Side-by-Side Comparison Table
Here's a comprehensive feature-by-feature comparison of both plans:
| Feature |
⭐ Jeevan Anand (715) |
🛡️ New Endowment (714) |
| Plan Type | Endowment + Whole Life | Pure Endowment |
| Minimum Entry Age | 18 years | 8 years ✓ |
| Maximum Entry Age | 50 years | 55 years ✓ |
| Max Maturity Age | 75 years | 75 years |
| Policy Terms Available | 15–21, 25, 30, 35 years | 12, 14, 16, 18, 20, 25, 30, 35 years ✓ |
| Minimum Sum Assured | ₹1,00,000 | ₹1,00,000 |
| Bonus Rate | ₹50/1000 SA/yr ✓ | ₹48/1000 SA/yr |
| Final Additional Bonus (20yr) | ₹220/1000 SA ✓ | ₹210/1000 SA |
| Premium Paying Term | Same as policy term | Same as policy term |
| Post-Maturity Life Cover | ✅ YES — Lifelong! | ❌ No |
| Maturity Benefit | SA + Bonus + FAB | SA + Bonus + FAB |
| Death Benefit After Maturity | ✅ Basic SA payable | ❌ Nothing |
| Approx. Premium (Age 25, 20yr, ₹10L) | ~₹58,794/yr | ~₹55,294/yr ✓ |
| Tax Benefits | 80C + 10(10D) | 80C + 10(10D) |
The Key Difference — Post-Maturity Life Cover
The single biggest difference between these two plans is what happens AFTER maturity:
⭐ Jeevan Anand (715) — After Maturity
You receive the full maturity amount (SA + Bonus + FAB). AND your life cover continues for life. If you pass away anytime after maturity, your nominee gets the basic Sum Assured again — at no extra cost!
🛡️ New Endowment (714) — After Maturity
You receive the full maturity amount (SA + Bonus + FAB). Policy ends. No further life cover. If you pass away after maturity, nominee gets nothing from this policy.
Example: Mr. Sharma buys ₹10 Lakh SA Jeevan Anand, 20-year term. At maturity he receives ~₹22.2 Lakh. Years later, if he passes away at age 75, his nominee receives an additional ₹10 Lakh (the basic SA). With New Endowment, the nominee would receive nothing after maturity.
Premium Comparison — Same Age & SA
How much more does Jeevan Anand cost? Let's compare for ₹10,00,000 SA, 20-year term:
| Entry Age | Jeevan Anand (715) | New Endowment (714) | Extra Cost/yr |
|---|
| Age 20 | ~₹56,700 | ~₹53,300 | ₹3,400 |
| Age 25 | ~₹58,800 | ~₹55,300 | ₹3,500 |
| Age 30 | ~₹61,500 | ~₹57,500 | ₹4,000 |
| Age 35 | ~₹65,600 | ~₹60,900 | ₹4,700 |
| Age 40 | ~₹71,600 | ~₹66,400 | ₹5,200 |
*Approximate yearly premium including GST (2.25% renewal rate) after SA rebate for ₹10L. Rates are indicative. Use our Premium Calculator for your exact amount.
Key takeaway: Jeevan Anand costs only ₹3,000-5,000 more per year for ₹10L SA. That's roughly ₹280-420/month extra — for which you get lifelong life cover worth ₹10 Lakh. Most experts consider this excellent value.
Maturity Amount Comparison
For ₹10,00,000 SA, Age 25, 20-year term:
| Component | Jeevan Anand (715) | New Endowment (714) |
|---|
| Sum Assured | ₹10,00,000 | ₹10,00,000 |
| Bonus (rate × 1000 × 20yr) | ₹10,00,000 (₹50×) | ₹9,60,000 (₹48×) |
| FAB (20yr term) | ₹2,20,000 (₹220×) | ₹2,10,000 (₹210×) |
| Estimated Maturity | ₹22,20,000 | ₹21,70,000 |
| Total Premium Paid (20yr) | ~₹11,76,000 | ~₹11,06,000 |
| Estimated Profit | ~₹10,44,000 | ~₹10,64,000 |
| Post-Maturity Death Benefit | ₹10,00,000 ✅ | ₹0 ❌ |
Bottom line: The maturity amounts are very similar (₹50,000 difference). But Jeevan Anand gives you an additional ₹10 Lakh life cover for life — making it the clear winner for value.
🧮 Calculate Your Maturity Amount →
Who Should Buy Which Plan?
⭐ Choose Jeevan Anand (715) if:
- You are 18 years or older
- You want lifelong life cover even after maturity
- You can afford the slightly higher premium
- You want to leave a guaranteed legacy for your family
- You want the higher bonus rate (₹50 vs ₹48)
🛡️ Choose New Endowment (714) if:
- You are buying for a child below 18 (min age 8)
- You want a shorter term (12 or 14 years)
- You are above 50 years (715 max age is 50)
- You want the lowest possible premium
- You don't need post-maturity life cover
💡 Expert Tip (Haresh Hirapara): For adult buyers between 18-50, Jeevan Anand is almost always the better choice. The extra ₹3,000-5,000/year is a small price for lifelong ₹10L coverage. However, if budget is very tight, New Endowment Plan is still an excellent savings plan.
Frequently Asked Questions
What is the main difference between Jeevan Anand and New Endowment Plan?+
The main difference is that LIC Jeevan Anand (Plan 715) provides life cover even AFTER maturity — the Sum Assured remains payable on death even after you receive the full maturity payout. New Endowment Plan (714) does not — all coverage ends at maturity. This unique post-maturity life cover is why Jeevan Anand has slightly higher premiums.
Which plan has a higher bonus rate?+
Jeevan Anand (Plan 715) has a higher bonus rate of approximately ₹50 per ₹1,000 SA per year, compared to New Endowment Plan (714) which has approximately ₹48 per ₹1,000 SA per year. Over a 20-year policy with ₹10L SA, this results in ₹40,000 more bonus for Jeevan Anand.
Can children buy Jeevan Anand?+
No, LIC Jeevan Anand (Plan 715) has a minimum entry age of 18 years. For children, New Endowment Plan (714) is the better option as it allows entry from age 8 years. Plan 714 is widely used for children's education and marriage funds.
Is Jeevan Anand worth the extra premium?+
For most buyers, yes. The extra premium for Jeevan Anand is typically ₹3,000-5,000 per year for ₹10L SA — roughly ₹250-420 per month. In return, you get lifelong life cover (Sum Assured payable on death even after maturity). This is considered excellent value by most insurance advisors. However, if budget is extremely tight, New Endowment is still a solid plan.
What happens to Jeevan Anand after maturity payout?+
After maturity, you receive the full amount (SA + Bonus + FAB). The policy then converts to a free whole-life cover. Your life remains covered for the basic Sum Assured — with no further premiums to pay. When the policyholder passes away (at any age), the nominee receives the basic Sum Assured as a death benefit. No other LIC endowment plan offers this feature.
⚠️ Disclaimer
This article is published by LIC-Calculator.com for educational and informational purposes only. We are not affiliated with LIC of India. Premium and maturity figures are approximate and based on publicly available information. Actual amounts may vary. For official rates, visit licindia.in.
This is not financial advice. The comparison is educational. Please consult a certified financial advisor before making insurance decisions. Past bonus rates do not guarantee future rates.