| Age at Entry | |
|---|---|
| Policy Term | |
| Basic Sum Assured | |
| Premium Payment Mode | |
| Mode Rebate | |
| Applicable High Sum Assured Rebate |
| Simple Reversionary Bonus Rate | |
|---|---|
| Accrued Simple Reversionary Bonus | |
| Final Additional Bonus Rate | |
| Final Additional Bonus | |
| Estimated Maturity Benefit |
| Sum Assured on Death | |
|---|---|
| Vested Simple Reversionary Bonus | |
| Final Additional Bonus (if declared) | |
| Illustrated Death Benefit |
| Basic Sum Assured payable on death after policy term |
|---|
When planning for long-term financial stability and savings, selecting an appropriate insurance policy is important. LIC New Jeevan Anand Plan 815 is a widely known life insurance endowment plan from the Life Insurance Corporation of India. It combines life protection with savings and also provides the opportunity to earn bonuses.
The LIC New Jeevan Anand Plan 815 Calculator is a useful tool for understanding the policy’s benefits. It allows prospective as well as existing policyholders to estimate premiums, maturity proceeds, death benefits, and other important policy details.
What is LIC New Jeevan Anand Plan 815?
LIC New Jeevan Anand Plan 815 is a participating, non-linked, with-profits endowment assurance plan. It brings together life insurance protection and savings, providing a lump-sum maturity benefit at the end of the policy term while also offering life cover during the policy period.
Key Features of the Plan
- Policy Term: The policy can be selected for a term between 15 and 35 years.
- Entry Age: Individuals between 18 and 50 years can enter the plan.
- Sum Assured: The minimum Sum Assured is ₹1,00,000, with subsequent amounts available in multiples of ₹5,000.
- Premium Payment: Premiums are payable throughout the policy term and can be paid yearly, half-yearly, quarterly, or monthly.
- Bonuses: The plan participates in LIC’s profits through Simple Reversionary Bonuses and the Final Additional Bonus.
- Risk Cover: If the policyholder dies during the policy term, the nominee receives the applicable Sum Assured along with accumulated bonuses.
- Post-Maturity Cover: After maturity, life insurance protection continues at an amount equal to the Sum Assured.
- Loan Facility: A policy loan can be obtained after at least 3 full years of premium payments.
The policy also offers optional riders, including Accident and Disability Benefits and Critical Illness Benefit Riders, which can provide additional protection.
| Feature | Details |
|---|---|
| Plan Name | LIC New Jeevan Anand Plan 815 (UIN: 512N279V02) |
| Plan Type | Non-linked, participating life insurance cum savings plan |
| Minimum Sum Assured | ₹1,00,000 |
| Policy Term | 15 to 35 years |
| Premium Payment Modes | Yearly, half-yearly, quarterly, monthly |
Benefits of LIC New Jeevan Anand Plan 815
Maturity Benefit
If the policyholder survives until the completion of the selected policy term, the following benefits are payable:
- Sum Assured on maturity.
- Accumulated Simple Reversionary Bonuses.
- Final Additional Bonus (FAB), if declared.
The maturity proceeds are paid as a lump sum. In addition, the plan continues to provide lifelong insurance protection equal to the Sum Assured even after the maturity of the policy.
Death Benefit
If the policyholder passes away during the policy term, the nominee receives:
- 125% of the Sum Assured.
- Simple Reversionary Bonuses accumulated up to the date of death.
- Final Additional Bonus, if declared.
- An additional amount under the Accidental Death Benefit rider, if that rider has been selected.
This benefit is designed to provide financial support to the policyholder’s family in the event of an unexpected death.
Loan and Surrender
- A policy loan can be taken after completing 3 years of premium payments.
- The policy may be surrendered after 3 years, with the surrender value depending on the premiums paid and bonuses accumulated.
Why Use LIC New Jeevan Anand Plan 815 Calculator?
The policy offers several benefits, but manually estimating the premium and maturity amount can be complicated because bonuses are declared periodically and depend on different factors.
The LIC New Jeevan Anand Plan 815 Calculator can help with:
- Estimating yearly, half-yearly, quarterly, and monthly premiums according to age, Sum Assured, policy term, and selected riders.
- Calculating the maturity amount, including applicable bonuses and the Final Additional Bonus.
- Estimating death benefits.
- Showing the surrender value according to the policy duration.
- Comparing different Sum Assured amounts and policy-term combinations.
By simplifying these calculations, the tool promotes transparency and helps policyholders plan their finances with a clearer understanding of the expected benefits.
How to Use LIC New Jeevan Anand Plan 815 Calculator?
Using the calculator requires only a few basic details:
- Enter your age, generally between 18 and 50 years.
- Choose the policy term, from 15 to 35 years.
- Enter the Sum Assured.
- Select the Premium Payment Mode—yearly, half-yearly, quarterly, or monthly.
- If required, choose optional riders such as Accident and Disability Benefit or Critical Illness Benefit.
- Click Calculate.
The calculator can then display detailed information such as:
- Premium amounts.
- Total premiums payable during the policy term.
- Estimated maturity value, including bonuses.
- Risk cover information.
- Death benefits and surrender values.
Example Calculation
Consider a 30-year-old policyholder who selects a Sum Assured of ₹1,000,000, a 25-year policy term, and yearly premium payments.
Based on typical bonus rates:
- The annual premium may be approximately ₹44,000.
- The total premium paid over 25 years would be around ₹1,100,000.
- The estimated maturity amount, including bonuses, could be approximately ₹2,700,000.
- During the policy term, the death benefit would be 125% of the Sum Assured, along with accrued bonuses.
These figures are only approximate. The actual policy benefits can be estimated more accurately through the LIC calculator.
Understanding Bonuses in LIC New Jeevan Anand Plan
Bonuses are an important component of the returns available under this plan.
Simple Reversionary Bonus
LIC declares this bonus annually, and it is added to the policy value. The bonus rate depends on the corporation’s performance and may be approximately ₹41 to ₹49 per ₹1,000 of Sum Assured, depending on the policy term.
Final Additional Bonus (FAB)
The Final Additional Bonus (FAB) is generally payable once, either at maturity or on death. Its amount depends on factors such as the policy term and Sum Assured and can substantially increase the total amount payable.
Example of Bonus Rates
| Policy Term (Years) | Bonus Rate per ₹1,000 SA |
|---|---|
| 15–20 | ₹41 – ₹45 |
| Above 20 | ₹49 |
These bonuses are not guaranteed, although the source notes that they have historically remained consistent.
Important Aspects to Consider
- Premium Payment Modes: Choosing annual premium payments can provide a 2% rebate, which can reduce the cost compared with monthly or quarterly payment options.
- Accident and Disability Rider: This rider can provide additional financial protection against accidental death or disability.
- Policy Revival and Surrender: Understanding surrender values and reviving the policy on time is important to prevent the loss of policy benefits.
- Loan Facility: The loan option can provide financial assistance during emergencies after the policy has completed 3 years.
Benefits of the Calculator for Different Users
For First-Time Buyers
The calculator makes the decision-making process easier by allowing prospective buyers to understand the expected costs and benefits in advance.
For Existing Policyholders
Existing policyholders can use it to monitor bonuses and estimated maturity values, helping them plan their future investments accordingly.
For Financial Advisors
Financial advisors can use the calculator as a visual tool to explain the plan’s features and benefits to clients.
Tips for Using the Calculator Effectively
- Enter your correct age to obtain more accurate premium estimates.
- Test different policy terms to compare their potential maturity benefits.
- Add optional riders when they are appropriate for your requirements.
- Compare this plan with other LIC plans using the calculator to gain a better understanding of the available options.
FAQ About LIC New Jeevan Anand Plan 815 Calculator
What is the LIC New Jeevan Anand Plan 815 Calculator?
It is a tool designed to estimate the premium, maturity benefit, death benefit, and surrender value associated with the LIC New Jeevan Anand Plan 815.
How do I use the calculator?
Enter your age, policy term, Sum Assured, and premium payment mode, and then click the calculate option to view the results.
Are different premium payment modes available?
Yes. The calculator includes yearly, half-yearly, quarterly, and monthly premium payment options.
Why should I use the LIC calculator?
It helps with financial planning by giving you clear estimates of premiums and policy benefits before purchasing the plan.
Can I add riders in the calculator?
Yes. Optional riders, including accident and critical illness riders, can be incorporated into the premium calculation.
Can it show surrender value?
Some calculators can provide an estimated surrender value based on the number of completed policy years.
Conclusion
The LIC New Jeevan Anand Plan 815 Calculator is a useful resource for anyone looking to understand this endowment policy. It simplifies calculations related to premiums, maturity benefits, death benefits, and surrender values, making the policy easier to understand. Using the calculator can give policyholders and prospective buyers greater clarity about the plan and support more informed financial decisions.
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