LIC New Jeevan Anand Plan | Table 815| -Features,Review,Benefits & Premium Illustration

LIC New Jeevan Anand Plan-Table No. 815

It is a perfect blend of endowment assurance as well as whole life plans. That is one gets a twin benefit of financial protection against death as well as provision of lump sum payment at the end of the specified term in case of survival of policy holder.

LIC New Jeevan Anand Plan-Table No. 815

USP of the New Jeevan Anand Policy is its Payment of the sum assured, on maturity as well as on the death of the policyholder. Another icing on the cake is the additional accident benefit . Hence it is an interesting insurance-cum-investment plan that gives payment of the sum assured on survival of the term as well as to policy holder’s nominee in case of death.

New Jeevan anand Premium Frequency- Yearly, Half yearly, quarterly or monthly as desired.

Endowment assurance plans means that assured needs to pay yearly premium which is calculated basis age of policy holder at the time of entry and the term of the policy. The sum assured would become payable under two circumstances either after a  specified number of years or on the demise of policy holder whichever occurs first.

On the other hand in whole life plans Premiums are paid throughout the life time of life assured . This can be with profits or without profits ( A “with profit” policy is eligible for various bonuses declared by company every year, while a “without profits” policy does not have this feature )

Guaranteed LIC Jeevan anand Surrender Value- You can surrender the policy after it is in force for 3 years or more. Its value is calculated basis the policy term as well as the policy year in which one surrenders the policy.

Key Features-LIC New Jeevan Anand Plan details

  • It is a combination of endowment cum whole life plan
  • Continuation of life cover till death and maturity Benefit is Sum Assured + accrued Bonus
  • One’s nominee gets only sum assured as death benefit after maturity of policy
  • Before maturity of policy death benefit is equal to Sum Assured + accrued Bonus + final amount.
  • Accidental Death and Disability Benefit is available as an additional rider under this plan
  • Option of higher cover by adding Critical Illness Benefit rider.

New LIC Jeevan Anand Benefits

Death Benefit – In case of death of the Life Insured one’s nominee gets the maximum of 125 percent of  Basic Sum Assured or ten times of premium paid in a year. One is also eligible to get accrued Bonus as well as final bonus amount.

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus

Income Tax Benefit – One enjoys tax benefits under section 80 C and exemption of maturity proceeds under section 10(10D)

Modifications and ammendments in comparison to table no 149 are as follows

  • In case of death of policy holder nominee will get maximum of 125 percent of  Basic Sum Assured or ten times of premium paid in a year. 
  • Maximum entry age has been reduced from 65 yrs to 50 yrs now
  • Max & min policy term of 35 & 15 yrs.
  • One also gets rebate of 2 percent and 1 percent in case of annual and semi annual premium.
  • Loan amount(%) has been modified depending upon the policy
  • Bonus payable amounts and gross surrender value percentage has been modified
  • Accidental benefit which was earlier inbuilt in the plan has  now become a Rider
  • Policy revival period has been modified from 5yrs to 2 yrs from the date on which premiums were not paid
  • Taxes if any will be paid by policy holder which earlier corporation was bearing

LIC Jeevan Anand Premium Illustration and example

Suppose Mr Sharma aged 30 years wants to buy New Jeevan Anand policy-table no 815 for 15,25 & 35 years with sum assured of Rs 10 lacs.

He is required to pay annual premium of Rs 82,450, 46,750 and 32,300.

Old LIC Jeevan Anand Plan Illustration

If Mr Sharma survives the term he will receive sum assured, bonus as per latest bonus rates declared by LIC as well as final additional bonus under this plan.

Jeevan anand returns-Amount he will get is 10,00,000(sum assured) + 8,60,000(43*1000*20)(Bonus) + 70,000(70*1000).

The USP of this plan is risk cover remains in force as long as Mr Sharma is alive however if he dies after the premium payment term is over the nominee chosen by him will receive Rs 10 lacs.

Also on demise of life insured during the premium paying term the nominee declared by him will receive Rs 10 lacs as well as bonus declared by LIC.

Over and above the benefits given above one’s nominee will also get an amount of Rs 1 lacs on accidental death of life assured.

Benefit payable on death after the selected term. If the death occurs due to accident up to age 70 an additional Rs. 1,00,000/- will also be paid.

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8 Responses to "LIC New Jeevan Anand Plan | Table 815| -Features,Review,Benefits & Premium Illustration"

  1. sahil kumar says:

    LIC Jeevan Anand Plan Table No. 149 is a perfect blend of endowment assurance as well as whole life plans. Hence, an investor can get dual benefit – firstly a financial protection against death and secondly the benefit to receive a lump sum amount at the end of the specified term in case of survival of the insured.

  2. Nzahat Shaikh says:

    Hi there..!!

    Your site has been very usefull for me to take the right decision… I was in 2 minds of purchasing HDFC LIfe Sampoorn Samrudhi or LIC jeevan Anand, I guess I am on the right track of buying LIC jeevan anand plan by policy bazar.

    Please advice that is it fisible and safe to buy this Plan Online thru Policy Bazar. Since I am going to purchase the same today @ 2.30 pm.

    Awaiting your propmt response. I will be greatfull towards your kindness.

    Keep up the God job by guiding our generation towards the right and genuin path…

    • admin says:

      Hi Nzahat

      Policy Bazaar is a safe place to buy your insurance policies…Pls go ahead and make a wise financial decision with respect to you and your loved ones.

      Team Infopleez

  3. Arun Kumar says:

    Dear Team…please share the illustration on LIC Jeevan Anand plan as I am planning to purchase this plan…thanks

    Arun Kumar

  4. Shil says:

    Hi.

    I am thinking of buying a Jeevan Anand policy for myself (40 year old female) and my brother (51 years old)

    The agent is telling me to buy the policy right away as he says that the new policies will have an additional Government Service Tax from October 1, 2013. Also, he says the old plans will not be available and the new ones will have reduced features. Is that true or is it just a pressure tactic to make us book immediately?

    Can you please provide an illustration for 40 years old if premium is Rs. 1 lakh yearly for 21 and 16 years paying term if :
    1) I pay from my own source
    2) the payment is from LIC’s source after completion of 21 and 16 years paying term

    what is more beneficial, paying the premium from your own source or paying it from LIC’s source after the completion of the paying term?

    Would you suggest that I go for pension plan, jeevan anand, magic plan – retire and enjoy or term insurance?

    Will medical be required?
    Please reply ASAP as I don’t have much time to make a decision. Thanks a lot.

  5. seema says:

    dear team,

    i am 33 and i want to make some investment in LIC. My target is to receive 15-20 lac after 15-20 years so as to facilitate education of my child properly. i am intended towards jeevan anand or jeevan saral. is my decision correct. or i sholud look for some other plan. plz suggest me the right plan. also suggest me how much should i invest annually

    Regards

    Seema

  6. Yogendra D says:

    Thanks a lot for the review on LIC Jeevan Anand.

  7. raahul says:

    I am 22 years old and looking to buy jeevan anand policy…pls tell premium for sum assured of Rs 20 lacs for 25 year term…must tell this is a wonderful site on lic plans…awaiting your revert

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