🌟 Overview
Launched on 1st October 2024, LIC New Jeevan Anand Plan 715 is a powerful blend of Endowment and Whole Life Insurance, designed to offer guaranteed returns, risk protection, and lifetime insurance cover.
Unlike market-linked policies, this plan provides fixed and secure returns—making it ideal for risk-averse individuals who want both maturity benefits and insurance coverage for life.
This plan is a modified version of LIC’s popular Jeevan Anand (Plan 915) and comes under the new IRDAI guidelines of 2024 with updated UIN 512N279V03.
🎯 Key Highlights at a Glance
- ✅ Combo Plan: Endowment + Whole Life Cover
- ✅ Lifetime Risk Cover: Even after maturity, insurance continues till age 100
- ✅ Double Death Benefit: Death during or after the term, nominees get assured payout
- ✅ High Bonus Potential: Annual Bonus + Final Additional Bonus
- ✅ Tax Free Benefits: Premium under 80C & Maturity under 10(10D)
- ✅ Loan and Surrender Options: Available after 1 year
- ✅ Buy Online: Available through LIC’s New Business Platform via UPI, net banking, etc.
📋 Eligibility & Policy Parameters
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 50 Years |
| Policy Term | 15 to 35 Years |
| Basic Sum Assured | ₹2,00,000 and above (No upper limit) |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS only) |
| Loan Facility | Available after 1 policy year |
| Surrender Option | Available after 1 policy year |
| Policy Revival | Within 5 years from FUP (First Unpaid Premium) |
| Riders Available | Accident Benefit, Term Rider, Critical Illness |
💸 Premium Rebate Structure
🔁 Mode Rebate
| Payment Mode | Rebate on Premium |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly/Monthly | NIL |
📈 Sum Assured Rebate
| Sum Assured Range | Rebate Per ₹1000 SA |
|---|---|
| ₹2,00,000 – ₹4,99,999 | NIL |
| ₹5,00,000 – ₹9,99,999 | ₹2.50 |
| ₹10,00,000 and above | ₹4.00 |
🎁 Benefits of LIC New Jeevan Anand 715
🏆 Maturity Benefit
At the end of the policy term, the policyholder will receive:
Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (FAB)
All are tax-free under section 10(10D).
⚰️ Death Benefit (Double Benefit)
If death occurs during the policy term:
- Sum Assured on Death = Higher of:
- 125% of Basic Sum Assured
- 7 times of annual premium
- + Bonus (SRB) + FAB (if any)
If death occurs after the policy term:
- Nominee gets the Basic Sum Assured again, even after receiving maturity earlier.
This makes it a Double Death Benefit Plan.
Minimum Death Benefit = 105% of all premiums paid (excluding taxes).
🧠 Optional Riders
| Rider Name | Availability |
|---|---|
| Accidental Death & Disability Rider | ✔️ Optional |
| Critical Illness Rider | ✔️ Optional |
| Term Rider Benefit | ✔️ Optional |
💰 Tax Benefits
- Section 80C: Tax deduction on premiums paid
- Section 10(10D): Maturity and Death Benefits are completely tax-free
📊 LIC New Jeevan Anand 715 – Example with Ramesh
Let’s understand this plan with a real-world example.
👤 Ramesh’s Profile
| Details | Value |
|---|---|
| Age at Entry | 30 Years |
| Policy Term | 21 Years |
| Sum Assured | ₹5,00,000 |
| Yearly Premium | ₹28,327 (1st Year) |
| Policy Start Year | 2023 |
💳 Premium Payment (With GST)
| Year | Yearly Premium (₹) |
|---|---|
| 1st Year (4.5% GST) | 28,327 |
| 2nd Year Onwards (2.25% GST) | 27,717 |
📈 Maturity Calculation (Approx.)
| Component | Amount (₹) |
|---|---|
| Sum Assured | 5,00,000 |
| Total Bonus (approx.) | 4,83,000 |
| Final Additional Bonus (FAB) | 50,000 |
| Total Maturity Amount | ₹10,33,000 |
🧾 Year-wise Policy Projection Table
| Year | Age | Premium Paid | Life Cover (Normal) | Accidental Life Cover |
|---|---|---|---|---|
| 2023 | 30 | ₹28,327 | ₹6,48,000 | ₹11,48,000 |
| 2024 | 31 | ₹27,717 | ₹6,71,000 | ₹11,71,000 |
| 2025 | 32 | ₹27,717 | ₹6,94,000 | ₹11,94,000 |
| 2026 | 33 | ₹27,717 | ₹7,17,000 | ₹12,17,000 |
| 2027 | 34 | ₹27,717 | ₹7,40,000 | ₹12,40,000 |
| 2033 | 40 | ₹27,717 | ₹8,78,000 | ₹13,78,000 |
| 2044 | 51 | Final Year | Maturity Paid | ₹10,33,000 |
Note: Bonus is calculated on existing LIC rates and may vary.
⚰️ Death Scenario Example
If Ramesh dies in 2033 (at age 40):
- Total Premium Paid: ₹3,05,497
- Normal Life Cover: ₹8,78,000
- Accidental Cover: ₹13,78,000 (if ADB rider opted)
📌 Additional Info
- Date of Risk Start: Immediate
- Policy Lock-in: 1 Year
- Cooling-off Period: 30 Days
- Loan Eligibility: After 1 year
- Backdating: Allowed within same financial year
- Assignment/Nomination: Permitted
- Suicide Clause: 80% of premium refunded if suicide within 12 months
🔚 Summary: Why Choose LIC New Jeevan Anand 715?
✅ Lifetime protection
✅ Guaranteed Returns + Bonus
✅ Double Payout Feature
✅ Tax-Free Maturity
✅ Flexible premium & rider options
✅ LIC’s trust & legacy
