LIC New Jeevan Anand 915 Plan - Key Features
Below are the key features of LIC Plan 915 (previously known as LIC Plan 149):
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LIC New Jeevan Anand plan 915 is a participating whole-life endowment plan, which means you earn profits along with the assured benefits.
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The plan provides an option of regular premium payment to the insured.
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On survival till the end of the plan term, the insurance holder is paid the maturity benefit.
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The risk covered in the policyholder's life continues throughout his/her life till the age of 100.. This means that the death benefit is paid out if death occurs during the policy term as well as after.
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The benefits are paid along with a bonus amount which increases the final earnings of the life assured.
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Added top-up covers as riders are available on payment of a nominal premium amount.
LIC New Jeevan Anand 915 Plan Benefit
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Death Benefit
Nominees can claim the following death benefits if all the due premiums have been paid:
125% of the Base Sum Assured or 7 times the annual premium amount, whichever is higher at the time of death.
The final additional bonus and simple reversionary bonuses are added to this amount.
Only the basic sum assured is payable.
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Maturity Benefit
In case the life assured survives till the set maturity date, and has paid off all due premiums, LIC offers the basic sum assured to the insured. The applicable bonuses shall be added to this amount. One can choose to receive this amount in a lump sum or installments over 5, 10, or 15 years.
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Participation in Profits
The LIC plan 915 (previously LIC plan 149) shall participate in the company’s profits. Based on the profits, LIC shares a percentage with the customers of LIC New Jeevan Anand 915 in the form of a simple reversionary bonus. A final additional bonus may also be declared based on the company’s experience during the policy term. These are however not guaranteed.
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Tax Benefits
The LIC New Jeevan Anand policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.
LIC New Jeevan Anand 915 - Eligibility
Criteria |
Minimum |
Maximum |
Entry Age |
18 years |
50 years |
Maturity Age |
- |
75 years |
Policy Term |
15 Years |
35 years |
Sum Assured |
1 lac |
No Limit |
Premium Payment Term |
Same as Policy Term |
Premium Paying Frequency |
Annual/Half Yearly/ Quarterly/ Monthly |
Riders Benefits with LIC New Jeevan Anand – Plan No. 915
Four optional LIC riders are available under the policy that can be added for extra protection against natural death, death or disability by accident, and critical illnesses. With these riders, nominees can claim an extra sum assured amount on top of the assured death benefit. You can avail yourself a maximum of 3 of the following options:
LIC New Jeevan Anand 915 (previously LIC Plan 149) - Additional Plan Details
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Grace Period
In case the insurance holder delays the premium payment, he/she is allowed a grace period of 15 to 30 days. In case of non-payment of premiums during the grace period, the policy will lapse.
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Revival of Lapsed Policies
If the insurance holder pays all of it within 5 years from the due date of the first unpaid premium, he/she can still revive the lapsed LIC New Jeevan Anand Plan. However, it has to be done before the maturity date.
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Free Look Period
The policyholder gets a free cancellation period of 15 days during which he/she can cancel this plan if found unsuitable.
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Policy Termination or Surrender Benefit
On completing two policy years, the policy gets charged with a surrender value and a paid-up value. This means that even if you stop paying premiums after 2 years, you still get some percentage of the benefits/premiums back. However, if you surrender the policy at any point after the chosen policy term ends, you won’t incur any losses.
Sample Premium Rates of LIC New Jeevan Anand 915 Plan
The below table illustrates the annual premium rates in Rs. for a basic sum assured of Rs. 1 Lac for standard lives under LIC New Jeevan Anand plan 915:
Age |
Policy Term |
15 |
25 |
35 |
20 years |
7747 |
4341 |
2935 |
30 years |
8080 |
4581 |
3165 |
40 years |
8644 |
5037 |
3636 |
50 years |
9575 |
5846 |
- |
The above premium rates are exclusive of taxes*
Exclusions of LIC New Jeevan Anand Plan 915
In case the policyholder commits suicide within 12 months of the policy inception, 80% of the premiums paid to date shall be returned to the nominee. In case of death after the plan renewal, a higher of 80% of the paid premium amount or the acquired surrender value shall be paid.
Required Documents for Buying LIC New Jeevan Anand 915
The documents required to be insured under LIC New Jeevan Anand (previously LIC plan no. 149) are:
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Correctly filled Application form/Proposal form
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Address Proof
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Age Proof
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Other KYC documents: PAN Card, Adhaar Card, Tax Details, etc.
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Medical History
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Medical Diagnosis Reports as required
FAQ's
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Q: How much premium do I have to pay to get 50 lakhs from my LIC New Jeevan Anand policy?
Ans: Here are the sample rates you can expect to pay based on the results offered by the LIC New Jeevan Anand plan 915 calculators.
Sample Illustration
Parameters |
LIC New Jeevan Anand |
Age |
35 years |
Sum Assured |
Rs. 50,00,000 |
Total Premium (monthly) |
Rs. 20,313 |
Maturity After |
25 years |
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Q: How is maturity calculated in LIC New Jeevan Anand (Plan-915)?
Ans: In case the life insured survives the entire tenure of the policy then a basic sum assured amount along with the accrued bonus or simple reversionary bonus is paid to the insured as maturity benefit.
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Q: I am an NRI. Can I avail LIC New Jeevan Anand Plan?
Ans: Yes, you can avail New Jeevan Anand plan (previously known as LIC plan 149) by the Life Insurance Corporation of India, anytime you wish to. As per Indian laws, any Non-Resident of India is eligible to buy insurance plans from Indian Insurance Companies. This can be done after the submission of the required documents and the correctly filled registration form. After all the required verification is done by the LIC, a confirmation shall be sent to the buyer within 15 to 20 working days.
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Q: Can the plan be forfeited by the company directly?
Ans: Yes, the insurance plan is subject to forfeiture directly by LIC in case the company finds any information provided by the policyholder as misleading or deceiving. More information can be found under Section 45 of the Insurance Act, 1938.
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Q: What are the basic requirements while making a death claim?
Ans: To make a claim, the entitled nominee shall be required to present the claims form along with the original policy documents as issued by LIC in the name of the insured. Additionally, the nominee shall be required to submit all the details and documents applicable, such as bank account details, death certificate, medical treatment details before death, etc.
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Q: What are the basic requirements while making a maturity or surrender claim?
Ans: While making claims on maturity, the insurance holder is required to provide a filled discharge form attached with the original policy documents as issued by LIC in the name of the policyholder. Additionally, the policyholder has to provide NEFT mandate and bank account details for the transfer of the maturity benefit. The requirements are similar in both cases. However, surrendering a policy will require you to submit information on why you want to surrender it.