LIC Plan No. 815 - LIC’s New Jeevan Anand

LIC New Jeevan Anand 815 is an endowment plan that is designed to offer the benefits of life insurance and savings. The plan comes with both death and maturity benefits plus additional bonuses depending on the participating profits made by LIC in a financial year. The plan was withdrawn by the LIC in 2020, following which LIC introduced a new version under plan number 915.

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About LIC Plan No. 815 - New Jeevan Anand

LIC 815 New Jeevan Anand is non-linked, participating in nature that offers financial protection to the policyholder against their death throughout their lifetime. On the policyholder's death within the policy term, the nominees shall receive the death benefit to finance 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 Plan No. 815 New Jeevan Anand

  • 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.  

  • The policy offers rebates on premiums up to 3% if the basic sum assured is above Rs. 2 Lakhs.

  • It comes with a freelook period of 15 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 2 years from the first unpaid premium.

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

  • Insurance buyers can use the LIC premium calculator to estimate the premiums against their desired sum assured before purchase.

Benefits Of LIC Plan No. 815

LIC New Jeevan Anand was formerly distributed as plan no. 815. The policy offered the following benefits while it was active. 

  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 BSA or 10 times the annual premium, whichever amount is higher at the time 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. 

  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 lump sum along with vested Simple Reversionary Bonuses and Final Additional bonus.

  3. Optional Rider Benefit

    The LIC plan no. 815 comes with the LIC's Accidental Death and Disability Benefit Rider that policyholders may choose to add if they wish to. This can be done by paying an additional premium against the assured accident benefit sum. This extra benefit is paid out to the nominees if the life assured dies due to an accident within the policy term, along with the assured death benefit.

    A notable feature of the rider is that if the policyholder has a disability because of an accident, future premiums are waived, but the benefits continue through the policy term. Further, the accident benefit sum assured is paid out in equal monthly installments for 10 years.

  4. Surrender & Loan Benefit

    If you need urgent liquidity, you can surrender the policy to get the surrender benefit amount. This is applicable if 3 full years’ premiums have been paid. Loans can also be availed against the acquired surrender value.

Eligibility Criteria Of LIC New Jeevan Anand

To purchase LIC plan no. 815, the following criteria must be met.

Criteria Minimum Maximum
Entry Age 18 years 50 years
Maximum Maturity Age  75 years
Policy Term 15 years 35 years
Basic Sum Assured Rs. 1 Lakh No limit
Premium Payment Yearly, half-yearly, quarterly, or monthly

LIC Jeevan Anand 815- Policy Details

  • 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 for LIC New Jeevan Anand is 30 days, wherein the policyholder can pay their premiums and continue their coverage.

  • Free-Look Period:
    The free-look period is when the policyholder can review the terms and conditions. If the policyholder is dissatisfied with any aspect of the policy, they can return the policy within the free-look period for a refund. The free-look period is 15 to 30 days from receiving the policy document.

  • Loan Facility:
    LIC Jeevan Anand 815 offers a loan facility. Once the policy has acquired the surrender value, one can avail of the policy loan against their LIC Jeevan Anand Policy.


  • Q: How is the premium amount calculated for Jeevan Anand?

    Ans : The premium amount for LIC New Jeevan Anand (Plan 815) is calculated based on several factors. Here's a general overview of the factors that influence the premium calculation:

    • Age
    • Sum Assured
    • Policy Term
    • Premium Payment Mode
    • Gender
    • Health and Medical History
  • Q: Are there any tax benefits available under LIC 815 plan?

    Ans: Yes, tax benefits are available under LIC Jeevan Anand (Plan 815). The policy qualifies for tax benefits under the prevailing tax laws of India, specifically under Section 80C and Section 10(10D) of the Income Tax Act 1961.
  • Q: Are there any exclusions under LIC New Jeevan Anand?

    Ans: Yes, LIC New Jeevan Anand (Plan 815) has a Suicide Exclusion, wherein if the policyholder dies due to suicide within 12 months from the policy commencement date, whether the policy is in force or revived, the nominee will be entitled to receive only 80% of the premiums paid (excluding taxes and any rider premiums), provided the policy is in force.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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