New Jeevan Anand (Table-815) Calculator
Calculate premium, maturity amount and benefits for LIC's New Jeevan Anand Plan
Policy Details
First Year Premium
| Mode | Premium | GST (4.5%) | Total |
|---|
Second Year Onward Premium
| Mode | Premium | GST (2.25%) | Total |
|---|
Benefits Details
Maturity Breakdown
The LIC Jeevan Anand 815 calculator is an essential tool for understanding one of India’s most popular endowment insurance plans. This comprehensive guide will help you understand how to use this calculator effectively and make informed decisions about your insurance needs.
What is LIC Jeevan Anand 815?
LIC’s New Jeevan Anand (Plan No. 815, UIN: 512N279V01) is an endowment assurance plan that combines life insurance coverage with investment benefits. The plan provides a lump sum payment at maturity along with lifelong insurance coverage even after the policy term ends.
This plan was withdrawn on February 1, 2020, but existing policyholders continue to receive benefits. The policy offers dual benefits—serving as both a savings instrument and life insurance protection for your family.
Key Features and Benefits
Basic Plan Structure
The New Jeevan Anand 815 plan operates as an endowment policy where premiums are paid for a specific term, and benefits are provided both during and after the policy period. Here are the essential features:
| Plan Details | Specifications |
|---|---|
| Age at Entry | 18 to 50 years |
| Policy Term | 15 to 35 years |
| Basic Sum Assured | ₹100,000 and above (multiples of ₹5,000) |
| Premium Payment Modes | Yearly, half-yearly, Quarterly, Monthly |
Maturity Benefits
The maturity benefit calculation includes three components that make up the total payout :
- Sum Assured—The basic guaranteed amount
- Bonus – Annual reversionary bonus accumulated over the years
- Final Additional Bonus – One-time bonus paid at maturity (if any)
For example, with a ₹10 lakh sum assured over 25 years, the approximate maturity benefit could be ₹26.75 lakh, which includes the ₹10 lakh sum assured plus ₹12.25 lakh in bonuses and ₹4.50 lakh as a final additional bonus.
Death Benefits
The plan provides comprehensive death coverage during the policy term :
During Policy Term: The higher of:
- 1.25 times the basic sum assured, or
- 10 times the annual premium
- Plus accumulated bonuses and final additional bonus
After Maturity: Lifelong coverage equal to the basic sum assured continues even after receiving maturity benefits.
How to Use the LIC Jeevan Anand 815 Calculator
Premium Calculator Features
The premium calculator helps determine your payment obligations based on personal parameters. You need to input:
- Your current age
- Desired sum assured amount
- Policy term preference
- Premium payment mode
Sample Premium Calculation
For a 29-year-old with ₹5 lakh sum assured and 21-year term :
| Payment Mode | First Year Premium | GST (4.5%) | Total Premium |
|---|---|---|---|
| Yearly | ₹26,935 | ₹1,212 | ₹28,147 |
| Half Yearly | ₹13,609 | ₹612 | ₹14,221 |
| Quarterly | ₹6,875 | ₹309 | ₹7,184 |
| Monthly | ₹2,292 | ₹103 | ₹2,395 |
Maturity Calculator Usage
The maturity calculator projects your policy’s future value. For a ₹10 lakh policy over 25 years starting at age 30 :
| Maturity Details | Amount |
|---|---|
| Sum Assured | ₹10,00,000 |
| Accumulated Bonus | ₹16,00,000 |
| Total Maturity | ₹2,600,000 |
| Post-Maturity Coverage | ₹10,00,000 |
Understanding Bonus Calculations
Simple Reversionary Bonus
The plan earns annual bonuses that are declared each year and added to your policy value. Current bonus rates per ₹1,000 sum assured are:
- 15 Years Term: ₹41 per thousand
- 16-20 Years Term: ₹45 per thousand
- Above 20 Years: ₹49 per thousand
Final Additional Bonus
This is a one-time bonus paid at maturity or death, typically ranging from ₹450 per thousand sum assured for longer-term policies. The actual rates depend on the policy term and LIC’s financial performance.
Premium Payment Benefits and Rebates
Mode-wise Rebates
Choosing annual premium payments offers significant savings :
- Yearly Mode: 2% rebate
- Half Yearly Mode: 1% rebate
- Quarterly/Monthly: No rebate
Sum Assured Rebates
Higher sum assured amounts qualify for additional discounts :
| Sum Assured Range | Rebate per ₹1,000 |
|---|---|
| ₹1-1.95 lakh | No rebate |
| ₹2-4.95 lakh | ₹1.50 |
| ₹5-9.95 lakh | ₹2.50 |
| ₹10 lakh and above | ₹3.00 |
Loan and Surrender Facilities
Loan Against Policy
The plan offers loan facilities after completing three years of premium payments. The maximum loan amount varies by policy term:
| Policy Term | In-Force Policies | Paid-up Policies |
|---|---|---|
| Up to 23 years | 90% of surrender value | 80% of surrender value |
| 24-27 years | 80% of surrender value | 70% of surrender value |
| 28-31 years | 70% of surrender value | 60% of surrender value |
Surrender Value Options
If you need to exit the policy early, surrender is possible after three years. The surrender value is calculated as the higher of:
- Guaranteed Surrender Value: Percentage of total premiums paid
- Special Surrender Value: Discounted value of paid-up benefits plus bonuses
Practical Calculation Examples
Scenario Analysis
Consider a 25-year-old taking a ₹10 lakh policy for 25 years with an annual premium of ₹44,035 :
Total Premiums Paid: ₹11,81,771 over 25 years
Possible Outcomes:
- Maturity at Age 50: Receive ₹26.75 lakh + lifelong ₹10 lakh coverage
- Death During Term: Family receives ₹12.5 lakh minimum + bonuses
- Death After Maturity: Family receives ₹10 lakh coverage amount
Return Analysis
The Internal Rate of Return (IRR) varies significantly based on when benefits are claimed. The lifelong coverage component adds substantial value that traditional investment products cannot match.
Riders and Additional Benefits
Accidental Death and Disability Rider
This optional rider provides extra protection :
- Accidental Death: Additional sum assured equal to basic coverage
- Permanent Disability: 10-year installment payments of accident benefit amount
- Premium Waiver: Future premiums waived for disability cases
Critical Illness Rider
Coverage for specified critical illnesses with lump sum payment regardless of treatment costs. This rider operates independently of the main policy benefits.
Tax Benefits and Implications
Tax Advantages
The LIC Jeevan Anand 815 plan offers multiple tax benefits:
- Premiums: Eligible for deduction under Section 80C up to ₹1.5 lakh annually
- Maturity: Tax-free under Section 10(10D) if premium is within prescribed limits
- Death Benefits: Completely tax-free for nominees
Premium Tax Considerations
Ensure annual premiums don’t exceed 10% of sum assured to maintain tax-free maturity benefits. This rule helps preserve the tax efficiency of your investment.
Policy Management and Revival
Lapsed Policy Revival
If premiums are discontinued, the policy can be revived within two years from the lapse date. Revival requires:
- Payment of all due premiums with interest
- Medical examination if required
- Policy restoration to in-force status
Paid-up Benefits
After paying premiums for three years, if you stop payments, the policy becomes paid up with reduced benefits. The paid-up sum assured equals the original sum assured multiplied by the ratio of premiums paid to total premiums due.
Comparison with Other Plans
Jeevan Anand 149 vs 815
The newer 815 version offers enhanced features compared to the older 149 plan :
- Entry Age: Reduced to 50 years (from 65)
- Policy Terms: Standardized 15-35 years
- Rebates: Slightly reduced but more structured
- Surrender Benefits: Improved with higher guaranteed values
Important Considerations
Plan Discontinuation Impact
Since the plan was withdrawn in February 2020, new policies are no longer available. However, existing policyholders continue to receive all declared benefits and can use calculators for planning purposes.
Bonus Rate Variations
Bonus rates are not guaranteed and depend on LIC’s investment performance and surplus distribution. Historical rates provide guidance, but actual bonuses may vary based on market conditions and company performance.
Inflation Protection
The lifelong coverage feature provides inflation protection as the sum assured remains constant throughout life, while the maturity amount includes growth through bonuses.
Using Online Calculators Effectively
Input Accuracy
For precise calculations, ensure you provide:
- Exact age at policy commencement
- Correct sum assured amount
- Accurate policy term selection
- Current bonus rate assumptions
Frequently Asked Questions
What is LIC Jeevan Anand Plan 815?
LIC Jeevan Anand Plan 815 is a non-linked, with-profits endowment plan that offers a combination of savings and life insurance cover. It provides a lump sum maturity amount and life cover in case of death during the policy term.
Who is eligible to buy LIC Jeevan Anand 815?
The entry age for this plan is 18 to 50 years. The policy term can be chosen between 15 and 35 years, and the sum assured should be at least ₹100,000 in multiples of ₹5,000.
How does the LIC Jeevan Anand 815 calculator work?
The calculator estimates your maturity amount by using inputs like your age, policy term, sum assured, premium paying mode, and bonus rates declared by LIC. It combines sum assured, bonuses, and Final Additional Bonus (FAB) to show expected returns.
Is there a loan facility available against this policy?
Yes, you can avail a loan against your LIC Jeevan Anand 815 policy after completing 3 full years of premium payment.
Where can I use the LIC Jeevan Anand 815 calculator?
You can use the official LIC website or third-party insurance aggregator websites like Policybazaar, Insurance21, or dedicated LIC calculator portals to estimate your policy benefits.
Limitations Understanding
Online calculators provide estimates based on current bonus rates and assumptions. Actual benefits may vary due to:
- Changes in bonus declaration policies
- Company’s financial performance
- Regulatory modifications
- Market condition impacts
The LIC Jeevan Anand 815 calculator serves as a valuable planning tool for understanding your policy’s potential. While the plan is no longer available for new purchases, existing policyholders can effectively use these calculators for financial planning and benefit estimation. The combination of guaranteed maturity benefits, lifelong coverage, and tax advantages makes this plan a comprehensive financial protection instrument for Indian families.