LIC New Jeevan Anand Plan

New Jeevan Anand (Plan No:815) Details

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 equal to basic sum assured in case of death.

Plan Parameters

Age of Entry18 to 50 years
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term15 to 35 Years
Basic Sum Assured100000 and above ( in multiple of 5000)
Policy Revivalwithin 2 year
Rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly
LoanAfter 3 years
SurrenderAfter 3 years of full premium payment
Jeevan Anand (815) Policy with Example

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
Age (Years)25
Policy Term(Years)25
Purchase Year2017
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.

Maturity Year2042
Age at Maturity50
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.

YearAgeNormal Life Cover
2042+50+500000

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.

YearAgePremium DepositedNormal Life Cover (Approx)Accidental Life Cover (Approx)Return
20172521,4726,25,00011,25,000
20182642,9446,55,62511,55,625
20192764,4166,86,25011,86,250
20202885,8887,16,87512,16,875
2021291,07,3607,47,50012,47,500
2022301,28,8327,78,12512,78,125
2023311,50,3048,08,75013,08,750
2024321,71,7768,39,37513,39,375
2025331,93,2488,70,00013,70,000
2026342,14,7209,00,62514,00,625
2027352,36,1929,31,25014,31,250
2028362,57,6649,61,87514,61,875
2029372,79,1369,92,50014,92,500
2030383,00,60810,23,12515,23,125
2031393,22,08010,53,75015,53,750
2032403,43,55211,03,12516,03,125
2033413,65,02411,36,87516,36,875
2034423,86,49611,73,75016,73,750
2035434,07,96812,10,62517,10,625
2036444,29,44012,63,12517,63,125
2037454,50,91213,00,00018,00,000
2038464,72,38413,61,87518,61,875
2039474,93,85614,36,25019,36,250
2040485,15,32815,16,87520,16,875
2041495,36,80015,78,75020,78,750
20425013,37,500

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 toLIC Websiteand in case of any query please write your comment below.