LIC New Jeevan Anand Plan 715 Calculator is a valuable tool that simplifies understanding the premium, maturity, and benefits of LIC’s updated endowment plan. This comprehensive article explains the plan, eligibility, how the calculator works, benefits, rider options, and practical examples in simple language. Every section uses bold, italic, and underline for clarity and readability and includes important sources for further reference.

Introduction to LIC New Jeevan Anand Plan 715

LIC’s New Jeevan Anand Plan 715 is a participating, non-linked endowment assurance plan, launched on 1st October 2024 under revised IRDAI guidelines. It is designed for those seeking both lifelong protection and guaranteed savings, with major benefits including bonuses, policy loans, and lifetime risk cover.

Unlike regular term insurance, Jeevan Anand 715 ensures the lump sum maturity benefit and continues life cover even after the plan’s maturity. The calculator lets users easily estimate premium payments, maturity amounts, and possible bonuses for various age groups and sums assured.

Get official resources on features and details at LIC India.

Key Features of LIC New Jeevan Anand Plan 715

Bold features to highlight:

• Dual benefit: Life cover and savings in one plan.
• Lifetime cover: Insurance continues after plan maturity.
• Bonus participation: Earn Simple Reversionary Bonus and Final Additional Bonus (as declared by LIC).
• Flexible premium payment: yearly, half-yearly, quarterly, or monthly.
• Optional riders: Accident & Disability, Accident Benefit, and Term Assurance.
• Loan facility: Borrow against the policy after one year.
• Surrender and revival: Surrender after one year, revival within five years.

Eligibility and Policy Parameters

Eligibility criteria are simple and straightforward:

Criteria	Details
Minimum Entry Age	18 years (completed)
Maximum Entry Age	50 years (nearest birthday)
Maximum Maturity Age	75 years
Policy Term	15 to 35 years
Minimum Sum Assured	₹2,00,000
Maximum Sum Assured	No upper limit
Premium Payment Modes	Yearly, Half-Yearly, Quarterly, Monthly (NACH)
Premium Payment Term	Equal to Policy Term

Note: There are premium rebates for yearly/half-yearly payments and high sum assured rebates for higher coverage.

Understanding the LIC New Jeevan Anand Plan 715 Calculator

The calculator is designed to help users estimate their premium amounts, maturity benefits, bonus earnings, and death benefits under various scenarios.

How to use the calculator:

1. Enter basic parameters: Age, Policy Term, Sum Assured, and Payment Mode.
2. The calculator shows:
   • Estimated yearly premium
   • Total premiums paid over the policy term
   • Maturity amount: Sum Assured + Bonuses (Simple Reversionary + Final Addition)
   • Death benefit values for coverage year-by-year and after maturity
3. Try online calculators at prominent websites: Policy Bazaar and Insurance .

Premium Calculation Example

Let’s analyze a real-world example for clarity.

• Age at entry: 30 years
• Policy term: 25 years
• Sum Assured: ₹5,00,000
• Premium mode: Yearly

Based on LIC’s calculator, the annual premium for the first year might be around ₹16,885 and subsequent yearly premiums might be slightly lower due to the rebate and exclusion of initial charges. The total premium paid over 25 years would be approximately ₹4,22,125.

Maturity calculation:

• Basic Sum Assured: ₹5,00,000
• Simple Reversionary Bonus (assumed): ₹2,25,000 (bonus rates vary yearly)
• Final Additional Bonus (estimation): ₹30,000

Total Maturity Benefit = ₹7,55,000 (approx.)

Death Benefit Coverage:

• During the policy term: The greater of 125% of the sum assured or 7 times the annual premium, plus accrued bonuses.
• After maturity: Sum Assured only for a lifetime.

Maturity and Death Benefits Explained

Maturity Benefit: On survival of the policyholder till the end of the policy term, the following is payable:

• Basic Sum Assured
• Simple Reversionary Bonuses accrued over the policy term
• Final Additional Bonus, if declared in the year of maturity

Death Benefit: On death of the policyholder during the policy term, the nominee receives:

• Sum Assured on Death: highest of 125% of Basic Sum Assured, 7 times the annualized premium, or 105% of premiums paid until death
• Simple Reversionary Bonuses accrued up to death
• Final Additional Bonus (if any)

On death after plan maturity, nominee is paid only the Basic Sum Assured.

Bonuses and Profit Participation

LIC Jeevan Anand 715 is a participating plan, meaning policyholders receive declared profits via bonuses:

• Simple Reversionary Bonus: Added every year and compounded till maturity.
• Final Additional Bonus: Paid at maturity or death if LIC declares such profits for that policy year.

Premium Rebates and Discounts

To encourage higher coverage and regular payments, LIC offers:

• Premium mode rebate: 2% each year for yearly mode, 1% for half-yearly mode
• High sum assured rebate: 2.5% for ₹5,00,000 to ₹10,00,000 sum assured, 4% rebate above ₹10,00,000.
• Quarterly and monthly modes do not qualify for payment rebates.

Riders Available for Extra Protection

Jeevan Anand 715 offers optional riders for additional coverage:

• Accidental Death & Disability Benefit Rider
• Accident Benefit Rider
• New Term Assurance Rider

Premium for riders: Cannot exceed 30% of the base premium. These riders provide extra payout in case of accidental death, disability, or extra life cover.

Surrender, Loan, and Revival

• Surrender Value: Available after payment of one full year’s premium.
• Loan Facility: Available once the policy acquires surrender value, usually after one year.
• Revival: Policy can be revived within five years of the first unpaid premium.

Grace Period, Free-Look, and Policy Service

• Grace period for premium payment: 15 days (monthly) to 30 days (yearly/half-yearly/quarterly).
• Free-look period: 30 days from receiving the policy document for a risk-free review.

Policy service requests such as nominee change, policy loan, or claim are made via the nearest LIC branch or the official portal.

Tax Benefits

Premiums paid under LIC Jeevan Anand 715 qualify for deduction under Section 80C of the Income Tax Act. The maturity amount and death benefits are also tax-free under Section 10(10D) if conditions are met.

Get more about tax benefits from India Income Tax Official Site.

Pros and Cons of LIC New Jeevan Anand Plan 715

Advantages

• Lifetime risk cover: Security even after plan maturity
• Guaranteed returns: Maturity paid at term-end, plus bonuses
• Participates in LIC profits (bonuses)
• Flexible premium modes and riders
• Loan and surrender options for liquidity
• Tax benefits on premiums and proceeds

Disadvantages

• Returns depend on bonuses:Not guaranteed yearly; varies with LIC profits
• Premiums may be higher than pure term plans
• No market-linked growth
• Maximum entry age is 50 years

Frequently Asked Questions (FAQs)

Final Summary

LIC New Jeevan Anand Plan 715 is a simple, secure, and flexible choice combining lifelong insurance and guaranteed savings. The LIC calculator makes it easy for users to estimate premiums and maturity, thereby helping with smart financial planning. For deepest insights, always refer to LIC’s official resources and consult with authorized agents for personalized guidance.