Planning for the future requires tools that offer both immediate stability and long-term protection. LIC’s New Jeevan Anand (Plan No. 915) stands out as a unique financial instrument that blends the features of an endowment plan with whole life coverage. Because it is a participating, non-linked plan, it provides a structured approach to savings that remains independent of volatile market fluctuations.
The Core Foundations of the Plan
To understand if this policy fits your financial goals, it is essential to look at its primary structural features:
- Eligibility and Terms: The plan is open to individuals between the ages of 18 and 50 years, with policy terms ranging from 15 to 35 years.
- Sum Assured: The policy offers a minimum Basic Sum Assured of ₹1,00,000, with no upper limit on the maximum amount.
- Flexible Premium Payments: To accommodate various financial cycles, premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis (via SSS or NACH).
How Benefits Work
The beauty of the New Jeevan Anand plan lies in its multi-stage benefit structure, ensuring that your family remains protected even after your policy term concludes.
1. Survival to Maturity
If you survive until the end of the chosen policy term, you receive the Basic Sum Assured plus any vested and final additional bonuses. Significantly, the policy does not end here; the life cover continues for the rest of your life.
2. Death During the Policy Term
Should an unfortunate event occur during the policy term, the nominee receives the Death Sum Assured (the higher of defined amounts) along with accrued bonuses, and the policy concludes.
3. Whole Life Protection (Post-Maturity)
The unique advantage of this plan is that if death occurs anytime after the maturity date, the nominee receives the Basic Sum Assured again.
Illustrative Scenario: The Journey of Mr. Ajay
To visualize how these benefits materialize, consider the example of Mr. Ajay, who enters the plan at age 30 with a 25-year policy term and a Basic Sum Assured of ₹10,00,000.
- Investment Phase: With an estimated annual premium of ₹48,000, he pays a total of ₹12,00,000 over the 25-year tenure.
- At Maturity (Age 55): Mr. Ajay receives the Basic Sum Assured (₹10 Lakhs) combined with assumed bonuses (e.g., ₹8 Lakhs), resulting in a total lump sum payout of ₹18 Lakhs.
- Post-Maturity Coverage: Even after receiving this payout, his life cover remains active. If he were to pass away later (e.g., at age 85), his nominee would receive the original Basic Sum Assured of ₹10 Lakhs.
Additional Advantages
Beyond the core death and maturity benefits, the plan incorporates features that enhance its utility:
- Financial Flexibility: Policyholders can utilize the loan facility if required.
- Customization: You can add riders, such as the Accidental Benefit rider, to provide extra layers of protection.
- Tax Benefits: Premium payments and policy benefits are eligible for tax benefits under sections 80C and 10(10D) of the Income Tax Act.
Disclaimer: The numbers provided in this overview are purely illustrative and not guaranteed; actual payouts depend on policy terms and LIC’s performance. Please consult an authorized LIC agent for details specific to your profile.
Balancing Prosperity and Protection: A Deep Dive into LIC’s Jeevan Labh
Are you tired of watching your hard-earned savings get eaten away by inflation? Many of us are constantly on the lookout for the perfect balance between growing our wealth and keeping it safe. In a world full of volatile market trends, there is a certain peace of mind that comes with government-backed investments. As we…
Continue Reading Secure Your Future: Top 10 Government Investment Schemes to Consider in 2026
In today’s volatile financial landscape, where stock markets can swing wildly and inflation constantly erodes the value of idle cash, finding a safe harbor for your savings is more important than ever. But what if that safe harbor could also provide a significant, guaranteed return? If you are sitting on a surplus of funds—perhaps a…
Continue Reading Turn ₹2 Lakhs into ₹3+ Lakhs: A Smart Investor’s Guide to SBI Fixed Deposits
When it comes to putting your money to work, the “Post Office” is often the first place that comes to mind for many of us. It’s reliable, government-backed, and feels like home. But if you have ₹50,000 ready to invest, you might find yourself at a crossroads: Should you go for a Fixed Deposit (FD)…
Continue Reading Invest Wisely: Choosing Between Post Office FD and RD for Your Savings
Retirement is not just a destination; it is a meticulously planned journey. While we spend our working lives building careers and managing daily expenses, the most critical investment we make is the one for our future selves. In India, the landscape of retirement planning has evolved significantly, offering a mix of government-backed security and market-linked…
Continue Reading Securing Your Golden Years: The Ultimate Guide to Retirement Planning in India
Retirement should be a time of relaxation, travel, and spending quality time with loved ones—not worrying about finances. For many senior citizens in India, Fixed Deposits (FDs) have long been the bedrock of a safe and secure investment strategy. They offer guaranteed returns, capital preservation, and the peace of mind that comes with knowing your…
We often hear about the importance of protein, but do you know why it’s truly the MVP of your diet? Protein is the essential building block for our bodies—it’s responsible for everything from repairing muscles after a tough workout to keeping us feeling full and satisfied throughout a busy day. Whether you are looking to…
Continue Reading Power Up Your Plate: The Ultimate Guide to Protein-Rich Eating
Shreejith is the founder of InfographicStory.com, a hub for visual learning and data storytelling. Dedicated to simplifying complex ideas, he creates infographics that turn facts into insights. Have questions or collaboration ideas? Reach out to him at storyinfographic@gmail.com.