LIC New Jeevan Anand 915 – LIC of India launched a new plan on 1st february 2020, which name is LIC New Jeevan Anand Plan 915 (LIC Table No 915) is whole life plan with Guaranteed Returns and Protections because it is not market based plan.

LIC New Jeevan Anand 915 is an endowment and whole life policy along with Bonus facility. “LIC New Jeevan Anand 915″ is a Double Death Benefit Plan, if the life insured survives till the end of the policy term.

LIC New Jeevan Anand policy has average premium, high bonus rate and great features. One of the main whole life features is that the nominees get the sum assured when the policyholder dies. With this feature you will get the money twice.

Key Features

• LIC New Jeevan Anand 915 is combination of Endowment and term insurance policy i.e. Double Benefit Endowment plan, if person lives till end of Term of the policy will be given Maturity Benefit and Risk Cover will continue till 100 years or death whichever is earlier. Death Benefit amount paid to Nominee.
• Accident Benefit rider is not inbuilt in this plan. You can opt for Accidental and disability Benefit Rider and Critical Illness Rider by paying small Amount of Premium.
• This is a High Bonus and High liquidity and whole life plan.
• Paid premium under New Jeevan Anand 915 is exempted under section 80c
• Maturity or death claim is tax free under section 10(10D) of Income Tax act.

LIC new jeevan anand 915 Parameters/Eligibility

LIC Jeevan Anand Plan 915 Rebates

This plan provides 2 types of discounts Mode Rebate and Sum Assured Rebate. Detailed Information about rebates is mention below.

Mode Rebate

              Yearly              – 2% on tabular premium

              Half yearly     – 1% on tabular Premium

Sum Assured Rebate

Maturity and Death Benefits

Maturity benefits and Death benefits are provided under LIC New Jeevan Anand plan 915.

Maturity Benefit

On completion of Premium Paying term, LIC Jeevan Anand Provides Maturity which is equal to Basic Sum Assured + Simple Revisionary Bonus + Final Addition Bonus (FAB), if Any. LIC declares Simple Revesionary Bonus or simply Bonus for each policy year during policy term.

Death Benefit

If the Insured person dies within the Policy Term then Nominee of the Policy will be given  Death Benefit Sum Assured on Death + Simple Reversionary Bonus + final additional bonus if any

Sum Assured on Death means 125% of Basic sum assured (1.25 x BSA) or 7 times Annual Premium (10 x AP) whichever is higher that amount will be paid to nominee.  Death benefit paid should not be less than 105% of total premiums paid upto the date of death.

LIC New Jeevan Anand plan 915 with an Example

An example of Ramesh who is purchasing this Plan with following details.

LIC new Jeevan Anand Policy 915 Additional Information

Date of Commencement of Risk: Immediately.

Risk Coverage: End of the Policy Term.

Locking period: 2 years.

Loan Facility: Available after 3 years.

Income Tax Benefit - Income Tax Benefits available on Paid Life Insurance Premium U/Sec 80C and Maturity Benefit will also be tax free under section 10(10)D.

Riders available: You can opt for Accident and disability Benefit Rider, term rider and Critical Illness Rider by paying small Amount with the basic premium.

Policy Revival: Policy can be revived before 5 years from date of FUP.

Suicide Clause: If insured commit suicide before 12 months he will be returned back 80% of premium what he paid.

Proposal Forms : Proposal Form no. 300 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan.