Comprehensive Guide to LIC New Jeevan Anand (Plan No. 915)
In the history of Indian life insurance, LIC New Jeevan Anand (Table No. 915 / UIN: 512N279V02) stands as one of the most iconic, widely held, and trusted insurance plans ever conceptualized by the Life Insurance Corporation of India (LIC). Operating under the famous timeless motto "Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi", this non-linked, participating, individual life assurance savings plan uniquely merges an Endowment Assurance Plan with a Lifelong Whole Life Assurance Cover.
Unlike standard endowment policies where all risk protection and contractual benefits cease as soon as the maturity corpus is credited, LIC New Jeevan Anand provides a two-phase sovereign safety net:
- During the Policy Term (The Wealth Accumulation & High Cover Phase): You pay regular premiums for a chosen term (15 to 35 years). During this period, your family is protected by an elevated death cover equal to 125% of the Basic Sum Assured plus accrued simple reversionary bonuses and Final Additional Bonus (FAB). Upon surviving the full term, you receive the full tax-free maturity amount.
- After the Policy Term (The Free Whole Life Cover Phase): After receiving the complete maturity payout, your financial relationship with LIC does not terminate. No further premiums are payable, yet a 100% Basic Sum Assured risk cover continues automatically for the rest of your life up to age 100. Whenever your eventual demise occurs, LIC pays the full Basic Sum Assured as an additional tax-free legacy to your nominee.
Key Policy Parameters & Statutory Eligibility Criteria
The table below outlines the statutory underwriting limits and eligibility requirements governed by IRDAI product regulations for Plan 915:
| Parameter | Statutory Requirement (Plan 915) | Operational Remarks |
|---|---|---|
| Minimum Age at Entry | 18 Years (Completed) | Underwriting requires majority status at inception. |
| Maximum Age at Entry | 50 Years (Nearer Birthday) | Allows working individuals to secure lifelong family legacy. |
| Minimum Policy Term | 15 Years | Ensures robust participation in long-term reversionary bonus pools. |
| Maximum Policy Term | 35 Years | Enables extended wealth compounding up to age 75. |
| Maximum Maturity Age | 75 Years (Nearer Birthday) | Policy term plus entry age cannot exceed 75 years. |
| Premium Paying Term (PPT) | Equal to Policy Term | Regular premium paying structure throughout the policy duration. |
| Minimum Basic Sum Assured | ₹1,00,000 | Multiples of ₹5,000 up to ₹20,000; multiples of ₹10,000 thereafter. |
| Maximum Basic Sum Assured | No Upper Limit | Subject to financial underwriting and satisfactory medical scrutiny. |
| Rider Options Available | ADDB Rider, Term Assurance Rider, Critical Illness Rider | Optional riders provide comprehensive accidental and critical illness protection. |
The Mathematics Behind LIC Jeevan Anand Actuarial Calculations
Our LIC Jeevan Anand Calculator models the exact valuation methodology used by LIC actuaries, incorporating tabular mortality rates, mode rebates, high sum assured discounts, and statutory Goods and Services Tax (GST) schedules.
1. Maturity Benefit Calculation Formula
The total tax-free maturity payout payable to the policyholder on surviving the policy term is computed as:
Where:
• Vested Bonus = $\text{Basic Sum Assured} \times \left(\frac{\text{Declared Annual Bonus Rate}}{1000}\right) \times \text{Policy Term (Years)}$
• FAB = $\text{Basic Sum Assured} \times \left(\frac{\text{FAB Rate}}{1000}\right)$ (Applicable for policy terms $\ge 15$ years).
2. Death Benefit Underwriting Formulas
LIC New Jeevan Anand provides distinct risk covers depending on when demise occurs:
Note: "Sum Assured on Death" during the term is defined as the highest of: 1) 125% of Basic Sum Assured; 2) 7 times the annualized premium; or 3) 105% of all premiums paid till the date of demise. If the Accidental Death and Disability Benefit (ADDB) rider is active, an additional 100% Sum Assured is disbursed immediately.
3. Tabular Premium Calculation & Rebate Structure
The gross premium installment is calculated using tabular rates minus high sum assured and payment mode rebates, before adding statutory GST:
High Sum Assured & Premium Frequency Rebates (Plan 915)
To incentivize larger protection policies and disciplined annual payments, LIC provides tiered rebates that directly lower your premium costs:
| Basic Sum Assured Slab | High SA Rebate (per ₹1,000 SA) | Payment Frequency Mode | Mode Rebate Percentage |
|---|---|---|---|
| ₹1,00,000 to ₹1,95,000 | Nil | Yearly Mode | 2.00% of Tabular Premium |
| ₹2,00,000 to ₹4,95,000 | ₹1.50 per ₹1,000 SA | Half-Yearly Mode | 1.00% of Tabular Premium |
| ₹5,00,000 to ₹9,95,000 | ₹2.50 per ₹1,000 SA | Quarterly Mode | Nil |
| ₹10,00,000 and Above | ₹3.00 per ₹1,000 SA | Monthly (NACH / ECS / SSS) | Nil |
Declared Simple Reversionary Bonus Rates & FAB Analysis for Plan 915
As a participating policy, LIC New Jeevan Anand shares in the annual actuarial valuation profits of Life Insurance Corporation of India. Simple Reversionary Bonuses accrue at the end of each policy year and are guaranteed to be paid upon death or maturity.
| Policy Term (Years) | Declared Bonus Rate (per ₹1k SA / Year) | Bonus Accrual for ₹10 Lakh SA | Expected FAB Slab (per ₹1k SA) |
|---|---|---|---|
| 15 Years Term | ₹40 per ₹1,000 SA | ₹40,000 / year (Total: ₹6,00,000) | ₹20 – ₹40 |
| 16 to 20 Years Term | ₹44 per ₹1,000 SA | ₹44,000 / year (Total: ₹8,80,000 for 20 yrs) | ₹50 – ₹100 |
| 21 to 25 Years Term | ₹48 per ₹1,000 SA | ₹48,000 / year (Total: ₹12,00,000 for 25 yrs) | ₹200 – ₹450 |
| 26 to 35 Years Term | ₹48 per ₹1,000 SA | ₹48,000 / year (Total: ₹16,80,000 for 35 yrs) | ₹450 – ₹750+ |
Surrender Value, Paid-Up Policy & Policy Loan Facility
Life circumstances change, and policyholders may occasionally need emergency liquidity. LIC provides structured loan and exit mechanisms under Plan 915:
- Policy Loan Facility: Available after completing 2 consecutive years of full premium payment. Policyholders can borrow up to 90% of the surrender value for in-force policies (80% for paid-up policies) at prevailing commercial interest rates (~9.5% p.a. compounded half-yearly).
- Guaranteed Surrender Value (GSV): Payable after 2 full years. It equals a statutory percentage (ranging from 30% up to 90% depending on elapsed term) of total premiums paid (excluding taxes and rider premiums), plus the surrender value of accrued vested bonuses.
- Special Surrender Value (SSV): Actuarially calculated based on paid-up sum assured, accrued bonuses, and prevailing discounting factors, usually resulting in a much higher payout than the GSV.
- Paid-Up Conversion: If premiums are discontinued after at least 2 full years, the policy does not lapse completely. It converts into a paid-up policy where the Basic Sum Assured and whole-life death cover are reduced proportionately to the ratio of premiums paid versus premiums payable.
Tax Benefits Under Old & New Tax Regimes (FY 2025-26)
LIC New Jeevan Anand offers substantial dual tax advantages under the Indian Income Tax Act:
- Section 80C Deduction: Premiums paid towards LIC Jeevan Anand for self, spouse, and children qualify for annual deductions up to ₹1,50,000 under the Old Tax Regime.
- Section 10(10D) Tax-Free Maturity & Claims: The entire maturity corpus (Sum Assured + Bonus + FAB) as well as death claim proceeds (both during the term and the post-maturity whole life cover) are 100% tax-exempt in the hands of the policyholder or nominee, provided annual aggregate premiums do not exceed statutory limits.
Comparative Analysis: Jeevan Anand (915) vs Other LIC Flagship Plans
Understanding how Plan 915 compares against other top-selling LIC endowment and savings schemes helps in making the best financial choice:
| Plan Feature | LIC Jeevan Anand (915) | LIC Jeevan Labh (936) | LIC Jeevan Umang (945) | LIC New Endowment (914) |
|---|---|---|---|---|
| Plan Category | Endowment + Whole Life | Limited Pay Endowment | Whole Life Income (8%) | Pure Endowment Assurance |
| Cover After Maturity? | YES (100% SA Lifelong) | NO (Ends at maturity) | YES (8% p.a. + Cover to 100) | NO (Ends at maturity) |
| Risk Cover During Term | 125% of Sum Assured | 100% of Sum Assured | 100% of Sum Assured | 100% of Sum Assured |
| Premium Paying Term | Equal to Policy Term | Limited (10, 15, 16 Yrs) | Limited (15, 20, 25, 30 Yrs) | Equal to Policy Term |
| Declared Bonus Rate | ₹40 – ₹48 / ₹1k SA | ₹40 – ₹46 / ₹1k SA | ₹40 – ₹50 / ₹1k SA | ₹34 – ₹48 / ₹1k SA |
| Best Suited For | Family legacy & whole life cover | Highest maturity return | Guaranteed lifetime pension | Simple goal savings |
Frequently Asked Questions (FAQ) – Plan 915
What is the core difference between LIC Jeevan Anand (915) and pure term insurance?
Pure term insurance only pays a death benefit if the policyholder passes away during the term; if they survive, zero return is paid. LIC Jeevan Anand (Plan 915) is a participating combination plan that guarantees a handsome tax-free maturity payout upon term completion AND continues to provide a 100% whole-life death cover for free thereafter.
Can the lifelong death cover be surrendered after maturity for cash?
No. Once the maturity payout (Sum Assured + Vested Bonus + FAB) is disbursed at the end of the policy term, the post-maturity 100% Basic Sum Assured risk cover cannot be surrendered for cash. It is designed specifically as an inheritance and legacy benefit for your nominee payable upon eventual demise.
Is medical examination compulsory for purchasing LIC Plan 915?
It depends on your entry age and the chosen Sum Assured under LIC's Non-Medical Underwriting Charts. For young, healthy individuals (under age 35) taking up to ₹5–₹10 Lakhs coverage, policies are routinely issued under Non-Medical General schemes without physical medical tests. For higher sums assured or ages above 45, standard medical tests (TMT, blood profile, ECG) may be requested.
What happens if I cannot pay premiums after 3 years?
If you have paid at least 2 full years of premiums, your policy acquires a paid-up status. You will not lose your entire investment. At maturity, you receive a proportionate paid-up maturity amount plus accrued bonuses, and a reduced paid-up whole-life cover will remain active for your nominee.
How do I buy LIC Jeevan Anand Plan 915 online with paperless onboarding?
You can use the WhatsApp Consultation buttons on this page to connect directly with Authorized LIC Advisor Rakesh (Agent Code: LIC10031212). You will receive an official LIC illustration and proposal link for 100% digital, paperless policy issuance without visiting any branch.