LIC New Jeevan Anand – Plan No. 715
An independent, plain-language look at LIC New Jeevan Anand (Plan No. 715, UIN 512N279V03) — what it offers, who it may suit, and what to check before buying.
Currently Available Endowment Plan UIN: 512N279V03
What Is LIC New Jeevan Anand?
LIC's New Jeevan Anand is a non-linked, participating endowment plan that combines long-term savings with life cover that continues even after the premium-paying and maturity period ends, at a reduced level. On maturity (if the life assured survives the policy term), the sum assured along with applicable bonuses is paid out. If the life assured dies during the policy term, a death benefit is paid to the nominee, and a smaller life cover continues thereafter for the rest of the life assured's life.
Key Features
- Combines an endowment (maturity payout) with a whole-life-style cover that continues after maturity
- Participates in LIC's bonus declarations — simple reversionary bonus plus a final additional bonus, where applicable
- Choice of policy term, typically in the 15–35 year range (subject to LIC's current terms)
- Optional riders such as accident benefit may be available
- Loan against policy is usually available after it acquires a surrender value
Who May Consider This Plan
- Customers who want a single plan combining savings and long-term life cover
- Salaried or self-employed individuals planning a mid-to-long-term financial goal alongside protection
- Those who prefer a participating (bonus-linked) plan over a pure term plan
Important Considerations
Because this plan combines insurance and savings, the life cover for a given premium is typically lower than what a pure term plan would offer for the same outlay. Customers focused purely on maximising life cover at the lowest cost often pair a smaller endowment plan like this with a separate term plan, rather than relying on either alone. Bonus rates are declared by LIC periodically and are not guaranteed in advance.
Example Scenario
Illustrative only, not a quote: A 30-year-old choosing a 20-year policy term would pay a level premium each year (or as chosen) for the premium-paying term, receive the sum assured plus accrued bonuses on maturity at age 50 if they survive the term, and a reduced paid-up cover would then continue for the rest of their life. Actual premium and bonus figures depend on the sum assured chosen and LIC's bonus declarations — request a formal illustration for real numbers.
LIC New Jeevan Anand FAQs
It is a participating endowment (savings) plan with a life cover element that continues at a reduced level after the main policy term — it is not a pure term plan.
Depending on how many years' premiums have been paid, the policy may acquire a paid-up value or surrender value under LIC's current rules; stopping early generally reduces the eventual benefit. Speak to us before letting a policy lapse.
No. Bonus rates are declared by LIC each year based on its performance and are not guaranteed in advance.
Discuss LIC New Jeevan Anand With S. Kulkarni
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