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|
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.)||22,277|
|Total Paid Premium (Approx)(Rs.)||5,47,277|
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) will paid to nominee and it is indicated as Normal Life Cover.In case of accidental death, additional amount equal to sum assured is also payable to nominee, the calculation is indicated as Accidental Life Cover.Calculation of year-wise and age-wise death benefit according to accumulated bonus and FAB is illustrated below.
|Year||Age||Normal Life Cover (Approx)||Accidental Life Cover (Approx)|
Above illustration has been prepared for illustration purpose only, for More details, please refer to LIC Website and in case of any query please write your comment below.
Wrote : 20-01-2017 12:25:30
Hi, Does Jeevan Anand 815 plan comes under "Life Insurance Pension Scheme (80CCC) or will it just be calculated as a Insurance Premium while submitting a tax declarations? Thanks in advance
Replied : 20-01-2017 12:44:07
It will be considered as life insurance premium and deduction to be claim under 80c. It is not a pension scheme.
Wrote : 19-01-2017 18:53:28
Hi there I joined jeevan anand in Nov 2011 early 50000 policy, I paid policy only 2 years after that remaining 3 years I couldn't pay now I want to cancel my policy and want money back pls tell me suggestions.
Replied : 19-01-2017 21:48:22
For surrender eligibility, the policy must have continued first 3 years. Your Policy is lapsed with a surrender value.
Wrote : 10-01-2017 12:46:49
Sr Maturity amt. Will exact same as shows in cal. Table.? Terms & Condition are written in policy bond or not?
Replied : 10-01-2017 12:50:47
No, it is an approximation as per current bonus rates.The exact maturity can only be calculated at the time of maturirty.
Wrote : 08-01-2017 09:23:20
Dear Sir, policy start hone ke bad ,first day se conditions ki shurvat ho jati hai? yane ke agar policy start hone ke bad 10 din me muze kuch ho jata hai to mere nominee ko benefit mi mil jayaga ,
Replied : 08-01-2017 19:20:21
Policy issue hone k just baad se risk cover shuru ho jata hai.
Wrote : 07-01-2017 17:11:05
Hi, Is it possible to take new jeevan Anand policy through online? Is it possible to change the nominee once the policy taken or after the policy complete?
Replied : 07-01-2017 18:08:40
Policy is not available online. Yes, you change nominee at later stage during policy term.
Wrote : 06-01-2017 02:31:43
Dear Mr. Ravi Happy new year! I have purchased lic plan no. 815 on july'15 with SA of rs. 500000 for 25yrs, At the maturity I.e. in 2040, I supposed to get SA+bonus with an additional life time risk cover of SA( rs 500000) which will be only paid to my nominee, if not surrendered, after my death. Right?? My question is - if my death date > maturity date, i.e. if I will die 15/20/30 yrs after the maturity, will my nominee get only SA I.e. Rs.500000 irrespective of time gap between the maturity and my death? Or you will also pay some interest over that SA amount to my nominee for the duration (death date-maturity date) as well?? If you pay the interest as well, kindly clarify whether the interest rate for those duration (death date - maturity date) is of FD category or of saving category? Otherwise it seems that LIC deposited our amount equal to SA after maturity (like FDs) in the name of lifetime risk cover , over which no interest is payable and the same amount is just handed over
Replied : 06-01-2017 10:03:00
It will be Sum Assured only irrespective of time of death.
Wrote : 04-01-2017 12:28:13
Maturity amt in policy 815 mentioned in illustration does not show any amt for final add. Bonus on maturity. Is payable or not on maturity.
Replied : 04-01-2017 12:47:00
Final Addition Bonus is included in Bonus in Above illustration.
Wrote : 04-01-2017 12:28:13
Thanks. Our agent shows FAB + Bonus + SA.
Wrote : 03-01-2017 13:44:55
Hello, I want to take LIC New jeevan Anand policy, regarding this please tell me two things 1) Is there any extra amount I have to pay, other than first premium? 2) For medical check up who will bear the charges LIC, Agent, or by me?
Replied : 03-01-2017 19:04:25
1. You will pay have to first premium for first year and premiums for subsequent years during policy term.
2. Medical test will done by LIC.
Wrote : 31-12-2016 09:28:56
Sir, I am working (woman) on Class 1 post having annual income of 7 lacs.My age is 38 years.I have a caesarian delivery in 2003 during first issue and NORMALdelivery in 2008 during second issue.I want to apply for New Jeevan Anand 815 along with Critical Illness Rider ( CIR ) for SA of 5 lacs in next month.I am now medically fit and want to apply for investment and IncomeTax exemption benefit.I have heard that there is no need of medical examination till 45 years . So,can I apply for plan 815 with CIR of 5 lacs without medical examination ?
Replied : 31-12-2016 18:06:01
Yes, You can take this plan, please mention about your past medical history in relevant columns of proposal form. As you are class one personnel, the policy will be available without medical examination.
Wrote : 27-12-2016 20:59:24
Hi Ravi Sir, Mere CA ne mujhe same yehi plan btaya h for 22 yrs SA 5LAC. unka kehna h ki policy start hone k bad se next day se pure 22yrs term k bich me agr aapko kch ho jata h toh LIC premium stop kr degi and aapki nominee ko yrly 50k degi till maturity and maturity pe 11+Lacs. is it true? Awaiting your revert thanks and regards Nasir Ahmed Sayyed :-)
Replied : 27-12-2016 21:28:44
Ye Jeevan Lakshay (833) Plan k features hain. Thik bataya h apke CA ne.
Wrote : 24-12-2016 23:56:44
Sir, I am planning to take LIC Jeevan An and Plan 815, I am of 30. If my sum assured is 500000 (as explained in example) for 25 years and at maturity if I survive then please tell how much amount I am going to receive. (1) Sum assured + Bonus I.e. 500000+837500 or (2) Bonus Rs.837500/-. Further as the policy covers the whole life so what amount my nominee will receive after my death. Hoping for your reply. I have to get myself insured by January 2017. Please reply soon. The calculations shown above are taken from the example explained above.
Replied : 25-12-2016 01:38:10
Yes, maturity will be sum assured plus bonus (1) and you got it right about whole life cover. Please note bonus indicated in above example is as per recent bonus rate.
Wrote : 21-12-2016 18:08:51
Hi, I have taken plan no 815 on 22Nov '16. My premium is 37272 yearly. My agent told me that at the time of maturity I will get around 15.3 lac but when he handed over the bond paper to me it was not mentioned over there. when I asked him about that he told it won't be written on paper but you will get the amount at the time of maturity.. Please guide.. Did he cheated me by wrong words.. My age is 25
Replied : 21-12-2016 18:41:22
The policy document indicates sum assured amount only and maturity is sum assured plus bonus, the bonus is declared for each policy year and keeps accumulating and paid along with sum assured at maturity or death. please use maturity calculator for approx maturity and year-wise risk cover amount for plan.
Wrote : 21-12-2016 01:40:34
Plz let me know...after maturity of new jeevan anand policy lic providing life time risk cover upto 100 yrs of age.....plz let me know if i wish to withdraw this amount can it be possible & how much i ll get?
Replied : 21-12-2016 10:11:14
Since it is risk cover and scheduled to be paid on death of policy holder, so 100% of it cannot be withdrawn. However it can be surrender after maturity and surrender value will depend on how many years after maturity, the policy is surrendered.
Wrote : 18-12-2016 14:42:09
Hi, I have taken the Jeevan Anand plan which will start from January 2017. Sum assured is 5,00,0000 for 15 years. My question is I have taken quarterly paying plan. Will my first quarter of Jan to March 2017 counts towards 80C deduction for 2016-17 tax year.
Replied : 18-12-2016 16:53:31
Yes, it will come under FY 2016-17.
Wrote : 15-12-2016 21:23:32
Hi SIR I have taken NEW jeevananand 500000 policy for 25 years term to my wife recently.My doubt is paying total premium amounts(21251 per year) for continuous 25 years nearly 530000 is exceeding than sum assured.Please clear my doubt why it happens like that?
Replied : 15-12-2016 22:16:54
Kindly go through this article to get answer of your query.
Wrote : 13-12-2016 16:04:18
sir, meri ek querry hai ki meri age 24th Dec ko 50 ho jayagi to kya mai JEEWAN ANAND Policy le sakti hoon aur agar premium 10,000 ho to kitna milega 15 yrs. ke bad.
Replied : 14-12-2016 01:28:29
Yes, aap le sakti hain 24th dec se pahle.aap 814 plan lijiye.
Wrote : 01-12-2016 15:07:26
if i am taking 25 yrs jeevan anand plan nd i am still alive after 25 years can i get money back after 25 years
Replied : 01-12-2016 16:28:18
You will have life cover after 25 years, that means in case of death nominee will get amount equal to sum assured.
Wrote : 30-11-2016 22:57:09
srr I have a jeevan anand policy.maine 3rd year me premium dene me 4 month late kr diya to kya koi loss hoga maturity me
Replied : 01-12-2016 22:42:46
Maturity mr koi loss Nhi hoga, due premium pay karne pe penalty lagegi. But Is bich me koi mis happening hone pe life cover nahi rahega.
Wrote : 28-11-2016 09:54:30
Normal Risk Cover continues even after maturity right, if any urgency can i surrender this risk cover after maturity years? and how much i get the amount after surrender risk cover after maturity, if SA value is 1000000.
Replied : 28-11-2016 10:57:16
It will depend upon how many years after maturity,the surrender is done.
Wrote : 06-11-2016 16:46:56
I bought Lic.s new Jeevan anand(with profits) Rs 3 lac is sum assured,payable 16 yrs Ie Rs 23458@16=384000.Our agent is telling up to the age 100 insurance coverage available after sum assured paid on normal maturity ( on 16 the year). I am not seen any where in document about age of 100 years.please clarify
Replied : 06-11-2016 20:28:35
It is life time instead of 100 years that means you will have life cover after maturity for life time.
Wrote : 30-10-2016 19:14:49
Hi, I took New jeevan anand policy (with profits ) 815 /16/16 and my enrolment date was 05/05/2014. Please can you explain what are the key features of this policy. Aldo, My premium as due on 05/05/2016 but I missed it this year as I was out of country. Can I pay now to ensure that the policy remains active and with the entire benefits. Thanks
Replied : 31-10-2016 10:29:25
1. Please find sum assured of your policy and use above calculator to know benefits related to your policy.
2. You can continue your policy, please visit policy issuing branch.