LIC New Jeevan Anand Plan 715: Complete Guide & Benefits
Explore the features, benefits, and returns of the LIC New Jeevan Anand Plan 715. Get expert financial planning advice to secure your family’s future in India.
INSURANCE
Sundhari S Mahila Career Adviser – LIC Tindivanam
7/20/20267 min read
LIC New Jeevan Anand Plan 715
Introduction
Finding the right balance between lifelong protection and guaranteed savings is a core part of family financial planning. For Indian middle-class families, salaried professionals, and self-employed individuals, securing the future while building a retirement corpus is a top priority. This is exactly where the LIC New Jeevan Anand Plan 715 stands out.
Unlike standard insurance policies that end once the policy term is over, this plan offers dual benefits: a lump sum at the end of the term and continued life cover for your entire life—even after you stop paying premiums. Whether you are a first-time insurance buyer or looking to diversify your long-term savings, understanding how this policy works can help you make a well-informed decision for your family’s security.
What is LIC New Jeevan Anand Plan 715?
The LIC New Jeevan Anand Plan 715 is a participating, non-linked, individual life insurance policy. In simple terms, it is a combination of an Endowment Plan and a Whole Life Plan.
Purpose of the policy: To provide financial protection to the policyholder’s family against unfortunate events, while accumulating a guaranteed savings corpus for future goals.
Type of plan: Endowment + Whole Life Insurance.
Main features: It pays a maturity benefit at the end of the selected term, but the life cover continues until the policyholder reaches 100 years of age.
Who it is designed for: It is highly recommended for individuals seeking long-term savings, retirement planning, and a financial legacy for their children.
Key Features
When evaluating insurance options, understanding the core features of the LIC New Jeevan Anand Plan 715 is crucial. Here is what makes it a top choice:
Lifelong Life Cover: The risk cover does not stop at maturity. The nominee receives the death benefit upon the policyholder's death, making it a whole life policy.
Savings Element: A portion of your premium goes toward building a cash corpus that earns annual bonuses declared by LIC.
Maturity Benefit: At the end of your chosen term, you receive the Basic Sum Assured along with accumulated bonuses.
Death Benefit: If the policyholder passes away during the term, the family receives up to 125% of the Basic Sum Assured plus bonuses.
Bonus Eligibility: As a participating plan, it is eligible for LIC’s Simple Reversionary Bonus and Final Additional Bonus.
Loan Facility: Once you have paid premiums for at least two full years, the LIC Jeevan Anand loan facility, explained in the policy documents, allows you to borrow against your policy for emergencies.
Tax Benefits: Premiums paid and returns earned may offer tax advantages, making this option attractive to taxpayers.
Revival Options: If you miss premium payments, the policy can be revived within a specific period (usually 5 years) from the date of the first unpaid premium.
Benefits of the Policy
Guaranteed Financial Security for Your Family
The primary advantage of this plan is peace of mind. In the unfortunate event of the policyholder’s demise during the premium-paying term, the family receives a lump sum. This can help cover household expenses, children’s education, and liabilities.
Double Death Benefit
This is a unique highlight. If the policyholder survives the policy term, they receive the maturity amount. However, the life cover continues. If they pass away years later, the family receives the Basic Sum Assured again.
Wealth Creation and Savings
Because this plan participates in LIC’s profits, your investment can grow over time. Longer policy term options may increase the compounded benefits through Final Additional Bonuses.
Liquidity During Emergencies
Life is unpredictable. If you face a financial crisis, the built-in loan facility can help you avoid breaking your long-term investments. You may take a loan against the policy's surrender value.
Eligibility Criteria
To purchase this policy, you must meet the age and policy term requirements set by the Life Insurance Corporation of India.
Premium Details
Flexibility is a major advantage of LIC policies. You can align your premium payments with your income cycle.
Premium payment options: You can pay your premiums yearly, half-yearly, quarterly, or monthly through NACH or salary deductions.
Grace Period: A 30-day grace period is allowed for yearly, half-yearly, and quarterly modes, and a 15-day grace period is allowed for the monthly mode.
Factors affecting premium: Your entry age, the chosen sum assured, the policy term, and your medical history determine your exact premium amount.
Policy Benefits Explained
Death Benefit
If the policyholder dies during the policy term, the nominee receives “Sum Assured on Death” plus vested Simple Reversionary Bonuses and Final Additional Bonus (if any). The “Sum Assured on Death” is defined as the higher of 125% of the Basic Sum Assured or 7 times the annualised premium.
If the policyholder dies after the policy term (post-maturity), the nominee receives the Basic Sum Assured.
Maturity Benefit:
If you survive till the end of the policy term, LIC pays out the Basic Sum Assured, plus the vested Simple Reversionary Bonuses, plus the Final Additional Bonus. This lump sum may be tax-free, subject to applicable rules.
Bonus and Guaranteed Addition:
LIC declares bonuses annually based on its valuation. While not technically “guaranteed” upfront, LIC has a long track record of declaring stable Simple Reversionary Bonuses year after year, which can boost your final payout. ut.
Riders Available
To make your coverage more robust, you can customise your plan using LIC Jeevan Anand riders and add-on covers by paying a small extra premium:
LIC’s Accidental Death and Disability Benefit Rider provides an additional sum assured in case of accidental death. It waives future premiums and provides monthly income in the event of accidental permanent disability.
LIC’s Accident Benefit Rider provides an extra lump sum purely for accidental death.
LIC’s New Term Assurance Rider: Increases the total death benefit by adding a pure term insurance component to the base plan.
LIC’s New Critical Illness Benefit Rider: Pays a lump sum if you are diagnosed with any of the 15 specified critical illnesses, helping you manage expensive medical bills.
Tax Benefits
One of the main reasons professionals choose this plan is its excellent tax efficiency. Under Section 80C: The premiums you pay every year may be eligible for tax deduction up to ₹1.5 Lakhs under the LIC Jeevan Anand tax benefits under Section 80C rules. Under Section 10(10D), the maturity amount and death benefit payouts you or your family receive may be tax-free under Section 10(10D) of the Income Tax Act.ct.
(Note: Tax laws are subject to change over time based on government regulations. Always consult your financial planner for the latest updates.)
How to Buy the Policy
Purchasing the LIC New Jeevan Anand Plan 715 is straightforward, especially when guided by a professional.
Consulting an Expert: The best approach is to contact a certified LIC advisor. At Nila Safe Life Solutions, we provide personalised consultation to help you choose the right term and sum assured.
Documents Required: You will need basic KYC documents (Aadhaar Card, PAN Card), a passport-sized photograph, address proof, and income proof (salary slips or ITR for higher sum assured amounts).
Medical Examination: Depending on your age and the chosen sum assured, LIC may require a routine medical check-up to issue the policy. Buying Online vs Offline: While direct online purchases are possible, having an agent like Sundhari S can help with form filling, underwriting, and future claim settlements.
Real-Life Example
Let us look at a practical example of LIC Jeevan Anand for salaried employees.
Customer Profile: Mr Ramesh, a 30-year-old salaried professional.
Sum Assured Chosen: ₹5,00,000
Policy Term: 21 Years
Premium Payment: Ramesh pays an annual premium of approximately ₹ 29,000. At Age 51 (Maturity), Ramesh survives the 21-year term. He receives his Basic Sum Assured (₹5,00,000) + Accumulated Bonuses. Based on current LIC bonus rates, his estimated maturity amount may be around ₹10,50,000 to ₹11,00,000.00.
After Age 51, Ramesh stops paying premiums, but his ₹5,00,000 life cover continues. If he passes away at age 75, his nominee receives an additional ₹5,00,000.
LIC Jeevan Anand Maturity Calculator
Advantages and Limitations
When comparing LIC Jeevan Anand with other endowment plans, it is important to weigh the pros and cons objectively.
Who Should Buy This Policy?
This policy is incredibly versatile, making it ideal for various profiles:
Young Professionals: Starting early means lower premiums. It acts as a disciplined savings tool while offering life cover right from your 20s.
Parents: If you are using LIC Jeevan Anand for family financial planning, the maturity amount can fund higher education or weddings, while the whole-life cover serves as a financial legacy. Middle-Class Families: It offers a balance between risk-free, guaranteed returns and life protection. For Salaried Employees: The steady premium deductions may help reduce annual taxes while encouraging disciplined savings. Women and Homemakers: Securing a policy can support financial independence in the later years of life.fe.
Important Points to Consider Before Buying
To get the most out of your insurance, you should be aware of a few LIC Jeevan Anand investment mistakes to avoid:
Avoid Short Terms: Endowment policies generate the best compounding returns over longer durations. Opting for a 15-year term will yield significantly less bonus accumulation than a 25-year term.
Please do not surrender early. The LIC Jeevan Anand surrender value rules state that surrendering the policy before maturity results in a financial loss. Only invest the premium amount you can comfortably pay over the long term.
Choose the Right Riders: Do not skip the accidental or critical illness riders. For a marginally higher premium, they provide immense relief during sudden medical emergencies.
Link with Goals: Always map the maturity date of your policy to a specific life goal, such as your retirement year or your child’s college admission.
Frequently Asked Questions
Can I get a loan on LIC Jeevan Anand 715?
Yes, you can avail of a loan against your policy after completing two full years of premium payments. The loan amount depends on the accumulated surrender value.
What happens if I stop paying premiums after 3 years?
If you have paid premiums for at least two years and stop, your policy becomes a “Paid-up” policy. The sum assured is reduced proportionally, but the policy remains active. However, we recommend continuing to pay to receive full bonuses.
Is the maturity amount of Jeevan Anand tax-free?
Yes, under Section 10(10D) of the Income Tax Act, the maturity payout is entirely tax-free, subject to current tax laws.
How does Jeevan Anand differ from a pure term plan?
A pure term plan only offers a death benefit and has no maturity returns. Jeevan Anand offers a guaranteed maturity payout, accumulated bonuses, and continues the life cover until age 100.
Can NRIs buy the LIC New Jeevan Anand policy?
Yes, Non-Resident Indians (NRIs) can purchase this policy, provided they meet the underwriting criteria either during their visit to India or through mail order, depending on their country of residence.
Conclusion
The LIC New Jeevan Anand Plan 715 is more than just an insurance policy; it is a lifelong financial companion. By combining the wealth-creation aspect of an endowment plan with the permanent security of whole life insurance, you ensure that your life goals are met. At the same time, you are alive, and your family remains financially protected when you are gone. For Indian families seeking safe, tax-efficient, and guaranteed returns, this policy remains a strong choice.
Secure Your Family’s Financial Future with Expert Guidance
Choosing the right sum assured and policy term can be confusing without the right help. Let an expert guide you through the process step-by-step to match your income and future goals.
For a personalised LIC insurance consultation, financial planning, and guidance on government schemes, reach out today!
Sundhari S
Mahila Career Advisor – LIC Tindivanam
Nila Safe Life Solutions
Phone / WhatsApp: 9865822106
Disclaimer: The information provided in this article is for educational and informational purposes only. Insurance is a subject matter of solicitation. Please read the policy documents carefully and consult a financial expert before making any investment or purchasing insurance.
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