LIC New Endowment Plan 714 is a regular-premium, with-profit endowment policy launched in LIC's October 2024 revamp to replace Plan 914. You pay premiums for the full term of 12 to 35 years and receive the sum assured plus bonuses at maturity. A 30-year-old choosing ₹10 lakh cover for 20 years pays about ₹49,913 a year, with no GST on top.
New Endowment 714 Premium & Maturity Calculator
Your estimate
- Premium per instalment
- ₹25,707
- Premium paying term
- 20 years
- Total premium paid
- ₹5,14,140
- Total bonus (estimated)
- ₹4,10,000
- Sum assured on deathplus bonuses accrued; never below ₹5,39,847 (105% of premiums)
- ₹5,00,000
- Age at maturity
- 50 years
- Approx. return (IRR)
- 5.17%
- Total premium paid₹5,14,14056%
- Net gain₹3,95,86044%
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 New Endowment Plan 714?
LIC New Endowment Plan 714 is a traditional savings policy with life cover. It is a non-linked, with-profit (participating), regular premium endowment plan. You pay a fixed premium every year of the term. If you survive, LIC pays the sum assured plus bonuses in one lump sum. If you die during the term, your nominee gets the death benefit.
Plan 714 was introduced in LIC’s October 2024 product revamp as the updated version of New Endowment Plan 914. The UIN is 512N277V03. It is one of LIC’s most widely sold plans because it is simple: one premium, one payout, cover throughout.
New Endowment 714 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 714 / 512N277V03 |
| Plan type | Regular premium, with-profit endowment |
| Entry age | 8 to 50 years |
| Policy term | 12 to 35 years |
| Premium paying term | Same as policy term |
| Maximum maturity age | 75 years |
| Minimum sum assured | ₹2,00,000 (no upper limit) |
| Premium modes | Yearly, half-yearly, quarterly, monthly (NACH only) |
| Maturity benefit | Sum assured + bonuses + final additional bonus |
| Death benefit | Higher of sum assured or 7× annual premium, plus bonuses |
| Status | Available for new policies |
Eligibility
| Condition | Minimum | Maximum |
|---|---|---|
| Age at entry | 8 years | 50 years |
| Policy term | 12 years | 35 years |
| Age at maturity | 20 years | 75 years |
| Basic sum assured | ₹2,00,000 | No limit |
Because age plus term cannot exceed 75, a 50-year-old can choose at most a 25-year term, while a 40-year-old can go up to 35 years. Risk cover starts as soon as LIC accepts the proposal, even for a child aged 8.
How the 714 premium is calculated
The premium is a fixed rate per ₹1,000 sum assured. It depends mainly on the policy term, since a longer term spreads the saving over more years, and to a lesser extent on your age. Our calculator follows the sample premiums in LIC’s 714 sales brochure. For example, the brochure quotes ₹8,497 a year for a 30-year-old with ₹2 lakh cover over 25 years, and the calculator returns the same figure. It follows these steps:
- Work out the tabular rate for your age and term from the brochure samples (ages 20, 30 and 40; terms 15, 25 and 35), interpolating in between. Other ages and terms are extrapolated, so treat them as closer estimates.
- Apply the mode rebate: 2% for yearly and 1% for half-yearly payment.
- Deduct the high sum assured rebate: ₹2.50 per ₹1,000 sum assured from ₹5 lakh and ₹4 per ₹1,000 from ₹10 lakh. There is no rebate below ₹5 lakh.
- No GST is added. Individual life premiums are exempt from 22 September 2025. Policies bought before that date paid 4.5% GST in the first year and 2.25% after.
Worked example 1: a 30-year-old chooses ₹10 lakh cover for 20 years.
| Item | Amount |
|---|---|
| Yearly premium | ₹49,913 |
| Total premium over 20 years | ₹9,98,260 |
| Sum assured on death (minimum) | ₹10,00,000 + bonus |
| Estimated maturity value | ₹18,20,000 |
| Approximate return (IRR) | 5.42% a year |
Worked example 2: a 35-year-old wants ₹5 lakh over 25 years and prefers to pay monthly. The instalment is about ₹1,754 a month (₹20,605 a year if paid yearly). Total paid over 25 years at the monthly rate is ₹5,26,200, and the estimated maturity value is ₹10,10,000.
At ₹10 lakh and age 30, the yearly premium falls from about ₹88,007 for a 12-year term to ₹27,065 for 35 years. The chart under the calculator shows every combination.
Tip: term length moves the premium far more than age. If the yearly amount looks high, try a longer term before cutting the sum assured.
Maturity benefit
On survival to the end of the term, LIC pays:
- the basic sum assured,
- all simple reversionary bonuses declared while the policy was in force, and
- a final additional bonus, if one is declared in the year of maturity.
Bonuses are declared per ₹1,000 sum assured and credited every year. The calculator assumes ₹40 per ₹1,000 a year and a ₹20 per ₹1,000 final bonus. Treat these as planning figures, not promises. Change them to see how sensitive the result is. Our LIC maturity calculator can also project existing policies.
Death benefit
If the life assured dies during the term, after risk has started, the nominee receives:
- the sum assured on death: the higher of the basic sum assured or 7 times the annualised premium, plus
- all vested bonuses and any final additional bonus.
The payout is never less than 105% of the premiums paid up to the date of death. For a ₹10 lakh policy, this means at least ₹10 lakh plus accrued bonus from the first day of risk cover.
Surrender, loan, paid-up and riders
- Surrender: available once one full year’s premium has been paid, under the 2024 rules. LIC pays the higher of the guaranteed and special surrender values.
- Loan: you can borrow against the policy once it has a surrender value.
- Paid-up: if you stop paying after the qualifying period, the policy continues with a reduced sum assured instead of lapsing completely.
- Riders: optional riders, such as the Accidental Death and Disability Benefit Rider, add extra cover for a small extra premium.
Tax benefits
Premiums are deductible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime, up to ₹1.5 lakh a year). The maturity amount and death claim are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), as long as the yearly premium stays within 10% of the sum assured. For policies issued after 1 April 2023, total annual premiums above ₹5 lakh make the maturity taxable.
Who should buy Plan 714?
It suits people who:
- want safe, predictable savings with life cover and no market risk;
- are saving for a fixed goal, such as a child’s education or retirement top-up, 15 to 25 years away;
- like the discipline of a fixed premium.
It is not the right tool if you mainly need high life cover. A term plan gives far more protection for the same money. Returns of around 5–6% a year also trail equity funds over long periods.
New Endowment 714 vs 914 vs Jeevan Anand 715
| New Endowment 714 | New Endowment 914 | New Jeevan Anand 715 | |
|---|---|---|---|
| Status | Available | Withdrawn Oct 2024 | Available |
| Entry age | 8–50 | 8–55 | Varies by plan |
| Minimum sum assured | ₹2 lakh | ₹1 lakh | Varies by plan |
| Cover after maturity | None | None | Continues for life |
| Surrender rules | 2024 norms | Older norms | 2024 norms |
Our 714 calculator is based on the 714 brochure’s sample premiums, so its figures can differ from our 914 calculator for the same inputs. LIC’s exact 714 quote may still differ slightly, so confirm it with the benefit illustration before you sign. If you want life cover to continue after the maturity payout, compare New Jeevan Anand 715.
How to use this calculator
- Enter your age.
- Choose the policy term. Terms that would take you past 75 show an error.
- Enter the sum assured.
- Pick the premium mode.
- Adjust the bonus rates if you like. The results show the premium, instalment, maturity value, death cover and approximate return.
All figures are estimates for comparison. LIC’s own quotation is final.
Frequently asked questions
What is the premium for LIC New Endowment Plan 714?
It depends on age, term and sum assured. For a 30-year-old with ₹10 lakh cover and a 20-year term, our calculator estimates about ₹49,913 a year. For ₹5 lakh over 25 years at age 35, the monthly instalment is about ₹1,754. No GST is added from 22 September 2025.
What is the maturity value of LIC 714 for ₹10 lakh?
Maturity value = sum assured + simple reversionary bonuses + final additional bonus. For ₹10 lakh over 20 years, an assumed bonus of ₹40 per ₹1,000 a year adds ₹8 lakh, and a ₹20 per ₹1,000 final bonus adds ₹20,000, giving about ₹18.2 lakh. Actual bonuses are declared by LIC each year.
What is the age limit for New Endowment Plan 714?
The minimum entry age is 8 years and the maximum is 50 years. The policy term can be 12 to 35 years, but your age at maturity cannot exceed 75, so older entrants get a shorter maximum term.
What is the death benefit in LIC 714?
The nominee receives the sum assured on death, which is the higher of the basic sum assured or 7 times the annualised premium, plus all bonuses accrued. The total is never less than 105% of premiums paid. On ₹10 lakh cover, that is at least ₹10 lakh plus bonus.
What is the difference between LIC 714 and 914?
Plan 714 is the revised version of 914. The structure is the same: regular premiums, 12 to 35-year terms and bonus-based maturity. The key changes are a higher minimum sum assured (₹2 lakh instead of ₹1 lakh), a lower maximum entry age (50 instead of 55) and the 2024 surrender value rules, which pay more if you exit early.
Can I surrender LIC New Endowment 714 early?
Yes. Under the October 2024 rules the policy acquires a surrender value once one full year's premium has been paid. Early exit still returns less than you paid in the first several years, so surrender only if you truly need the money.
Is LIC 714 good for saving tax?
Premiums qualify for deduction under Section 123 (earlier 80C) in the old tax regime. The maturity amount is generally tax-free under Schedule II (earlier Section 10(10D)), provided the premium stays within 10% of the sum assured and total premiums on policies issued after 1 April 2023 do not exceed ₹5 lakh a year.
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.