LIC New Jeevan Anand Plan (815) Details
Table of Contents
LIC New Jeevan Anand (LIC Table No 815) is whole life plan with Guaranteed Returns and Protections because it is not market based plan. LIC New Jeevan Anand is an endowment and whole life policy along with Bonus facility. LIC of India plan New Jeevan Anand is a Double Death Benefit Plan, if the life insured survives till the end of the policy term.
LIC New Jeevan Anand plan has average premium, high bonus rate and great features. One of the main whole life features is that the nominees get the sum assured when the policyholder dies. With this feature you will get the money twice.
Key Features
LIC New Jeevan Anand is combination of Endowment and term insurance policy i.e. Double Benefit Endowment plan,if person lives till end of Term of the policy will be given Maturity Benefit and Risk Cover will continue till 100 years or death whichever is earlier. Death Benefit amount paid to Nominee.
Accident Benefit rider is not inbuilt. We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount of Premium.
This is a High Bonus and High liquidity and whole life plan.
Read also : LIC New Jeevan Anand Plan 915 launched
Plan Parameters
| AGE | Min. age : 18 yearsMax. age: 50 years |
| Policy Term | Min. Term :15 yearsMax. Term : 35 years |
| Sum Assured | Min SUM ASSURED: Rs. 1,00,000/-Max. SUM ASSURED: No Limit |
| Premium Paying Mode | Monthly (SSS, ECS), Quarterly, Half yearly, Yearly |
Jeevan Anand Plan Rebates
This plan provides discounts.
Detailed Information about rebates is mention below.
Mode Rebate
Yearly – Table premium 2%
Half yearly – Table Premium 1%
Sum Assured Rebate
| Sum Assured | Rebate |
| From Rs. 1,00,000/- to Rs. 2,00,000/- | NIL |
| From Rs. 2,00,000/- to Rs. 4,95,000/- | For every 1,000 Rs./- Sum Assured 1.50 Rs/- rebate |
| From Rs. 5,00,000/- to Rs. 9,95,000/- | For every 1,000 Rs./- Sum Assured 2.50 Rs/- rebate |
| From Rs. 10,00,000/- and above | For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate |
Maturity and Death Benefits
Maturity benefits and Death benefits are provided under LIC New Jeevan Anand Benefits
Maturity Benefit
Sum Assured + Simple Reversionary Bonus + final additional bonus if any
Death Benefit
If the Insured person dies within the Policy Term then Nominee of the Policy will be given Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + final additional bonus if any
Sum Assured on Death means 125% of Basic sum assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to nominee. Death benefit paid should be more than 105% of total premiums paid as on the date of death.
How Does LIC's New Jeevan Anand Plan 815 work?
LIC New Jeevan Anand (815) Plan with an Example
An example of VINOD who is purchasing this Plan with following details.
Sum Assured: Rs.10,00,000
Policy Term: 21 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 54086
Maturity Details
If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.
| Maturity Year | Age at Maturity | Maturity Amount(approx) |
| 2037 | 46 | 2150000 |
After Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.
| Year | Age | Normal Life Cover For Life Time |
| 2037+ | 46+ | 1000000 |
Year-wise Death Claims
If death happens during the policy term Before 21 years, 125% of Sum Assured + Bonus + Final Addition Bonus will paid to the nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also payable to the nominee; the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefit according to accumulated bonus and Final Addition Bonus is illustrated below.
| Age | Risk Cover Normal | Risk Cover Accidental | Premium | Amount Received |
| 25 | 1300000 | 2300000 | 54086 | 0 |
| 26 | 1350000 | 2350000 | 53140 | 0 |
| 27 | 1400000 | 2400000 | 53140 | 0 |
| 28 | 1450000 | 2450000 | 53140 | 0 |
| 29 | 1500000 | 2500000 | 53140 | 0 |
| 30 | 1550000 | 2550000 | 53140 | 0 |
| 31 | 1600000 | 2600000 | 53140 | 0 |
| 32 | 1650000 | 2650000 | 53140 | 0 |
| 33 | 1700000 | 2700000 | 53140 | 0 |
| 34 | 1750000 | 2750000 | 53140 | 0 |
| 35 | 1800000 | 2800000 | 53140 | 0 |
| 36 | 1850000 | 2850000 | 53140 | 0 |
| 37 | 1900000 | 2900000 | 53140 | 0 |
| 38 | 1950000 | 2950000 | 53140 | 0 |
| 39 | 2020000 | 3020000 | 53140 | 0 |
| 40 | 2075000 | 3075000 | 53140 | 0 |
| 41 | 2130000 | 3130000 | 53140 | 0 |
| 42 | 2185000 | 3185000 | 53140 | 0 |
| 43 | 2250000 | 3250000 | 53140 | 0 |
| 44 | 2320000 | 3320000 | 53140 | 0 |
| 45 | 2400000 | 3400000 | 53140 | 0 |
| 46 | 1000000 | 1000000 | 0 | 2150000 |
| 47 | 1000000 | 1000000 | 0 | 0 |
| 48 | 1000000 | 1000000 | 0 | 0 |
| 49 | 1000000 | 1000000 | 0 | 0 |
| 50 | 1000000 | 1000000 | 0 | 0 |
| 51 | 1000000 | 1000000 | 0 | 0 |
| 52 | 1000000 | 1000000 | 0 | 0 |
| 100 | 1000000 | 1000000 | 0 | 1000000 PAID TO NOMINEE |
LIC Jeevan Anand Policy (815) Additional Information
Risk Coverage:End of the Policy Term.
Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
Locking period: 3 years.
Loan Facility: Available.
Income Tax Benefit - Income Tax Benefits available on Paid Life Insurance Premium U/Sec 80C and Maturity Benefit will also be tax free under section 10(10)D.
Loan:Loan is available.
Riders available: Rider Benefits are available .
Policy Revival: Policy can be revived before 2 years from date of FUP.
Suicide Clause: If insured commit suicide before 12 months he will be returned back 80% of premium what he paid.
Proposal Forms : Proposal Form no. 300 will be used under this plan.
Cooling-off Period: If a policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Backdating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations is possible under this plan.
Services that I offer
- New LIC Policy Quotes and Completion
- Complete guidance
- Doorstep Premium Collection Service
- Personalized Policy Recommendations
- Renewal / Revival of Lapsed Policies
- Human Life Value Calculation
- Life Time SERVICE
FOR MORE INFORMATION PLEASE CONTACT -:
BASPA NAND PANCHOLI
CON.9891009400
Office Address:-25,KG,Marg,Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.
LIC NEW ENDOWMENT PLANS