LIC Endowment Assurance Plan 14 was a traditional with-profits endowment policy from Life Insurance Corporation of India (LIC), offering both life cover and savings, but it has now been withdrawn for new sales from 1 January 2014. A dedicated LIC Endowment Assurance Plan 14 calculator helps policyholders and agents estimate premium, bonus, and maturity values more quickly and accurately.

What is LIC Endowment Assurance Plan 14?

LIC Endowment Assurance Policy (Table / Plan No. 14) was a regular premium endowment plan that combined life insurance protection with a lump-sum maturity benefit at the end of the term. Being a with-profits plan, it participated in LIC’s profits through simple reversionary bonuses and, in many cases, a final additional bonus (FAB).

Under this plan, the policyholder selected the sum assured and policy term, paid regular premiums, and received the sum assured plus bonuses on maturity if alive, or the death benefit if the life assured died during the term. Even though the plan is discontinued for new business, existing policies continue to run with all contractual benefits.

Launch and Withdrawal Status of Plan 14

LIC’s Endowment Assurance Plan 14 was one of the oldest and most popular traditional endowment plans of LIC, sold for several decades before it was withdrawn. However, an exact “official launch date” is not clearly mentioned in publicly available LIC brochures and standard reference documents.

The important date from a practical and compliance point of view is the withdrawal date: Plan 14 was closed for new business with effect from 1 January 2014. This means no new policies under Plan 14 can be purchased after 01.01.2014, but policies taken earlier continue to enjoy all benefits like bonuses, maturity, and death cover as per terms.

Key Features and Eligibility of Plan 14

LIC Endowment Assurance Plan 14 was designed to be a simple, flexible endowment plan suitable for long‑term goals like retirement, children’s education, or marriage. The policyholder could adjust the term and sum assured as per financial goals, making it a widely used plan among families and salaried individuals.

Main features included:

• Life cover for the entire policy term.
• Lump-sum maturity benefit (sum assured + bonuses) on survival to maturity.
• Participation in profits via bonuses.
• Loan, surrender, and revival options as per LIC rules.

Eligibility and basic parameters

Based on widely referenced LIC documentation and actuarial sources, the key eligibility conditions for Plan 14 were:

• Minimum age at entry: 12 years (completed).
• Maximum age at entry: 65 years (nearest birthday).
• Maximum age at maturity: 75 years (nearest birthday).
• Minimum policy term: 5 years.
• Maximum policy term: 55 years.
• Minimum basic sum assured: ₹50,000.
• Maximum basic sum assured: No upper limit (subject to underwriting).
• Premium payment modes: Yearly, Half‑yearly, Quarterly, Monthly (through SSS/ECS as applicable).

These broad parameters made Plan 14 extremely flexible. A person could choose short, medium, or very long terms depending on retirement age or children’s milestones.

Benefits Under LIC Endowment Assurance Plan 14

The benefits structure of Plan 14 followed the classic endowment pattern: savings plus protection. For many policyholders, the maturity amount acted like a planned lump‑sum for big financial goals.

Maturity benefit

If the life assured survives till the end of the policy term and all premiums are paid, the following are payable:

• Basic Sum Assured.
• Accrued Simple Reversionary Bonuses.
• Final Additional Bonus (FAB), if applicable.

This combination can create a large corpus, especially for longer terms where the number of years for which bonus is attached is higher. For example, illustrative benefit charts often show that for long terms like 20 or 25 years, the total maturity can be more than double the basic sum assured because of accumulated bonuses and FAB.

Death benefit

If the policyholder dies during the policy term and the policy is in force, the typical death benefit under Plan 14 is:

• Sum Assured.
• Accrued Reversionary Bonuses up to the date of death.
• Final Additional Bonus, if applicable and if the required minimum premium‑paying years are completed.

The death benefit is paid to the nominee or legal heir, providing financial protection to the family. In many explanatory articles, it is clarified that FAB on death is usually applicable when the premium has been paid for a minimum number of years (often 17 years or more), though the exact rule depends on LIC’s bonus declaration for that year.

Other important provisions

Most reference materials point out that Plan 14 had the standard LIC facilities like policy loan, surrender value after a minimum number of years, and policy revival if premiums were not paid on time. Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act generally applied, subject to prevailing tax laws at the time.

Why Use a LIC Endowment Assurance Plan 14 Calculator?

Because Plan 14 is a closed, older plan, many policyholders still hold running policies, but the official online calculators or premium tables are not always prominently available on consumer‑facing portals. A specialized Plan 14 calculator fills this gap by giving quick, approximate numbers for premium and maturity.

A dedicated calculator is helpful for:

• Estimating yearly premium for a given age, term, and sum assured.
• Checking how total premiums paid compare to projected maturity value.
• Understanding the impact of different terms (for example 15 vs 25 years) on bonus and maturity amounts.

Such calculators usually use publicly available bonus and premium information and apply it in a simplified way that is easy for policyholders and agents to understand. At the same time, responsible tools carry a note that final values depend on LIC’s actual bonus declaration and official policy records.

How a Typical Plan 14 Calculator Works

Different websites may design the calculator slightly differently, but most follow a similar logic. The goal is not to give an “official certificate” but to offer a close estimate that helps with planning and comparison.

1. User inputs

A standard LIC Endowment Assurance Plan 14 calculator will ask for basic details such as:

• Age at entry (current age when taking policy).
• Policy term (for example, 15, 20, 25 years, etc.).
• Basic sum assured (for example, ₹1,00,000, ₹5,00,000).
• Premium mode (yearly / half‑yearly / quarterly / monthly).

Some advanced tools may also have fields for:

• Gender and smoking status (if needed for loading).
• Rider options, if supported by the calculator.

2. Premium calculation

Based on age, term, and sum assured, the calculator uses premium rate tables or formula approximations to estimate the basic yearly premium.

Then it adjusts for:

• Mode rebate: Yearly premium may get a small rebate compared to half‑yearly or quarterly in many LIC plans.
• High sum assured rebate: For larger sum assured, certain slab‑wise rebates are sometimes available.

The result shows:

• Yearly premium.
• Premium for the selected mode (if different from yearly).
• Total premiums payable over the full term (estimated).

3. Bonus and maturity estimation

Next, the calculator applies assumed or historical bonus rates per ₹1,000 sum assured, multiplied by the number of years of the policy term. These rates are normally taken from year‑wise bonus rate tables for Plan 14 published by specialist LIC information portals.

A simplified structure could be:

• Simple Reversionary Bonus = Bonus rate (per ₹1,000) × Sum Assured / 1,000 × Policy Term (years).
• Final Additional Bonus = Percentage of sum assured (for example 5–10% of sum assured), depending on policy term and LIC’s declared FAB chart.

Finally, the calculator adds:

• Sum Assured.
• Total estimated reversionary bonus.
• Estimated FAB.

This total is displayed as the projected maturity value.

4. Output display

A user‑friendly calculator will clearly show:

• Yearly and mode‑wise premium.
• Total premiums paid over the term.
• Estimated maturity amount.
• A basic illustration comparing what is paid vs what may be received at maturity.

Many calculators also display a disclaimer stating that values are approximate and for information purposes only, and that actual benefits will be as per LIC’s policy records and the bonus declared for each financial year.

Sample Structure of Plan 14 Calculator Results

The exact values will depend on actual rate tables, but the structure of results typically looks like the example below (numbers only for illustration, not real quotes).

Example result layout (illustrative only)

• Age at entry: 30 years.
• Policy term: 20 years.
• Sum assured: ₹5,00,000.
• Premium mode: Yearly.

The calculator might produce something like:

• Estimated yearly premium: ₹X (approx.).
• Total estimated premiums over 20 years: ₹Y.
• Estimated total bonus: ₹Z (based on assumed bonus rate).
• Estimated FAB: ₹F (if applicable).
• Estimated maturity amount: ₹5,00,000 + Z + F.

This structure gives the user a clear picture of how much they may invest and how much they might receive at maturity.

Important Parameters of LIC Plan 14 (At a Glance)

The table below summarizes some key parameters commonly referred to when building or using a Plan 14 calculator.

FAQs on LIC Endowment Assurance Plan 14 Calculator

Conclusion

LIC Endowment Assurance Policy (Plan 14) was a classic, with‑profits endowment plan that combined life insurance protection with disciplined long‑term savings, and it remained popular for many years before being withdrawn for new business on 1 January 2014.

Even though no new policies can be purchased under this table now, many policyholders still hold active Plan 14 policies, making a dedicated Plan 14 calculator extremely useful to estimate premiums, bonuses, and maturity amounts in a simple way.