LIC New Jeevan Anand Plan 715
Offline Premium & Maturity Calculator with Lifetime Cover Option
LIC New Jeevan Anand Plan 715 Overview
LIC's New Jeevan Anand Plan 715 is one of the most popular endowment assurance plans in India. It is a participating, non-linked plan that offers an amazing double benefit: **Maturity payout at the end of the term, plus lifetime risk coverage even after maturity**. In simple terms, "Zindagi ke saath bhi, Zindagi ke baad bhi."
Eligibility & Rules
- Entry Age: 18 to 50 Years
- Policy Term: 15 to 35 Years
- Minimum Sum Assured: ₹1,00,000
- Maximum Maturity Age: 75 Years
Key Plan Benefits
- Death Benefit (During Term): 125% of Basic SA + Vested Bonus + Final Additional Bonus.
- Maturity Benefit: Basic Sum Assured + Vested Bonus + Final Additional Bonus.
- Lifelong Risk Cover: Free life cover equal to Basic SA continues even after the maturity period.
Detailed Maturity Benefit
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). Payable on surviving the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Age of Policyholder | 30 Years |
| Policy Term | 20 Years |
| PPT (Premium Paying Term) | 20 Years |
| Yearly Premium (Approx, Base) | ₹29,800 |
| Total Premiums Paid (Approx) | ₹5,96,000 |
| Bonus (Approx) | ₹4,60,000 |
| FAB (Approx) | ₹1,80,000 |
| Lifetime Free Cover (After Maturity) | ₹5,00,000 |
| Total Maturity Benefit | ₹11,40,000 |
Calculating…