If you’re researching LIC New Jeevan Anand, it’s important to note that the plan most articles describe, Plan 915, was withdrawn on October 1, 2024. The version LIC actually sells today is Plan 715 (UIN 512N279V03). The core concept is the same, but several specific terms have changed. Here’s what’s verified directly from LIC’s current official brochure.
What Makes Jeevan Anand Different From a Standard Endowment Plan?
This plan is often summarised with the line “Zindagi ke saath bhi, zindagi ke baad bhi”, with you in life, and after life too. Unlike a regular endowment plan, where your life cover ends once you receive your maturity payout, Jeevan Anand continues providing life cover after maturity, for the rest of your life, at no further premium cost. This is the plan’s defining feature, and the reason it’s remained popular across multiple LIC generations.
What Are the Actual Eligibility Terms?
- Entry age: 18 to 50 years. Unlike some LIC savings plans, this one does not accept minors.
- Maximum maturity age: 75 years
- Policy term: 15 to 35 years, a notably wide range
- Minimum Basic Sum Assured: ₹2,00,000, with no upper limit
Sum Assured multiples work on a slab basis: ₹5,000 for amounts from ₹2,00,000 to ₹4,50,000, ₹50,000 for amounts above ₹4,50,000 up to ₹9,00,000, and ₹1,00,000 for anything above ₹9,00,000.
How Does the Maturity Benefit Actually Work?
This is a participating (par) plan, meaning your returns include bonuses declared periodically based on LIC’s actual performance, not a fixed guaranteed rate the way LIC’s non-participating plans like Bima Jyoti work. At maturity, you receive:
Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus (if declared)
Because bonus rates aren’t fixed in advance, your actual maturity value depends on what LIC declares over your policy term. LIC’s own illustrations show this at two assumed rates, 4% and 8% per annum, explicitly noting these are illustrative assumptions, not guarantees or limits on what you might actually receive. For a projection specific to your age, sum assured, and term, use LIC’s official calculator or request a personalised benefit illustration, since the bonus-dependent nature of this plan makes generic figures unreliable.
What Happens on Death, Both During and After the Policy Term?
This is where the plan’s signature feature shows up clearly, and it’s worth understanding both scenarios:
Death during the policy term:
The nominee receives the “Sum Assured on Death”, the higher of 125% of the Basic Sum Assured or 7 times the annualised premium, plus any vested Simple Reversionary Bonuses and Final Additional Bonus. This is guaranteed to be at least 105% of total premiums paid to date.
Death after the policy term has ended (meaning after you’ve already received your maturity payout):
The nominee receives the Basic Sum Assured again, without the bonus component, since bonuses were already paid out at maturity. This is the “double benefit” feature that distinguishes Jeevan Anand from a standard endowment plan, life cover simply continues for life at no extra cost once your savings goal has already been met.
What Riders Are Available?
Four optional riders can be added:
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider (choose either this or the Accidental Death and Disability Rider, not both)
- LIC’s New Term Assurance Rider, for additional pure term cover
- Critical Illness Health Rider, with a choice of coverage for 15 or 40 major critical illnesses, the latter including an Assisted Living Benefit for certain conditions
Is GST Charged on This Plan?
No. LIC’s official brochure explicitly states the GST rate as “NIL” for both the first year and subsequent years, noting that “currently, it is exempted.” This is consistent with the broader GST Council decision removing GST on individual life insurance premiums from September 22, 2025.
What Are the High Sum Assured Rebates?
LIC offers a rebate on premium for larger sum assured amounts: no rebate below ₹5,00,000, a rebate of 2.5 per mille of Basic Sum Assured between ₹5,00,000 and ₹10,00,000, and 4 per mille at ₹10,00,000 and above.
Loan and Surrender Terms
You can surrender after one full year of premiums, though Guaranteed Surrender Value specifically applies only after two full years. Loans are available after one year, at a maximum of 50% of surrender value before two years of premiums, rising to 75% after two years for in-force policies, notably lower than the 80% available on Bima Jyoti.
How Does This Compare to LIC’s Other Savings Plans?
Jeevan Anand’s defining trade-off is straightforward: you get lifelong protection continuing after maturity, a feature none of LIC’s pure endowment plans offer, but your returns are bonus-dependent rather than fully guaranteed. If a fixed, predictable maturity figure matters more to you than continued lifelong cover, a non-participating plan like Bima Jyoti offers that certainty instead. If you specifically want life cover that doesn’t simply end once you’ve collected your maturity payout, Jeevan Anand is built for exactly that.
For a comparison against LIC’s fully guaranteed savings option, see our breakdown of LIC’s New Bima Jyoti.
To know more about the different LIC plans types that may suit your needs, have a look at our complete LIC plans guide here.
Frequently Asked Questions
Is LIC New Jeevan Anand Plan 915 still available?
No. Plan 915 was withdrawn on October 1, 2024. The current version is Plan 715 (UIN 512N279V03), which has several updated terms, including a higher minimum sum assured and revised loan and rebate structures.
What is the minimum sum assured for the current Jeevan Anand plan?
₹2,00,000, with no upper limit, following a slab-based multiple structure for amounts above that.
Does LIC New Jeevan Anand cover life after the policy matures?
Yes, this is the plan’s defining feature. After maturity, life cover continues for the rest of your life at no further premium cost. If death occurs after maturity, the nominee receives the Basic Sum Assured again, without the bonus component already paid out at maturity.
Are the returns on this plan guaranteed?
Not fully. As a participating plan, part of your return comes from Simple Reversionary Bonuses and a possible Final Additional Bonus, both declared periodically by LIC based on actual performance, not fixed in advance.
Is GST charged on LIC New Jeevan Anand premiums?
No. LIC’s official brochure confirms the GST rate is currently nil, consistent with the broader exemption on individual life insurance premiums effective from September 22, 2025.
Can minors be covered under this plan?
No. The minimum entry age is 18 years, unlike some other LIC savings plans that accept minors from a much younger age.
Last Updated on 23 hours ago by Team Paisaseekho
