Lic Jeevan Anand Policy is most popular among the money back policies introduced by LIC. It offers an attractive combination of protection and savings.
This policy enable your family to have financial protection from death throughout the lifetime of the policyholder. Also, at the end of the policy term, you will receive survival benefit (Maturity benefit).
It comes under endowment plans category. If you are looking for lic money back policies, this is one of the best policy among all.
In this post you will learn Jeevan Anand Lic policy details with example, how to buy a policy, how to claim benefits, premium rates & maturity value calculator etc.,
How LIC Jeevan Anand Policy Works
Plan Details:
| Name of the Plan | LIC New Jeevan Anand |
| Plan Number | 815 |
| UIN | 512N279V01 |
| Age | 18 to 50 |
| Premium Payment Mode | Yearly, Half Yearly, Quarterly, Monthly |
| Policy Term | 15 to 35 Years |
| Basic Sum Assured | Min Rs.1 Lakh – No Upper Limit |
| Max Maturity Age | Up to 75 Years of Policy Holder |
| Rider | Accidental Death & Disability Rider |
| Loan | Available after 3 Years |
| Surrender | Available after 3 years |
You have to choose sum assured amount as per your need and the premium paying term to buy lic new jeevan anand policy. Premium will be decided based upon the age, sum assured amount, term, health condition, smoking habits. You have to pay premium for the entire period of policy term.
LIC’s Accidental Death and Disability Benefit Rider is also available to this policy. This is optional feature. This option enable you to have accidental death benefit and disability benefit. Premium amount will be higher that normal if you choose this optional rider.
You can pay premium annually, half yearly, quarterly or monthly. You can choose any option as you like. Premium can be paid at branch office or online through LIC Online Portal.
In case of sudden demise of policy holder during policy term, nominee will receive death benefit amount. I will explain how much amount that will be paid in different occasions later in this post.
If the policy holder survives till the end of policy term, maturity benefit amount will be paid to policy holder. When the policy holder die after policy term, nominee will receive sum assured amount.
LIC New Jeevan Anand Beneifts Payable
Provided that the policy is in force, the following benefits will be paid.
On Death during the policy term: If the policy holder dies during policy term, nominee will receive –
125% of basic sum assured or 10 times the annual premium or 105% of all premiums paid, which ever is highest among these 3 options.
Plus
Simple Reversionary Bonus
Plus
Final additional Bonus
‘Simple Reversionary Bonus’ is the amount declared by LIC every year as a bonus to policy holders. It is different every year based upon the performance of the company. I will explain this with an example later in this post.
The premiums mentioned above exclude GST, extra premium and rider premiums, if any.
On Death of Policyholder at any time after Policy Term: Basic Sum Assured
Maturity Benefit at the end of Policy Term(Survival Benefit):
Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus
Optional Benefit: LIC’s Accidental Death and Disability Benefit Rider:
It is an optional rider available for LIC New Jeevan Anand Policy. You can opt for this rider by paying additional premium. Under an inforce policy the Accidental Death and Disability Benefit Rider can be opted for at any time within the premium paying term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 year.
In case of accidental death during the policy term, accident benefit sum assured will be payable as lumpsum along with the death benefit under the basic plan.
In case of accidental permanent disability arising due to accident, an amount equal to the accident benefit assured will be paid in equal monthly installments spread over 10 years and future premiums shall be waived.
Jeevan Anand LIC Policy Details with Example
Let me explain everything that i told above with an example to understand even better.
Example – Mr. Kiran wants buy a policy new jeevan anand policy. His profile is as follows.
Age: 30 Years | Term: 20 Years | Sum Assured: Rs.10 Lakhs
The 1st year premium chart will be as follows.
| Basic Premium | GST (4.5%) | Total Premium | |
| Yearly | 56849 | 2558 | 59407 |
| Half-Yearly | 28725 | 1293 | 30018 |
| Quarterly | 14513 | 653 | 15166 |
| Monthly | 4838 | 218 | 5056 |
After 1st year, GST on basic premium will be 2.25%. Correspondingly the premium that you pay from 2nd on wards will be as follows
| Basic Premium | GST (4.5%) | Total Premium | |
| Yearly | 56849 | 1279 | 58128 |
| Half-Yearly | 28725 | 646 | 29371 |
| Quarterly | 14513 | 327 | 14840 |
| Monthly | 4838 | 109 | 4947 |
Also let us assume that the Simple Reversionary Bonus declared every year average as Rs.45 per Rs.1000 sum assured. As i already told you, this is not fixed, it is different every year declared by LIC based on its performance during the financial year. It also different based upon the term that you choose. We are assuming average bonus to make it simple.
The following table shows the Actual Bonus Declared by LIC from 2014 to 2018. You can als0 view future bonus declared by lic on this page.
| Year | 15 Year Term | 16 to 20 Year Term | 21 to 35 Year Term |
| 2014 | 40 | 44 | 48 |
| 2015 | 41 | 45 | 49 |
| 2016 | 41 | 45 | 49 |
| 2017 | 41 | 45 | 49 |
| 2018 | 41 | 45 | 49 |
Now, Rs.45 per Rs.1000 will become Rs.45000 for Rs.10 Lakh sum assured {45 x (10,00,000/1000) = Rs.45000}.
Now, let me explain how much benefit the policy holder or the nominee will receive in different cases.
Case 1:Kiran Dies after 15 years of paying premium:
In this case, policy term is still 5 years more. Kiran paid policy premium for 15 years and died before maturity of the policy. His nominee will receive the following benefits as per the policy terms.
As i explained above, his nominee will receive the highest of the 3 components, i.e.,
- 125% of basic sum assured = 125% of Rs.10 Lakhs = Rs.12,50,000
- 10 times the annual premium = Rs.56849 * 10 = Rs.5,68,490 (Here we have to consider basic premium amount only. We have to exclude GST from total premium that he paid)
- 105% of all premiums paid = (105% of (56849 * 15)) = (105% of (8,52,735)) = Rs.895371.75
His nominee will receive Rs.12,50,000 (Plus)
Simple Reversionary Bonus = 15 x 45000 = Rs.6,75,000 (Plus)
Final additional Bonus = Rs. 20 per 1000 Sum Assured. That means a Final Addition Bonus of 20 x (10,00,000/1,000) = Rs. 20,000.
So, His nominee will receive a total amount of Rs.19,45,000 (Rs.1250000 + Rs.675000 + Rs.20000).
| Total Premium Paid | Rs.891105 |
| Basic Sum Assured | Rs.1250000 |
| Simple Reversionary Bonus | Rs.675000 |
| Additional Bonus | Rs.20000 |
| Total Death Benefit | Rs.1945000 |
Case 2:Kiran Survives till the end of Policy Term
In this case, kiran survived till the end of policy term, hence he is entitled receive maturity benefit of ‘Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus’.
Basic Sum Assured = Rs.10,00,000
Simple Reversionary Bonus = 20 x 45000 = Rs.9,00,000 (Plus)
Final additional Bonus = Rs. 20 per 1000 Sum Assured. That means a Final Addition Bonus of 20 x (10,00,000/1,000) = Rs. 20,000.
Hence, Kiran receives the maturity benefit = Rs.1000000 + Rs.900000 + Rs.20000 = Rs.19,20,000
Case 3:Kiran Died at any time after Policy Term
In this case, Kiran already received maturity benefit. Now, he died after completion of policy term. His nominee is entitled to receive basic sum assured.
Hence, his nominee will receive Rs.10 Lakhs.
LIC New Jeevan Anand Premium Calculator
You can calculate new jeevan anand policy premium amount on lic all in one calc app. You can download it and select the jeevan anand (815). Enter the age, sum assured & term period, submit the form. It will display the premium amount exactly that you need to pay 1st year and for rest of the policy term. You can download this app on your android phone. Open this page on your mobile and click the link mentioned below and install the app. You can also search for ‘all in one calc lic’ in google play store.
Click here to download LIC All in One Calc App
Sample Premium Illustration
In this premium chart, i have considered Basic sum assured as Rs.10 Lakh. The following premium amounts are 1st years total premium amount including GST payable annually. 50 Years old persona cannot subscribe to 35 years because the maximum age to maturity is 75 years. Hence, 50 year old person can opt for up to 25 years term.
| Age | 15 Years Term | 25 Years Term | 35 Years Term |
| 20 Years | 78865 | 43278 | 28582 |
| 30 Years | 82347 | 45787 | 30988 |
| 40 Years | 88236 | 50549 | 35904 |
| 50 Years | 97965 | 58998 | NA |
Payment of Premiums: A grace period of 30 days allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium as also the unpaid premium/s falling due before the next anniversary of the policy.
Revival of Discontinued Policies: If the Policy has lapsed due to non payment of due premium within the grace period, it may be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of the first unpaid premium and before the end of the policy term, on submission of proof of continued insurability to the satisfaction of the LIC and the payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by LIC from time to time.
LIC New Jeevan Anand Maturity Calculator
I will provide Lic Jeevan Anand Mmaturity Calculator in mean time. Kindly visit back later for the maturity calculator. This tool provide fairly accurate value. Please remember that, this tool provides surrender value. This calculator cannot display death benefit amount.
LIC New Jeevan Anand Tax Benefits
Premium – Premium amount paid during financial year are eligible for tax deduction under section 80c upto a maximum limit of Rs.1.50 Lakh. There other components under Sec 80C. To be able to eligible for this exemption, the premium should be restricted to 10% of the basic sum assured amount.
Survival Benefit – The amount that you receive at the time of policy maturity is exempt from taxation under Section 10(10D).
Death Claim – Death claim amount received by nominee is completely exempt from taxation under Section 10(10D).
LIC Jeevan Anand Surrender Value: The policy can surrendered after paying three full year premiums. The surrender value shall be a percentage of total premiums paid (net of tax) excluding any extra premiums and premiums for riders, if opted for. The percentage depends on the Policy Term and policy year in which the policy is surrendered.
In addition to premiums, you will also receive surrender value of vested simple reversionary bonuses as well and final bonus if any.
I will update the lic jeevan anand surrender value calculator on this page asap.
Paid Up Value – A policy will be called paid up policy when the policy holder stop paying premium after paying premium atleast for 3 years. In this case, policy holder do not surrender or cancel the policy till the end of policy term.
The basic sum assured amount will be adjusted as per the premiums paid. In case of a paid up policy vested bonuses shall be payable only if at least 3 full years’ premiums have been paid. In case the premiums are not duly paid, the policy shall cease to participate in profits irrespective of whether or not the policy has acquired paid up value (reduced Basic Sum Assured).
Cooling-off Period or Cancelling Policy: If you are not satisfied with the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover and charges for medical examination, special reports, if any and stamp duty.
LIC Loan Facility: You can avail loan only after paying 3 full year premiums. The loan will be within the surrender value of the policy. The must be assigned to the corporation. Interest on Loan shall be paid on compounding half yearly basis to LIC and the rate of interest will be intimated at the time of taking loan.
Suicide: In case the policy holder commits suicide at any time within 12 months from the date of commencement of risk and Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in-force. The Corporation will not entertain any other claim under this policy.
Documents required for LIC New Jeevan Anand Policy:
To buy LIC New Jeevan Anand Plan, one has to submit the following documents:
- Duly filled Proposal Form
- Passport size photos
- KYC Documents
How to Claim Lic Jeevan Anand Policy:
Death Claim: In case of death of the policy holder, the claimant (nominee or legal heirs) should submit the following documents while lodging the claim
- Claim forms
- Original policy document
- NEFT mandate from the claimant for direct credit of the claim amount to the bank account
- Proof of Title
- Death Certificate
- Accident/disability Proof
- Medical treatment prior to the death
- Employer’s certificate (In case of employees)
Maturity or Surrender Claim: The policy holder shall submit the following forms to claim amount.
- Discharge form
- Original policy document
- NEFT mandate from the claimant for direct credit of the claim amount to the bank account
Accidental disability/death claim: The applicable statements from the following list may be called to ascertain circumstances under which death / disability took place.
- Certified copy of first information report (FIR)
- Certified copy of police inquest report
- Copy of panchanama
- Post mortem report to know the probable cause of death
- News paper cuttings where accident is reported
If death is due to vehicle accident
- Copy of driving licence, if life assured was driving the vehicle.
- Sub-divisional magistrate final verdict about death
When accident is not reported to police authorities, like death due to dog or snake bite, then alternate proofs such as statement of eye witness, affidavit of gramsevak or govt. officials, our own enquiry report, attending physician or hospital reports may be sufficient. Hospital treatment records, etc.
You can find LIC Surrender Form, Maturity Form & Neft Mandate forms here.
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