Comparison between New Endowment (814) and New Jeevan Anand (815)
New endowment plan (814) and New Endowment Plan (815) are similar in features and benefits except two major differences, (1) 125% of Basic Sum Assured as death Sum Assured and (2) continuation of risk cover for life time even after maturity. This article tries to explain all similarities and difference between the two most sold plans of LIC.
Plan Eligibility & Features
| Details | New Endowment (Table : 814) | New Jeevan Anand (Table : 815) |
|---|---|---|
| Age at Entry | 8 Years (Completed) | 18 Years (Completed) |
| Maximum Age at Entry | 55 Nearest Birthday | 50 Nearest Birthday |
| Maximum Maturity Age | 75 Nearest Birthday | 65 Nearest Birthday |
| Policy Term | 12 to 35 Years | 15 to 35 Years |
| Sum Assured | 1,00,000 and above (in multiple of 5,000) | 1,50,000 and above (in multiple of 5,000) |
| Loan & Surrender | After 3 years of full premium payment | After 3 years of full premium payment |
| Maturity | Basic Sum Assured + Bonus + FAB | Basic Sum Assured + Bonus + FAB |
| Death Claim | Sum Assured + Bonus + FAB | 125% of Sum Assured + Bonus + FAB |
| After Maturity | Policy Stops | Risk Cover equal to Sum Assured Continues |
Comparison with Example
To compare New Endowment and New Jeevan plans, let's assume a 29 years old person buys these two plans with following details.
Sum Assured: Rs. 10,00,000
Policy Term: 25 Years
Policy Purchase Year: 2016
Age: 28 Years.
(You can also compare these two plans as per your Sum Assured, Age and Term, please use Premium and Maturity calculators)
To explain the comparison between these two plans, tabular comparison of yearly premium & total paid premium, Maturity Amount and Year-wise & age-wise death benefits have been given below.
Premium Details
| Premium with Accidental & Disability Benefit Rider | ||
| Premium | New Endowment (814) | New Jeevan Anand (815) |
|---|---|---|
| Yearly Premium | 37,837 | 43,521 |
| Total Paid Premium | 9,45,925 | 10,88,025 |
Maturity Details (approx)
If policy holder survives the policy term ( i.e. 25 years ), Maturity will be as under.
| Details | New Endowment (814) | New Jeevan Anand (815) |
|---|---|---|
| Sum Assured | 10,00,000 | 10,00,000 |
| Bonus | 12,00,000 | 12,25,000 |
| FAB | 4,50,000 | 4,50,000 |
| Total | 26,50,000 | 26,75,000 |
The Bonus rates for plans 814 and 815 are taken as Rs. 48 and Rs. 49 per thousand of sum assured per year respectively as per last declared and FAB rate as Rs. 450 per thousand of sum assured for the both plans.
Policy Year-wise Death Claim Details (approx)
Following table provides comparsion of year-wise, premium deposited and death claims as the policies progress. In year 2041, both plans provides maturity, the endowment plan (814) stops but in case of Jeevan Anand (815) risk cover continues without any further premiums.
How to Understand Following Table
Suppose if, unfortunate death of policy holder happens in year 2031 (at age 44), then Rs. 17,50,000 will be death claim amount in case of New Endowment Plan (814) and Rs. 22,06,250 death claim in case of New Jeevan Anand (815) plan. In case of accidental death, additional 10,00,000 will be also added to death claim amount.
| Year | Age | Endowment Plan (814) | Jeevan Anand Plan (815) | ||||
|---|---|---|---|---|---|---|---|
| PremiumDeposited | Life Cover | Maturity | Premium Deposited | Life Cover | Maturity | ||
| 2016 | 29 | 37,837 | 10,00,000 | -- | 43,521 | 12,50,000 | -- |
| 2017 | 30 | 75,674 | 10,48,000 | -- | 87,042 | 12,99,000 | -- |
| 2018 | 31 | 1,13,511 | 10,96,000 | -- | 1,30,563 | 13,48,000 | -- |
| 2019 | 32 | 1,51,348 | 11,44,000 | -- | 1,74,084 | 13,97,000 | -- |
| 2020 | 33 | 1,89,185 | 11,92,000 | -- | 2,17,605 | 14,46,000 | -- |
| 2021 | 34 | 2,27,022 | 12,40,000 | -- | 2,61,126 | 14,95,000 | -- |
| 2022 | 35 | 2,64,859 | 12,88,000 | -- | 3,04,647 | 15,44,000 | -- |
| 2023 | 36 | 3,02,696 | 13,36,000 | -- | 3,48,168 | 15,93,000 | -- |
| 2024 | 37 | 3,40,533 | 13,84,000 | -- | 3,91,689 | 16,42,000 | -- |
| 2025 | 38 | 3,78,370 | 14,32,000 | -- | 4,35,210 | 16,91,000 | -- |
| 2026 | 39 | 4,16,207 | 14,80,000 | -- | 4,78,731 | 17,40,000 | -- |
| 2027 | 40 | 4,54,044 | 15,28,000 | -- | 5,22,252 | 17,89,000 | -- |
| 2028 | 41 | 4,91,881 | 15,76,000 | -- | 5,65,773 | 18,38,000 | -- |
| 2029 | 42 | 5,29,718 | 16,24,000 | -- | 6,09,294 | 18,87,000 | -- |
| 2030 | 43 | 5,67,555 | 16,72,000 | -- | 6,52,815 | 19,36,000 | -- |
| 2031 | 44 | 6,05,392 | 17,50,000 | -- | 6,96,336 | 20,10,000 | -- |
| 2032 | 45 | 6,43,229 | 18,03,000 | -- | 7,39,857 | 20,64,000 | -- |
| 2033 | 46 | 6,81,066 | 18,61,000 | -- | 7,83,378 | 21,18,000 | -- |
| 2034 | 47 | 7,18,903 | 19,19,000 | -- | 8,26,899 | 21,82,000 | -- |
| 2035 | 48 | 7,56,740 | 20,02,000 | -- | 8,70,420 | 22,51,000 | -- |
| 2036 | 49 | 7,94,577 | 20,60,000 | -- | 9,13,941 | 23,30,000 | -- |
| 2037 | 50 | 8,32,414 | 21,58,000 | -- | 9,57,462 | 24,29,000 | -- |
| 2038 | 51 | 8,70,251 | 22,76,000 | -- | 10,00,983 | 25,78,000 | -- |
| 2039 | 52 | 9,08,088 | 24,04,000 | -- | 10,44,504 | 27,27,000 | -- |
| 2040 | 53 | 9,45,925 | 25,02,000 | -- | 10,88,025 | 28,76,000 | -- |
| 2041 | 54 | -- | -- | 26,50,000 | -- | 10,00,000 | 26,75,000 |
| 2042 | 55 | -- | -- | -- | 10,00,000 | ||
| 2043 | 56 | -- | -- | -- | 10,00,000 | ||
| 2044 | 57 | -- | -- | -- | 10,00,000 | ||
| 2045 | 58 | -- | -- | -- | 10,00,000 | ||
| 2046 | 59 | -- | -- | -- | 10,00,000 | ||
| 2047 | 60 | -- | -- | -- | 10,00,000 | ||
| 2048 | 61 | -- | -- | -- | 10,00,000 | ||
| 2049 | 62 | -- | -- | -- | 10,00,000 | ||
| 2050 | 63 | -- | -- | -- | 10,00,000 | ||
| 2051 | 64 | -- | -- | -- | 10,00,000 | ||
| 2052 | 65 | -- | -- | -- | 10,00,000 | ||
| 2053+ | 66+ | -- | -- | -- | 10,00,000 | ||
The life cover in case of Jeevan Anand (815) will continue for life time and for convenience purpose, years and ages ahead 2052 and 65 are indicated as 2053+ and 66+ respectively.
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