LIC New Jeevan Anand Plan (915)

LIC’s New Jeevan Anand Plan (915) is a traditional savings cum and insurance protection plan. This plan is eligible to receive a bonus. The risk coverage under this plan continues even after the policy term and the death benefit is paid even if the insured dies after the completion of the policy term. 

Launch Date1st February 2020
Table Number915
Product TypeEndowment
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How it works


The policyholder chooses the Sum Assured and the Term of the plan when buying the policy. Based on the age of the insured, sum assured and the policy term selected, the premium is determined. The policyholder is required to pay premiums for the entire duration of the policy term.

If the insured survives till the end of the policy term and all premiums have been paid, a Maturity Benefit would be paid to the policyholder. Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared. Now whenever the death of the policyholder happens (even after the policy term), the nominee will additionally get the Sum Assured amount as the Death Benefit.

However, if the insured dies during the policy term, then Death Benefit would be payable to the nominee which would be as follows: the Sum Assured on Death + Vested Bonus till the date of death + any Final Addition Bonus.

The Sum Assured on Death will be as follows: Higher of 125% of the Basic Sum Assured or 10 times the annual premiums paid subject to a minimum of 105% of total premiums paid till death.


We will explain the plan with the help of an example.

Example – Naveen, aged 35 years, buys LIC’s New Jeevan Anand Plan.
Sum Assured = Rs. 5 lakhs
Policy term = 20 years.

Annual Premium for the 1st year - Rs. 30,492 at 4.5% GST
Annual Premium 2nd year onwards -  Rs. 29,836 at 2.25% GST

The premium would be payable for the entire duration of 20 years.

Other Assumptions:

Simple Reversionary Bonus declared every year = Rs. 45 per 1000 Sum Assured. That means a bonus of 45 x (5,00,000/1,000) = Rs. 22,500 every year. Please note that there is no guarantee that this same bonus rate will be applicable – it could be higher or lower every year.

Final Addition Bonus* = Rs. 70 per 1000 Sum Assured. That means a Final Addition Bonus of 70 x (5,00,000/1,000) = Rs. 35,000 when the policy ends.

*It varies according to the Sum Assured and the Term of your policy

Scenario 1 – Naveen survives till the end of the policy tenure,

In this case, the Sum Assured of Rs. 5 lakhs would be paid along with the simple reversionary bonuses and any Final Bonus declared by the company.
He gets: Sum Assured + Bonuses declared for 20 years + Final Addition Bonus if declared. That means he gets the Maturity Amount of Rs. 5,00,000 + (Rs. 22,500 x 20) + Rs. 35,000 = Rs. 9,85,000
Also as and when he dies even after the policy term, his nominee will also be eligible to receive the Sum Assured of Rs. 5,00,000

Scenario 2 – Naveen dies in the 17th year of the plan
Here, Naveen’s nominee would get the Sum Assured on Death along with the vested bonus and any Final Bonus. The Sum Assured on death would be higher of 125% of the Basic Sum Assured or 7 times the annual premiums paid subject to a minimum of 105% of total premiums paid till death. So,
125% of the Basic Sum Assured = 125% of Rs. 5 lakhs = Rs. 625,000
7 times the annual premium = (30,492 x 7) = Rs. 213,444
105% of all premiums paid = 105% x (30,492 x 17) = Rs. 544,282.
Therefore, the Sum Assured on Death would be the highest of the above options = Rs. 625,000

His Nominee gets: Death Benefits Payable = Rs. 6,25,000 + Rs. (22,500 x 17) + Rs. 35,000 = Rs. 10,42,500

Check the Bonus rates of LIC New Jeevan Anand Policy

Maturity Calculator


You can use this to get a fairly accurate estimate of the Maturity Value of your LIC New Jeevan Anand plan. The amount of LIC New Jeevan Anand Returns is totally tax-free.

LIC New Jeevan Anand
Maturity Calculator


  Minimum Maximum
Sum Assured (in Rs.) 1,00,000 No-Limit
Policy Term (in years) 15 35
Premium Payment Term (in years) 5 57
Entry Age of Policyholder (last birthday) 18 years 50 years
Age at Maturity (last birthday) - 75
Payment modes Yearly, Half-yearly, Quarterly, Monthly 

Surrender Value

Paid-up Value

If the policyholder has paid the first two years’ premiums and future premiums have not been paid, the policy becomes a paid-up policy. The Basic Sum Assured under the plan is reduced in proportion to the number of premiums paid against the total number of premiums payable. Future bonuses are not added and on death or maturity, the reduced Sum Assured along with the vested bonuses is paid.

Surrender Value

If the policyholder wants, he can surrender his policy and avail the Surrender Value. The policy acquires a Surrender Value only if the first two years’ premiums have been paid. Higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) is paid on surrendering the plan. GSV and SSV are calculated as follows:
GSV = (total premiums paid* GSV Factor) + (vested bonus * GSV factor of Bonus)
SSV is declared by the company based on its performance.

Free-look Period

If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.



If the insured commits suicide within 12 months of policy inception only 80% of the premium paid is refunded. 
If suicide is committed within 12 months of policy revival, a higher of 80% of the premium paid or the Surrender Value is paid.


angle down iconHow much bonus is declared under the plan?

The rate of bonus is not fixed. It varies depending on the performance of the insurer and is paid only if the insurer makes a profit in any financial year.

angle down iconWhat type of bonus is declared under the policy?

The plan pays simple reversionary bonuses for every year the policy is in force. On death during the plan tenure or on maturity, a Final Bonus might also be paid in addition to the vested bonuses.

angle down iconAre riders available under the plan?

Yes, the plan offers an optional Accidental Death and Disability Benefit Rider which can be taken for a minimum Sum Assured of Rs.1 lakh and a maximum of Rs.1 crore by individuals aged between 18 years to 70 years.

angle down iconAre there any rebates on the premium?

The plan offers two types of premium rebates. First, the high Sum Assured rebate which offers a rebate of 1.50% to 3% if the Sum Assured is Rs.2 lakhs and above. The second rebate offered is for paying the premium in annual or half-yearly mode. For annual mode, the rebate is 2% of the tabular premium while for the half-yearly mode the rebate is 1%.

angle down iconDoes the plan provide a loan facility?

Yes, policyholders can avail of a loan under the plan if they have paid at least the first 2 years’ premiums and the plan has acquired a Surrender Value.

angle down iconHow much is the revival period?

You can revive your lapsed policy within 5 years of the last paid premium

Claim Process


1. How to make a maturity or surrender claim?
A maturity claim is easy to make. The policyholder would have to fill and sign the claim discharge form and submit it to the insurer for availing the maturity benefit along with the original policy document, NEFT Mandate Form, and age proof if age was not admitted earlier.
In case of surrender, the policyholder should inform the company in writing to avail the surrender value.

The maturity or surrender amount can be either claimed lump sum or in installments of 5, 10, or 15 years. For this, you just need to inform the company 3 months prior to the maturity date.

2. How to make a death claim?
In case of a death claim, the nominee should fill up the claim discharge form and submit it to the company along with -

  • Original policy document
  • NEFT Mandate Form for the direct settlement of claim into the nominee’s bank account
  • Proof of Title which is the nominee’s Identity Proof
  • Proof of Death - death certificate
  • Medical treatments availed prior to death
  • Proof of age if age was not admitted in the policy
  • Police inquest report, newspaper cuttings reporting the accident, copy of driving license for road accidents, post-mortem report, etc. might be required in case of accidental or unnatural death.