LIC New Jeevan Anand Premium Calculator

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. 

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About LIC New Jeevan Anand Plan

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.

What is the LIC New Jeevan Anand Premium Calculator?

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.

How does the LIC New Jeevan Anand Calculator work?

This LIC calculator takes into account the following details to give you an accurate estimation:

  • Age at Entry

  • Sum Assured

  • Policy Term

  • 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.

Eligibility Criteria

Criteria Minimum Maximum
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.

Sample Benefit Illustration Using The LIC New Jeevan Anand Premium Calculator

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 -

  1. Guaranteed Benefits

    • 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.

  2. Non-Guaranteed Benefits

    • 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.

Benefits of using the LIC New Jeevan Anand Maturity Calculator

  • 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.

FAQ's

  • Q: Are there any tax-saving benefits under the new LIC Jeevan Anand Plan?

    Ans: Under Section 80C of the IT Act, any amount paid as a premium for any policy comes under the eligibility criteria for tax exemption. Under the IT Act Section 10 (10D), tax for settlement amount is also exempted.
  • Q: Are there any criteria for canceling the Policy once purchased?

    Ans: LIC New Jeevan Anand Plan comes with a Free Look Period, which is a policy trial period of 15 days. If the policyholder is dissatisfied with any terms or conditions, he/she is free to cancel the Policy at any time within 15 days after stating a valid reason for the same.
  • Q: Does LIC New Jeevan Anand Policy come with the facility of loan?

    Ans: Yes, this plan provides the policyholder with the facility of availing of a loan, however, only if the account holder has paid their premiums regularly for two full years.
  • Q: If the policyholder misses the due date, is there any chance of payment after that?

    Ans: For monthly payout, a grace period of 15 days after the due date is given to the policyholder, while a grace period of 30 days is given to the account holder for yearly payout.
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