LIC New Endowment Plan 714 Calculator
Work out your estimated premium, maturity value, bonus and death benefit for LIC's New Endowment Plan (Table 714, UIN 512N277V03) in under a minute ā no agent visit needed to get a starting number.
*Illustrative sample ā enter your own details below
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ā±ļø Instant estimateAge 30 Ā· 20-Year Term Ā· ā¹5,00,000 Sum Assured
*Figures shown are estimates for a healthy standard life. Your actual premium, bonus and final amounts are determined solely by LIC as per its approved rate tables and yearly declared bonus rates.
How your maturity value builds up
If you survive the full policy term and all premiums are paid, LIC pays your Basic Sum Assured plus every bonus vested along the way.
Maturity Projection ā Year by Year
Policy value at each anniversary: premium paid vs. accumulating guaranteed value
Maturity Value Breakdown
Composition of your estimated maturity payout
Financial protection for your family
If the life assured passes away during the policy term (while the policy is in-force), the family receives the Sum Assured on Death, along with vested bonuses ā subject to a minimum floor of 105% of premiums paid.
Benefit Timeline ā Protection Graph
How the death benefit payable grows across the policy term
Guaranteed vs. projected bonus growth
Once a Simple Reversionary Bonus is declared by LIC for a year, it is locked in ("vested") and guaranteed as part of your policy ā it just isn't known in advance.
Year-wise Bonus Growth
Cumulative vested Simple Reversionary Bonus under your chosen scenario
Premium Paid vs. Total Benefit
What you put in, compared with what you're projected to receive
Total Returns Growth
Estimated policy value building up against total premium paid, year by year
What this means for you
Your policy, year by year
A simplified year-wise snapshot of premium paid, vested bonus and guaranteed value under your inputs.
| Policy Year | Premium Paid (Cumulative) | Vested Bonus (Cumulative) | Death Benefit (if claim this year) | Maturity Value (if this is the final year) |
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What is LIC New Endowment Plan 714?
LIC's New Endowment Plan (Table 714, UIN 512N277V03) is a traditional, participating (Par), non-linked, individual savings-cum-protection plan from the Life Insurance Corporation of India. "Participating" simply means your policy shares in LIC's profits through bonuses.
In plain language, it combines two things Indian households value together in one policy: disciplined long-term savings and life cover for the family. If you survive the full policy term, you get a guaranteed lump sum plus bonuses. If something happens to you during the term, your family gets an assured amount so their financial plans aren't derailed.
Because it is a "Non-Linked" plan, your money is not exposed to stock market ups and downs like a ULIP ā the guaranteed Sum Assured never falls, and any bonus that LIC declares and adds to your policy is locked in for good.
Key features of this plan
Savings + Protection
One premium builds long-term savings and provides life cover at the same time.
Guaranteed Maturity Benefit
Basic Sum Assured is guaranteed on maturity if the policy is in-force and premiums are duly paid.
Simple Reversionary Bonus
A yearly bonus declared by LIC based on its profits, added to your policy and locked in once declared.
Final Additional Bonus
An extra terminal bonus that may be paid along with the Simple Reversionary Bonus, if declared, when the policy ends in a claim.
Optional Riders
Five riders let you customise cover for accidents, critical illness, extra term cover and premium waiver.
Flexible Premium Modes
Pay yearly, half-yearly, quarterly or monthly, with a small rebate for yearly and half-yearly modes.
Loan Facility
Take a loan against your policy's surrender value after the first year's premium is paid, subject to conditions.
Settlement Options
Choose to receive maturity or death benefit as instalments over 5, 10 or 15 years instead of a lump sum.
Backed by LIC
Issued by the Life Insurance Corporation of India, established under an Act of Parliament in 1956.
Who can buy this plan?
| Minimum Age at Entry | 8 years (age nearer birthday) |
| Maximum Age at Entry | 50 years (age nearer birthday) |
| Minimum Age at Maturity | 20 years (completed) |
| Maximum Age at Maturity | 75 years (age nearer birthday) |
| Policy Term | 12 to 35 years |
| Premium Paying Term | Regular premium, generally equal to the policy term |
| Minimum Basic Sum Assured | ā¹2,00,000 |
| Maximum Basic Sum Assured | No limit, subject to underwriting |
| Sum Assured Multiples | ā¹5,000 (ā¹2Lāā¹4.5L) Ā· ā¹50,000 (ā¹4.5Lāā¹9L) Ā· ā¹1,00,000 (above ā¹9L) |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
Source: LIC's official Policy Document and sales literature for Table 714 (UIN 512N277V03).
Benefits under the plan
Maturity Benefit
On surviving the full policy term with the policy in-force, you receive the Basic Sum Assured (called "Sum Assured on Maturity") plus all vested Simple Reversionary Bonuses, plus a Final Additional Bonus if LIC declares one for your policy year and term.
Death Benefit
If the life assured dies during the policy term while the policy is in-force, the family receives the "Sum Assured on Death" ā the higher of the Basic Sum Assured or 7 times the Annualized Premium ā plus vested bonuses and Final Additional Bonus, if any. This is guaranteed to be at least 105% of all premiums paid up to the date of death.
Participation in Profits
Being a "Par" plan, your policy shares in LIC's profits through bonuses declared annually, as long as premiums are being paid regularly.
Loan & Surrender
You may surrender the policy after one full year's premium is paid; it acquires a Guaranteed Surrender Value after two full years. A policy loan is available against the surrender value once eligible.
Maturity benefit, explained simply
Think of your maturity value as three layers stacked together: the guaranteed Basic Sum Assured at the bottom, the Simple Reversionary Bonus that LIC adds most years on top of that, and ā only in some cases ā a Final Additional Bonus on the very top when the policy actually matures. The first layer never changes. The second layer only grows, one declared year at a time. The third layer depends on how your policy performs and how long it has run.
Death benefit, explained simply
The death benefit exists so that a family's plans ā a child's education, a home loan, daily expenses ā don't have to change because the primary earner is no longer there. LIC guarantees this amount will never be less than 105% of whatever premium has been paid so far, even very early in the policy, so the cover is meaningful from day one, not just after several years.
Bonus, explained simply
LIC declares a Simple Reversionary Bonus rate (per ā¹1,000 of Sum Assured) at the end of each financial year, based on how its participating fund has performed. This is not fixed in advance and is not guaranteed for future years ā but once declared for a year, it is "vested," meaning it becomes a permanent, guaranteed part of your policy.
A Final Additional Bonus (also called a Terminal Bonus) may be declared on top of this, payable only when the policy actually results in a claim (death or maturity), and only if LIC decides to declare one for policies of that duration.
Tax benefits under this plan
- Premiums paid may qualify for deduction under Section 80C of the Income Tax Act, within the overall ā¹1.5 lakh limit, subject to conditions on premium-to-sum-assured ratio.
- Maturity and death proceeds may be exempt under Section 10(10D), subject to the applicable conditions in force at the time of payout.
- As per the plan document, GST is currently Nil on premiums for this plan (subject to change as per prevailing tax laws).
Please note: Tax laws change from time to time, and eligibility depends on your specific policy terms, premium-to-sum-assured ratio, and the tax regime you follow. This is general information, not tax advice ā please confirm applicability with a qualified tax advisor before making decisions.
Why choose LIC New Endowment Plan 714?
This plan suits people who want their insurance and savings in one predictable, low-drama package ā no market-linked ups and downs, no need to track NAVs. It particularly fits conservative, first-time policy buyers, parents building a corpus for a child's milestones, and salaried individuals who prefer the discipline of a fixed yearly premium backed by India's largest and oldest life insurer.
Frequently Asked Questions
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Disclaimer: The values shown are estimated based on LIC brochure information and projected bonus assumptions. Actual LIC values may vary.
Bonus rates and Final Additional Bonus are not guaranteed. This tool is independent and unofficial; it is not affiliated with, endorsed by, or a product of the Life Insurance Corporation of India. For a formal quotation, please consult a licensed LIC agent or your nearest LIC branch office.