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LIC’s New Jeevan Anand (Plan No. 715): Complete Guide,
Benefits, Premium, Eligibility & Why It Is Still One of the Best LIC
Policies in India
Life Insurance Corporation of India (LIC) has been the most
trusted name in insurance for decades. Among its many popular life insurance
plans, LIC’s New Jeevan Anand (Plan No. 715) stands out as one of the
most successful and widely chosen policies by Indian families.
This plan uniquely combines life insurance protection and
savings. Even after the maturity of the policy, the life cover continues,
which makes it different from most traditional endowment plans available in the
market.
In this detailed article, we will explain everything about LIC
New Jeevan Anand 715 in simple and clear language so that you can decide
whether it is the right plan for you.
Table of Contents
- What
is LIC’s New Jeevan Anand (Plan 715)?
- Key
Features of LIC New Jeevan Anand
- How
LIC New Jeevan Anand Works
- Eligibility
Criteria
- Policy
Term and Premium Payment Term
- Premium
Details (With Example)
- Death
Benefits Explained
- Maturity
Benefits Explained
- Bonus
Structure in LIC New Jeevan Anand
- Riders
Available with LIC New Jeevan Anand
- Loan
Facility
- Surrender
Value
- Tax
Benefits Under Income Tax Act
- Who
Should Buy LIC New Jeevan Anand?
- Advantages
of LIC New Jeevan Anand
- Disadvantages
/ Limitations
- Comparison
with Other LIC Plans
- Is
LIC New Jeevan Anand a Good Investment?
- Frequently
Asked Questions (FAQs)
- Final
Verdict
1. What is LIC’s New Jeevan Anand (Plan No. 715)?
LIC’s New Jeevan Anand is a participating,
non-linked, endowment life insurance plan. This means:
- It
provides life cover + savings
- It
participates in LIC’s profits and earns bonuses
- It
is not linked to the stock market
- It
offers risk coverage for the entire life, even after maturity
The most special feature of this plan is that after the
policy matures, the Sum Assured continues as life cover for the rest of the
policyholder’s life, without paying any additional premium.
2. Key Features of LIC New Jeevan Anand
Here are the major highlights of LIC’s New Jeevan Anand 715:
- Life
insurance protection till maturity and beyond
- Guaranteed
maturity benefit
- Annual
bonuses declared by LIC
- Simple
premium structure
- Loan
facility available
- Optional
riders for enhanced protection
- Tax
benefits under Section 80C and Section 10(10D)
- Trusted
LIC brand and sovereign backing
3. How LIC New Jeevan Anand Works
The working of this policy is very simple:
- You
choose:
- Sum
Assured
- Policy
term
- Premium
payment mode (monthly, quarterly, half-yearly, yearly)
- You
pay premiums for the selected policy term.
- If
the policyholder survives till maturity:
- Sum
Assured + accrued bonuses are paid as maturity amount
- Life
cover equal to Basic Sum Assured continues for lifetime
- If
the policyholder dies after maturity:
- Nominee
receives Basic Sum Assured as death benefit
4. Eligibility Criteria
Before buying LIC New Jeevan Anand, you must meet the
following eligibility conditions:
Minimum and Maximum Entry Age
- Minimum
age: 18 years
- Maximum
age: 50 years (nearest birthday)
Maximum Maturity Age
- 75
years
5. Policy Term and Premium Payment Term
LIC New Jeevan Anand offers flexible policy terms:
- Policy
Term: 15 to 35 years
- Premium
Payment Term: Same as policy term
You can choose a longer term to reduce the premium amount
and increase the maturity benefit.
6. Premium Details (With Example)
The premium depends on:
- Age
- Sum
Assured
- Policy
term
- Payment
frequency
Example:
- Age:
30 years
- Sum
Assured: ₹10,00,000
- Policy
Term: 25 years
Approximate yearly premium: ₹35,000 – ₹38,000
(excluding GST)
(Premium figures are indicative and may vary)
7. Death Benefits Explained
LIC New Jeevan Anand offers strong financial protection to
your family.
Death During Policy Term (Before Maturity)
The nominee will receive:
- Sum
Assured on Death, plus
- Accrued
Simple Reversionary Bonus, plus
- Final
Additional Bonus (if applicable)
Sum Assured on Death is the highest of:
- 125%
of Basic Sum Assured
- 10
times the annual premium
- Basic
Sum Assured
Death After Maturity
If death occurs after maturity, the nominee receives:
- Basic
Sum Assured only
This is a unique lifetime coverage benefit.
8. Maturity Benefits Explained
On survival till maturity, the policyholder receives:
- Basic
Sum Assured
- Simple
Reversionary Bonuses
- Final
Additional Bonus (if applicable)
After maturity:
- Life
cover equal to Basic Sum Assured continues for lifetime
- No
further premium is required
9. Bonus Structure in LIC New Jeevan Anand
LIC declares bonuses every year depending on its
performance.
Types of Bonuses:
- Simple
Reversionary Bonus
- Final
Additional Bonus
Bonuses are not guaranteed, but LIC has a strong
history of consistent bonus declarations.
10. Riders Available with LIC New Jeevan Anand
You can enhance coverage by adding riders:
- Accidental
Death and Disability Benefit Rider
- New
Term Assurance Rider
- New
Critical Illness Rider
- Premium
Waiver Benefit Rider
(Riders are subject to availability and extra cost)
11. Loan Facility
LIC allows policyholders to take a loan against the policy
after acquiring surrender value.
- Loan
amount: Up to 90% of surrender value
- Interest
rate: As declared by LIC from time to time
12. Surrender Value
The policy acquires surrender value after:
- Completion
of 2 full years of premium payment
However, surrendering early is not recommended as returns
may be lower.
13. Tax Benefits Under Income Tax Act
LIC New Jeevan Anand offers excellent tax benefits:
Section 80C
- Premium
paid is eligible for deduction up to ₹1.5 lakh
Section 10(10D)
- Maturity
amount and death benefit are tax-free
(Subject to prevailing tax laws)
14. Who Should Buy LIC New Jeevan Anand?
This plan is suitable for:
- Salaried
individuals
- Business
owners
- First-time
insurance buyers
- People
looking for safe, guaranteed returns
- Individuals
who want lifetime coverage with savings
15. Advantages of LIC New Jeevan Anand
- Lifetime
risk coverage
- Guaranteed
maturity benefit
- Trusted
LIC brand
- Low
risk
- Regular
bonuses
- Tax-efficient
investment
16. Disadvantages / Limitations
- Returns
are moderate, not high
- Not
suitable for aggressive investors
- Premiums
may feel high compared to pure term plans
17. Comparison with Other LIC Plans
Compared to pure endowment plans, New Jeevan Anand offers extended
life cover after maturity, which makes it superior for long-term financial
security.
18. Is LIC New Jeevan Anand a Good Investment?
LIC New Jeevan Anand is not meant for high returns,
but for financial stability, safety, and lifelong protection.
If your priority is:
- Capital
safety
- Guaranteed
benefits
- Lifetime
coverage
Then this plan is a good choice.
19. Frequently Asked Questions (FAQs)
Q1. Is LIC New Jeevan Anand better than term insurance?
Term insurance offers higher cover at lower premium, but New
Jeevan Anand provides savings + lifetime cover.
Q2. Can I stop premiums after maturity?
Yes. No premium is required after maturity.
Q3. Is the bonus guaranteed?
No, but LIC has a strong bonus history.
20. Final Verdict
LIC’s New Jeevan Anand (Plan No. 715) remains one of
the most reliable and balanced life insurance policies in India. It is
ideal for people who value security, guaranteed returns, and lifetime
protection over high-risk investments.
If you are planning long-term financial security for your
family with the trust of LIC, this policy deserves serious consideration.