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New Endowment Plan Maturity Calculator
Maturity calculator for New Endowment Plan (914) is a simple tool to learn about the plan by calculating premium, year-wise life cover and maturity as per individual’s details. This plan is available for individuals who are aged between 8- 55 years and they can choose a policy term between 12-35 years.
| Basic Sum Assured: 1000000 | Age: 29 | Term: 21 |
| Death Sum Assured: 1000000 | AD & DB Sum Assured: 0 | Term Rider Sum Assured: 0 |
Death Sum Assured is higher of Basic Sum assured (1000000) or 7 times of Annualised Premium (314797). So Death Sum Assured or Sum Assured on Death in this case will be 1000000.
| PREMIUM DETAILS (excluding GST) | |||
|---|---|---|---|
| Yearly | Half Yearly | Quarterly | Monthly |
| 44971 | 22730 | 11488 | 3829 |
Premium does not include Goods and Services Tax (GST). Current GST Rate for First Policy Year is 4.5% and from second year, it is 2.25%. For complete premium details please visit LIC New Endowment Plan (Table: 914) Premium Calculator.
| MATURITY DETAILS | |||
|---|---|---|---|
| Sum Assured | Bonus(approx.) | FAB (approx.) | Total (approx.) |
| 1000000 | 924000 | 100000 | 2024000 |
Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) during policy term + Final Additional Bonus (if any) (FAB).
| YEAR-WISE POLICY DETAILS | |||||
|---|---|---|---|---|---|
| Year | Age | Paid Premium | Normal Life Cover (Approx.) | Accidental Life Cover (Approx.) | Return (Approx.) |
| 2022 | 29 | 44971 | 1000000 | 1000000 | 0 |
| 2023 | 30 | 89942 | 1044000 | 1044000 | 0 |
| 2024 | 31 | 134913 | 1088000 | 1088000 | 0 |
| 2025 | 32 | 179884 | 1132000 | 1132000 | 0 |
| 2026 | 33 | 224855 | 1176000 | 1176000 | 0 |
| 2027 | 34 | 269826 | 1220000 | 1220000 | 0 |
| 2028 | 35 | 314797 | 1264000 | 1264000 | 0 |
| 2029 | 36 | 359768 | 1308000 | 1308000 | 0 |
| 2030 | 37 | 404739 | 1352000 | 1352000 | 0 |
| 2031 | 38 | 449710 | 1396000 | 1396000 | 0 |
| 2032 | 39 | 494681 | 1440000 | 1440000 | 0 |
| 2033 | 40 | 539652 | 1484000 | 1484000 | 0 |
| 2034 | 41 | 584623 | 1528000 | 1528000 | 0 |
| 2035 | 42 | 629594 | 1572000 | 1572000 | 0 |
| 2036 | 43 | 674565 | 1636000 | 1636000 | 0 |
| 2037 | 44 | 719536 | 1685000 | 1685000 | 0 |
| 2038 | 45 | 764507 | 1734000 | 1734000 | 0 |
| 2039 | 46 | 809478 | 1783000 | 1783000 | 0 |
| 2040 | 47 | 854449 | 1842000 | 1842000 | 0 |
| 2041 | 48 | 899420 | 1906000 | 1906000 | 0 |
| 2042 | 49 | 944391 | 1980000 | 1980000 | 0 |
| 2043 | 50 | Maturity | 2024000 | ||
Normal Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Term Rider Sum Assured (If opted).
Accidental Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Basic Sum Assured+ Term Rider Sum Assured (If opted).
To understand year-wise death claim, suppose death happens in year 2035, by that policy year, total paid premium will be 629594 and Normal Life Cover and Accidental Life Covers will be 1572000 and 1572000 respectively. Please refer to highlighted row in the above table.
Please Note: Above calculator is developed for helping people to understand this plan and it is based on personal understanding of this plan. Bonus is based on already declared bonus rates of New Endowment Plan (814). FAB is based on declared FAB rate of similar plan group.
About New Endowment Plan (914) Maturity Calculator
Maturity: After completion of policy term, this policy provides maturity which is equal to Basic Sum Assured + Simple Revisionary Bonus (Bonus) added during policy term + Final Additional Bonus, provided all due premiums are paid.
Death Benefit (Life Cover): In case of death of the policyholder during policy term, death claim is available to nominee. Death Claim amount will be Death Sum Assured + Simple Revisionary Bonus (Bonus) added till the time of death + Final Additional Bonus (if any). Death Sum Assured is higher of Basic Sum Assured or 7 times of annualized premium.
Accidental Death & Disability Benefit (AD & DB) Rider: On payment of additional premium, AD & DB rider can be opted if policy holder's age 18 years or above. It provides additional death claim amount in case of accidental death. In case of permanent disability due to accident, all further premiums of this rider and base plan are waived off and sum assured amount is paid in monthly installments spread over next 10 years.
Term Rider: On payment of additional premium, Term Assurance rider can be opted if policy holder's age 18 years or above. It provides additional death claim amount equal Term Rider Sum Assured to Nominee in of case Death of Policyholder. There will not be any maturity value if policyholder survives policy term.
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