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)
Premium
Deposited
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 13,11,250 --
2018 31 1,13,511 10,96,000 -- 1,30,563 13,72,500 --
2019 32 1,51,348 11,44,000 -- 1,74,084 14,33,750 --
2020 33 1,89,185 11,92,000 -- 2,17,605 14,95,000 --
2021 34 2,27,022 12,40,000 -- 2,61,126 15,56,250 --
2022 35 2,64,859 12,88,000 -- 3,04,647 16,17,500 --
2023 36 3,02,696 13,36,000 -- 3,48,168 16,78,750 --
2024 37 3,40,533 13,84,000 -- 3,91,689 17,40,000 --
2025 38 3,78,370 14,32,000 -- 4,35,210 18,01,250 --
2026 39 4,16,207 14,80,000 -- 4,78,731 18,62,500 --
2027 40 4,54,044 15,28,000 -- 5,22,252 19,23,750 --
2028 41 4,91,881 15,76,000 -- 5,65,773 19,85,000 --
2029 42 5,29,718 16,24,000 -- 6,09,294 20,46,250 --
2030 43 5,67,555 16,72,000 -- 6,52,815 21,07,500 --
2031 44 6,05,392 17,50,000 -- 6,96,336 22,06,250 --
2032 45 6,43,229 18,03,000 -- 7,39,857 22,73,750 --
2033 46 6,81,066 18,61,000 -- 7,83,378 23,47,500 --
2034 47 7,18,903 19,19,000 -- 8,26,899 24,21,250 --
2035 48 7,56,740 20,02,000 -- 8,70,420 25,26,250 --
2036 49 7,94,577 20,60,000 -- 9,13,941 26,00,000 --
2037 50 8,32,414 21,58,000 -- 9,57,462 27,23,750 --
2038 51 8,70,251 22,76,000 -- 10,00,983 28,72,500 --
2039 52 9,08,088 24,04,000 -- 10,44,504 30,33,750 --
2040 53 9,45,925 25,02,000 -- 10,88,025 31,57,500 --
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.

Comments & Reviews (5)

Wrote :

12-03-2018 13:09:06

If premium paid by my wife through cheque and also policy under her name . Can I claim deduction of this LIC policy

Wrote :

12-03-2018 13:28:00

Yes, you can claim it against your income provided it is claimed once.

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Wrote :

11-02-2018 17:47:01

as per above calculation in case of Jeevan Anand Plan (815) on maturity we will get back Rs. 26,75,000 as survival maturity amount. After the withdrawal of maturity amount , without any further premium, risk cover continue for basic sum assured. Is it? and in this risk cover period if death happens to the policy holder is this basic sum assured (10 lac) payable ? these are my doubts. please clear it.

Wrote :

12-02-2018 10:45:56

You have understood it correctly, please note maturity shown are approx and it is based on recent bonus rates.

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Wrote :

25-07-2017 22:18:47

Plan 815 is share market based or not? Is it give tax rebate under 80c The maturity amount is free from tax or not?

Wrote :

25-07-2017 22:39:24

It not based on share market. It is eligible for tax rebate under 80c.

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Wrote :

26-03-2017 04:50:02

To summarise, if we pay more premium we reap more benefits. New jevan Anand plan seems more beneficial because it gives life time coverage even after maturity. Thanks LIC for giving such wonderful information on line and clearing all my doubts.

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Wrote :

09-02-2017 13:05:50

looking to above comparison of 2 plans, jeevan anand 815 is more beneficial. May i right?

Wrote :

09-02-2017 16:17:39

The best plan should be one that has benefits which align to your financial goal and objective. 815 has 125% of sum assured death sum assured and life time risk cover.

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