LIC New Jeevan Anand (815) Premium, Maturity Calculator

LIC’s New Jeevan Anand (815) Premium, Maturity Calculator – LIC’s New Jeevan Anand Policy is a combination of endowment and whole life saver policy by LIC of India. LIC’s New Jeevan Anand Policy offers ab insurance coverage for entire life of the insured person. LIC’s New Jeevan Anand Policy is a complete investment plan with high bonus facility and liquidity facility. LIC’s New Jeevan Anand Policy is equipped with a Double Death Benefit Plan, if life insured survives till the end of the policy term. LIC’s New Jeevan Anand Policy is whole life risk coverage even after maturity and full payout at maturity (Basic Sum Assured + Bonus).

Key Features (as per Plan 815)

Eligibility & Basic Terms

• Entry age (nearest birthday): Minimum 18 years, Maximum 50 years.
• Policy term (premium paying term): Minimum 15 years, Maximum 35 years.
• Maximum age at maturity: 75 years (nearest birthday).
• Minimum Basic Sum Assured: ₹1,00,000 (in multiples of ₹5,000) for Plan 815.
• Premium payment modes: Yearly / Half-yearly / Quarterly / Monthly (via SSS/ECS for monthly) modes available.

Benefits

• Maturity Benefit: On survival till end of the premium paying term, the policyholder receives the Basic Sum Assured + accrued Simple Reversionary Bonuses + Final Additional Bonus (if declared).
• Death Benefit:
  • If death during the premium paying term: Nominee gets Sum Assured on Death + accrued bonuses. “Sum Assured on Death” is defined as the higher of:
    1. 125% of Basic Sum Assured, or
    2. 10 × annualised premium.
  • If death after the premium paying term (but life cover extends): Basic Sum Assured is paid to nominee. (Under Plan 815 the risk cover continues beyond maturity)
• Life Cover after Maturity: One of the special features of this plan is that even after the premium paying term/maturity, a life cover (equal to Basic Sum Assured) remains in force until the death of the life insured.
• Bonuses: The plan participates in surplus/profits of LIC (being a “participating” non-linked plan). Annual simple reversionary bonuses + possibly a Final Additional Bonus. The bonus rates are not guaranteed.
• Loan Facility: Available after the policy has run for at least 3 full years of premium payment. The maximum loan is a percentage of the surrender value depending on the policy term.
• Surrender / Paid-up Options:
  • If premiums cease, the policy becomes paid-up (if at least 1 full year’s premium paid). Paid-up benefits apply.
  • Guaranteed Surrender Value (GSV) is available after payment of at least 3 full years’ premiums. Special Surrender Value (SSV) may apply (whichever is higher).
• Tax Benefits: Premiums paid qualify for deduction under Section 80C of the Income Tax Act, maturity/death benefits generally exempt under Section 10(10D) (subject to conditions).
• Riders: Optional riders like Accident Death & Disability Benefit Rider, Term Assurance Rider etc could be added (subject to conditions).
• Free-look Period: Plan 815 had a free-look period of 15 days (some references mention 30 days) from date of receipt of policy.
• Suicide Clause: If the life insured commits suicide within 12 months from the commencement of risk (or revival date) then only 80% of premium paid (or surrender value if higher) will be payable to nominee.

Important Notes & Changes

• Because Plan 815 is withdrawn, any current references should transition to Plan 715 (or the latest version) for new issues. For example, calculators show Plan 715 has minimum sum assured of ₹2 Lakh.
• Bonus rates are not guaranteed. Past performance is not indicative of future. Do not rely solely on illustrated returns.
• Surrender and paid-up benefits can significantly reduce benefit amounts in comparison to full term survival or death within term.
• Life cover continues after maturity — this is a distinctive benefit (if the policy is kept in force) but you should carefully check what annual premium paying term means for you.
• The policy term (premium paying term) is typically equal to policy term in this plan; after that you no longer pay premium yet risk cover continues. (Plan 815 had this; newer versions may have variations) — check the product brochure for your specific version.
• Always review the latest official product brochure or contact LIC to ensure you have the correct version of the plan and understand all conditions, illustrations and exclusions.

Example Illustration (for understanding only)

Suppose you are age 30, choose Basic Sum Assured of say ₹10,00,000, policy term 25 years.

• You pay premiums for 25 years.
• If you survive those 25 years: you receive ₹10,00,000 + accrued bonuses + any Final Additional Bonus. After that, the life cover of ₹10 00,000 remains till your death (assuming policy kept in force).
• If you die during the 25 years: nominee gets higher of (1.25 × BSA = ₹12.5 L) or (10 × annual premium) + accrued bonuses + Final Additional Bonus.
• If you die after the 25 years but before death, life cover pays BSA (₹10 L) to nominee.
• If you surrender the policy after year 3, you get GSV/SSV (much lower than full maturity benefit).

Disclaimer

The information provided here is for general informational purposes only. The features, terms, and conditions of LIC’s New Jeevan Anand (Plan No 815) may vary and are subject to applicable laws, regulations, policy document, and the corporation’s discretion. Please refer to the official policy brochure, proposal form, and the LIC website (www.licindia.in) for the exact wording, latest updates, eligibility, benefit illustrations, bonus rates, tax laws, and to verify whether the policy is still available for new business. Nothing contained herein constitutes financial advice or a solicitation to purchase any insurance product.