New Jeevan Anand (Plan No:815) Details:
New Jeevan Anand (Table No: 815) is one of the most sold endowment plans of LIC, which provides Risk Cover even after maturity for the lifetime. Accidental Death and Disability Benefit Rider makes this plan more beneficial as it provides the additional amount equal to the basic sum assured in case of death. This article gives comprehensive details of policy and various benefits associated with New Jeevan Anand Plan with help of the example.
Plan Parameters
| Age of Entry | 18 to 50 years Calculate your Age |
|---|---|
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Calculate Premium |
| Policy Term | 15 to 35 Years |
| Basic Sum Assured | 100000 and above ( in multiple of 5000) |
| Policy Revival | within 2 year |
| Premium Mode Rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly |
| Loan | After 3 years |
| Surrender | After 3 years of full premium payment [ Surrender Value Calculator] |
LIC New Jeevan Anand (815) Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his or her survival.
Policy Benefits :
Jeevan Anand (815) Policy with Example:
To Illustrate the benefits of New Jeevan Anand, Let's take an example of a person who is purchasing New Jeevan Anand Plan with following details.
| Sum Assured (Rs.) | 5,00,000 |
| Age (Years) | 25 |
| Policy Term(Years) | 25 |
| Purchase Year | 2017 |
| Yearly Premium (Rs.) | 21,472 |
| Total Paid Premium (Approx)(Rs.) | 5,36,800 |
(To know premium and benefits as per your details, please use Premium Calculator and maturity Calculator for this plan.)
After taking policy as above details, there are two possible cases are, either policyholder survives 25 years policy term or death happens before 25 years.
1. Case:1 (Maturity Details):
If policyholder survives the policy term (25 years), Maturity will be asunder.
| Maturity Year | 2042 | |
|---|---|---|
| Age at Maturity | 50 | |
| Sum Assured (A) | 500000 | |
| Bonus (Approx) (B) | 837500 | |
| Total Maturity (A+B) | 1337500 | |
Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.
| Year | Age | Normal Life Cover |
|---|---|---|
| 2042+ | 50+ | 500000 |
Case:2 (Death Claim Details):
If death happens during the policy term ( Before 25 years ), 125% of Sum Assured + Bonus + Final Addition Bonus(FAB) is paid to the nominee and it is indicated as Normal Life Cover. In case of accidental death, the additional amount equal to sum assured is also added death claim amount, the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefits according to accumulated bonus and FAB is illustrated below.
| Year | Age | Premium Deposited | Normal Life Cover (Approx) | Accidental Life Cover (Approx) | Return |
|---|---|---|---|---|---|
| 2017 | 25 | 21,472 | 6,25,000 | 11,25,000 | -- |
| 2018 | 26 | 42,944 | 6,55,625 | 11,55,625 | -- |
| 2019 | 27 | 64,416 | 6,86,250 | 11,86,250 | -- |
| 2020 | 28 | 85,888 | 7,16,875 | 12,16,875 | -- |
| 2021 | 29 | 1,07,360 | 7,47,500 | 12,47,500 | -- |
| 2022 | 30 | 1,28,832 | 7,78,125 | 12,78,125 | -- |
| 2023 | 31 | 1,50,304 | 8,08,750 | 13,08,750 | -- |
| 2024 | 32 | 1,71,776 | 8,39,375 | 13,39,375 | -- |
| 2025 | 33 | 1,93,248 | 8,70,000 | 13,70,000 | -- |
| 2026 | 34 | 2,14,720 | 9,00,625 | 14,00,625 | -- |
| 2027 | 35 | 2,36,192 | 9,31,250 | 14,31,250 | -- |
| 2028 | 36 | 2,57,664 | 9,61,875 | 14,61,875 | -- |
| 2029 | 37 | 2,79,136 | 9,92,500 | 14,92,500 | -- |
| 2030 | 38 | 3,00,608 | 10,23,125 | 15,23,125 | -- |
| 2031 | 39 | 3,22,080 | 10,53,750 | 15,53,750 | -- |
| 2032 | 40 | 3,43,552 | 11,03,125 | 16,03,125 | -- |
| 2033 | 41 | 3,65,024 | 11,36,875 | 16,36,875 | -- |
| 2034 | 42 | 3,86,496 | 11,73,750 | 16,73,750 | -- |
| 2035 | 43 | 4,07,968 | 12,10,625 | 17,10,625 | -- |
| 2036 | 44 | 4,29,440 | 12,63,125 | 17,63,125 | -- |
| 2037 | 45 | 4,50,912 | 13,00,000 | 18,00,000 | -- |
| 2038 | 46 | 4,72,384 | 13,61,875 | 18,61,875 | -- |
| 2039 | 47 | 4,93,856 | 14,36,250 | 19,36,250 | -- |
| 2040 | 48 | 5,15,328 | 15,16,875 | 20,16,875 | -- |
| 2041 | 49 | 5,36,800 | 15,78,750 | 20,78,750 | -- |
| 2042 | 50 | -- | -- | -- | 13,37,500 |
NB: Above example has been prepared for illustration purpose. The Bonus rate has been taken as Rs. 49 per thousand of sum assured which is as per last declared and FAB rate as Rs. 450 per thousand of sum assured. for More details, please refer to LIC Website and in case of any query please write your comment below.
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