LIC Endowment Assurance Plan 14 was LIC's classic with-profit endowment policy, withdrawn on 1 January 2014. It paid the sum assured plus bonuses on maturity or on earlier death. For a 30-year-old with ₹10 lakh cover over 21 years, the calculator shows about ₹51,136 a year in premium and a maturity value of about ₹21.08 lakh at a ₹48 bonus rate.
LIC Plan 14 Premium & Maturity Calculator
Your estimate
- Premium per instalment
- ₹26,460
- Total premium paid
- ₹5,29,200
- Total bonus (estimated)
- ₹4,80,000
- Final additional bonus
- ₹50,000
- Sum assured on deathplus bonuses accrued up to the year of death
- ₹5,00,000
- Age at maturity
- 50 years
- Total premium paid₹5,29,20051%
- Net gain₹5,00,80049%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Endowment Assurance Plan 14?
LIC Endowment Assurance Plan 14 (often called “Table 14”) was one of LIC’s longest-running traditional policies. It is a non-linked, with-profit endowment plan (UIN 512N020V01). You pay premiums for the whole term. If you survive, you receive the sum assured plus bonuses. If you die during the term, your family receives the same.
The plan was withdrawn on 1 January 2014, when LIC replaced its older range with plans built under new product rules. Its closest successor is New Endowment Plan 814, which was later revised as 914 and then 714. This page is mainly for people who still hold a Plan 14 policy and want to know what it may pay.
Plan 14 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 14 / 512N020V01 |
| Plan type | Non-linked, with-profit endowment |
| Entry age | 12 to 65 years |
| Policy term | 5 to 55 years |
| Minimum sum assured | ₹50,000 (no upper limit) |
| Premium modes | Yearly, half-yearly, quarterly, monthly (salary/ECS) |
| Mode rebate | 2% yearly, 1% half-yearly |
| Loan | After 3 years’ premiums |
| Status | Withdrawn from 1 January 2014 |
The calculator also keeps the age at maturity within 75 years, the usual ceiling for LIC endowment plans of that generation.
How the premium is calculated
Plan 14 uses a tabular premium per ₹1,000 of sum assured that depends on entry age and term. The calculator interpolates between the published ages and terms, then:
- deducts a sum assured rebate of ₹2 per ₹1,000 for covers of ₹1 lakh or more (₹1 below that);
- applies the mode rebate: 2% off for yearly and 1% off for half-yearly payment;
- adds no GST, as individual life premiums are exempt from 22 September 2025.
Example: a 30-year-old takes ₹5 lakh cover for 20 years. The yearly premium is about ₹26,460, or ₹5,29,200 over the term.
Maturity benefit
Maturity = sum assured + simple reversionary bonuses + final additional bonus (if any)
Using the source illustration of a ₹48 bonus per ₹1,000 and a final additional bonus of 10% of the sum assured for terms of 15 years or more:
| Item | ₹10 lakh, 21 years, age 30 |
|---|---|
| Yearly premium | ₹51,136 |
| Total premium paid | ₹10,73,856 |
| Bonuses (₹48 × 1,000 × 21 years) | ₹10,08,000 |
| Final additional bonus | ₹1,00,000 |
| Estimated maturity | ₹21,08,000 |
Bonus rates change every year, so treat this as an estimate. If you have the bonus statements for your policy, enter an average rate for a closer figure. The LIC bonus calculator can help.
Tip: your policy’s bonus history is printed on the status report available from your LIC branch or the customer portal. It is the best way to firm up the maturity estimate.
Death benefit
If the life assured dies while the policy is in force, the nominee receives the sum assured plus all bonuses vested till then, and any final additional bonus declared for that year.
Loan, surrender and paid-up value
- Loan: available after three full years’ premiums, up to about 90% of the surrender value.
- Surrender: allowed after three years. The value is a percentage of premiums paid (excluding the first year) plus the cash value of attached bonuses. See our surrender value calculator.
- Paid-up: if you stop paying after three years, the policy continues with a reduced sum assured in proportion to premiums paid, and bonuses already attached remain.
- Grace period: 30 days (15 days for monthly mode).
Tax benefits
Premiums count under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime). Maturity and death proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), provided the premium stayed within the limit that applied when the policy was issued.
Plan 14 vs New Endowment Plan 814
| Point | Plan 14 | New Endowment 814 |
|---|---|---|
| Sold | Until 31 Dec 2013 | From 2014 |
| Entry age | 12–65 | 8–55 |
| Term | 5–55 years | 12–35 years |
| Minimum sum assured | ₹50,000 | ₹1,00,000 |
| Death benefit | Sum assured + bonus | Sum assured on death + bonus, never below 105% of premiums paid |
If you are choosing a new policy today, look at the current version, New Endowment Plan 714.
Frequently asked questions
When was LIC Endowment Assurance Plan 14 withdrawn?
LIC withdrew Plan 14 for new business on 1 January 2014, along with many older traditional plans, when new product rules came in. Policies bought before that date continue with full benefits until maturity or claim.
What do I get on maturity of LIC Plan 14?
You get the basic sum assured plus all simple reversionary bonuses declared over the years, plus a final additional bonus if LIC declares one in your maturity year. With ₹10 lakh cover for 21 years and a ₹48 bonus rate, the estimate is about ₹21.08 lakh.
How is the bonus calculated in LIC Plan 14?
LIC declares a bonus each year per ₹1,000 of sum assured. It is simple, not compounded. A ₹48 rate on ₹10 lakh adds ₹48,000 every year the policy is in force, or ₹10,08,000 over 21 years.
What happens if the policyholder dies during the term?
The nominee receives the sum assured plus all bonuses accrued up to the date of death, and any final additional bonus that applies. The policy must be in force, with premiums paid up to date.
Can I take a loan or surrender my Plan 14 policy?
Yes. After at least three years' premiums the policy acquires a surrender value. You can take a loan of up to about 90% of that surrender value, or surrender the policy for cash.
Is there GST on Plan 14 premiums?
No. From 22 September 2025, premiums for individual life policies are GST-exempt. Between July 2017 and September 2025 endowment premiums carried 4.5% GST in the first year and 2.25% after, so older receipts show a slightly higher amount.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.