LIC New Jeevan Anand-715

About LIC Plan No. 715- New Jeevan Anand

LIC 715 New Jeevan Anand is a non-linked, participating plan that offers financial protection to the policyholder against the event of their death throughout their lifetime. In case of the policyholder's death within the policy term, the nominees shall receive the death benefit to financially aid their future needs without an earning member. Furthermore, they receive a lump sum payout on surviving till the end of the policy term as part of the maturity benefit.

Key Features Of LIC New Jeevan Anand Plan

These are the key features of LIC plan no. 715 (previously LIC Jeevan Anand 815)

• LIC New Jeevan Anand plan 715 is a participating plan, which means you earn profits and assured benefits.

• The plan provides the option to pay premiums regularly at yearly, half-yearly, quarterly, or monthly intervals over the policy term.

• There is no limit to the maximum sum that the proposer can assure. 

• It offers the basic sum assured if the life assured survives the policy term. 

• The plan offers a vested reversionary bonus, a final additional bonus, and assured benefits as per the performance of LIC of India.

• It comes with a free-look period of 30 days for the policyholder to cancel the policy. 

• A grace period of 15 to 30 days is allowed if the policyholder misses a premium payment. 

• You can revive the policy within 5 years from the first unpaid premium.

• The policy can be bought online from the comfort of your home. 

• Riders are available upon payment of a nominal premium amount for enhanced coverage.

• Policyholders can use the  LIC premium and maturity calculator to estimate the premiums against their desired sum assured before purchase.

Benefits Of LIC New Jeevan Anand Plan

LIC New Jeevan Anand was formerly distributed as plan no. 815. Currently, plan no. 715, LIC New Jeevan Anand benefits are as follows:

1. Death Benefit 

   • Death within the policy term - The assigned nominee receives the sum assured on death. This sum is equal to 125% of the Basic Sum Assured (BSA) or 10 times the annual premium, whichever amount is higher at the time of death. This death benefit shall not be less than 105% of the total premiums paid until the date of death.
     The nominee is also entitled to a percentage of the profits made by LIC in the form of vested Simple Reversionary Bonuses and Final Additional Bonus 

   • Death after the policy term - Nominees can claim the basic sum assured if the life assured dies after the policy term, provided that the maturity benefit has not yet been paid out. 

   • Option to choose Death Benefit in installments: This option allows the beneficiary to receive death benefits in installments over the chosen time period, i.e., 5/10/15 years, instead of paying a lump sum amount. 

   Mode of paying installments	Minimum amount of installment (Rs.)
   Monthly	5,000
   Quarterly	15,000
   Half-Yearly	25,000
   Yearly	50,000

2. Maturity Benefit

   At the end of the policy term, policyholders receive the basic sum assured on the maturity date. The amount is payable in a lump sum along with vested Simple Reversionary Bonuses and Final Additional Bonus.

3. Participation in Profits

   LIC Jeevan Anand policy participates in the LIC’s profits. Based on the profits, LIC shares a percentage with LIC New Jeevan Anand 715 customers as 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.

4. Rider Benefits in LIC Jeevan Anand Policy

   The LIC Jeevan Anand policy offers extra protection through optional riders. You can add up to two riders to your policy, but only one of the two accident riders is allowed at a time.

   • LIC’s Accidental Death and Disability Benefit Rider:

     This rider can be added to your active Jeevan Anand LIC plan at any point, as long as the policy has at least five years of premiums left to be paid. Entry is allowed until the policyholder turns 65, and coverage is available up to age 70. If the policyholder dies due to an accident, a lump sum equal to the Accident Benefit Sum Assured is paid. In case of disability from an accident (within 180 days of the incident), the same amount is paid in monthly installments over 10 years. Additionally, future premiums for this rider and the equivalent part of the base policy are waived.

   • LIC’s Accident Benefit Rider:

     It provides a lump sum payout in case of accidental death. This rider follows the same entry and coverage age rules as the LIC’s Accidental Death and Disability Benefit Rider, and it also requires at least five years remaining on the policy term. However, it only covers accidental death, not disability.

   • LIC’s New Term Assurance Rider:

     The LIC’s New Term Assurance Rider can only be added when buying the policy. It provides coverage throughout the policy term. If the policyholder passes away during this period, the full Term Rider Sum Assured is paid to the nominee. The total premium for all life insurance riders combined cannot be more than 30% of the base policy premium. For the LIC’s Accident Benefit Rider, the sum assured is limited to three times the basic sum assured of the main policy. For all other riders, the benefit amount cannot be more than the base sum assured.

Eligibility Criteria Of LIC New Jeevan Anand

To purchase LIC plan no. 715, the following criteria must be met.

Sample Illustration of LIC New Jeevan Anand Plan

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. The premium amounts can be calculated using the LIC New Jeevan Anand Policy calculator.

LIC New Jeevan Anand Policy Details

LIC Jeevan Anand Plan No. 715 has several important features that ensure flexibility and convenience for policyholders. Below are the LIC New Jeevan Anand Policy details discussed briefly:

1. Grace Period: 

   The grace period is the additional time granted to policyholders to pay their premiums after the due date without the risk of policy lapse. The grace period is 15 days (monthly) to 30 days (yearly/ half-yearly/ quarterly), wherein the policyholder can pay their premiums and continue their coverage.

2. Free-Look Period:

   The free-look period goes on for 30 days from receiving the policy document. If the policyholder is dissatisfied with any aspect of the policy, they can discontinue the policy within the free-look period for a refund, after some deductions. 

3. Loan Facility:

   LIC Jeevan Anand 715 offers a loan facility that you can avail after paying at least one full year’s premiums. The loan amount will be within the surrender value.

   Loan amount for active policies:

   • Before 2 years of premiums are paid: 50%

   • After 2 years of premiums paid: 75%

   Loan amount of paid-up policies:

   • Before 2 years of premiums are paid: 40%

   • After 2 years of premiums paid: 65%

4. Revival of Lapsed Policies:

    If the insurance holder pays all of it within 5 consecutive 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.

5. Surrender Benefit:

    You can surrender the LIC Jeevan Anand policy after completing one policy year, provided you have paid at least one full year’s premium. However, the policy earns a Guaranteed Surrender Value only after paying premiums for at least two full years. A Special Surrender Value may also be available after the first year if one full premium has been paid.

   When you surrender an active or paid-up LIC New Jeevan Anand or Jeevan Anand LIC plan, LIC will pay the higher of the Guaranteed or Special Surrender Value. The Guaranteed Surrender Value is calculated as the total base premiums paid (excluding taxes, extra charges, and rider premiums) multiplied by applicable surrender value factors.

6. Paid-up Policy: 

   In case <1 year premiums have been paid and any further premiums have not been paid, all the benefits under the plan shall terminate after the expiration of a grace period from the date of 1st unpaid premium, and no amount shall be paid. 

   If 1 full year's premium has been payable and any further premiums have not been paid in full, the plan will not be completely void but will continue as a paid-up plan. 

7. Rebates

   Modes of Rebate	% of rebate
   Yearly	2% of Tabular premium
   Half-Yearly	1% of Tabular premium
   Quarterly, Monthly mode and Salary deduction	NIL

8. Policy Termination

   The policy will automatically terminate as soon as any of the following happens:

   • The date when the lump sum death benefit, the final death benefit installment, or the final settlement installment is paid, whichever is the latest.

   • The date when the surrender benefits are paid.

   • If the loan interest is not paid.

   • If the policy hasn’t gained paid-up status and is not revived before the revival period ends.

   • If the policy is canceled during the free-look period and the refund is paid.

   • If the policy is forfeited.

   Exclusions of LIC New Jeevan Anand Plan 715

   Suicide: This plan shall be void: 

   • In case the life assured (whether insane or sane) commits suicide anytime within a year (12 months) from the date of commencement of risk, the insurer will not give any claim under the plan except for 80 % of total amount of premium paid, provided the plan is active. 

   • In case the life assured (whether insane or sane) commits suicide within 12 months from the revival date, an amount that is higher of 80% of total premium amount paid till the death date or the surrender amount available as on the death date.

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