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A Dive into LIC New Jeevan Anand Plan (915)

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Life Insurance Corporation of India (LIC), a renowned name in the insurance industry, has been safeguarding the financial well-being of millions of individuals for decades. Established in 1956, LIC has built a strong reputation for its comprehensive range of life insurance products and exceptional customer service. With a vast network of branches and agents across the country, LIC has become synonymous with trust and reliability.

In this article, we will explore one of LIC's flagship plans called the LIC New Jeevan Anand Plan. Designed to provide financial protection and savings benefits, this plan offers a unique combination of life coverage and maturity benefits. With flexible premium payment options and a guaranteed sum assured, the New Jeevan Anand Plan aims to secure the future of policyholders and their loved ones.

Let’s dive into the details of the LIC New Jeevan Anand Plan to explore its features, benefits, and how it can serve as a comprehensive life insurance solution for individuals seeking financial security and long-term savings. We will also discover the key aspects of this plan so that you can make an informed decision about securing your financial future with LIC.

LIC Jeevan Anand: An Overview

LIC Jeevan Anand Plan is essentially a fusion of endowment assurance and whole life insurance policy benefits. This insurance product is designed to offer financial protection against unforeseen circumstances like death throughout the life assured’s lifetime. The payment here is made in lump sum towards the end of the set tenure if the life assured survives.

The premiums for this plan can be paid annually, half-yearly, monthly, quarterly, or even via salary reduction - whichever method the life assured chooses. Besides the death benefit and survival benefit, the life assured also gets to earn bonuses in the form of a portion of the profits with this with-profit plan. These bonuses are added during the set term or till death. An additional, final bonus is also paid in case the policy has been active for a certain period.

All About LIC New Jeevan Anand Plan

After LIC Jeevan Anand Policy was withdrawn, LIC released a new version called LIC New Jeevan Anand Policy (Plan no. 915). This is a non-linked, participative, individual, and life assurance plan which offers a combination of savings and life protection.

Simply put, you get financial coverage against death throughout the lifetime along with the benefit of lump sum payment at the end of the selected policy tenure if you survive the policy period. Furthermore, what sets the New Jeevan Anand Plan apart from the rest is that it takes care of liquidity through its loan facility.

Why Should You Buy the New Jeevan Anand Plan?

The following benefits offered under the LIC New Jeevan Anand Plan make it a worthy life assurance plan to buy -

  • Death Benefit - Given that the life assured has paid all the premium due, the following death benefit is assured in case of their sudden demise -
    • In case the life assured passes away before the policy matures, a death benefit that is equivalent to the sum assured on death with incentives like an additional final bonus and simple reversionary bonuses are paid (if applicable). The sum assured on death is usually 125% of the basic sum assured or 7x the total premium. Furthermore, the death benefit cannot be less than 105% of the total premiums paid till the date of death. 
    • If the life assured passes away once the policy tenure expires, only the fundamental sum assured is paid to the beneficiary. 
  • Maturity Benefit - If the life assured survives the policy tenure (given that the policy is in force), they are paid the sum assured on maturity with additional incentives like final bonuses and simple reversionary bonuses. Note that this sum assured on maturity is equivalent to the basic sum assured. 
  • Participation in Profits - This is a with-profit plan that participates in the profits of LIC. This way, the life assured is also entitled to earn Simple Reversionary Bonuses and a final bonus. The Simple Reversionary Bonuses are declared as per the Corporation’s performance during the policy tenure (given that all the premium amounts are paid).

The final bonus is declared under the policy in case of a death claim during the policy tenure or when the policy is due for maturity (when the policy is in force). It is important to note that the final bonus is not paid under the paid-up policies. 

Features of LIC New Jeevan Anand Policy for 15 Years

Discussed below are the salient features of the LIC New Jeevan Anand Plan -

  • Policy Loans - A key feature of this LIC life assurance plan is that you can take out a loan against it. However, this facility is available only if you have paid premiums for two consecutive years. 
  • Revive Lapsed Policy - The policy can lapse if the premiums are not paid during the grace period. You can, however, revive the policy after 5 years from the date of the first unpaid premium but before the policy tenure ends.
  • Improved Coverage with Riders - Here are the riders available under the New Jeevan Anand Plan -
    • LIC’s Accidental Death and Disability Benefit Rider
    • LIC’s New Term Assurance Rider
    • LIC’s Accident Benefit Rider
    • LIC’s New Critical Illness Benefit Rider
  • Surrender Value - The New Jeevan Anand Plan (No. 915) enables you to surrender the policy and get the surrender value. However, this facility is available only after 2 years of paying the premium in full. When you surrender the policy, either the Guaranteed Surrender Value or the Special Surrender Value (whichever is higher) is paid.

Riders Available with LIC New Jeevan Anand Plan

There are 4 riders available under the New Jeevan Anand Plan. However, you can opt for either Accidental Death and Disability Benefit add-on or an Accident add-on at once, and a maximum of 3 riders can be availed of under the policy.

Here are the add-ons available with the LIC New Jeevan Anand Plan -

  • LIC’s Accidental Death and Disability Benefit Rider - The life assured can opt for this policy at any point when the policy is in force and within the policy tenure. Another condition applicable to this rider is that there should be at least 5 years remaining for paying the premium of the main plan and the rider. The benefit under this rider is available for the policy tenure or at the time when the life assured turns 70, whichever comes first. If the life assured chooses the accidental death benefit, a lump sum equivalent to the Accident Benefit Sum Assured is payable. However, if a disability is caused due to the accident (within 180 days of the accident), monthly instalments equivalent to the Accident Benefit Sum Assured would be paid across 10 years and the future premiums for the Accident Benefit Sum Assured and the outstanding premium for the fundamental Sum Assured get waived. 
  • LIC’s Accident Benefit Rider - The life assured can opt for this rider in their existing New Jeevan Anand Plan at any point as long as both the base plan and the rider have a remaining premium paying tenure of at least 5 years. However, they must do so before the policy anniversary, when the life assured reaches 65 years old. The Accident Benefit rider offers coverage when the life assured reaches the age of 70 years or during the policy term, whichever comes earlier. If the life assured chooses this rider and experiences accidental death, the Accident Benefit Sum Assured will be paid as a lump sum to the beneficiary.
  • LIC’s New Term Assurance Rider - This LIC rider is available right from the inception of the policy. The coverage offered is available during the policy tenure. When the life assured opts for this rider, the beneficiary is paid an amount called Term Assurance Rider Sum Assured at the time of the life assured’s death during the policy tenure. 
  • LIC’s New Critical Illness Benefit Rider - This rider is only available at the start of the policy and provides coverage throughout the policy term. If chosen, upon the first diagnosis of any of the specified 15 Critical Illnesses (declared by LIC) covered, the Critical Illness Sum Assured will be paid out.

The premium for LIC's Accident Benefit Rider/LIC's Accidental Death and Disability Benefit Rider and LIC's New Critical Illness Benefit Rider cannot be more than 100% of the premium for the main plan. Additionally, the total premiums for all other life insurance riders combined cannot be more than 30% of the premiums for the main plan.

Note - The above rider sum assured cannot go beyond the fundamental sum assured under the original plan. 

Exclusions Under LIC New Jeevan Anand Plan

It’s important to note that LIC New Jeevan Anand Plan does not cover suicide and the policy can become void under the following situations -

  • If the life assured commits suicide at any point within the first 12 months of the policy, Life Insurance Corporation will not settle any claim under the policy besides the 80% of the total premiums paid, given the policy is active.
  • If the life assured commits suicide within 12 months from the revival date, the amount that is higher of 80% of the overall premiums paid is payable. In such a case, LIC would not settle any other claim under this policy.

Check out some frequently asked questions related to the LIC New Jeevan Anand Plan in the next section -

Frequently Asked Questions

Q1. Can an expatriate avail of the New Jeevan Anand plan?

Ans: In accordance with Indian regulations, expatriates are eligible to purchase insurance plans from Indian Insurance Companies. To proceed, the Non-Resident must submit the necessary documents and a duly completed registration form. Once LIC completes the required verification process, a confirmation will be sent to the buyer within 15 to 20 working days.

Q2. Can the Life Insurance Corporation of India fortify your policy directly?

Ans: In case of the insurance plan holder providing misleading or deceptive information, LIC reserves the right to forfeit the policy directly. Additional details regarding this matter can be referenced in Section 45 of the Insurance Act, 1938.

Q3. What are the basic requirements when the beneficiary makes a death claim?

Ans: In order to initiate a claim, the nominated beneficiary must provide the claims form and the original policy documents issued by LIC in the insured's name. Furthermore, the beneficiary must furnish all relevant details and documents such as bank account information, the death certificate, medical treatment records preceding the insured's demise, and any other applicable documents.

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