LIC New Jeevan Anand Plan 915 full Details, features and benefits
LIC New Jeevan Anand 915 – LIC of India launched a new plan on 1st february 2020, which name is LIC New Jeevan Anand Plan 915 (LIC Table No 915) is whole life plan with Guaranteed Returns and Protections because it is not market based plan.
LIC New Jeevan Anand 915 is an endowment and whole life policy along with Bonus facility. “LIC New Jeevan Anand 915″ 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.
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Key Features of new jeevan anand 915
LIC New Jeevan Anand 915 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 Accident Benefit Rider and Critical Illness Rider by paying small Amount of Premium.
This is a High Bonus and High liquidity and whole life plan.
Read also – LIC launched new plan list in 2020
Plan Parameters of new jeevan anand 915
| AGE | Min. age : 18 years Max. age: 50 years |
|---|---|
| Policy Term | Min. Term :15 years Max. Term : 35 years |
| Sum Assured | Min. Sum Assured: Rs. 1,00,000/ Max. Sum Assured: No Limit |
| Premium Paying Mode | Monthly (SSS, ECS), Quarterly, Half yearly, Yearly |
LIC Jeevan Anand Plan 915 Rebates
This plan provides discounts. 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 |
|---|---|
| From Rs. 1,00,000/- to Rs. 2,00,000/- | NIL |
| From Rs. 2,00,000/- to Rs. 4,95,000/- | For every 1,000 Rs./- Sum Assured 1.50 Rs/- rebate |
| From Rs. 5,00,000/- to Rs. 9,95,000/- | For every 1,000 Rs./- Sum Assured 2.50 Rs/- rebate |
| From Rs. 10,00,000/- and above | For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate |
Read also – LIC new endowment plan 914
Maturity and Death Benefits
Maturity benefits and Death benefits are provided under LIC New Jeevan Anand plan 915.
Maturity Benefit
Sum Assured + Simple Reversionary Bonus + final additional bonus if any
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.
How Does LIC’s New Jeevan Anand Plan 915 work?
LIC New Jeevan Anand plan 915 with an Example
An example of Ravi who is purchasing this Plan with following details.
| Sum Assured | Rs.10,00,000 |
| Policy Term | 21 Years |
| Policy Purchase Year | 2020 |
| Age | 25 Years |
| Yearly Premium | Rs. 54086 / 53140 |
Maturity Details
If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.
| Maturity Year | Age at Maturity | Maturity Amount(approx) |
| 2041 | 46 | 21,50,000 |
After Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.
| Year | Age | Normal Life Cover For Life Time |
| 2041+ | 46+ | 10,00,000 |
Year-wise Death Claims
If death happens during the policy term Before 21 years, 125% of Sum Assured + Bonus + Final Addition Bonus will paid to the nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also payable to the nominee; the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefit according to accumulated bonus and Final Addition Bonus is illustrated below.
| Age | Risk Cover Normal | Risk Cover Accidental | Premium | AmountReceived |
| 25 | 1300000 | 2300000 | 54086 | 0 |
| 26 | 1350000 | 2350000 | 53140 | 0 |
| 27 | 1400000 | 2400000 | 53140 | 0 |
| 28 | 1450000 | 2450000 | 53140 | 0 |
| 29 | 1500000 | 2500000 | 53140 | 0 |
| 30 | 1550000 | 2550000 | 53140 | 0 |
| 31 | 1600000 | 2600000 | 53140 | 0 |
| 32 | 1650000 | 2650000 | 53140 | 0 |
| 33 | 1700000 | 2700000 | 53140 | 0 |
| 34 | 1750000 | 2750000 | 53140 | 0 |
| 35 | 1800000 | 2800000 | 53140 | 0 |
| 36 | 1850000 | 2850000 | 53140 | 0 |
| 37 | 1900000 | 2900000 | 53140 | 0 |
| 38 | 1950000 | 2950000 | 53140 | 0 |
| 39 | 2020000 | 3020000 | 53140 | 0 |
| 40 | 2075000 | 3075000 | 53140 | 0 |
| 41 | 2130000 | 3130000 | 53140 | 0 |
| 42 | 2185000 | 3185000 | 53140 | 0 |
| 43 | 2250000 | 3250000 | 53140 | 0 |
| 44 | 2320000 | 3320000 | 53140 | 0 |
| 45 | 2400000 | 3400000 | 53140 | 0 |
| 46 | 1000000 | 1000000 | 0 | 2150000 (Maturity) |
| 47 | 1000000 | 1000000 | 0 | 0 |
| 48 | 1000000 | 1000000 | 0 | 0 |
| 49 | 1000000 | 1000000 | 0 | 0 |
| 50 | 1000000 | 1000000 | 0 | 0 |
| 51 | 1000000 | 1000000 | 0 | 0 |
| 52 | 1000000 | 1000000 | 0 | 0 |
| 100 | 0 | 0 | 0 | 1000000 (PAID TO NOMINEE) |
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LIC new Jeevan Anand Policy 915 Additional Information
Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
Risk Coverage: End of the Policy Term.
Locking period: 2 years.
Loan Facility: Available after 2 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: Rider Benefits are available .
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 15 days from the date of receipt of the policy.
Backdating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations is possible under this plan.
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