Who it suits
People aged 18–50 who want savings plus cover that never ends: a sum for a goal, and a guaranteed amount for the family later.
LIC plans / Endowment Plans
Endowment Plans
New Plan no. 715 UIN 512N279V03
LIC’s New Jeevan Anand
Participating · Non-linked · Savings with lifelong cover
A lump sum at the end of your chosen term, and life cover that carries on for the rest of your life, with no further premium after maturity.
18 – 50 years (maximum maturity age 75)Entry age
15 – 35 yearsPolicy term
Same as policy termPremium paying term
Minimum ₹2,00,000, no maximum (multiples of ₹5,000 up to ₹4.5 lakh, ₹50,000 up to…Sum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- Maturity benefit plus lifelong cover
- Death benefit of at least 125% of sum assured
- Bonuses under with-profits
- Loan facility
- Tax benefits as per prevailing law
How it works
You choose a policy term (15–35 years) and pay premiums for that term. If you survive to the end you receive the Basic Sum Assured plus bonuses. The policy does not end there: the life cover of Basic Sum Assured continues for life, premium-free.
Death benefit
During the term: “Sum Assured on Death” (higher of 125% of Basic Sum Assured or 7 × annualised premium) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Never less than 105% of total premiums paid.
After the term: Basic Sum Assured.
Maturity benefit
Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Survival / income benefit
No survival benefits during the term. Lifelong cover of the Basic Sum Assured continues after maturity.
Options and riders
Death benefit in instalments over 5, 10 or 15 years (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly)
Settlement option for the maturity benefit in instalments over 5, 10 or 15 years (apply at least 3 months before maturity)
Optional riders (maximum three): Accidental Death & Disability Benefit Rider or Accident Benefit Rider (not both), New Term Assurance Rider, Critical Illness Health Rider
Step by step
How the plan runs
1
Start the planEntry age: 18 – 50 years (maximum maturity age 75). Sum assured: Minimum ₹2,00,000, no maximum (multiples of ₹5,000 up to ₹4.5 lakh, ₹50,000 up to ₹9 lakh,….2
Pay premiumsSame as policy term3
Stay coveredPolicy term: 15 – 35 years. Death benefit applies during the term.4
Income during the termNo survival benefits during the term. Lifelong cover of the Basic Sum Assured continues after maturity.5
Receive the benefitBasic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 715 |
| UIN | 512N279V03 |
| Category | Endowment Plans |
| Plan type | Participating · Non-linked · Savings with lifelong cover |
| Entry age | 18 – 50 years (maximum maturity age 75) |
| Policy term | 15 – 35 years |
| Premium paying term | Same as policy term |
| Sum assured | Minimum ₹2,00,000, no maximum (multiples of ₹5,000 up to ₹4.5 lakh, ₹50,000 up to ₹9 lakh, ₹1,00,000 above) |
- Sample premium: ₹6,968 a year (excluding taxes) for a ₹2 lakh sum assured, age 30, 35-year term
- High sum assured rebate: 2.5‰ of sum assured from ₹5 lakh, 4‰ from ₹10 lakh
- Mode rebate: 2% for yearly and 1% for half-yearly premium
- Loan after the first policy year (one full year’s premium paid): up to 75% of surrender value once two full years’ premiums are paid
- Guaranteed Surrender Value after two full years’ premiums; Special Surrender Value after the first year
- Bought offline through agents (not sold online)
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
People aged 18–50 who want savings plus cover that never ends: a sum for a goal, and a guaranteed amount for the family later.
What is the entry age?
18 – 50 years (maximum maturity age 75)
What are the policy term and premium paying term?
Policy term: 15 – 35 years. Premium paying term: Same as policy term.
What sum assured can I choose?
Minimum ₹2,00,000, no maximum (multiples of ₹5,000 up to ₹4.5 lakh, ₹50,000 up to ₹9 lakh, ₹1,00,000 above)
What happens if the life assured dies during the term?
During the term: “Sum Assured on Death” (higher of 125% of Basic Sum Assured or 7 × annualised premium) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Never less than 105% of total premiums paid.
After the term: Basic Sum Assured.
What do I receive at maturity?
Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Does the plan pay anything during the term?
No survival benefits during the term. Lifelong cover of the Basic Sum Assured continues after maturity.
Are there options or riders?
Death benefit in instalments over 5, 10 or 15 years (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly)
Settlement option for the maturity benefit in instalments over 5, 10 or 15 years (apply at least 3 months before maturity)
Optional riders (maximum three): Accidental Death & Disability Benefit Rider or Accident Benefit Rider (not both), New Term Assurance Rider, Critical Illness Health Rider
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
These details were checked against LIC’s sales brochure. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.