🗓️Last Updated: June 2026

LIC New Endowment Plan 914 — ₹5 Lakh Grows to ₹10 Lakh+ in 20 Years

LIC New Endowment Plan (Plan No. 914) is LIC's most popular savings-cum-insurance plan. It provides life cover during the term and pays a lump sum (Sum Assured + bonuses) at maturity. This guide covers all benefits, premium rates, bonus history, eligibility, and how to buy.

✓
Verified by NagrikIQ Research Team
Sources: Official .gov.in portals only · Updated June 2026
🏛️
Official Sources
🔗LIC India — Buy Policy — Official Portal →

📋 Overview

LIC New Endowment Plan (Plan No. 914) is a participating, non-linked, endowment assurance plan. It combines life insurance with a savings component — ideal for people who want guaranteed returns + life cover without market risk. Key benefits: (1) Death Benefit — if the policyholder dies during the policy term, the nominee receives Sum Assured + all accrued bonuses. (2) Maturity Benefit — if the policyholder survives the full term, they receive Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (if any). Bonus: LIC declares a Simple Reversionary Bonus annually — currently approximately ₹45 per ₹1,000 Sum Assured per year for the New Endowment plan. For a ₹5 lakh SA, 20-year policy: bonus alone = ₹5,00,000 × 4.5% × 20 = ₹4.5 lakh. Total maturity ≈ ₹9.5 lakh on ₹5 lakh SA. Plan 914 replaced the older New Endowment Plan 814. Key difference: Plan 914 also has an Accidental Death and Disability Benefit Rider available as an add-on.

✅ Eligibility

  • ✓Minimum entry age: 8 years (for children — policy continues into adulthood)
  • ✓Maximum entry age: 55 years
  • ✓Policy term: 12 to 35 years
  • ✓Maximum maturity age: 75 years (entry age + term must not exceed 75)
  • ✓Minimum Sum Assured: ₹1,00,000 (₹1 lakh)
  • ✓No maximum Sum Assured limit — based on income and premium capacity
  • ✓Medical examination: required for SA above ₹10 lakh or age above 45

📁 Documents Required

▸Proposal Form (Form 300) — filled with agent or at branch
▸Age proof — Aadhaar, birth certificate, school leaving certificate
▸Address proof — Aadhaar, utility bill
▸Income proof — salary slips, ITR (for high SA amounts)
▸PAN card
▸Recent passport-size photographs (2)
▸Medical reports — if required by LIC based on age and SA

💰Fees & Processing Time

Fee
Premiums vary by age, term, and Sum Assured. Sample annual premiums for ₹5 lakh SA: • Age 25, 20-year term: ~₹27,500/year • Age 30, 20-year term: ~₹29,000/year • Age 35, 20-year term: ~₹31,500/year • Age 40, 20-year term: ~₹35,000/year Add 4.5% GST on premium. Use our Premium Calculator for your specific scenario. Optional Rider: Accident Benefit Rider — ₹100 per ₹1 lakh SA per year (very affordable add-on, highly recommended).
Processing Time
Policy issuance: 7–15 working days after all documents and first premium are submitted. Immediate policy bond issued for online purchases through some agents.

🖥️ How to Apply Online

  1. 1Use LIC Premium Calculator at licindia.in to estimate your premium for Plan 914.
  2. 2Contact a LIC agent or visit licindia.in → 'Buy Policy Online'. Plan 914 can be purchased through agents or at any LIC branch — it is not available for self-service online purchase.
  3. 3Fill Proposal Form 300 with agent — disclose medical history accurately (non-disclosure voids claims).
  4. 4Pay first premium by cheque/online transfer. Submit medical reports if required.
  5. 5Policy bond is dispatched within 15 working days. Register it at licindia.in for digital access.
  6. 6Set up auto-debit (NACH) at licindia.in so premiums are automatically paid every year.

🏢 How to Apply Offline

  1. 1Visit any LIC branch — request to speak with a Development Officer or agent for Plan 914.
  2. 2Complete proposal form and medical examination if required.
  3. 3Pay first premium at branch by cash, cheque, or DD.
  4. 4Collect policy bond when ready or receive by post.

⚠️Common Problems & Solutions

✗Is LIC New Endowment Plan a good investment?
→It depends on your goal. Returns are low (approximately 5–6% annualised IRR including bonuses) but fully safe, government-backed, and tax-free. For pure investment, mutual fund SIPs give 10–12% but carry risk. For someone who wants guaranteed, tax-free savings + life cover + no market risk, Plan 914 is a solid choice. Do NOT compare it to equity investments — they serve different purposes.
✗I already have a Plan 814 policy — is it different from 914?
→Plans 814 and 914 are similar endowment plans — 914 is the updated version. Your Plan 814 policy remains valid and continues with the same terms until maturity. No need to switch or surrender. The main addition in 914 is the availability of the Accidental Death and Disability Benefit Rider.
✗Can I change the Sum Assured or term after buying?
→No — Sum Assured and policy term cannot be changed after the policy is issued. If you need more cover, take an additional LIC policy or a term plan. If you need less premium, consider changing to quarterly/monthly mode (same annual total but smaller installments).

❓ Frequently Asked Questions

Q.What is the bonus rate for LIC New Endowment Plan 914?

LIC declares the Simple Reversionary Bonus annually. For recent years, the bonus for Plan 914 has been approximately ₹40–50 per ₹1,000 Sum Assured per year. In addition, a Final Additional Bonus (FAB) may be paid at maturity for policies with 15+ years. Total maturity ≈ SA + (SA × bonus rate × years) + FAB.

Q.What are the tax benefits of Plan 914?

Premium paid is deductible up to ₹1.5 lakh per year under Section 80C. Maturity amount is fully tax-free under Section 10(10D) — provided annual premium is less than 10% of Sum Assured. Death benefit received by nominee is also fully tax-free under Section 10(10D).

Q.Can I take a loan against my Plan 914 policy?

Yes — after 3 years, LIC provides a policy loan of up to 90% of surrender value at approximately 9–10% annual interest. The policy remains active during the loan period. This is a good option if you need funds without surrendering the policy.

📞Helpline & Support

  • ▸LIC Helpline: 022-68276827 (8AM–8PM, Mon–Sat)
  • ▸Find an agent: licindia.in → Agent Locator
  • ▸Premium Calculator: licindia.in → Products → New Endowment Plan
Was this guide helpful?
👍 Yes, helped me✏️ Needs improvement
Your feedback helps us improve guides for all Indians
⚠️

Disclaimer: NagrikIQ is an informational platform and is not affiliated with any government department. Information provided is for guidance only. Always verify details on the official government portal before taking action.