Neither LIC New Endowment Plan 714 nor LIC Jeevan Labh is universally better. New Endowment is the more flexible choice if you need to select a policy term anywhere from 12 to 35 years and are comfortable paying premiums throughout that term. Jeevan Labh is designed around three fixed combinations—16-year policy with 10-year premiums, 21/15, or 25/16—so it can suit someone who wants premiums to end before the maturity date.
Both are participating, non-linked, individual life savings plans with a death benefit, a maturity benefit and bonuses that depend on LIC declarations. Your decision should follow the cover period you need, the premium you can sustain, your age, the desired maturity date and the policy wording—not a sample premium or a generic claim that one plan offers higher returns.
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The two products at a glance
Use the exact product identity when requesting an illustration. LIC’s current endowment directory lists New Endowment as plan 714, UIN 512N277V03, and Jeevan Labh as plan 736, UIN 512N304V03. The comparison below applies to those versions, not to older plans with similar names.
| Feature | LIC New Endowment Plan 714 | LIC Jeevan Labh (Plan 736) |
|---|---|---|
| Product type | Participating, non-linked, life, individual savings plan | Participating, non-linked, life, individual savings plan |
| Policy term | 12 to 35 years | 16, 21 or 25 years only |
| Premium-paying term | Premiums can be paid over the policy term | 10 years for a 16-year policy; 15 years for 21 years; 16 years for 25 years |
| Minimum entry age | 8 completed years | 8 completed years |
| Maximum entry age | 50 years, nearer birthday | 59 years for 16-year term, 54 for 21-year term and 50 for 25-year term, nearer birthday |
| Maximum maturity age | 75 years, nearer birthday | 75 years, nearer birthday |
| Minimum basic sum assured | ₹2 lakh | ₹2 lakh |
LIC’s New Endowment Plan 714 brochure is listed from 22 September 2025 onward. The Jeevan Labh brochure sets out the 736 terms. LIC’s endowment-plan directory and product pages were checked on 13 October 2026; confirm the current brochure and policy wording before applying.
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Term flexibility and premium schedules
New Endowment: choose the duration first
Plan 714 allows a policy term from 12 through 35 years. The premium-paying period runs over the selected policy term, so a longer maturity generally means a longer commitment to scheduled premiums. This broad range is useful when a target date does not fit a 16-, 21- or 25-year menu—for example, when you want a 12-year, 18-year or 30-year maturity horizon.
The entry-age and maturity-age limits still apply. Someone entering at an older age may have fewer available terms because the policy must mature by age 75, nearer birthday. The illustration should show which durations remain available for the applicant’s exact age.
Jeevan Labh: three fixed policy/premium-term pairs
Jeevan Labh does not let you freely combine any policy term with any premium period. You select one of these pairs:
- 16/10: a 16-year policy with premiums payable for 10 years.
- 21/15: a 21-year policy with premiums payable for 15 years.
- 25/16: a 25-year policy with premiums payable for 16 years.
That limited-pay structure can be valuable if you want the premium obligation to finish before the policy matures. It also means you cannot request, for example, a 20-year Jeevan Labh term or a 12-year premium period under the combinations listed in the brochure.
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How age changes the available choice
Both plans accept applicants from age eight completed years, and both have a maximum maturity age of 75. Jeevan Labh’s maximum entry age varies by selected term: 59 for 16 years, 54 for 21 years and 50 for 25 years. New Endowment’s maximum entry age is 50 for its available terms. Consequently, an applicant aged 51 to 59 may be able to examine the 16-year Jeevan Labh option, subject to underwriting and the policy’s other conditions, while New Endowment is outside its stated entry-age limit.
How death and maturity benefits work
Death benefit while the policy is in force
For both products, the brochure describes the sum assured on death as the higher of the basic sum assured or seven times the annualized premium. Vested simple reversionary bonuses and any final additional bonus payable for the claim are added under the stated policy terms. The brochure also states a minimum of 105% of premiums paid.
That wording has several important implications:
- The basic sum assured is not automatically the entire death payout; the annualized-premium test can determine the stated base.
- Bonuses are added only when declared and vested or otherwise payable under the contract.
- The 105% figure is a stated minimum in the benefit formula, not a promise that the death benefit will equal a particular multiple of premiums in every case.
- The policy must be in force and the claim must satisfy the applicable policy conditions.
Maturity benefit at the end of the term
At maturity, each plan’s stated sum assured on maturity is the basic sum assured plus vested simple reversionary bonuses and any final additional bonus, if declared and payable. A maturity value therefore consists of the contractual basic amount and bonus components; it is not the same as a guaranteed investment return.
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Both plans participate in LIC’s profits. The brochures say simple reversionary bonuses are declared annually based on LIC’s experience and become part of the benefits under the stated terms once declared. LIC may also declare a final additional bonus in the claim year. Neither brochure fixes a future bonus rate or a guaranteed final-bonus amount. In an illustration, identify which figures are guaranteed and which are projections; do not treat every illustrated maturity total as assured.
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“LIC’s New Endowment Plan is a Par, Non-Linked, Life, Individual, Savings plan which offers an attractive combination of protection and saving features.”
LIC’s sample premiums: useful for scale, not for choosing a winner
LIC publishes sample annual premiums for standard lives with a ₹2 lakh basic sum assured. The figures below exclude taxes. They are brochure illustrations, not personalized quotations, and the terms being compared are not identical between the plans.
| Age | New Endowment 15 years | New Endowment 25 years | New Endowment 35 years | Jeevan Labh 16/10 | Jeevan Labh 21/15 | Jeevan Labh 25/16 |
|---|---|---|---|---|---|---|
| 20 | ₹14,543 | ₹8,369 | ₹5,949 | ₹17,718 | ₹11,623 | ₹9,908 |
| 30 | ₹14,592 | ₹8,497 | ₹6,213 | ₹17,767 | ₹11,701 | ₹10,025 |
| 40 | ₹14,847 | ₹8,987 | ₹6,958 | ₹18,012 | ₹12,054 | ₹10,476 |
These New Endowment figures come from LIC’s Plan 714 brochure; the Jeevan Labh figures come from its Plan 736 brochure. The lower annual figure for a longer New Endowment term does not prove that plan is cheaper: it reflects a different duration and payment schedule. Similarly, comparing a 15-year New Endowment illustration with Jeevan Labh’s 16/10 option mixes different policy and premium terms.
Which plan may fit a particular goal?
Choose New Endowment for a specific or unusual maturity horizon
Plan 714 is the natural starting point when your required cover period is outside Jeevan Labh’s three choices. It can also be examined when you want to align maturity with a planned expense at a precise point between 12 and 35 years. The trade-off is that premiums can continue for the full policy term, so the payment must remain affordable for the entire commitment.
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Examine Jeevan Labh when premiums should end before maturity
Jeevan Labh’s limited-pay combinations can suit a person who wants to stop paying after 10, 15 or 16 years while retaining the policy until year 16, 21 or 25. This structure may be easier to coordinate with an expected income period, but it offers less freedom over the maturity date.
Older applicants should check eligibility before comparing premiums
For an applicant above age 50, New Endowment’s stated entry limit rules it out. Jeevan Labh may remain available for the 16-year term up to age 59, nearer birthday, provided the maturity-age and underwriting requirements are met. The 21-year and 25-year Jeevan Labh options have lower maximum entry ages, so the available choice narrows with age.
Anyone with a tight monthly or annual budget needs a sustainability test
A premium that looks manageable in the first year can become difficult after a job change, a new loan or a family expense. Compare the scheduled premium with existing insurance, emergency savings and other household obligations. A lower illustrated premium may simply mean a longer term or a smaller level of protection at a particular comparison point; it does not establish superior value.
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People seeking a guaranteed maturity amount need to separate components
Ask the representative or the illustration to show the basic guaranteed amounts separately from vested bonuses and any assumed future bonus. Both plans are participating contracts, so the bonus portion depends on LIC declarations. If your objective requires a known amount on a known date, do not rely on an illustrated total without identifying its guaranteed elements.
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How to compare the plans for your own circumstances
- Confirm the product and UIN. Request Plan 714, UIN 512N277V03, and Plan 736, UIN 512N304V03 specifically. This prevents an older brochure or an unofficial calculator from being used accidentally.
- Set the required maturity date. Convert the goal into a policy duration. For New Endowment, test the available 12–35-year terms. For Jeevan Labh, test only 16, 21 and 25 years.
- Check age eligibility. Apply the nearer-birthday entry-age limits and the maximum maturity age of 75. Jeevan Labh’s limit depends on the selected term.
- Choose a basic sum assured based on the cover need. Start at the minimum ₹2 lakh only if that amount is genuinely appropriate; a brochure’s minimum is not a recommendation for your household.
- Match the payment assumptions. Compare the same premium mode, payment frequency, term, sum assured and underwriting assumptions. Do not compare an annual sample for one plan with a monthly quote for the other.
- Request current personalized illustrations. The illustration should show premiums, guaranteed benefits, projected bonuses, death benefits and maturity benefits for your age and underwriting details. Sample brochure figures exclude taxes and do not account for an individual’s risk assessment.
- Stress-test affordability. Ask whether the premium remains payable during a period of reduced income. Review what happens if a payment is missed, including grace, paid-up and surrender consequences in the applicable policy wording.
- Read the non-core conditions. Check loan availability, surrender values, paid-up treatment, riders, grace periods and installment-benefit options. Both brochures describe these areas, but the operative terms and eligibility conditions are plan- and policy-specific.
- Record the decision basis. Keep the illustration and policy documents showing the selected term, premium period, sum assured, assumptions and guaranteed/non-guaranteed labels. This makes it possible to verify the issued policy against what you intended to buy.
Features that should not be overlooked
Loans and surrender or paid-up outcomes
The brochures describe loan facilities and consequences that can apply when a policy acquires the required value. They also set conditions for surrender and paid-up status. These details can materially affect the amount available if you stop premiums early, so obtain the current schedule rather than assuming that a missed payment simply pauses the contract.
Optional riders
Both products offer optional riders for an additional premium. A rider changes the protection package and its cost; it does not turn the base plan’s participating bonuses into guarantees. Compare each rider’s covered event, term, exclusions and premium separately in the illustration and policy wording.
Installment benefit options
The brochures also describe installment options for benefits. Verify the permitted frequency, payment period and any conditions before treating an installment arrangement as part of your financial plan.
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- Calling one plan cheaper from one sample. The brochure examples use different policy terms and premium-paying periods, so a direct price ranking is invalid without matched assumptions.
- Calling projected bonuses guaranteed. Simple reversionary and final additional bonuses depend on LIC declarations. Separate them from guaranteed contractual amounts.
- Ignoring the payment-period difference. A Jeevan Labh premium may stop before maturity, while New Endowment premiums can continue for the selected policy term.
- Using an unofficial calculator for an old version. Confirm the plan number, UIN and brochure date before relying on any figure.
- Choosing the minimum sum assured by default. The ₹2 lakh minimum only describes eligibility; it does not measure the financial support a family may need.
- Assuming a policy is liquid. Surrender, loan and paid-up values depend on policy conditions and timing. Read those provisions before committing money needed for near-term expenses.
- Forgetting taxes and payment mode. LIC’s published sample premiums exclude taxes. Your payable amount can also vary with frequency, underwriting and other applicable conditions.
- Using “returns” as the only test. These are insurance contracts with savings and participating features. Evaluate the death cover, premium commitment, maturity timing and uncertainty of bonuses together.
A practical decision framework
After obtaining matched illustrations, score each plan against the following questions rather than looking for a blanket winner:
- Does the term reach the date you need? If not, remove that option even if its sample premium appears attractive.
- Can you maintain the premium schedule? A plan that fits only while income is uninterrupted is not affordable in practice.
- Is the death cover adequate? Compare the stated death-benefit formula and basic sum assured with your dependants’ needs and other insurance already in force.
- How much of the maturity figure is guaranteed? Mark projected bonuses separately and consider whether the uncertainty is acceptable.
- Would early exit create a problem? Review surrender, loan and paid-up provisions before using long-term savings for a goal that may move.
- Does your age leave enough eligible choices? Apply the term-specific entry limits and 75-year maturity ceiling.
On this framework, New Endowment generally deserves priority for term flexibility, while Jeevan Labh deserves priority for its predefined limited-pay structure. That is a description of design, not a personalized recommendation or a claim about relative investment performance.
What to verify before signing
- The plan number and UIN printed on the proposal and illustration.
- Policy term, premium-paying term, premium frequency and total scheduled premium.
- Basic sum assured and the exact death-benefit formula.
- Guaranteed maturity components versus vested or projected bonuses.
- Eligibility at your nearer-birthday age and the resulting maturity age.
- Grace period, lapse, revival, paid-up and surrender rules.
- Loan conditions, rider premiums and installment-benefit provisions.
- Taxes and other charges excluded from the brochure sample.
- The date and version of the brochure and policy wording supplied with the application.
Read the issued policy after acceptance and use the applicable review or free-look rights stated in that contract if the terms differ from what you intended. Keep all illustrations and correspondence with the policy records.
Bottom line
Choose the product structure that fits your goal before comparing premiums. New Endowment Plan 714 offers a 12–35-year term range but can require premiums across the policy term. Jeevan Labh offers only 16/10, 21/15 and 25/16 combinations, allowing premiums to finish earlier than maturity. Both provide the same broad type of participating savings-and-protection design, with death and maturity benefits that may include LIC-declared bonuses. A current, personalized illustration—with guaranteed and non-guaranteed amounts clearly separated—is the only sound basis for deciding which one suits you.
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