LIC New Jeevan Anand Policy Review


LIC New Jeevan Anand Policy Review

LIC New Jeevan AnandPolicy 815 is a combination of endowment and whole life policy. New Jeevan Anand LIC Policy provides insurance cover for entire life of the insured person. It is a pure investment plan with high bonus facility and  liquidity facility incorporated and saving point. LIC New Jeevan Anand 815 Policy is a Double Death Benefit Plan if the life insured survives till the end of the policy term. LIC Jeevan Anand Policy is whole life risk coverage even after maturity and full payout at maturity (Basic Sum Assured + Bonus).

Lic Jeevan Anand Policy benefits, conditions, rebates andNew Jeevan Anand 815 premium chart is given below. Also you can calculate the maturity and death benefits using LIC New Jeevan Anand Maturity Calculator and Premium Calculator.

Terms and Eligibility Conditions of Jeevan Anand Policy

Entry age
  • Minimum age – 18 years(completed)
  • Maximum age – 50 years(Nearest Birthday)
Policy Term
  • Minimum term – 15 years
  • Maximum term – 35 years
Sum Assured
  • Minimum – Rs.1,00,000
  • maximum – No limit
Premium paying modes
  • Monthly (SSS, ECS), Quarterly, Half yearly, Yearly
Maximum Age of Maturity
  • 75 years(Nearest Birthday)
Maximum Cover Ceasing age
  • 70 years(Nearest Birthday)
Grace Period
  • If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and15 days for monthly mode is extended to pay the premium amount which is grace period.

LIC New Jeevan Anand Policy Rebates

Sum Assured Rebates:

Sum Assured Rebate
Rs.1,00,000 to Rs.2,00,000 NIL
Rs.2,00,000 to Rs.4,95,000 For every Rs.1000, Sum assured is Rs.1.50
Rs.5,00,000 to Rs.9,95,000 For every Rs.1000, Sum assured is Rs.2.50
Rs.10,00,000 and above For every Rs.1000, Sum assured is Rs.3.00

Mode Rebate: 

Mode Percentage
Yearly    Table premium 2%
Half yearly Table Premium 1% 

LIC New Jeevan Anand 815 Benefits

Death Benefit: In case of death of the Life Insured,

  • During the Policy Term: Nominee will get the Sum Assured + accrued Simple Reversionary Bonus + Final Additional Bonus and policy Will close.
  • After the Policy Term: Only the Basic Sum Assured is paid and Policy will close.

Maturity Benefit: If Policy holder Survive till the end of Term, he will get basic Sum Assured + accrued Simple Reversion Bonus + Final Additional Bonus as LIC New Jeevan Anand maturity amount and the policy will continues rest of his life.

Income Tax Benefit: Income Tax Benefits are available on Paid Life Insurance Premium and Maturity Benefit will also be tax free.

New Jeevan Anand Lic policy Buying Procedure

Required documents to buy for fresh policy of LIC New Jeevan Anand Policy are

  • Application form/Proposal form along with photo
  • Address proof
  • Age proof
  • Medical reports(if required)

Claim Procedure of LIC New Jeevan Anand policy

The documents required for claim procedure under New Jeevan Anand LIC Policy are given below

  • NEFT form
  • Discharge form
  • Cancel check or Bank Pass book xerox
  • Policy bond
  • Death certificate

LIC New Jeevan Anand Policy Premium Calculator

The required data for calculating the premium rates in LIC Jeevan Anand Policy using Lic new jeevan anand 815 premium and maturity calculator are,

  • NAME :
  • E-MAIL ID :
  • AGE :
  • TERM :

Additional Information of LIC New Jeevan Anand 815

Loan facility: Loan facilities are available under LIC New Jeevan Anand Policy

Risk coverage: Risk coverage will be provided till the end of term policy.

Locking Period: If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.

Riders: Riders are available under this  LIC Jeevan Anand policy. Availability of Accidental Death and Disability Benefit rider.

House Loan Surety: House loan surety is available under this LIC New Jeevan Anand policy.

Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees or nominees

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or  from achieving 8 years old which is earlier.

Income Tax Reduction: Available for premiums paid and for Maturity returns.

Policy Revival: If the premium is not paid by you within the grace period then the  policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this LIC Jeevan Anand policy.

Service Tax: 3.09% service tax is applicable

Cooling Off Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policy can be backdated within the same financial year.

Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Anand plan.

Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable).

Surrender Value: This policy can be surrendered at any time. However, if you surrender it before completion of three years, you will not get any sum in return. On surrendering after three policy years, the insurance company will pay a guaranteed surrender value equal to 30% of all premiums paid after deducting the first year’s premium.

Policy Stamping: Under, LIC New Jeevan Anand policy stamping charges will be 20 paise per thousand sum assured.

Sum Assured on Death: It means 125% of Basic sum assured or 10 times Annual Premium whichever is higher that amount will be paid to nominee.Death benefit paid should be more than 105% of total premiums paid as on the date of death.

Example: Suppose if Prakash had taken New Jeevan Anand Policy for Rs.10,00,000 for 21 years policy term. If in case he dies in the middle of the policy term then he will be paid  125% of Basic Sum Assured or 10 times of annual Premium whichever is higher i.e.

Basic Sum Assured is 125% of Basic Sum Assured= 10,00,000 x (125/100) =12,50,000

If Prakash paid Premium of 1,00,000 for 10 years then

10 times of of annual Premium is= 10 x 1,00,000=Rs.10,00,000

Now,Nominee gets higher amount as death benefit which is 12,50,000 higher than 10 lakhs.

Example of LIC New Jeevan Anand Plan 815

Suppose Chandrashekar has taken LIC New Jeevan Anand Policy the following details are as follows

Age : 25 years

Sum Assured : 25,00,000

Policy Term : 30 years

Now, Chandrashekar is going to pay premium with and without tax at different modes are tabulated below:

Premium Without Tax Tax With Tax
Yearly 85160 2631 87791
Half-Yearly 42120 1302 44370
Quarterly 21750 672 22422
Monthly 7250 224 7474

 After paying premiums the maturity and Life long insurance coverage benefits are given below

Maturity Benefit 88,50,000
Life long insurance coverage benefits 25,00,000

FAQ’s of LIC New Jeevan Anand Policy

What happens if you stop paying premium?

If you stop paying the premiums after paying first years premium in full, the policy acquires a Paid Up Value for a Reduced Sum Assured.

Is there any loan facility in this policy?

Yes, Loan facility is available under this LIC Jeevan Anand policy.

Is House Loan surety is available in this plan?

Yes, House loan surety is available.

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I am a Life Insurance Policy…..

I am a Life Insurance Policy.
I am a piece of paper, a drop of ink and a few pennies of premium.
I am a promise to pay.
I help people see visions, dream dreams, and achieve economic immortality.
I am education for the children.
I am savings.
I am property that increases in value from year to year.
I lend money when you need it most, with no questions asked.
I pay off mortgages, so that the family can remain together in their own homes.
I assure people the daring to live and the moral right to die.
I create money where none existed before.
I am the great emancipator from want.
I guarantee the continuity of business.
I conserve the employer’s investment.
I am tangible evidence that a man is a good husband and father, and a woman a good wife and mother.
I am a declaration of financial independence and economic freedom.
I am the difference between an old man or woman and an elderly gentleman or lady.
I provide cash if illness, injury, old age, or death cuts off the breadwinner’s income.
I am the only thing that you can buy on the installment plan that your family doesn’t have to finish paying for.
I am protected by laws that prevent creditors from assessing the money I give to your loved ones.
I bring dignity, peace of mind and security to your family.
I supply investment capital that makes the wheels turn and the motors hum.
I guarantee the financial ability to have happy holidays and the laughter of children – even though father or mother is not there.
I am the guardian angel of the home.
I am life insurance policy.

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