New Jeevan Anand Plan (715)

LIC New Jeevan Anand Plan (715) – Introduction

LIC New Jeevan Anand Plan (Plan No. 715) truly lives up to the philosophy “Zindagi ke saath bhi, zindagi ke baad bhi”. It is a traditional participating life insurance plan that combines long-term savings with lifelong protection, making it a popular choice for individuals seeking complete financial security.

On completion of the policy term, the policyholder receives a maturity benefit consisting of the Basic Sum Assured along with accrued bonuses, provided the policy is in force till maturity. What makes this plan unique is that even after receiving the maturity amount, the policy continues to provide a lifetime life cover equal to the Basic Sum Assured, without any further premium payment.

In the unfortunate event of death at any time during the policy term or even after maturity, the death benefit is payable to the nominee, ensuring that the family remains financially protected for life.

Eligibility – LIC New Endowment Plan (714)

• Minimum Age at Entry: 18 years
• Maximum Age at Entry: 50 years
• Policy Term: 15 to 35 years
• Minimum Sum Assured: ₹2,00,000
• Maximum Sum Assured: No limit
• Maturity Age: Up to 75 years

Maturity Benefit & Post-Maturity Life Cover

If the policyholder survives till the end of the policy term and pays all due premiums, the Maturity Benefit is paid as a lump sum, consisting of: Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any).

What makes LIC New Jeevan Anand Plan (715) unique is that even after the maturity amount is paid, the policy does not end. The plan continues to provide a life cover equal to the Basic Sum Assured for the entire lifetime of the insured, without requiring any further premium payments.

In the event of death after maturity, the post-maturity death benefit, equal to the Basic Sum Assured, is payable to the nominee, ensuring lifelong financial protection for the family.

Death Benefit

In the event of the death of the Life Assured during the policy term, provided the policy is in force, the Death Benefit is payable to the nominee as a lump sum, consisting of: 125 % of Basic Sum Assured + Accrued Simple Reversionary Bonuses + Final Additional Bonus (if any).

Optional Benefit Riders

A Rider is an optional add-on benefit that provides additional protection over and above the base policy benefits, in return for an extra premium. Riders enhance the scope of coverage but cannot be purchased separately; they are available only along with the main policy.

• Accidental Death and Disability Benefit Rider (AD & DB): Provides additional financial support in case of accidental death or permanent disability during the rider term.
• Accidental Benefit Rider: Pays an extra amount equal to the rider Sum Assured if death occurs due to an accident.
• New Term Assurance Rider: Provides an additional term insurance cover, increasing the overall life cover during the rider term.

Surrender

The policy may be surrendered after completion of the minimum required premium payments. On surrender, the policyholder receives the Surrender Value as per LIC rules in force.

Loan

A loan can be availed under the policy once it acquires a surrender value. The loan amount is sanctioned as a percentage of the policy’s surrender value, subject to LIC norms.

Grace Period

A grace period of 30 days from the premium due date is allowed, during which the policy continues to remain in force.

Free Look Period

The policyholder is allowed a 15-day free look period from the date of receipt of the policy document to review the terms and conditions and return the policy if not satisfied.