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LIC New Endowment Plan 914 Bonus Rate
This is one of LIC’s insurance cum savings plans that offer increased financial benefits to policyholders and their families. LIC bonus rate 2020-21 was declared by LIC recently for the New Endowment Plan 914 which entitles policyholders to a bigger sum assured on maturity or death than what was promised. Read along to understand how LIC bonus rates work for this plan and calculate the final proceeds from it.
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Sovereign guarantee as per Sec 37 of LIC Act
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- LIC New Endowment Plan 914 Bonus Rate
LIC Bonus with New Endowment Plan (914)
LIC New Endowment Plan 914 (previously 814) offers the following core benefits to the life assured -
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The death benefit on the death of the life assured within the policy term plus bonuses
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Maturity benefits on surviving the whole policy term plus bonuses
This LIC policy offers the following types of bonuses - a simple reversionary bonus and a final additional bonus. These bonuses come from the profits earned by the company in a particular financial year. Since the company cannot predict the profits, bonuses that come from profit participation are not guaranteed.
At the end of every financial year ending 31st March, LIC undergoes a valuation based on which LIC bonus rates are declared. LIC bonus rate 2022 is yet to be declared by the LIC of India.
What Is The LIC New Endowment Plan Bonus Rate?
The latest LIC Bonus Rates 2020-21 as declared per valuation done for the financial year ended 31st March 2021, are as follows -
LIC Bonus Rate FY 2021 for LIC New Endowment Plan (814 & 914)
| Policy Term | Bonus Rates (Per 1000/- Sum Assured) in Rs. | |
| Sum Assured Less Than Rs.1 lakh | Sum Assured More Than Rs.1 lakh | |
| 12 to 15 years | 34 | 35 |
| 16 to 20 years | 38 | 39 |
| More than 20 years | 44 | 45 |
Historical LIC Bonus Rates for LIC New Endowment Plan 914
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For sum assured less than or equal to Rs.1 Lakh
| Policy Term | Bonus Rates (Per 1000/- Sum Assured) in the last 5 years (in Rs.) | ||||
| 2020-21 | 2019-20 | 2018-19 | 2017-18 | 2016-17 | |
| 12 to 15 years | 34 | 34 | 38 | 38 | 38 |
| 16 to 20 years | 38 | 38 | 42 | 42 | 42 |
| More than 20 years | 44 | 44 | 48 | 48 | 48 |
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To sum assured more than Rs.1 Lakh
| Policy Term | Bonus Rates (Per 1000/- Sum Assured) in the last 5 years | ||||
| 2020-21 | 2019-20 | 2018-19 | 2017-18 | 2016-17 | |
| 12 to 15 years | 35 | 35 | 38 | 38 | 38 |
| 16 to 20 years | 39 | 39 | 42 | 42 | 42 |
| More than 20 years | 45 | 45 | 48 | 48 | 48 |
How Is The LIC Bonus Amount Calculated?
Based on the table above, if you choose a policy term of 12 years and your sum assured is Rs.3 lakhs, then for every Rs.1000 of the sum assured, LIC will add Rs.35 as a bonus. For Rs.3 lakhs, the total bonus amount will be 35 x (3,00,000/1000) = Rs.10,500. Over 12 years, the bonus will amount to Rs.1,26,000.
How to Calculate the Premium & Maturity Amount of LIC New Endowment Plan 914?
You can use the LIC New Endowment Plan 914 premium calculator to estimate the premiums before buying it. The premium amount has no bearing on the bonus amount. However, if you stop paying the premium at any point or surrender your policy, any applicable bonus shall stop accruing.
To calculate the maturity value, you can use the LIC New Endowment Plan 914 maturity amount calculator. Here is how you can calculate this policy’s maturity amount.
Assuming that you are a 30-year-old male looking to assure a sum of Rs.3 Lakhs for a policy term of 12 years. Using the LIC New Endowment Plan 914 premium calculator, the annual premium comes to be Rs.27,039.
The bonus comes out to be Rs.1,26,000. The final maturity value will be equal to the sum assured on maturity plus bonuses. This brings the total to Rs.(3,00,000 + 1,26,000) = Rs.4,26,000.
In Summary
The LIC New Endowment Plan 914 Bonus Rate for 2020-21 was declared as per the valuation done on 31st March 2021. These rates can be different next year, which is why it is important to remain updated throughout.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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