LIC New Jeevan Anand 915

LIC New Jeevan Anand 915 plan provides policyholders with an attractive combination of savings and protection. It protects the policyholder from death and pays a lump sum at the end of the insurance period if they survive. The loan facility this plan provides also covers any financial issues that may arise.

Let’s look at LIC New Jeevan Anand policy chart:

Age	Min. age – 18 yrs. Max. age -50 yrs.
Policy Term	Min. Term -15 yrs. Max. Term -35 yrs.
Sum Assured	Min. Sum Assured – Rs. 1, 00,000/- Max. Sum Assured – No Limit (depend on your income)
Maturity Age	75 Years (Max.)
Premium Paying Mode	Monthly, Quarterly, Half-Yearly and Yearly
Riders (Optional)	a. Accidental Death and Disability Benefit Rider b. Accident Benefit Rider c. New Term Assurance Rider d. New Critical Illness Benefit Rider
Tax Benefits	Premium is exempted (80c) and Maturity/Death Claim is Tax-Free (10(10D)
Maturity Amount	Basic Sum Assured + Accumulated Simple Reversionary Bonus during Policy Term + Final Additional Bonus
Death Claim	Death Sum Assured + Accumulated Simple Reversionary Bonus till the time of Death + Final Additional Bonus + Rider (if taken)
Death Sum Assured	Basic Sum Assured or 7 times of Annualized Premium, whichever is higher.

LIC New Jeevan Anand 915 plan details and benefits:

Death Benefit

The nominee is eligible to receive the death sum assured, cumulative bonuses, optional term and accidental rider amount assured in the terrible event that the policyholder dies during the policy term. The promised death amount equals:

125% of the basic sum assured or 7X times the yearly premium; whichever value is higher will be used.

Maturity Benefit

A policyholder will get a maturity benefit, given to him at the time of the policy’s maturity, only if he has paid all premiums. The major factor of the policy is that it allows you to receive the “Maturity Benefit,” which will be paid in instalments for 5, 10, or 15 years or in lumpsum amounts as chosen by the policyholder. The policyholder has to inform at least 3 months before the maturity claim.

Another benefits is that, this plan comes with special feature with life risk cover (100% of Sum Assured).
That means in case of death after payment of maturity, his nominee will receive the sum assured amount.

Maturity Benefit = Basic Sum Assured + Accumulated Simple Reversionary Bonus (Paid every year) + Final Additional Bonus (Paid at the time of death or maturity)

Profit Participation

While active, the policy will share in company profits and be eligible for Simple Reversionary Bonuses based on performance. There may be a Final Additional Bonus in the year a death or maturity claim is made. Paid-up policies won’t receive this bonus.

Rider Option

LIC Jeevan Anand plan includes four optional riders, each accessible for an extra price. However, the policyholder has a choice between the Accident Benefit Rider and the Accidental Death and Disability Benefit Rider offered by the LIC. Therefore, a policy may only offer a maximum of three riders.

• Accidental Death and Disability Benefit Rider or
• Accident Benefit Rider,
• New Term Assurance Rider,
• New Critical Illness Benefit Rider.

Tax Benefits

The premiums in a year up to Rs. 1,50,000 are not taxed under section 80C of the Income Tax Act.

Rebate

This plan offers rebates based on premium paying modes and the sum-assured rebate that we have chosen.

Premium paying mode:
Yearly – 2% of Tabular Premium
Half-yearly – 1% of Tabular premium Quarterly.
Monthly – NIL

Sum Assured Rebate:

BASIC SUM ASSURED	REBATE
Rs. 1,00,000/- to Rs. 1,95,000/-	–
Rs. 2,00,000/- to Rs. 4,95,000/-	1.50 % of Basic Sum Assured
Rs. 5,00,000/- to Rs. 9,95,000/-	2.50 % of Basic Sum Assured
Rs. 10,00,000/- and above	3.00 % of Basic Sum Assured

Loan Facility

Policyholders can also use the loan facility if they have paid their premiums for at least two years and are subject to the LIC’s other terms and restrictions. The interest rate for the loan and the entire loan period will be decided by the rates declared by LIC based on IRDAI approval.

Grace Period

There will be a grace period of 30 days for yearly, half-yearly, or quarterly payments and 15 days for monthly payments beginning on the date of the first unpaid premium.
The grace period mentioned above also applies to rider premiums, which must be paid in addition to the base insurance premium.

Revival Period

The policy will expire if premiums are not paid within the grace period. If necessary, lapsed insurance may be revived within five years, starting on the first unpaid premium date and before the date of maturity.

Surrender Value

The policy is eligible for a refund if the required premiums have been paid for at least two years. The “Special Surrender Value” or the “Guaranteed Surrender Value,” whichever is higher, may be paid to the policyholder by LIC.

Free Look Period

If a policyholder is dissatisfied with the terms and conditions of the insurance policy. In that case, they have 15 days from receipt to return it and get a full refund after deducting examination charges stamp duty and any other charges if any.

New Jeevan Anand Plan 915 with example

Plan: Lic New Jeevan Anand 915 Premium and Maturity calculation.

Age:35
Term:15
Sum Assured Taken:500000

1st-year Premium With TAX 4.5%:
Yearly: (42346 + 1906) = 44252
Half-yearly: (21393 + 963) = 22356
Quarterly: (10806 + 486) = 11292
Monthly (ECS): (3602 + 162) = 3764

Note: Remember, tabular rebate comes into play when you choose yearly, half-yearly, quarterly, or monthly into the premium.

From 2nd year Premium With TAX 2.25%:
Yearly: (42346 + 953) = 43299
Half-yearly: (21393 + 481) = 21874
Quarterly: (10806 + 243) = 11049
Monthly (ECS): (3602 + 81) = 3683

Returns at Maturity Time:
Sum Assured: 500000
Bonus: 468000
Final Additional Bonus: 42000
Total Approximate Return at Maturity Time: (500000+285000+10000) =795000

Note: The total approximate premium we paid in these 15 years is 650438.
Without Term Rider the total premium for 15 years will be 628221.

In the Case of Death Before Maturity:

Suppose the policy holder dies just after payment of 8th year,

his nominee will receive (125% of Sum Assured + Bonus till 5th Year)
(625000+ 95000) = 720000.

Additional (Rider) Benefits:

So, the total benefit the nominee will receive:

(Sum Assured + Bonus till 6th year + Term Rider)
625000+ 95000 + 500000 = 1220,000

Disclaimer: The premium shown here is indicative but not exact. Actual premium may vary as per underwriting rules. However, the maturity calculation shown here is accurate per the current bonus rate.

To know more about this plan you can also visit LIC official website.