporation.
Taxes, if any, shall be applicable at the
prevailing rates and borne by the
policyholder as per rules.
There shall be no change in the
following Items
Back Dating
Grace Period
Paid-up Value
Assignment/Nomination

9. LIC’s New Endowment Plan –
Changes over Table No.14
• ‘Sum Assured on Death’ has been defined separately.
• Age at entry has been reduced.
• Percentage of Loan payable as a percentage of
Surrender Value shall depend upon policy term.
• GSV percentage shall also depend on policy term
and year of Surrender.
• Rebates for high SA and premium mode modified.
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