What is LIC Table 14? (The Legacy Plan)

The LIC Table 14, formally known as the Endowment Assurance Plan, is a traditional life insurance contract designed to provide financial protection against death throughout the term of the plan. Unlike pure term insurance, this is a savings-oriented instrument that pays a lump sum Maturity amount on survival to the end of the policy term.

JBB's analysis of the plan structure confirms that this is a "With-Profit" plan. This distinction is crucial for policyholders. Being a participating plan, it shares in the profits of the Life Insurance Corporation of India (LICI). These profits are distributed to policyholders in the form of bonuses, which significantly enhance the final payout beyond the basic Sum Assured.

For investors who purchased this plan decades ago, it serves a dual purpose: it secures the family's financial future in case of an unfortunate event and builds a tax-efficient corpus for retirement or legacy planning.

How are Maturity and Death Benefits Calculated?

Understanding the payout structure is essential to valuing your policy today. Table 14 offers distinct benefits based on whether the policyholder survives the term or passes away during it.

Thinking of Surrendering?

Many policyholders consider surrendering old policies to reinvest in newer market avenues. However, JBB strongly advises caution when dealing with Table 14. Surrendering a vintage policy often results in a financial loss compared to the maturity value.

According to the Corporation's policy on surrenders, buying a life insurance contract is a long-term commitment. However, if you must exit, you need to understand the liquidity rules:

• The 3-Year Lock-in: The policy may be surrendered only after it has been in force for 3 years or more. If you stop paying premiums before this period, you lose the money paid.
• Guaranteed Surrender Value (GSV): The contract guarantees a surrender value equal to 30% of the basic premiums paid.
  • Note: This calculation excludes the first year's premium and any extra premiums paid for riders.
• Special Surrender Value (SSV): In practice, the Corporation is known to pay a Special Surrender Value which is generally equal to or more than the Guaranteed Surrender Value. This value depends on the duration for which premiums have been paid and the policy duration at the date of surrender.

What Returns Can You Expect? (Real-Life Example)

To illustrate the potential growth of this plan, let us look at the official benefit illustration provided in the plan's documentation.

Case Study: Mr. Verma's Legacy Dilemma

To understand the real-world application of LIC Table 14, let’s consider Mr. Verma, a 50-year-old government employee based in Jaipur.

Official LIC Table 14 Brochure (Original PDF)

This is the original sales brochure issued by LIC for Table 14 before its withdrawal. For existing policyholders, this document is the ultimate reference to verify:

• Surrender Rules: The 30% rule after 3 years.
• Benefit Illustration: Projected maturity values at 6% and 10%.
• Bonus Structure: How profits are shared.

Is Loan Facility Available on Table 14?

One of the reasons Table 14 remains popular among legacy holders is its flexibility regarding liquidity and payments.

• Premium Payment Modes: Policyholders had the option to pay premiums Yearly, Half-yearly, Quarterly, Monthly, or through Salary deductions. This flexibility allowed salaried individuals to automate their savings.
• Supplementary Benefits: The plan allowed for optional benefits (like Accident Benefit) to be added for extra protection, requiring an additional premium.
• Liquidity (Loans): While not explicitly detailed in the summary, standard endowment plans like Table 14 generally offer loan facilities once the policy acquires a surrender value (after 3 years). This allows you to access funds without breaking the policy.

FAQ: Frequently Asked Questions

Conclusion:

LIC Table 14 is not just a policy; it’s a financial heirloom. Before making any decision to surrender, check its current bonus status and the potential Final Additional Bonus. In a volatile economic environment, the stability of this vintage plan is a rare luxury. You can find more such plans in our 'LIC Legacy Plans Directory'. Click here to view the complete Master Index.

Explore More: Our archive contains details on many other Whole Life and Endowment plans (like Table 5 and others). To see the next important legacy policy in this series, click the Next button below.

Key Features of Plan 814

JBB's analysis of the historical data confirms that Plan 814 was a flagship "With-Profits" product. For agents servicing these policies today, knowing the exact technical specifications is crucial for handling queries regarding surrender or death claims.

The Technical Matrix

• Launch Date: The plan was officially introduced on 3rd January, 2014.
• Plan Type: It is a regular premium paying conventional With-Profits Endowment Assurance plan.
• Unique Identification Number (UIN): 512N277V01.
• Minimum Basic Sum Assured: .
• Grace Period: A period of 30 days is allowed for Yearly, Half-yearly, and Quarterly modes, while 15 days is allowed for Monthly mode.

Case Study: Mr. Ajay’s Maturity & Death Benefit Calculation

To demonstrate the power of this legacy plan, let's analyze the policy of Mr. Ajay, a prudent investor who bought Plan 814 in 2015.

• Policyholder: Mr. Ajay (Age: 30 at entry)
• Sum Assured:
• Policy Term: 20 Years
• Premium Paying Term: 20 Years

What happens if you stop paying premiums? (Paid-up Rules)

This is the "Danger Zone" for Plan 814 policyholders. Unlike newer plans (like Plan 914) that acquire value after 2 years, Plan 814 follows the older, stricter regime.

LIC Plan 814 Loan Calculator & Surrender Value

Liquidity is a major concern for long-term investors. Here is how the loan and surrender mechanics work under Circular CO/PD/43.

Eligibility Criteria

Both Loan and Surrender facilities are available only after the payment of premiums for at least 3 full years.

LIC Plan 814 Circular (Ref: CO/PD/43)

This is the original regulatory circular issued by the Life Insurance Corporation of India (LIC) on 2nd January 2014 for the New Endowment Plan (Plan No. 814). Unlike simplified brochures, this technical document (Ref: CO/PD/43) acts as the absolute legal reference for your policy rights.

Suicide Clause and Exclusions

It is vital to understand the exclusions to avoid claim rejection.

• Within 12 Months of Inception: If the Life Assured commits suicide within 12 months from the commencement of risk, the claim is rejected. However, LIC will refund 80% of the premiums paid, provided the policy is inforce.
• Within 12 Months of Revival: If suicide occurs within 12 months of revival, the higher of 80% of premiums paid till death or the Surrender Value is payable.

FAQ: Frequently Asked Questions

Conclusion:

Owning LIC Plan 814 is a privilege due to its high life cover and consistent bonus history. However, the strict 2-year revival window requires you to remain vigilant to avoid lapsation of this valuable asset. This guide is a key chapter in our 'LIC Legacy Plans Directory'. Click here to view the complete Index of Discontinued Plans.

Continue Reading: Before the modern endowment plans existed, there were the 'Classic Tables' that defined insurance for generations. In the next section, we explore one such foundational plan. Click the Next button below to continue your journey into the archives.

What is LIC New Endowment Plan (Plan 914)?

The LIC New Endowment Plan (Plan 914) is a non-linked, participating, individual life assurance savings plan. In simpler terms, it is a traditional "With-Profit" policy that offers a combination of protection and savings.

JBB’s analysis indicates that this plan was specifically introduced to replace the older Plan 814 to strictly comply with the IRDAI 2019 regulations. As a "participating" plan, it allows policyholders to share in the profits of the Life Insurance Corporation of India through Simple Reversionary Bonuses and Final Additional Bonuses (FAB), provided the policy is in full force.

Eligibility Criteria

For the millions who currently hold this policy, the eligibility parameters at the time of purchase define the final payout structure. Understanding these boundaries helps in calculating the exact Corpus Creation expectations for the future.

Maturity Benefit: The Wealth Accumulation

If the policyholder survives the entire term, LIC pays the "Maturity Benefit." According to JBB data, this is a powerful tool for long-term goals like a child's marriage or retirement.

• Formula: Basic Sum Assured + Accrued Simple Reversionary Bonuses + Final Additional Bonus (if any).

Death Benefit: The Protection Shield

In the unfortunate event of the policyholder's demise during the term, LIC provides:

• Sum Assured on Death: Defined as the higher of the Basic Sum Assured or 7 times the annualized premium.
• Minimum Guarantee: The death benefit shall not be less than 105% of the total premiums paid up to the date of death.

Loan, Surrender, and Revival Rules in

Since Plan 914 is now a "legacy" product, servicing is more important than sales. JBB strongly suggests agents keep a close watch on the following liquidity and recovery rules to help clients during financial crunches.

Download LIC Plan 914 Official Circular (CO/PD/128)

At Jeevan Bima Bazaar (JBB), we believe in providing information backed by official data. For the benefit of our Life Insurance Industry Leaders (Agents, CLIA, and DOs) and technical researchers, we are providing access to the original technical circular for LIC Plan 914.

This document contains the comprehensive underwriting rules, bonus application methods, and the legal framework established by LIC of India following the IRDAI 2019 regulations.

Why should you read the Technical Circular?

• Precision: Understand the exact calculation for "Sum Assured on Death."
• Guidelines: Review the specific medical and non-medical underwriting limits for this plan.
• Clarity: Get the final word on Section 37 Sovereign Guarantee applications.

Receiving Claims in Instalments (Settlement Option)

One of the most strategic features of Plan 914 is the Settlement Option. Instead of taking a massive lump sum, the policyholder (for maturity) or the nominee (for death claim) can choose to receive the money in instalments.

• Available Periods: 5, 10, or 15 years.
• Mode: Monthly, Quarterly, Half-yearly, or yearly.
• Benefit: This ensures a steady Income Stream for the family rather than a one-time windfall that might be mismanaged.

Pros and Cons of LIC Plan 914

FAQ: Frequently Asked Questions

Conclusion:

Understanding the technicalities of LIC Plan 914 ensures you maximize your policy's potential. Whether it is leveraging the loan facility or opting for the settlement option, being informed is your best financial asset. This article is part of our 'LIC Legacy Plans Directory'. You can click here to view the complete Index of LIC Discontinued Plans.

What's Next? The history of LIC's endowment plans is vast. In the next part of this series, we travel further back in time to explore the policies that paved the way for Plan 914. Click the Next button below to uncover the older version and its unique rules.

Filter Your 'Hot' Database (The Data Strategy)

Stop shooting arrows in the dark. The "Spray and Pray" method does not work in 2026. If you want to offer Wealth Management Services effectively, you need to work smart. Open your diary, CRM, or Excel sheet and filter your old clients into three specific categories:

Beyond Cold Calling: The LinkedIn Strategy

In 2026, if you are relying solely on knocking on doors or cold calling random numbers, you are leaving money on the table. The modern "City Agent" or Corporate Development Officer uses Digital Branding.

High-net-worth individuals (HNIs) do not pick up calls from unknown numbers. They check LinkedIn. Here is how you can set up your digital shop:

Sell 'Protection + Return', Not Just 'Bachat'

In JFM, every agent talks about tax saving. If you want to close big ticket sizes, you must sound different.

Explain to your client that tax saving is just a "bonus." The real purpose of insurance is family security and wealth creation. When you sell a policy solely for tax purposes, the client often stops paying after 3 years (high lapse ratio).

The Correct Pitch:

• Don't say: "Sir, this policy will save you ₹15,000 in tax under 80C."
• Say: "Sir, this plan creates a guaranteed education fund for your child. It ensures that whether you are around or not, their college fees are paid. Plus, as a bonus, the government pays for 30% of your premium through tax savings."

The NRI & Gulf Opportunity: FEMA & Compliance

This is the most crucial section for agents wanting to earn high commissions. January and February are the months when Non-Resident Indians (NRIs), especially our brothers and sisters working in Gulf countries (UAE, Qatar, Saudi Arabia) and the USA, visit India.

Selling to NRIs requires knowledge of FEMA (Foreign Exchange Management Act). If you master this, you become their go-to Wealth Management Services provider.

The NRI Checklist: Before You Sell

Before filling out the proposal form, ensure you have these checks in place to avoid rejection:

• Residence Status: Are they currently in India? If yes, the process is simple (Indian medicals). If they are abroad, you need "Mail Order Business" protocols.
• Passport & Visa: Check the validity. The visa should not be expiring within the next 6 months.
• Country Risk Profile: Insurance companies categorize countries into risk bands (e.g., USA/UK are standard risk; some African or conflict-zone nations are high risk). Check your company's underwriting manual.
• COVID-19/Pandemic Clauses: Ensure all health declarations regarding recent travel are updated.

Understanding Payment Modes: NRE vs. NRO

NRE (Non-Resident External) Account: Money in this account is fully repatriable (can be taken back to the USA/Gulf).

NRO (Non-Resident Ordinary) Account: Money here is generally from income earned in India (rent, etc.) and has repatriation limits.

Advice: Always ask the client to pay premiums from their NRE Account. This ensures that when the claim or maturity comes, the proceeds can be freely transferred back to their foreign country without RBI hassles.

Comparison: NRE Fixed Deposit vs. Life Insurance

NRIs love Fixed Deposits. Here is how you convince them to switch to Insurance.

By presenting this table, you position the insurance policy not just as an expense, but as a superior asset class compared to a standard FD.

Lapsed Policy Revival Campaign

Finding a new customer is hard work (Customer Acquisition Cost is high). Winning back an old customer is smart work.

Check your agency list for policies that have lapsed because the premium wasn't paid. Contact these clients immediately. During the JFM period, many Life Insurance companies launch "Revival Campaigns" where they offer discounts on late fees.

The Script:

"Sir, I noticed your policy number 12345xxx is currently inactive. You have already paid 3 years of premiums. If we don't revive it now, you might lose the accumulated bonus. The company has a special waiver on late fees this week. Shall I calculate the amount to reactivate your risk cover?"

This counts directly toward your target and renews your relationship.

The Daily Success Math & Commission Calculator

Dreams don't complete targets; mathematics does. You need to visualize your earnings to stay motivated.

JBB Success Table (Action Plan)

The Commission Motivation Calculator (USD vs. INR)

Let's look at the potential earnings if you focus on the NRI segment versus the local market.

Assumption: 35% First Year Commission (approx).

Real-Life Case Study: Suresh Bhai's Strategy

Suresh Bhai, a veteran agent from Surat, struggled in Dec 2025. In Jan 2026, he changed his approach. instead of chasing new clients, he called his existing clients for a "Portfolio Review."

He showed them how inflation had eroded their cover. He used the keyword "Human Life Value" and upgraded 15 clients to higher premium plans. By targeting existing trust, he achieved his MDRT by mid-February.

Conclusion

Friends, JFM is not a time for stress; it is a time for high performance. The market is ready, professionals need tax saving, and NRIs are looking for safe homes for their dollars and dirhams.

Use these strategies: Filter your data, build your brand on LinkedIn, master the FEMA rules for NRIs, and keep your eye on the commission calculator.

Go out and crush your targets!

Found this strategy helpful? Share this article with your Development Officer or Agent friends on WhatsApp!

Frequently Asked Questions (FAQ)

Why Choose LIC in 2026?

Before we look at the specific plans, it is vital to understand why you should trust the Life Insurance Corporation of India (LIC) with your hard-earned money in 2026. In an era of volatile crypto markets and fluctuating mutual funds, LIC stands as a fortress of stability.

The Sovereign Guarantee (Section 37)

This is LIC's biggest superpower. Under Section 37 of the LIC Act, 1956, every penny of the Sum Assured and the promised Bonus is guaranteed by the Government of India. No private bank or private insurer offers this sovereign guarantee. If LIC fails (which is impossible), the government pays you.

Unmatched Claim Settlement Ratio

Trust is built on paid claims. LIC consistently maintains a Claim Settlement Ratio of over 98.5% (based on recent IRDAI data trends). This means that when your family needs the money the most, LIC does not look for loopholes; it writes the cheque.

For investors looking for safe investment options in India, especially for long-term goals like retirement or child education, this safety net is non-negotiable.

Detailed Review: LIC Jeevan Utsav (Plan No. 771)

"The King of Guaranteed Income"

If you are tired of stock market volatility and want a written guarantee on a bond paper, Jeevan Utsav is the superstar of 2026. It addresses the biggest fear of retirees: "Will my interest rate go down?" With Jeevan Utsav, the rate is locked for life.

Core Features:

• Lifetime Guaranteed Returns: Once your premium payment term ends and the deferment period is over, you receive 10% of the Basic Sum Assured every year for your entire life.
• Flexi Income Benefit: You don't have to take the money immediately. You can let it accumulate with LIC and earn an additional 5.5% compounding interest per annum. This is great for building a "Emergency Fund" inside your policy.
• Guaranteed Additions: During the premium paying years, LIC adds ₹40 per thousand Sum Assured to your policy corpus annually.

Detailed Review: LIC Jeevan Lakshya (Plan 733)

"The Guardian of Dreams"

Field agents often call this plan "LIC Kanyadaan" or the "Goal Achiever." This plan is specifically designed for fathers and guardians who want to ensure their child's future is secure, no matter what happens. It is a "Participating" plan, meaning it earns profits (Bonuses) from LIC.

Core Features:

• Annual Income Benefit: If the policyholder passes away during the term, the family receives 10% of the Basic Sum Assured every single year until the policy maturity date.
• Premium Waiver: In case of death, all future premiums are waived off immediately. The policy does not stop; it continues to grow.
• Double Bonanza: At the time of maturity, the nominee receives 110% of the Sum Assured + Vested Bonuses, regardless of whether the policyholder is alive or not.

The "What If" Scenario Table

Let's assume Ramesh buys a ₹10 Lakh policy for 21 years but tragically dies in Year 5.

Pros & Cons:

• Pros: Best protection plan for parents; Premium Waiver is built-in; High emotional value.
• Cons: Returns depend on Bonus rates (not guaranteed); Longer lock-in period.

Detailed Review: LIC New Jeevan Anand (Plan 715)

"Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi"

This is LIC’s most popular and iconic plan. It is a unique combination of savings (Endowment) and protection (Whole Life) that continues even after the policy ends.

Core Features:

• Maturity Benefit: At the end of the policy term, if you survive, you receive the Sum Assured + Vested Bonus + Final Additional Bonus. The policy effectively "ends" here for most people, but wait...
• Lifetime Risk Cover: Here is the magic. Even after taking the full maturity amount, your risk cover (Sum Assured) continues for free until you turn 100 or until death. Your nominee gets this amount whenever you pass away.

Pros & Cons:

• Pros: You get paid twice (Once at maturity, once at death); High bonus history; Great for legacy planning.
• Cons: Slightly higher premium than standard endowment plans; Requires a long-term commitment for good bonuses.

The "Power of Riders": Don't Buy Without These!

When buying a car, you always pay extra for the airbag, right? Riders are the airbags of your insurance policy. They cost peanuts but can save you millions. At Jeevan Bima Bazaar, we strongly recommend adding these riders to any plan you buy:

Tax Calculation: How Much Do You Actually Save?

Many people invest ₹1.5 Lakhs blindly. Let’s calculate exactly how much hard cash you save in your bank account by investing in these LIC plans under Section 80C (Old Regime).

The Math:

• Investment Amount: ₹1,50,000
• Your Tax Slab: 30% (Highest Bracket)
• Tax Saved: ₹45,000 (30% of 1.5L)
• Cess Saved (4%): ₹1,800
• Total Cash Saved: ₹46,800

Think about it. By investing ₹1.5 Lakhs, you are effectively paying only ₹1,03,200 from your pocket, because the government subsidizes the rest. That is an instant 30% ROI on day one!

NRI & Gulf Corner: Special Insights

Are you an Indian working in Dubai, Sharjah, Saudi Arabia, or the USA? Here is why these plans matter to you in 2026:

• GST Waiver: If you pay premiums using convertible foreign currency (via NRE account), you can claim a waiver on GST. This instantly boosts your ROI by up to 4.5% in the first year.
• Repatriation: The maturity proceeds can be credited to your NRE account and are fully repatriable (you can take the money back to the Gulf/USA without restrictions).

Real-Life Case Study: Suresh from Sharjah

Suresh (35) works in Logistics in Sharjah. He wants to save tax in India and build a fund for his 3-year-old daughter.

The Solution: Suresh chooses LIC Jeevan Lakshya.

If Suresh survives, he gets a handsome maturity for her wedding. If the unexpected happens in Sharjah, his family in India gets a regular income + a lump sum, ensuring his daughter's education never stops.

Conclusion & Comparison

In 2026, don't just invest to save tax; invest to solve a life goal.

Your Next Step:

Confused about which plan fits your salary and age?

Comment "Calculation" below, and we will share a customized premium illustration for you!