LIC New Jeevan Anand T-815 | All Details With Premium And Maturity Calculators

LIC New Jeevan Anand T-815 is one of the most popular endowment plan of LIC, owing to the risk cover it provides even after maturity.The plan becomes even more attractive with Accident and Disability Benefit,  Additional Term Insurance, Critical Illness Rider Benefit etc. which are available as riders. This article provides you complete information on premium and all available benefits of LIC New Jeevan Anand Plan, with illustrations and calculators.

Plan Details – LIC New Jeevan Anand
Age at entry 18 to 50 years
Premium payment modes Yearly, Half Yearly, Quarterly, Monthly(NACH and SSS)
Policy Term 15 to 35 years
Basic Sum Assured 100000 and above in multiples of 5000
Mode Rebate 2% for Yearly,1% for Half Yearly Nil for other modes
Sum Assured Rebate 1,00,000 to 1, 95,000 – Nil
2,00,000 to 4, 95,000 – 1.50 / thousand of basic sum assured
5,00,000 and 9, 95,000 – 2.50 / thousand of basic sum assured
10,00,000 and above – 3.00 / thousand of basic sum assured
Loan After 3 years
Surrender After 3 years of full premium payment
Revival of lapsed policy Up to two years from date of lapsation
LIC New Jeevan Anand T-815 – Important points to remember
  • New Jeevan Anand is an Endowment type of policy, where the maturity is given as a single lump sum payment after completion of the term.
  • Maturity amount of New Jeevan Anand is the total of Sum Assured, Bonus and Final Addition bonus(if any).
  • Normal insurance coverage equal to 1.25 times of basic Sum Assured plus the bonus accrued in the policy is available during the term of the policy.
  • Life long insurance coverage equal to basic sum assured of the plan is available for throughout the life period – even after maturity of the policy.
  • Additional accident coverage equal to basic sum assured and extended permanent disability benefit is available under the plan as a rider.
  • Critical Illness Benefit is also available as a rider under this plan.
  • Loan is available after the completion of three years.
  • Income Tax benefit under section 80C of Income Tax Act is available for the premium paid under this policy. You can calculate your income tax liability using this Income Tax Calculator 
  • Maturity value of the LIC New Jeevan Anand plan is full exempted from income tax u/s 10(10d) of Income Tax Act. Read more on the Income Tax rules applicable for insurance policies.
LIC New Jeevan Anand – Online Premium, Insurance and Benefit Calculator

New Jeevan Anand – Calculator is a powerful online calculator to provide complete idea on premium, maturity  and insurance coverage benefits, in a simple and user-friendly manner. Riders such as Critical Illness Benefit Rider (CIR), and Accident and Disability Benefit (DAB) has been incorporated in to this calculator.

If you are unable to view the Premium calculator here (This can happen if you are viewing the site in a mobile device) please click to open Jeevan Anand Premium and Benefit Calculator.

Jeevan Anand Policy T-815 – Example with benefit tables

In order to get a clear idea on the benefits of LIC New Jeevan Anand Policy, let us take an example of a person with following details and assume that he is taking a new policy.

Plan Details Considered for Illustration
Sum Assured 10,00,000
Age 25 Years
Term 25 Years
Yearly Premium 44035
Total Premium Paid 10,81,771

 

Please note: Illustration shown here is just an example to understand the benefits of New Jeevan Anand Policy, If you want to know the actual benefits as per your details, please use the New Jeevan Anand Calculator provided above.

Three possibilities after taking a New Jeevan Anand policy are,

  1. Policy holder survives the term of the policy of 25 years and receives the maturity benefit – (scenario 1)
  2. Death occurs before the completion of 25 years – (scenario 2)
  3. Death  occurs after receiving the maturity benefit – (scenario 3)

lic new jeevan anand policy complete details with premium and maturity calculators

Maturity Benefit of New Jeevan Anand Policy (An Illustration)
Term Of The Policy 25 Year
Maturity Year 2042
Sum Assured(A) 10,00,000
Bonus(B)* (49000X25) 12,25,000
Final Addition Bonus*(C) 4,50,000
Total Maturity (A+B+C) 26,75,000
Life Long Coverage 10,00,000
Total Benefit* 36,75,000

 

lic new jeevan anand policy complete details with premium and maturity calculators

If death occurs before the completion of the policy term, normal life coverage is paid to the nominee. Normal Life coverage includes 125 % of the basic Sum Assured + Bonus accrued till date + Final Addition Bonus. If the death occurs due to an accident, an additional basic sum assured is paid along with the normal life coverage.

The table provided here will help you to get a clear idea on the insurance coverage available on various years.

lic new jeevan anand policy complete details with premium and maturity calculators

Life long insurance coverage is one of the most important feature of LIC New Jeevan Anand policy. If the death occurs after completion of premium paying term and after receiving the maturity, an amount equal to basic Sum Assured is paid to the nominee.

Read more: New Jeevan Anand (T-815 ) a critical review and comparison with other plans.

*Benefit Illustrations provided here are as per the latest bonus rates declared for the policy. Final Addition rates used are based on the experience in similar plans. please read the documents provided at LIC web site for more information.

Anish L J
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Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.
Anish L J
Follow me

Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. ‘INSURANCE FUNDA’ (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.

2 thoughts on “LIC New Jeevan Anand T-815 | All Details With Premium And Maturity Calculators

  • September 7, 2017 at 2:40 am
    Permalink

    I have opt for NEW LIC LIFE INSURANCE PLAN 815
    With Sum assured ₹7,00,000 , Policy tenure – 21 years , with accident coverage
    1)Plz calculate my maturity amount for year 2036
    2) what amount my nominee will get if I met with an accident after 3 years of my plan .

    Reply
    • September 7, 2017 at 5:57 am
      Permalink

      Hi Keshav Khuraba,
      1.Please use the calculator provided at the page to get the details of the expected maturity amount as per the current bonus rates. Expected returns will be around 14,90,000 as per current bonus rates projected. 2. The accident coverage will be 14 lakhs + the bonus for the three years.

      Reply

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