LIC New Endowment Plan (714) — Premium, Benefits & Calculator
LIC New Endowment Plan (714) is the classic savings-plus-protection endowment: a guaranteed lump sum on maturity, plus bonuses, and full life cover throughout the term. Check your exact premium below using LIC’s own official rates.
Calculate my premium →About LIC New Endowment Plan (714)
LIC New Endowment Plan is a participating, non-linked endowment plan that combines saving and life insurance. You pay premiums through the policy term; on maturity you receive the Basic Sum Assured together with the vested bonuses and any Final Additional Bonus. If the life assured dies during the term, the nominee receives the death benefit — so your family is protected while your savings grow.
Because it is a with-profits plan, LIC declares a Simple Reversionary Bonus each year that attaches to your policy and is paid out at maturity or on an earlier claim. It is one of LIC’s most widely bought traditional plans for disciplined, low-risk saving.
Key details at a glance
| Plan type | Participating Endowment |
| Entry age | 8 to 55 years |
| Policy term | 12 to 35 years |
| Minimum sum assured | ₹ 2,00,000 |
| GST on premium | Nil (exempt from 22 Sep 2025) |
Benefits
- Maturity benefit: Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, paid if you survive the full term.
- Death benefit: “Sum Assured on Death” (the higher of 125% of Basic Sum Assured or 7 times the annualised premium) plus vested bonuses, never less than 105% of the premiums paid.
- Loan facility: available once the policy acquires a surrender value, useful for liquidity without giving up cover.
- Tax: premiums and the maturity benefit enjoy the usual tax treatment for life insurance under prevailing income-tax rules.
How much is the premium?
The premium depends on your age, the term or paying period you choose, and the sum assured. The figures here come from LIC’s own official rate tables, so they match LIC’s quotation to the rupee.
Frequently asked questions
Is LIC New Endowment Plan 714 still available?
Yes. Plan 714 is the current on-sale version of LIC’s New Endowment Plan under the 2024 regulations.
What is the minimum sum assured and term?
The minimum Basic Sum Assured is ₹2,00,000 (in multiples of ₹5,000) and the policy term can be 12 to 35 years.
Does the premium include GST?
No. Individual life-insurance premiums are exempt from GST from 22 September 2025, so the premium you see is the amount actually payable.
How is the premium decided?
It depends on your age, the policy term and the sum assured. The calculator on this page uses LIC’s own official tabular rates, so the figure matches LIC’s quotation.
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Disclaimer: BimaJaano is an independent tool and is not affiliated with the Life Insurance Corporation of India. Premium figures are based on LIC’s published tabular rates and are for guidance; benefit descriptions are summaries of the plan’s official terms. Confirm exact figures and features with LIC before buying.