LIC New Jeevan Anand 915 (LIC Plan no 915) is a participating, individual and non-linked life assurance plan that offers a unique combination of savings and protection. This dual benefit provides financial support against demise throughout the policyholder’s lifetime with the provision of paying a lump sum at the last of the chosen policy term in case of his/her survival. This policy also takes care of the liquidity requirements through its facility of loan. It is one of the most traditionally available endowment plans from LIC.Read more
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Let’s discuss the LIC Jeevan Anand 915 policy details, its benefits, features, and eligibility:
The Key Features of the LIC Jeevan Anand 915 plan are as follows:
LIC 915 plan is a traditional non-linked and participating whole life endowment plan.
LIC’s Disability and Accidental death benefits rider is also available under this plan by making the payment of a nominal amount of premium.
In case of the unfortunate demise of the policyholder, the death benefit is received by the designated nominee.
A loan can be availed under this plan, provided at least 2 complete years’ premiums have been paid.
Premiums can be paid at regular intervals i.e.., yearly, half-yearly, or monthly or via salary deductions over the policy tenure.
Policy switching is not allowed
Rebates on high SA are offered under LIC plan 915
Option to take death benefits in installments such as monthly – Rs. 5000, Quarterly – Rs. 15,000, Half-yearly – Rs. 25,000 and Yearly – Rs. 50,000
A settlement option is also available i.e., to receive the maturity benefit in installments over the selected time of 5,10, or 15 years.
Get tax-saving benefits on premiums paid and claim amount (maturity and death benefit) under section 80C and Section 10(10D) of the Income Tax Act, 1961.
The following death benefits shall be paid, provided all the premiums have been paid:
On death during the (PT) Policy Term (before the set maturity date): Death benefit equivalent to the sum assured amount on demise along with FAB (final additional bonus) and simple reversionary bonuses, if any, shall be payable. The nominee receives a sum assured amount on death, the highest of:
125 percent of the basic SA
7X of annual premium
The death payout should not be less than 105 percent of the total paid premiums up to the death date.
The above-mentioned premium rates are exclusive of taxes, extra premium, and rider premium if any.
Upon death after the expiry of the policy tenure (from the set maturity date): Basic sum assured amount shall be payable.
Upon the survival of the life assured to the set maturity date, provided the policy is active i.e., all future due premium charges have been paid ‘Sum assured amount on maturity plus the final bonus and vested SRB (simple reversionary bonuses), shall be payable, in which sum assured amount on maturity is equivalent to the basic sum assured.
The plan shall participate in the profits of the company and shall be eligible to get simple reversionary bonuses announced as per the experience of the company during policy tenure provided the policy is in the active phase.
|Minimum sum assured||Rs. 1 Lac|
|Maximum Sum Assured||No Limit|
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Maturity Age||75 years|
|Minimum Policy Term (PT)||15 years|
|Maximum Policy Term (PT)||35 years|
The below table illustrates the annual premium rates of LIC Plan no. 915:
LIC Plan 915 offers the following four options for riders which can be opted for by paying an extra amount of premium. However, the life assured can avail LIC Accident Benefit Rider, Accident Death, and Disability Benefit and New Term Assurance Rider.
This rider can be availed of at any time under an active policy within the policy tenure of the base plan, provided the outstanding PPT of the base plan and rider is at least 5 years, but before the anniversary of policy on which the age of the life assured is near to 65. This rider has opted in at the time of accidental death, where the sum assured on accidental benefit will be payable in a lump sum.
This rider can be availed anytime under an in-force policy within the policy tenure of the base plan provided the outstanding PPT of the base plan and rider is at least 5 years, but before the anniversary of policy on which the age of the life assured is near to 65 years. This rider has opted at the time of accidental death, the sum assured on accidental benefit will be payable in a lump sum. If the accidental disability arises because of an accident i.e., within 180 days from the accidental date, a sum equivalent to the sum assured on accidental benefit will be paid in equal installments on monthly basis spread over ten years and the future amount of premiums for accident benefit SA and premium for the part of basic SA under the base plan which is equivalent to the sum assured on accident benefit shall be waived off.
The rider can be opted at the commencement of the policy only. The coverage is available during the policy tenure under this rider. This rider is availed of for an amount equivalent to the ‘sum assured on term assurance rider’ shall be payable on the demise of the policyholder during the policy term.
This rider is available at the commencement of the policy and the coverage shall be available during the policy tenure under this rider. This rider can be opted for, on the 1st diagnosis of any one of mentioned or stated 15 critical illnesses, then the sum assured on critical illness shall be payable.
Below are the LIC 915 plan details:
Grace Period: 30 days of grace period is allowed for payment of quarterly or half-yearly or yearly or premiums and 15 days for the payment of monthly premiums from the date of 1st unpaid premium. At this time, the policy shall be considered as active with the risk coverage without any interference as per the T&Cs of the policy. The policy also lapses, if the premium amount is not paid before the completion of the grace period.
Revival: If the policyholder fails to pay the premium within the grace time then the policy lapses. A lapsed plan can be revived in a time of five successive years from the 1st unpaid premium date i.e., before the completion of the policy term.
Free Look Period: If the life assured is not satisfied with the T&Cs of the policy, then it may be returned to the insurance company within 15 days from the receipt date of the policy documents stating the objection reasons.
Surrender: The plan can be surrendered anytime provided 2 complete years of premium have been paid. Upon the surrendering of the policy, the company shall pay the surrender value equivalent to the higher of SSV (Special Surrender Value) or GSV (Guaranteed Surrender Value).
Rebates on Sum Assured
|Basic Sum Assured||Rebates (in Rs.)|
|1 lac to 1,95,000||Nil|
|2 lacs to 4,95,000||1.50 % to Basic Sum Assured|
|5 lacs and 9,95,000||2.50% to Basic Sum Assured|
|Above 10 lacs||3,00 % to Basic Sum Assured|
If less than two years of premium amount have been paid and further premium is not be paid completely, then all the profits of this plan shall terminate after the expiration of grace time from the 1st unpaid premium date and no amount shall be payable.
Suicide: LIC policy 915 shall be invalid in the following cases:
If the policyholder (whether in an insane or sane condition) commits suicide anytime within a year (12 months) from the commencement date of risk, the company will not provide any claim under the plan except for 80 percent of the total paid premium, provided the policy in force.
If the policyholder (whether in an insane or sane condition) commits suicide anytime within a year (12 months) from the revival date, a sum which is higher of 80 percent of the total paid premiums till the death date or the surrender value available as on the death date, shall be payable. The company will not accept any type of claim under this policy.
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