LIC New Endowment Plan 714 - A Comprehensive Insurance Solution

LIC New Endowment Plan 714: A Comprehensive Life Insurance Solution

Life Insurance Corporation of India (LIC) has been a household name in India for over six decades, providing financial security and peace of mind through a variety of insurance plans. Among its many offerings, the LIC New Endowment Plan 714 stands out as an ideal choice for individuals looking to secure both their family’s financial future and their own. This plan, designed to combine the benefits of risk coverage and savings, is one of LIC’s most popular endowment plans. Here, we will delve into the details of this plan, its benefits, and how it can help you achieve your financial goals.

About LIC New Endowment Plan 714

LIC New Endowment Plan 714 is a combination of endowment and risk cover. It offers a blend of financial protection and savings by providing life coverage throughout the policy term and a lump sum payment at the end of the term, which can be used for various purposes like retirement, children’s education, or any other life goals. This plan is suitable for individuals who wish to build a corpus while also ensuring financial protection for their family.

The policy allows you to opt for a sum assured based on your needs, ensuring that your loved ones are financially protected in the event of your untimely demise. Additionally, it offers a bonus facility that accumulates over the years, contributing significantly to the policyholder’s benefits.

Key Features of LIC New Endowment Plan 714

1. Dual Benefits: The LIC New Endowment Plan 714 provides both risk coverage and savings in a single plan. In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the sum assured along with bonuses, providing financial security.

2. Bonus Facility: This plan participates in the Corporation’s Par Bonus (participating plan). The policyholder is eligible for bonuses in the form of Simple Reversionary Bonuses and Final Additional Bonuses, which enhances the sum assured.

3. Flexibility in Policy Term: The policy offers flexibility in the term of the policy, allowing individuals to choose the term based on their financial objectives. The policy term ranges from 12 to 35 years, providing flexibility to plan according to one's future needs.

4. Tax Benefits: As per Section 80C of the Income Tax Act, premiums paid towards LIC New Endowment Plan 714 are eligible for tax deductions. Additionally, the sum assured received by the nominee upon the policyholder’s demise is also exempted from tax under Section 10(10D).

5. Loyalty Addition: Policyholders who continue their policy till maturity are also eligible for Loyalty Additions, which add a substantial amount to the policy's benefit.

6. Loan Facility: The LIC New Endowment Plan 714 allows the policyholder to avail of a loan against the policy. In case of any financial emergencies, this feature comes in handy, allowing individuals to leverage their policy as collateral.

7. Eligibility Criteria: The LIC New Endowment Plan 714 is available to individuals in the age group of 12 to 55 years. The minimum sum assured is INR 1,00,000, and there is no upper limit on the sum assured, making this plan flexible for all.

Benefits of LIC New Endowment Plan 714

1. Life Cover for Your Family’s Security: The primary benefit of the LIC New Endowment Plan 714 is the life cover it provides. In case of an unfortunate demise of the policyholder during the term, the beneficiary is entitled to receive the sum assured along with bonuses. This financial benefit can help the family maintain their lifestyle and manage day-to-day expenses in the absence of the policyholder’s income.

2. Financial Stability Post-Retirement: As the policy accumulates savings over the years, it can serve as a financial cushion after retirement. The sum assured along with bonuses paid at the end of the policy term can be used to meet post-retirement expenses or fulfill any other financial obligations, such as medical bills, travel, or home renovation.

3. Tax-Free Maturity Benefit: The maturity benefit of the LIC New Endowment Plan 714, which includes the sum assured and bonuses, is exempt from tax. This makes it an attractive option for individuals who wish to save on taxes while securing their future.

4. Loyalty Additions: As mentioned, the policy is eligible for loyalty additions, which further increases the benefits upon policy maturity. These additions are based on the Corporation’s performance and can provide a significant boost to the final payout.

Why Choose LIC New Endowment Plan 714?

• Reliability of LIC: Being one of the most trusted names in the Indian insurance industry, LIC provides financial security with the backing of the Government of India. The LIC New Endowment Plan 714 offers a reliable and secure way to invest your money while safeguarding your loved ones.

• Financial Planning for the Future: Whether you are planning for your children’s education, building a retirement corpus, or looking for an additional source of savings, this plan can serve all these purposes.

• Comprehensive Coverage: The plan covers life risk, allows for bonuses, and provides for tax benefits, making it a holistic financial solution.

Consulting with a Trusted Advisor – Anshu Badal

If you are considering purchasing the LIC New Endowment Plan 714 or any other insurance plan, it’s essential to consult with an experienced insurance advisor who can guide you through the process. Anshu Badal, a policy agent with extensive experience in the insurance sector, is a reliable consultant to turn to for expert advice.

Anshu Badal, operating under the agent code 03899 51A, has been helping clients secure their future with various insurance solutions since January 2020. Specializing in all types of insurance from different companies, Anshu ensures that you choose the right plan tailored to your needs. Whether it’s LIC or other top companies, Anshu Badal can provide you with insights that will allow you to make an informed decision.

For more information or assistance in purchasing LIC New Endowment Plan 714, visit Policy Labh, a trusted platform for all your insurance needs.

LIC New Endowment Plan 714 is an excellent choice for individuals looking to combine life insurance protection with long-term savings. With its wide range of benefits, including risk cover, bonus facilities, and tax advantages, it offers a comprehensive solution for financial security. Partnering with a knowledgeable consultant like Anshu Badal ensures that you are making the best decision for your future. So, secure your financial future today by choosing LIC New Endowment Plan 714.