New Jeevan Anand (Table No: 815) is one of the most sold endowment plans of LIC, which provides Risk Cover even after maturity for life time. Accidental Death and Disability Benefit Rider makes this plan more beneficial as it provides additional amount eqaul to basic sum assured in case of death. This article gives comprehensive deatails of policy and various benefits associated with New Jeevan Anand Plan with help of example.
|Age of Entry||18 to 50 years
Calculate your Age
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
|Policy Term||15 to 35 Years|
|Basic Sum Assured||100000 and above ( in multiple of 5000)|
|Policy Revival||within 2 year|
|Rebate||2% on yearly, 1% on Half Yearly, Nil on Quarterly|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment [ Surrender Value Calculator]|
To Illustrate the benefits of New Jeevan Anand, Lets take an example of a person who is purchasing New Jeevan Anand Plan with following details.
|Sum Assured (Rs.)||5,00,000|
|Yearly Premium (Rs.)||21,472|
|Total Paid Premium (Approx)(Rs.)||5,36,800|
After taking policy as above details, there are two possible cases are, either policy holder survives 25 years policy term or death happens before 25 years.
Case:1 (Maturity Details)
If policy holder survives the policy term (25 years), Maturity will be as under.
|Age at Maturity||50|
|Sum Assured (A)||500000|
|Bonus (Approx) (B)||837500|
|Total Maturity (A+B)||1337500|
Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.
|Year||Age||Normal Life Cover|
Case:2 (Death Claim Details)
If death happens during the policy term ( Before 25 years ), 125% of Sum Assured + Bonus + Final Addition Bonus(FAB) is paid to nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also added death claim amount, the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefits according to accumulated bonus and FAB is illustrated below.
|Year||Age||Premium Deposited||Normal Life Cover (Approx)||Accidental Life Cover (Approx)||Return|
Above example has been prepared for illustration purpose. The Bonus rate has been taken as Rs. 49 per thousand of sum assured which is as per last declared and FAB rate as Rs. 450 per thousand of sum assured. for More details, please refer to LIC Website and in case of any query please write your comment below.
Wrote : 01-05-2017 23:55:49
Good day, Is it possible to reduce sum assured for Jeevan Anand 815 plan. I bought a plan for sum assured 20 lakh term 15 years.. I want to reduce sum assured amount to 10 lakh is it possible.. Thanks
Replied : 02-05-2017 23:51:32
Please contact your branch.
Wrote : 01-05-2017 23:21:36
I currently purchased LIC policy for myself.
Age= 26 yr,term= 15 years. Sum assured = 2800000 Half yearly premium =112127 Approx Maturity amount= 4578000 And in addition 2800000 life time Â risk cover. As LIC agent told me I can withdraw 2800000 life time risk cover at time of maturity or any time after maturity date. So as per LIC advisor total approx maturity amount = 4578000+2800000 = 7378000 One of my friend is telling you Â will get only 457800 at maturity and can't withdraw lifetime risk cover it will be only paid to your nominee after your death. Highly appreciated if you could clarify on above Thanks in advance
Replied : 02-05-2017 23:56:28
Yes, after maturity you will have life cover of 28 Lakh and will be paid to nominee in case of death. But you may surrender your risk cover and take surrender value of your policy yourself, but it will not be 100% of sum assured.
Wrote : 18-04-2017 07:24:26
HI, If policy gets lapsed due to the premium is not paid within the grace period and if i have paid all lapsed premium in lumpsum then will it affect (reduce) my assured amount or bonus amount.
Replied : 18-04-2017 12:57:33
No, If you pay all premiums which are due, then your policy will become normal policy, i.e. no affect on SA or bonus.
Please Note: If due date is past more than 6 months, then you have visit branch with Id proof for revival.
Wrote : 08-04-2017 12:36:09
Sir your site are very helpful. Sir I want to know that in New Jeevan Anand I will be covered after the maturity or not. If covered then can I stop my insurance by taken sum assured money back. Sir give me detail
Replied : 08-04-2017 18:46:29
Yes, you will be covered and risk cover amount will be equal to basic sum assured. You may stop your risk cover after, it will be a case of surrender.
Wrote : 07-04-2017 18:55:14
Sir my address in I'd proof is different I am living in new addres so I enterd a new addres in policy table no 815 which is not in id please reply.....
Replied : 07-04-2017 19:01:24
New address can be updated in future. You can contact your branch for the same.
Wrote : 08-04-2017 08:14:13
Thanks for your valuable support sir
Wrote : 06-04-2017 12:12:05
I am 48yrs and intending to join NJA-815 policy for Rs 6,00,000=00 sum assured for 16 yrs with a premium of Rs. 52636=00 yearly including tax. My agent says I will get a maturity value of Rs 16,71,000=00 . The calculation is not clear to me : 1) I pay rs 51667=00 x 16 = Rs 826672=00 excluding tax. then why the sum assured is Rs Six lakh? 2) the FAB paid at the time of maturity was Rs 490=00 per thousand last year. Is the FAB be calculated on total amount paid by me or sum assured value or any other way and once in a year or at the end of policy tenure? Is the above calculation given by the agent is more or less correct? Is it also true that if I purchase the policy from LIC office directly then I will have to pay less amount than through agent?
Replied : 06-04-2017 13:35:50
1. Premium depend upon age and term. Older the age, higher will be the premium. You may please take reference from this article.
2. FAB is calculate on sum assured.
3. Maturity calculated by him is highly inflated. Please use this maturity calculator for approx benefits.
Wrote : 24-03-2017 22:08:52
My new jeevan anand's sum assured is 15 Lacs term of 30 yers. I have paid 4 year's premium. if anything happened to me due to accident how much amount my family will get?
Replied : 24-03-2017 22:14:51
Please use this calculator for approx year-wise death claim amounts.
Wrote : 08-03-2017 13:36:46
Hi..I have taken New Jeevan anand policy on 2016 March..It is half yearly installment..I done one payment in september for this year,,and second is due on 10th March 2017..If I pay the premium next month(April 2017)..what will be the charges and is there any problem with that?coz it will start new financial year from next mont...Can you please explain me how can I proceed? Thanks in Advance...
Replied : 08-03-2017 20:07:12
You have grace period of 30 days, so you can pay premium before 10 April, there won't be any charges.
Wrote : 27-02-2017 02:13:19
Hi, i have New Jeevan Anand policy with monthly payment but it was not auto debit from my account and pay the monthly premium quaterly but i did paid up on the same year, so will it falls under Revival ? And if i surrender the policy in 3years, what will be my surrender value ?
Replied : 27-02-2017 09:15:24
In case premium due exceeds 6 months, then revival is required. Please use Surrender Value Calculator to calculate approx surrender value.
Wrote : 26-02-2017 23:43:19
Sir, Your site is very helpful to know full details of the policies, ie bonus details. Can you please share how Final additional Bonus (Say NJA policies with15+years) details will be calculated?
Replied : 27-02-2017 09:22:12
FAB is one time bonus in case of policies with 15+ year term and paid at the time of maturity or death. Please use maturity calculator and click on bonus amount you will come to know about calculation.
Wrote : 14-02-2017 18:03:21
Sir I got new jivand aanad policy of 5 lac. on date 9-1-2017, on month completed,But I did not get policy bond. if I death then claim will be get to my family or not?
Replied : 14-02-2017 19:54:28
Contact your branch or agent for policy bond. If Policy number has been issued, then you covered.
Wrote : 04-02-2017 08:19:53
Sir I want to know about term rider If i take 815policy then with term rider and DAB what i will get on maturity, normal death or accidental death. Plz reply
Replied : 04-02-2017 12:16:12
Above example is explained with DAB, please go through it. If term rider is added to above example, then in case of death additional amount equal to sum assured (term rider sum assured) will also be paid along with death claim. No change in maturity.
Wrote : 01-02-2017 19:10:03
HELLO I HAVE OPENED LIC POLICY 815 IN JANUARY 2016 AND AND MY PREMIUM IS 1278 PER MONTH NOW I HAVE TO SURRENDER MY POLICY SO HOW MUCH AMOUNT I GET FOR THAT ...
Replied : 01-02-2017 20:24:08
No, surrender value before 3 years.
Wrote : 13-02-2017 16:08:45
HELLO I HAVE OPENED LIC POLICY 815 IN JANUARY 2016, I would like to SURRENDER MY POLICY, what is the procedure
Replied : 13-02-2017 21:16:13
No surrender value before 3 years of successful completion.
Wrote : 31-01-2017 10:50:06
Hi, Can you please illustrate maturity benefit, and post maturity life cover for below details: Sum Assured (Rs.) 30,00,000 Age (Years) 25 Policy Term(Years) 30 Purchase Year 2015 Yearly Premium (Rs.) 104,600 Total Paid Premium till date (Approx)(Rs.) 182,700
Replied : 31-01-2017 11:10:32
All approx. benefits will be 6 times of above illustration. However,Maturity calculator for 815 is available on this site, please use to generate aaprox benefit illustration associated with your plan.
Wrote : 30-01-2017 15:13:35
Hi, Plz let me know the eligibility to avail loan on new jevan Anand policy (815) and what will be the ROI?
Replied : 30-01-2017 15:23:46
You can take loan after completion of 3 policy years with all premium paid. For return use maturity calculator for approx benefit associated with this policy.
Wrote : 28-01-2017 21:18:16
As per Example 1 Sum assured 500000 and bonus 837500 with yearly pay 21472, i bought this policy 2014 with sum assured 1000000 and bonus 865000 only with yearly pay 63072... here my doubt why my bonus is less compared to example 1 with yearly payment double compared to example. please could you clarify ?how the bonus will be calculated?
Replied : 28-01-2017 21:52:45
In the above example, the term is 25 years whereas it is 18 years in your case. The bonus is declared for each policy year and year-wise bonuses are added to be paid at maturity.
Wrote : 28-01-2017 08:46:26
Hi, as per the Case2 illustration and example, if a person dies within the term of the policy then "125% of Sum Assured + Bonus + Final Addition Bonus(FAB) is paid to nominee " But what if a person dies after the maturity of the policy and after receiving the benefits. How much his/her nominee will receive after insured person's death if the policy is of 3,00,000?
Replied : 28-01-2017 09:15:13
Please use maturity calculator for getting illustration as per you age, term and sum assured.
Wrote : 27-01-2017 08:02:15
Respected sir, table no 005 and table no 014 how to know which policy are this?
Replied : 27-01-2017 11:02:39
Table 005 is whole life endowment plan and table 014 is endowment plan for which maturity calculator is available on this site, please use it for approx benefit illustration.
Wrote : 25-01-2017 10:33:38
Thanks for your immediate reply... one more question , simple reversionary bonus will add from the 1st year of my policy as per bonus declare from lic of india. From which year F.A.B will add. F.A.B will also add from the 1 st year or it will add after 15 years of running policy. My policy term is 35 years. If F.A.B will add after 15 years means, from 16th year to 35th year the F.A.B.will add year wise along with simple reversionary bonus right. Pls tell clearly about F.A.B., because someone is telling there is no any F.A.B for death claim benefit, whether it is natural or accidental. F.A.B is only for maturity benefit that means survival till the policy term.
Replied : 25-01-2017 11:09:47
FAB is one time bonus to be paid at the time of maturity or death, generally it is applicable to policies with term more than 15 years. Here is exact text from LIC website:
On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
Wrote : 25-01-2017 06:59:15
My question is i am taking the New jeevan anand policy for 35 years... I want to know whether the Finall additional bonus will add along with the bonus after 15 years of running policy... if the policy holder died after 25 years in the term of 35 year policy... now the nominee will get the S.A of 125% +accrued bonus+ F.A.B. or F.A.B will not given.
Replied : 25-01-2017 08:12:59
In case of death in 25th policy year, 25th year FAB will be included in death claim.
Wrote : 24-01-2017 14:43:03
If your premium deadline have crossed 6 months Mark then you have to visit any of the nearest LIC branch and need to apply for the revival with penalty. Once the request for revival is processed, you can easily pay your premium with penalty at some 8% rate.
Replied : 24-01-2017 15:17:33
Thank you vishal for your information.
Wrote : 24-01-2017 12:20:53
Hello, Please let me know if there is any way to buy a new policy online?
Replied : 24-01-2017 13:26:43
There are only 2 plans which can be bought online and these are jeevan akshay and e-term plans. You can buy this plan offline and manage your account online like paying further premiums.