LIC Calculators are making lives easier for insurance buyers. These tools offer premium estimations before purchase, thereby helping users to understand if their desired coverage meets their budget. LIC Jeevan Anand premium calculator is one such tool specifically to help policyholders of LIC New Jeevan Anand calculate premiums, maturity amount, and death benefit amounts.Read more
LIC New Jeevan Anand Plan 915 is a savings plan by LIC of India that not only provides assured returns during your lifetime but also provides risk cover post the account holder’s death.
Some of the highlighting features of the LIC New Jeevan Anand Plan are -
Risk cover lasts till the policyholder reaches 100 years of age.
The death benefit is payable if the life assured dies during the policy term or after.
The policyholder can pay the premium amount either on a monthly, quarterly, half-yearly, or yearly basis.
It entitles policyholders to bonuses such as a Simple Reversionary Bonus and a Final Additional Bonus by way of profit participation.
Tax benefits are available under Income Tax laws.
LIC New Jeevan Anand Premium Calculator is a tool used to calculate the premium amount that the policyholder will have to pay for their desired coverage. Once you are aware of the annual premium, you can further calculate the final maturity value that you will be entitled to.
This LIC calculator takes into account the following details to give you an accurate estimation:
Age at Entry
Premium Paying Term
In order to fill in these details in the calculator, you should be aware of the basic eligibility criteria of LIC Jeevan Anand.
|Age of Entry||18 years||50 years|
|Sum Assured||Rs 1 Lakh||No limit|
|Policy Term||15 years||35 years|
|Premium Paying Term||Same as Policy Term|
Once you enter the required details, the Jeevan Anand calculator offers yearly, half-yearly, quarterly, and monthly premiums rates instantly. Choose the payment mode that fits your needs and then proceed to get a detailed maturity benefit illustration.
Let’s assume that a 27-year-old wants to buy coverage worth Rs 10 Lakhs.
Policy Term: 20 years
Premium Paying Term: 20 years
Premium Paying Frequency: Monthly
Sum Assured: Rs 10 Lakhs
The LIC premium calculator uses these details to calculate the monthly premium that the person would have to pay. For the above assumptions, it comes to Rs 4,671, bringing the annual premium to Rs 56,052.
Now, using the LIC Jeevan Anand Maturity Calculator, we can see the benefits that this person will be entitled to in the following events -
If the insured dies during the policy term: Higher of 7 times the annual premium (7 x 56,052 = 3,92,364) or 125% of the basic sum assured (125% of 10,00,000 = 12,50,000). So, the nominee of the insured gets Rs 12.5 Lakhs.
If the insured dies after the policy term: Basic sum assured equal to Rs 10 Lakhs (in this case) will be paid to the nominee of the deceased policyholder.
If the insured survives the whole term: Basic sum assured equal to Rs 10 Lakhs (in this case) will be paid to the life assured as maturity benefit.
LIC adds bonuses to the guaranteed benefit amounts which increase the final death or maturity value.
These additional amounts depend entirely on the profits earned by the company in a financial year.
These accrue every year at a rate per Rs 1000 sum assured.
The latest bonus rates for LIC New Jeevan Anand Plan 915 are as follows -
|Policy Term||Sum Assured Less Than Rs 1 Lakh||Sum Assured More Than Rs 1 Lakh|
|15 years||Rs 37||Rs 38|
|16-20 years||Rs 41||Rs 42|
|More than 20 years||Rs 45||Rs 46|
For the above example, the bonus amount will be calculated as follows:
(Rs 41 x Rs 10,00,000/1,000) = Rs 41,000.
At the end of every policy year, this amount gets added and the final accumulated sum is paid out by LIC along with the death and maturity benefits.
It offers a detailed description of the benefits including the death benefit, maturity benefit, surrender benefit, and bonuses.
It offers a year-wise illustration for every policy year, which gives the user a good idea about the entitled benefit amounts.
It also shows the applicable GST rates.
One can add a rider benefit to see how the premiums and the benefits change.
It gives instant results and can be accessed from the comfort of one’s home.