LIC New Jeevan Anand Plan 915 Review, Features & Benefits with Example

  • LIC New Jeevan Anand is a Non-Linked, Participating, Individual, Life Assurance Savings Plan.
  • It provides an attractive combination of savings and protection at the same time.
  • This plan is a true example of “जीवन के साथ भी और जीवन के बाद भी”
  • LIC New Jeevan Anand provides financial loss due to death throughout the lifetime.
  • If the Policyholder survives till the maturity period, he or she receives a lump sum amount as a maturity benefit and policy continues.
Plan NameLIC New Jeevan Anand Plan
Table No.915
UIN No.512N279V02
Plan TypeEndowment Plan
Launch Date01 February 2020
Bonus FacilityYes
Summary of LIC New Jeevan Anand 915

LIC New Jeevan Anand Policy – paisakaudi

Key Features of LIC New Jeevan Anand Plan 915

  • This plan provides you protection and savings at the same time.
  • It offers cover for the whole life even after payment of maturity amount.
  • This plan can be purchased only through offline mode (Agent) but after that you can pay premiums online.
  • Loan facility is also available under LIC New Jeevan Anand plan.
  • You have the option to take death benefit and maturity benefit in installments.
  • Accidental death, disability benefit, Accident Benefit, New term assurance, New critical illness benefit riders are available with this plan.
  • Bonus facilities are also available under this plan.
  • Tax benefit is also available under LIC New Jeevan Anand Plan.

Benefits of LIC New Jeevan Anand Plan 915

  • Death Benefit in LIC New Jeevan Anand Plan – Death benefit depends on the time period when death occurs.
    • On death during the policy term, death benefit will be Sum Assured on Death + Vested Simple Reversionary Bonus + Final Addition Bonus (If any)
    • On death after the policy term, death benefit will be Basic Sum Assured which will be paid to the nominee.
      • Here the Sum Assured on death is defined as,
    • 125% of basic sum assured or
    • 10 times the annual premium

This death benefit should not be less than 105% of total premiums paid till death.

  • Maturity Benefit in LIC New Jeevan Anand Plan : This will be sum assured + Accrued Bonus (Simple Reversionary Bonus paid every year) + Final Addition Bonus (if any).
  • Bonus in LIC Jeevan Anand Plan : There are two bonuses which LIC generally pays to their policyholders. It totally depends on the performance of the company.
    • Simple Reversionary Bonus (Paid every year)
    • Final Addition Bonus (Paid at the time of death or maturity)
  • Option to take Death Benefit in instalments
    • This is an option to receive death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. Please check the table below.
Mode of Instalment PaymentMinimum Instalment Amount
Monthly₹ 5,000/-
Quarterly₹ 15,000/-
Half-Yearly₹ 25,000/-
Yearly₹ 50,000/-
Mode of instalment and minimum instalment amount
  • Settlement Option for Maturity Benefit:
    • Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy. Please check
Mode of Instalment PaymentMinimum Instalment Amount
Monthly₹ 5,000/-
Quarterly₹ 15,000/-
Half-Yearly₹ 25,000/-
Yearly₹ 50,000/-
Mode of instalment and minimum instalment amount

Apart from this there are tax benefits, loan benefits, riders benefits which we will cover later in this article.

Eligibility Conditions & Restrictions in LIC New Jeevan Anand Plan 915

MinimumMaximum
Basic Sum Assured₹1,00,000No Limit
Policy Term15 years35 years
Premium Paying TermSame as policy term
Entry Age18 years (completed)50 years (Nearer birthday)
Maturity Age75 years (Nearer birthday)
Eligibility Conditions in LIC New Jeevan Anand Policy

How LIC New Jeevan Anand Plan 915 Works with Example

This plan works the same way as any other endowment plan. with some added benefits. Let’s understand this.

Suppose Ram takes this plan with following details:
Age – 30
Sum Assured – 1 Lakh
Policy Term – 25

Based on age, policy term and sum assured selected, Ram’s premium is calculated. Annual premium will be Rs. 4,581. Ram has to pay this premium for the entire duration of the policy term i.e. 20 years as selected by him.

Let’s suppose Ram will get a Simple Reversionary Bonus = Rs. 45 per 1000 sum assured = 45 x (1,00,000 / 1000) = Rs. 4,500 every year. Please note that this bonus rate can vary. We have taken it here for calculation purposes only.

Final Addition Bonus = Rs. 15 per 1000 sum assured = 15 x (1,00,000 / 1000) = Rs. 1500 will be paid at the end of the policy.

  • Scenario 1 – If Ram survives the entire policy term and he has paid all the due premiums till date then he will get the Maturity Benefit.
    • Maturity Benefit will be sum assured + Accrued Bonus (Simple Reversionary Bonus declared for 25 years) + Final Addition Bonus (if any). = 1,00,000 + (Rs. 4,500 x 25) + Rs. 1500 = Rs. 2,14,000

Now the policy continues and after the death of the policyholder (Ram) his nominee will get an additional sum assured amount as death benefit.

  • Scenario 2 – Now Suppose policyholder dies in the 15th year of the plan.
    • In this case death benefit would be paid to the nominee which will be Sum Assured on death + Accrued Bonus (SAB paid for 15 years) + Final Addition Bonus (if any).

Here the Sum Assured on death is defined as,

  • 125% of basic sum assured or
  • 10 times the annualised premium

This death benefit should not be less than 105% of total premiums paid till death.

125% of the basic sum assured = 125% of Rs. 1,00,000 = Rs. 1,25,000
10 times the annual premium = 10 x Rs. 4,581 = 45,810
105 % of all premiums paid = 105% x (4,581 x 15) = Rs. 72,150

So it’s clearly visible that from above three options the highest would be Rs. 1,25,000
And therefore Sum Assured on Death will be Rs. 1,25,000
Ram’s nominee will get = Rs. 1,25,000 + (Rs. 4,500 x 15) + Rs. 1500 = Rs. 1,94,000 would be paid to Ram’s nominee and policy will close.

Date of commencement of risk under LIC New Jeevan Anand Policy

Risk will commence immediately after taking the plan and acceptance of the risk.

Riders Benefit in LIC New Jeevan Anand Plan

There are four optional riders available under this plan. You can avail these riders by paying a small additional premium which will be separate from your main premium.

  • LIC Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
    • In case of accidental death, the accident benefit sum assured will be payable in lumpsum.In case of accidental disability, an amount equal to accidental benefit sum assured will be paid in equal monthly installments spread over 10 years and future premiums will be waived off.
  • LIC Accident Benefit Rider (UIN:512B203V03)
    • In case of accidental death, the accident benefit sum assured will be payable in lumpsum.
  • LIC New Term Assurance Rider (UIN: 512B210V01)
    • If this rider is opted, an amount equal to Term Assurance Rider shall be payable on death of the policyholder.
  • LIC New Critical Illness Benefit Rider (UIN: 512A212V01)
    • If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.

Premium Payment in LIC New Jeevan Anand Plan

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals by ECS (through NACH only) or through salary deductions over the Policy Term.

Grace Period in LIC New Jeevan Anand Plan

A grace period of 30 days is given for payment of yearly, halfyearly and quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. If premiums are not paid in this period the your policy will lapse.

Sample Illustrative Premium in LIC New Jeevan Anand Plan

The sample illustrative annual premiums for Basic Sum Assured of 1 Lakh for Standard lives are as under:

AgePolicy Term – 15 Years Policy Term – 25 Years Policy Term – 35 Years
20 ₹ 7,747 ₹ 4,341 ₹ 2,935
30 ₹ 8,080 ₹ 4,581 ₹ 3,165
40 ₹ 8,644 ₹ 5,037 ₹ 3,636
50 ₹ 9,575 ₹ 5,846
Sample Illustrative Premium in LIC New Jeevan Anand Plan

Rebates in LIC New Jeevan Anand Plan 915

Rebates are available in this plan on high sum assured and also on yearly, half yearly premium payment.

Mode Rebate:

Yearly mode2% of Tabular Premium
Half-yearly mode1% of Tabular premium
Quarterly, Monthly & Salary DeductionNil
Mode Rebate in LIC New Jeevan Anand

High Sum Assured Rebate on Premium:

Basic Sum Assured (BSA)Rebate (₹)
1,00,000 to 1,95,000Nil
2,00,000 to 4,95,0001.5% of BSA
10,00,000 and above3.00% of BSA
High Sum Assured Rebate on Premium LIC New Jeevan Anand 915

Revival in LIC Jeevan Anand Plan

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of first unpaid premium but before the end of the policy term.

LIC New Jeevan Anand 915 Paid Up Policy

  • If less than two full years premiums have been paid and any subsequent premiums be not duly paid, then the policy and all the benefits shall cease after the expiry of the grace period.
  • If at least two full years premiums have been paid and any subsequent premiums be not duly paid, the policy shall continue as a paid-up policy.

Surrender Value in LIC New Jeevan Anand 915 Policy

You can surrender your policy any time provided two full years premiums have been paid. On surrendering the policy LIC will pay the surrender value equal to higher of Guaranteed Surrender Value or Special Surrender Value.

  • GSV = (total premiums paid* GSV Factor) + (vested bonus * GSV factor of Bonus)
  • SSV is declared by the company based on its performance.

Loan Facility in LIC New Jeevan Anand 915 Policy

If you have paid two full years premium then you are eligible to take loan facility under this plan.
The maximum loan allowed under the policy, as a percentage of Surrender Value is as follows,

  • For in-force policies – up to 90%
  • For paid-up policies – up to 80%

Tax Benefit in LIC New Jeevan Anand 915 Policy

  • Premiums paid are exempted under section 80C of the income tax act of 1961.
  • The maximum exemption can be availed is 1.5 Lakhs.
  • Death and Maturity amount received are exempted under section 10(10D).

Free Look Period in LIC New Jeevan Anand 915 Policy

If the policyholder is not satisfied with the policy, he or she can return the policy to the corporation stating the reason for the same. After receiving the request, the Corporation shall cancel the policy and return the premium amount after deduction of risk premium, expenses incurred on medical examination, special report if any and stamp duty charges.

Exclusion in LIC New Jeevan Anand 915 Policy

Suicide:

  • If policyholder commits suicide within 12 Months from the date of commencement of risk, only 80% of the premium paid till death will be refunded.
  • If the policyholder commits suicide within 12 Months from the date of revival, then the amount which will be higher of 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, shall be payable.

How to buy LIC New Jeevan Anand 915 Plan

This plan is an offline plan and can only be bought through agents or brokers. You can also visit the company’s branch office and buy the plan.

Documents required to buy LIC New Jeevan Anand Plan : You need to have the following documents to buy this plan.

  • LIC Proposal form, duly filled and signed by the proposer/Policyholder/Life Assured
  • Photograph of the Policyholder
  • Age proof of the proposer
  • Identity proof of the proposer/Policyholder
  • Address proof of the proposer
  • Medical examination report of the life insured if required by the policy because of the age and/or the sum assured chosen
  • Income proof of the proposer if the sum assured or the premium of the policy is high
  • PAN card of the proposer
  • Cheque on the name of “Life Insurance Corporation of India/LIC of India” towards policy premium.
  • Cancelled cheque for NEFT registration for new/existing life insurance policy.

How to make claim in LIC New Jeevan Anand 915 Plan

How to make Maturity claim or Surrender in LIC New Jeevan Anand?

When a life insurance policy is maturing, the insurance company will usually send intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity.

Maturity claim is hassle free. You just have to follow some simple steps.
The policyholder has to Fill up and submit Form No. 3825 with some other documents listed below.

  • Original LIC Policy Document
  • Identity Proof
  • Age Proof (if not submitted previously)
  • Cancelled Cheque or a copy of the Policy holder’s Bank Passbook
  • Assignment/ Reassignment (if any)
  • NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)

If you are making a surrender claim, you have to inform the company in writing or contact your agent for this.

How to make a Death claim in LIC New Jeevan Anand?

In case of death claim, nominee can get the death benefit by submitting required documents.
Below are the list of documents which nominee has to submit to get the policy amount.

  • Claim Form ‘A’ in Form No.3783
  • If policy has run for 3 years or more from date or risk, claim Form No.3783A may be used
  • Certified extract from death register issued by hospital/Doctors/District level authorities.
  • The original policy document with Deed of assignment

In case you face any issue, contact your agent or visit your respective servicing branch.

Click here to read LIC Bima Jyoti Plan in Hindi

I hope this helps you to understand LIC Jeevan Anand Plan really well. If you have any question about this policy, please comment below and we will get back to you immediately.

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