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

About LIC Plan No. 815 - New Jeevan Anand

LIC plan no. 815 is the previous version of its New Jeevan Anand insurance policy. It is non-linked, participating in nature that offers financial protection to the policyholder against her/his death throughout the lifetime. On the death of the policyholder within the policy term, the nominees shall receive the death benefit to finance their future needs in the absence of an earning member. Furthermore, he/she receives 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 and a final additional bonus along with the 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 prior to 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, that is on the date of maturity, policyholders receive the basic sum assured. 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 policyholder may choose to add if they wish to. This can be done by paying an additional premium amount against the accident benefit sum assured. This extra benefit is paid out to the nominees if the life assured dies as a result of an accident within the policy term along with the assured death benefit. 

   A notable feature of the rider is that if the policyholder suffers from a disability because of an accident, future premiums are waived off 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 are in need of 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

In order to purchase LIC plan no. 815, the following criteria must be met. 

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