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.)||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 illustration 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 : 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.
Wrote : 22-01-2017 18:58:02
how to pay annual premium through online. if i try to pay through online it was displaying wrong details,plz guide me
Replied : 22-01-2017 19:19:24
Have you registered your policy on LIC website, if not, please go through How to register LIC policy on LIC website and register your policy. After registration, you will find option to pay premium online option once you log in to your account.
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 15:22:25
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.