LIC New Jeevan Anand 715 – LIC of India launched a new plan on 1st. October 2024, which name is LIC New Jeevan Anand Plan 715 (LIC Table No 715) is whole life plan with Guaranteed Returns and Protections because it is not market based plan.
LIC New Jeevan Anand 715 is an endowment and whole life policy along with Bonus facility. “LIC New Jeevan Anand 715″ is a Double Death Benefit Plan, if the life insured survives till the end of the policy term.
LIC New Jeevan Anand policy 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.
| Please Note: In view of the IRDAI (Insurance Products) Regulations, 2024, Master Circular on Life Insurance Products, 2024 and other relevant Circulars issued by IRDAI, it has been decided to modify LIC’s New Jeevan Anand (Plan No. 915), Unique Identification Number (UIN 512N279V02). The new Plan Number for this modified LIC’s New Jeevan Anand shall be 715 and UIN shall be 512N279V03. |
Please Note: You can buy now online LIC new jeevan anand plan 715 through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
Key Features
- LIC New Jeevan Anand 715 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 in this plan. You can opt for Accidental and disability Benefit Rider and Critical Illness Rider by paying small Amount of Premium.
- This is a High Bonus and High liquidity and whole life plan.
- Paid premium under New Jeevan Anand 715 is exempted under section 80c
- Maturity or death claim is tax free under section 10(10D) of Income Tax act.
LIC new jeevan anand 715 Parameters/Eligibility
| Age of Entry | 18 to 50 years |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
| Policy Term | 15 to 35 Years |
| Basic Sum Assured | 200000 and above no Limit |
| Policy Revival | within 5 year |
| Premium Mode Rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly |
| Loan | After 1 years |
| Surrender | After 1 years |
LIC Jeevan Anand Plan 715 Rebates
This plan provides 2 types of discounts Mode Rebate and Sum Assured Rebate. Detailed Information about rebates is mention below.
Mode Rebate
Yearly – 2% on tabular premium
Half yearly – 1% on tabular Premium
Sum Assured Rebate
| Sum Assured | Rebate |
|---|---|
| Rs. 2,00,000/- to Rs. 5,00,000/- | NIL |
| Rs. 5,00,000/- to Rs. 10,00,000/- | For every 1,000 Rs./- Sum Assured 2.50 Rs/- rebate |
| Rs. 10,00,000/- and above | For every 1,000 Rs./- Sum Assured 4.00 Rs/- rebate |
Maturity and Death Benefits
Maturity benefits and Death benefits are provided under LIC New Jeevan Anand plan 715.
Maturity Benefit
On completion of Premium Paying term, LIC Jeevan Anand Provides Maturity which is equal to Basic Sum Assured + Simple Revisionary Bonus + Final Addition Bonus (FAB), if Any. LIC declares Simple Revesionary Bonus or simply Bonus for each policy year during policy term.
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 7 times Annual Premium (10 x AP) whichever is higher that amount will be paid to nominee. Death benefit paid should not be less than 105% of total premiums paid upto the date of death.
LIC New Jeevan Anand plan 715 with an Example
An example of Ramesh who is purchasing this Plan with following details.
| Sum Assured | 5,00,000 |
| Policy Term | 21 Years |
| Policy Purchase Year | 2023 |
| Age | 30 Years |
| Yearly Premium | Rs. 28,327 / 27,717 |
| CALCULATION DETAILS | ||
| Sum Assured: 500000 | Age: 30 | Term: 21 |
| Death Sum Assured: 625000 | AD & DB Sum Assured: 500000 | Term Rider Sum Assured: 0 |
| Death Sum Assured is higher of 125% of Basic Sum assured (625000) or 7 times of Annualised Premium (189749). So Death Sum Assured or Sum Assured on Death in this case will be 625000. | ||
| 1st Year Premium Details (With GST @4.5%) | ||
| YearlyHalf-yearlyQuarterlyMonthly283271431172302410 | ||
| 2nd Year Premium Onwards (With GST @2.25%) | ||
| YearlyHalf-yearlyQuarterlyMonthly277171400370752358 | ||
| Premium include Goods and Services Tax (GST). The present GST Rate for First Policy Year is 4.5%; and second year onwards the rate becomes 2.25%. | ||
| MATURITY DETAILS | ||
| Sum AssuredBonus (approx.)FAB (approx.)Total Maturity (approx.)500000483000500001033000 | ||
| Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) during policy term + Final Additional Bonus (if any) (FAB). | ||
| Normal Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Term Rider Sum Assured (If opted). Accidental Life Cover = Death Sum Assured + Accumulated Bonus + FAB + Basic Sum Assured+ Term Rider Sum Assured (If opted). To understand year-wise death claim, suppose death happens in year 2033, by that policy year, total paid premium will be 305497 and Normal Life Cover and Accidental Life Covers will be 878000 and 1378000 respectively. Please refer to highlighted row in the above table.”; | ||
| Note: Above calculator has been developed to help you understand this plan better and; it is solely based on personal understanding of this plan. Bonus is based on already declared bonus rates of New Jeevan Anand Policy 715. FAB is based on declared FAB rate of similar plan group. | ||
| Plan Benefits for You | Amount |
| Guaranteed Sum Assured | 500000 |
| Bonus | 483000 |
| FAB | 50000 |
| Maturity Returns on 21th Years | 1033000 |
| After the maturity policy holder will be insurared with the same basic sum assured amount ( 500000) for life time (till 100 years). | |
| Plan Benefits for Nominee/Family After You | Amount |
| On Death Before Maturity (Guaranteed Sum Assured) | 625000 |
| If Accidental Death (DAB Paid) | 500000 |
| As on death bonus paid | 253000 |
| As on death FAB paid | 0 |
| Term Rider Benefit (if Opted) | 0 |
| Total Payable to Nominee (Tax Free) | 1378000 |
LIC new Jeevan Anand Policy 715 Additional Information
Date of Commencement of Risk: Immediately.
Risk Coverage: End of the Policy Term.
Locking period: 1 years.
Loan Facility: Available after 1 years.
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.
Riders available: You can opt for Accident and disability Benefit Rider, term rider and Critical Illness Rider by paying small Amount with the basic premium.
Policy Revival: Policy can be revived before 5 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 30 days from the date of receipt of the policy.
Backdating: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations is possible under this plan.
