{"id":1783,"date":"2026-11-04T05:37:11","date_gmt":"2026-11-04T05:37:11","guid":{"rendered":"https:\/\/www.coversure.in\/blog\/?p=1783"},"modified":"2026-11-13T11:46:43","modified_gmt":"2026-11-13T11:46:43","slug":"lic-new-jeevan-anand-plan-715-meaning-benefits-returns-who-should-buy-it","status":"publish","type":"post","link":"https:\/\/www.coversure.in\/blog\/life-insurance\/lic-new-jeevan-anand-plan-715-meaning-benefits-returns-who-should-buy-it\/","title":{"rendered":"LIC New Jeevan Anand (Plan 715): Meaning, Benefits, Returns & Who Should Buy It"},"content":{"rendered":"

LIC New Jeevan Anand: The Endowment Plan That Refuses to Say Goodbye<\/b><\/h2>\n\n\n\n
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Quick Gist<\/b><\/h3>\n

LIC’s New Jeevan Anand (Plan 715, UIN 512N279V03) is a participating, non-linked endowment plan that also provides lifelong cover. You choose a policy term of 15 to 35 years and pay premiums throughout it. If you die during the term, nominees receive the higher of 125% of the sum assured or seven times the annualised premium, plus declared bonuses, never below 105% of premiums paid. If you survive, you receive the sum assured plus bonuses at maturity, and the policy then pays the basic sum assured on later death with no further premiums. Entry age is 18 to 50, and the minimum sum assured is \u20b92,00,000.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The Policy That Outstays Its Own Ending<\/b><\/h3>\n

A typical endowment plan makes a tidy promise. Pay for a fixed number of years, collect a lump sum, and the file closes. The cover vanishes the moment the cheque clears. New Jeevan Anand breaks that script. At maturity you collect your money, and the cover stays.<\/span><\/p>\n

A little context explains why that matters. On 1 September 1956, Parliament nationalised life insurance in India and merged more than 245 insurers and provident societies into the Life Insurance Corporation of India, with \u20b95 crore of government capital and a brief to take cover to every corner of the country. LIC remains state-owned, is headquartered in Mumbai and has been listed on the exchanges since May 2022. Its shelf carries term, endowment, money-back and whole life plans, and each solves a different problem.<\/span><\/p>\n

New Jeevan Anand sits between two of those shelves. It is an endowment plan, with a fixed term and a maturity payout, wearing a whole-life tail. “Par, non-linked” completes the description. Participating means the policy shares in LIC’s surplus through bonuses. Non-linked means no market units are involved. The sum assured is fixed, and only the bonuses move.<\/span><\/p>\n

One note on names. This is New Jeevan Anand (plan 715). The original Jeevan Anand, sold from 2002 to 2014 under Table 149, is a different policy. If that older one is the policy in your drawer,<\/i><\/b> LIC Policy Check<\/i><\/b><\/a> can work out what it would pay today and what it earns a year.\u00a0<\/i><\/b><\/p>\n

New Jeevan Anand at a Glance<\/b><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Parameter<\/b><\/td>\nNew Jeevan Anand<\/b><\/td>\n<\/tr>\n
Plan type<\/span><\/td>\nParticipating, non-linked, individual endowment savings plan with lifelong cover<\/span><\/td>\n<\/tr>\n
Plan no. \/ UIN<\/span><\/td>\n715 \/ 512N279V03<\/span><\/td>\n<\/tr>\n
Policy term<\/span><\/td>\n15 to 35 years<\/span><\/td>\n<\/tr>\n
Premium paying term<\/span><\/td>\nSame as the policy term<\/span><\/td>\n<\/tr>\n
Entry age<\/span><\/td>\n18 (completed) to 50 (nearer birthday); maturity age capped at 75<\/span><\/td>\n<\/tr>\n
Sum assured<\/span><\/td>\nFrom \u20b92,00,000, no upper limit<\/span><\/td>\n<\/tr>\n
Cover after maturity<\/span><\/td>\nBasic sum assured on death, with no further premiums<\/span><\/td>\n<\/tr>\n
Premium frequency<\/span><\/td>\nYearly, half-yearly, quarterly, monthly (NACH only) or salary deduction<\/span><\/td>\n<\/tr>\n
Lowest sample premium<\/span><\/td>\n\u20b96,517 a year for \u20b92 lakh at age 20 on the 35-year term, before taxes. Monthly mode carries no rebate, so expect a figure a touch above one-twelfth of the annual premium<\/span><\/td>\n<\/tr>\n
Lock-in<\/span><\/td>\nNo formal lock-in. Surrender opens after year one, with a guaranteed value from two full years of premiums<\/span><\/td>\n<\/tr>\n
Charges<\/span><\/td>\nNone itemised, so costs sit inside the premium. Extras: taxes, underwriting extra premium, rider premiums, a \u20b975 duplicate-policy fee, and loan and revival interest<\/span><\/td>\n<\/tr>\n
Policy loan<\/span><\/td>\nUp to 75% of surrender value (65% if paid-up) after two years of premiums<\/span><\/td>\n<\/tr>\n
Free look<\/span><\/td>\n30 days<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Note:<\/b> interest rates quoted in LIC’s literature are for 2024-25 and reset every May, so confirm the current figure before you commit.<\/span><\/p>\n

If this gets too complex or overwhelming, reach out to a CoverSure advisor!<\/i><\/b><\/a><\/p>\n

The Features, One at a Time<\/b><\/h3>\n

A Term You Choose, a Premium You Keep Paying<\/b><\/h4>\n

Policy terms run from 15 to 35 years, and unlike limited-pay plans, premiums continue for the whole term. Maturity age cannot pass 75, so the longest terms belong to younger entrants. Rohan, 30, picks \u20b910 lakh on a 35-year term. The sample rate scales to roughly \u20b934,800 a year before rebates, paid until 65. Thirty-five years of due dates is a long relationship, and the Insurance Portfolio feature in the<\/span> CoverSure app<\/span><\/a> keeps every policy and renewal date in one dashboard.<\/span><\/p>\n

Death Benefit During the Term<\/b><\/h4>\n

With the policy in force, the nominee receives the higher of 125% of the basic sum assured or seven times the annualised premium, plus vested bonuses and any final additional bonus. The total never falls below 105% of premiums paid. Rohan’s cover therefore opens at \u20b912.5 lakh. To test whether a figure like that fits your own household, run it through<\/span> CoverSure’s CoverRisk Calculator<\/span><\/a>.<\/span><\/p>\n

Maturity Benefit and the Bonus Layers<\/b><\/h4>\n

Survive the term and you receive the basic sum assured plus vested simple reversionary bonuses and any final additional bonus. Reversionary bonuses are declared at the end of each financial year and, once declared, become guaranteed. The final additional bonus arrives only at death or maturity, and never on paid-up policies. Anything above the sum assured depends on LIC’s experience. Rohan’s premiums total about \u20b912.2 lakh before rebates, against a \u20b910 lakh guaranteed sum, so bonuses decide whether he gains.<\/span><\/p>\n

Cover After Maturity: The Signature Feature<\/b><\/h4>\n

After the term ends, the policy does not close. If Rohan dies at 80, his nominee receives the basic sum assured of \u20b910 lakh, with no premiums due and no bonuses added. The cover shrinks from \u20b912.5 lakh to \u20b910 lakh at maturity and then holds steady. It is modest and fixed, but permanent, which few savings plans offer. The final sum can settle last expenses or leave a small legacy.<\/span><\/p>\n

Rebates and Premium Modes<\/b><\/h4>\n

Paying yearly earns a 2% rebate on tabular premium, and half-yearly earns 1%. Quarterly, monthly and salary deduction earn none. The high sum assured rebate is nil below \u20b95 lakh, then \u20b92.50 per \u20b91,000 of cover from \u20b95 lakh and \u20b94 from \u20b910 lakh. Sample premiums for \u20b92 lakh run from \u20b919,914 (age 50, 15-year term) down to \u20b96,517 (age 20, 35-year term). Short terms cost far more per year, and long terms cost far less.<\/span><\/p>\n

Riders, Including Critical Illness<\/b><\/h4>\n

Four riders exist: Accidental Death and Disability Benefit, Accident Benefit (pick one of these two), New Term Assurance and a Critical Illness Health Rider, with three the maximum in all. The critical illness rider is available only at inception and offers 15 illnesses, or 40 with an assisted living benefit, for up to 25 years. On a \u20b95 lakh rider with the 40-illness option, seven named conditions also trigger \u20b95,000 a month for 36 months, or \u20b91.8 lakh. Its premium may reach 100% of the base premium, while other life riders are capped at 30%.<\/span><\/p>\n

Instalment Options for Maturity and Death Benefits<\/b><\/h4>\n

Maturity money can arrive in instalments over 5, 10 or 15 years if you opt at least three months before the date. Say a \u20b914 lakh maturity arrives and you route 50% into ten yearly instalments. The \u20b97 lakh keeps earning interest while it waits, so each instalment exceeds \u20b970,000, and the first is paid on the maturity date. Minimum instalments are \u20b95,000 monthly, \u20b915,000 quarterly, \u20b925,000 half-yearly and \u20b950,000 yearly. The death benefit can be paid in instalments too, if you choose that during your lifetime.<\/span><\/p>\n

Surrender Value and Policy Loans<\/b><\/h4>\n

Year one returns nothing. Year two guarantees 30% of premiums paid, year three 35%, and years four to seven 50%. On a 35-year term, the guaranteed value reaches about 53% by year ten. Rohan, surrendering then with \u20b93.5 lakh paid, would see a guaranteed floor near \u20b91.9 lakh, plus a factor on vested bonuses. A loan is the gentler exit: up to 75% of that surrender value, about \u20b91.4 lakh, at 9.5% compounded half-yearly for loans sanctioned in 2024-25.<\/span><\/p>\n

Missed Premiums, Paid-Up Status and Fine Print<\/b><\/h4>\n

Grace is 30 days, or 15 for monthly mode. After one full year of premiums, a lapsed policy turns paid-up with benefits cut in proportion. If Rohan stops after seven years, his maturity paid-up sum assured is \u20b910 lakh x 7\/35, or \u20b92 lakh. After three full years of premiums, a death within six months of the first unpaid premium still pays the full sum assured less dues, and after five years that window stretches to twelve months. Suicide within 12 months of risk start limits the payout to 80% of premiums.<\/span> Know Your Policy<\/span><\/a> turns the policy document into plain language.<\/span><\/p>\n

Pros and Cons<\/b><\/h3>\n

What works<\/b><\/h4>\n