LIC New Jeevan Anand 715

Although the earlier version, Plan 815, was withdrawn, it was replaced by the current LIC New Jeevan Anand Plan under Plan No. 715.

Understanding LIC Jeevan Anand Plan No. 715

The LIC Jeevan Anand policy is designed to provide dual benefits of protection and wealth accumulation. During the policy term, the nominee receives death benefits if the insured passes away. If the policyholder survives the chosen term, they receive a maturity amount along with applicable bonuses.

One of the most distinctive features of the plan is that life coverage continues even after the maturity proceeds have been paid. This plan by LIC of India makes it particularly attractive for USA-based NRIs who want to maintain a financial safety net in India. The plan offers policy terms of 15 to 35 years and allows premium payments annually, half-yearly, quarterly, or monthly. For Indians living in the United States, the plan offers a way to maintain financial ties with India while ensuring long-term security for family members. Since it is a participating plan, policyholders are also eligible for bonuses declared by LIC based on its performance.

Key Features of the Jeevan Anand Policy

The Jeevan Anand Policy offers several features that make it suitable for long-term financial planning:

• Combines savings and life insurance under one plan.

• Participates in LIC's profits through reversionary and final bonuses.

• Provides lifelong risk cover even after maturity.

• Offers flexible premium payment frequencies.

• Has no upper limit on the sum assured.

• Allows death and maturity benefits to be received in installments over 5, 10, or 15 years.

• Includes a free-look period of 30 days.

• Offers policy revival within five years from the first unpaid premium.

• Supports online purchase and premium payment.

• Provides access to optional riders for enhanced coverage.

Before purchasing, many policyholders use the LIC Jeevan Anand Calculator to estimate premiums based on age, policy term, and desired sum assured.

LIC New Jeevan Anand Plan Eligibility Criteria

Medical examinations and additional documentation may be required depending on the applicant's age, health condition, and country of residence.

Benefits of LIC New Jeevan Anand Plan 715

Death Benefit

Under the LIC Jeevan Anand Plan, nominees receive a death benefit equal to 125% of the Basic Sum Assured or ten times the annual premium, whichever is higher. The benefit is also guaranteed to be at least 105% of the total premiums paid.

Declared bonuses are added to the claim amount, enhancing the overall payout. Even after the maturity amount has been paid, the policy continues to provide risk cover. Upon the death of the life assured after maturity, the nominee receives the Basic Sum Assured. Beneficiaries may also choose to receive the proceeds in installments spread over 5, 10, or 15 years instead of taking a lump sum amount.

Maturity Benefit

At the end of the policy term, policyholders receive the Basic Sum Assured along with vested simple reversionary bonuses and any final additional bonus declared by LIC.

Those planning future corpus requirements often use the LIC Jeevan Anand Maturity Calculator to estimate potential maturity values based on different terms and ages.

Participation in Profits

As a participating policy, the Jeevan Anand plan shares a portion of LIC's profits with policyholders through bonuses. While these bonuses are not guaranteed, they can significantly enhance the final benefits.

Rider Benefits Available

Additional riders can strengthen the protection offered by the base policy.

Accidental Death and Disability Benefit Rider

This rider provides an additional lump sum in case of accidental death. If permanent disability occurs due to an accident, the benefit is paid in monthly installments over ten years. Future premiums relating to the rider are also waived.

Accident Benefit Rider

This rider provides financial protection in the event of accidental death but does not cover disability.

New Term Assurance Rider

The rider provides extra life insurance coverage during the policy term. If death occurs during the rider period, the rider sum assured is paid to the nominee.

Critical Illness Rider

The rider offers coverage against specified major illnesses. Policyholders can choose between coverage for 15 illnesses or an expanded option covering 40 illnesses along with Assisted Living Benefits.

Sample Illustration of LIC New Jeevan Anand Plan 715

Here is the sample illustration of annual premium calculation (excluding taxes) for LIC New Jeevan Anand Policy for Basic Sum Assured of Rs 2 Lakhs. Here you can check the premium amounts of LIC Jeevan Anand Policy 15 years, 25 years and 35 years of policy terms. The LIC New Jeevan Anand Policy calculator can calculate the premium amounts.

Important LIC Jeevan Anand Policy Details

Understanding the operational aspects of the plan is equally important.

Grace Period

Policyholders receive a grace period of:

• 15 days for monthly premiums.

• 30 days for yearly, half-yearly, and quarterly modes.

Free-Look Period

The plan offers a 30-day free-look period from receipt of the policy document. During this period, dissatisfied policyholders can return the policy and receive a refund after applicable deductions.

These are some of the important Jeevan Anand Policy Details that every NRI should understand before investing.

Loan Facility

Loans are available after payment of at least one full year's premium. The loan amount depends on whether the policy is active or paid-up and is linked to the surrender value.

Revival of Lapsed Policies

A lapsed policy may be revived within five years from the first unpaid premium by paying outstanding premiums and meeting LIC's revival requirements.

Surrender Benefit

The policy acquires surrender value after payment of the required number of premiums. LIC pays the higher of the Guaranteed Surrender Value or Special Surrender Value.

Paid-Up Value

If premium payments are discontinued after paying at least one full year's premium, the policy does not become void immediately. Instead, it converts into a paid-up policy with proportionately reduced benefits.

Policy Termination Conditions

The policy terminates upon:

• Payment of the final death benefit or maturity benefit.

• Payment of surrender value.

• Expiry of the revival period for a lapsed policy.

• Cancellation during the free-look period.

• Policy forfeiture or non-payment of loan interest.

Exclusions Under LIC New Jeevan Anand Plan

The plan has a suicide exclusion clause.

If the insured dies by suicide within 12 months from the commencement of risk, the claim is generally limited to 80% of the premiums paid, provided the policy is active.

Similarly, if suicide occurs within one year of policy revival, the nominee receives either 80% of the premiums paid or the surrender value available on the date of death, whichever is higher.

Final Thoughts

For USA-based NRIs seeking a traditional life insurance plan in India, New Jeevan Anand offers an attractive combination of savings, bonuses, and lifelong protection. Its continued life cover even after maturity sets it apart from many conventional endowment plans.

Before purchasing, prospective policyholders should use the LIC New Jeevan Anand Calculator to understand premium obligations and expected benefits. Evaluating coverage needs, policy term, and long-term financial goals can help determine whether this plan aligns with their overall wealth and protection strategy.

FAQs