What is Jeevan Anand?
LIC New Jeevan Anand (Plan No. 715) is a participating, non-linked endowment plan that provides a unique combination of protection and savings. What makes it special is that the life cover for Sum Assured continues even after the maturity amount is paid out. This means your family gets the Sum Assured again on death, even after you've already received the maturity benefit.
Key Features
- Dual Benefit: Maturity benefit at end of term + continued life cover for SA amount
- Bonus: Simple Reversionary Bonus at approximately ₹50 per ₹1,000 SA per year
- Final Additional Bonus (FAB): One-time bonus at maturity for qualifying policies
- Tax Benefits: Premiums qualify for Section 80C deduction. Maturity proceeds tax-free under Section 10(10D) if premium ≤ 10% of SA
- Loan Facility: Loan available after policy acquires surrender value (3 years)
Eligibility Criteria
- Minimum Entry Age: 18 years (completed)
- Maximum Entry Age: 50 years (nearest birthday)
- Maximum Maturity Age: 75 years
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No upper limit
- Policy Term: 15, 16, 17, 18, 19, 20, 21, 25, 30, 35 years
- Premium Payment: Regular — same as policy term
Maturity Benefit
Maturity = Sum Assured + Accrued Bonus + Final Additional Bonus (FAB)
Example: For ₹10,00,000 SA, age 25, 20-year term:
- Sum Assured at maturity: ₹10,00,000
- Accrued Bonus (₹50 × 1000 × 20): ₹10,00,000
- Final Additional Bonus: ~₹2,20,000
- Total Estimated Maturity: ~₹22,20,000
Plus, life cover of ₹10,00,000 continues after maturity — this is the unique Jeevan Anand advantage!
Death Benefit
- During policy term: "Sum Assured on Death" + Accrued Bonus + FAB (if applicable). Sum Assured on Death = Higher of (10 × Annual Premium) or (1.25 × Basic SA)
- After maturity (post term): Basic Sum Assured is payable on death even though maturity has already been received
Premium Payment Modes
- Yearly: Base rate (no loading)
- Half-Yearly: ~51.3% of annual premium
- Quarterly: ~25.8% of annual premium
- Monthly (ECS/NACH): ~8.7% of annual premium
Sum Assured Rebates
- ₹2,00,000 to ₹4,99,999: Rebate of ₹1.50 per ₹1,000 SA
- ₹5,00,000 and above: Rebate of ₹2.00 per ₹1,000 SA
Jeevan Anand vs Other LIC Plans
- vs New Endowment (714): Jeevan Anand has slightly higher premiums but provides continued life cover after maturity. Endowment plan stops coverage at maturity.
- vs Jeevan Labh (736): Jeevan Labh has limited premium paying terms (better CAGR) but does not offer post-maturity life cover. Jeevan Anand requires premiums throughout the term.
- vs Money Back Plans: Money Back provides periodic survival benefits during the term. Jeevan Anand pays everything at maturity but with continued life cover.
Who Should Buy Jeevan Anand?
- People who want guaranteed savings with life insurance
- Those looking for lifelong protection even after receiving maturity money
- Individuals who want tax-free maturity + Section 80C benefits
- Conservative investors preferring guaranteed returns over market-linked products