LIC New Jeevan Anand Plan Review, Benefits, & Premiums

Quick Overview

LIC New Jeevan Anand is a participating, non-linked savings and protection plan in which you pay premiums for a chosen policy term ranging between 15 and 35 years. If you survive the policy term, you receive the basic sum assured plus bonuses at maturity. After maturity, the policy continues and your nominee is eligible to receive the basic sum assured on your death, but bonuses are not payable again.

LIC’s traditional savings plans remain popular among people who prefer predictable structures and disciplined long-term savings. The LIC New Jeevan Anand Plan is one such plan that offers a maturity benefit along with lifelong insurance cover.

However, an important question remains: does combining savings and insurance truly help you achieve your financial goals efficiently?

In this guide, we explain how the plan works, its features and benefits, and whether a combination of term insurance and separate investments may suit most people better.

How Does LIC New Jeevan Anand Work?

Here’s how the LIC Jeevan Anand plan works:

You choose a policy term between 15 and 35 years and pay premiums throughout that period.
If you survive until maturity, you receive the Basic Sum Assured along with vested bonuses and any final additional bonus declared.
Even after the maturity payout, your life cover continues for the rest of your lifetime.
If death occurs during the policy term, the nominee receives the higher of 125% of Basic Sum Assured or seven times the annual premium, along with bonuses, subject to minimum payout conditions.
If death occurs after maturity, the nominee receives the Basic Sum Assured as the death benefit.

Here's an example to consider:

Suppose your basic sum assured is ₹10 lakh. If you survive until maturity, you receive ₹10 lakh along with accumulated bonuses. Even after this maturity payout, if death occurs later, your nominee will still receive ₹10 lakh as the life cover continues.

Features and Benefits of LIC New Jeevan Anand

Loan Facility

Policyholders can take loans against the policy once it acquires surrender value, allowing them to meet financial needs without surrendering the policy.

Optional Rider Benefits

Optional riders can be added to the base policy by paying an additional premium to enhance protection against risks such as accidents or critical illnesses.

Instalment Option for Death Benefit

The death benefit can be received in instalments over a chosen period instead of a lump sum, helping nominees manage funds through regular payouts.

Premium Rebates

Premium rebates are available for higher sum assured choices and certain payment modes, which slightly reduce the overall premium payable.

Paid-up Policy Option

If premiums are discontinued after the minimum required period, the policy may continue as a paid-up policy with benefits reduced proportionately instead of terminating completely.

Eligibility Criteria for LIC New Jeevan Anand

Feature	Details
Minimum Entry Age	18 years
Maximum Entry Age	50 years
Policy Term	15–35 years
Maximum Maturity Age	75 years
Minimum Sum Assured	₹2 lakh
Maximum Sum Assured	No limit

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Plans Available under LIC New Jeevan Anand

Over time, LIC has updated the New Jeevan Anand plan and withdrawn older versions. Many buyers still encounter earlier plan numbers while researching, so here is a quick clarification.

LIC New Jeevan Anand Plan 915

LIC New Jeevan Anand Plan 915 (UIN 512N279V02) was withdrawn on 1 October 2024 and cannot be purchased anymore, although existing policyholders continue under their original policy terms.

The version currently marketed by LIC is Plan 715 (UIN 512N279V03). Compared to Plan 915, the newer version includes the following changes:

The minimum Basic Sum Assured has increased.
Sum Assured multiples are now slab-based.
Paid-up, surrender, and loan eligibility rules have been revised.
Loan limits have been reduced and made conditional.
High Sum Assured rebate slabs have been revised.
Rider options and rider UINs have been updated.
Interest rate bases for instalment options and policy loans are now explicitly defined.

You can read more about how Plan 915 worked in our detailed article comparison.

LIC New Jeevan Anand Plan 815

LIC New Jeevan Anand Plan 815 has been withdrawn by LIC, and information about this version is no longer available on LIC’s official website. Existing policies continue as per original terms, but the plan cannot be newly purchased.

Takeaway: From LIC’s official website, there are 3 verifiable versions of “LIC’s New Jeevan Anand”, each with its own plan number and UIN version: Plan 815 (UIN 512N279V01, withdrawn 01.02.2020), Plan 915 (UIN 512N279V02, launched 01.02.2020 and withdrawn 01.10.2024), and the current Plan 715 (UIN 512N279V03, the version LIC markets now).

What Are the Inclusions and Exclusions of the LIC New Jeevan Anand

Inclusions	Exclusions and Conditions
The policy provides a death benefit during the policy term.	If suicide occurs within 12 months of policy commencement, only 80% of premiums paid are returned.
The policy pays a maturity benefit if the insured survives the policy term.	If suicide occurs within 12 months after revival, the higher of 80% premiums paid or surrender value is payable.
The plan participates in bonuses declared by LIC and life cover continues after maturity.	The policy lapses if premiums are not paid within the grace period and revival is not done.
Policyholders may take loans against the policy once the surrender value is available.	Bonuses are not guaranteed and depend on LIC’s future performance.

Note: The exclusions under this savings plan are similar to those of a term insurance plan. Read more about them in this exclusions in term insurance guide.

Premium Rates Under the LIC New Jeevan Anand Plan

Annual premiums under LIC New Jeevan Anand vary based on factors such as entry age, chosen policy term, sum assured, and underwriting assessment.

For example, consider the following scenario:

The entry age is 30 years, the policy term chosen is 35 years, the Basic Sum Assured is ₹2 lakh, and premiums are paid yearly. In this case, the approximate annual premium works out to ₹6,968, excluding taxes and rider premiums. Actual premiums may vary depending on age, policy configuration, and underwriting outcomes.

Riders Offered by LIC New Jeevan Anand

Accidental Death & Disability Benefit Rider

Provides an additional payout in case of accidental death. If accidental disability occurs, the rider pays the benefit in monthly instalments over 10 years, and future premiums for the rider and a portion of the base policy may be waived. This rider coverage is available up to age 70.

Accident Benefit Rider

Provides a lump sum payout in case of accidental death, and the accidental death benefit remains available during the policy term or until the policy anniversary on which the life assured reaches age 70 (nearest birthday), whichever occurs earlier.

New Term Assurance Rider

Provides additional term life cover under the policy, payable on death during the rider term. The rider sum assured is paid in addition to the base plan’s death benefit when the insured dies during the policy term, and the rider cover is subject to LIC’s eligibility and rider limits.

Critical Illness Health Rider

Provides additional financial protection if the insured is diagnosed with one of the critical illnesses covered under the rider. Under this rider, a lump sum benefit is paid on diagnosis of a covered critical illness, and under the enhanced option, certain specified critical illnesses also provide an additional Assisted Living Benefit in the form of monthly payouts equal to 1% of the Critical Illness Sum Assured for 36 months.

The number, coverage, and limits of riders are subject to LIC’s conditions and premium limits.

What Are the Documents Required to Buy the LIC New Jeevan Anand Plan?

Identity proof
Address proof
Age proof
Income proof
Medical reports (if required)
Photographs

For further information, you can refer to the documents required for term insurance guide, since the nature of the documents required for the LIC New Jeevan Anand Plan is similar to a term plan.

Remember: The policy is generally purchased offline through LIC agents, branch offices, or with the assistance of brokers and corporate agents.

Why Choose the LIC New Jeevan Anand Plan?

This Plan May Suit You If	You May Want to Avoid This Plan If
You want savings combined with lifelong insurance protection.	You require high insurance cover at a lower premium.
You prefer disciplined savings through insurance plans.	You are looking for higher long-term investment returns.
You are comfortable with predictable but moderate returns.	You need flexibility for future financial decisions.
You already have sufficient term insurance coverage.	There is a possibility that you may surrender the policy early.

Why Term Insurance Plus Investing Separately Is Often Better

Term insurance usually provides significantly higher life cover for the same budget, ensuring that your family receives adequate financial protection if something happens to you. When investments are made separately, returns are more transparent and flexible, allowing you to adjust or switch strategies as your financial goals evolve.

Investments also typically offer better liquidity compared to insurance policies, where surrendering early can lead to losses. Separating insurance and investment decisions helps each serve its purpose more efficiently. Insurance protects income, while investments help grow wealth. Additionally, flexible investment options make it easier to adapt to changing life needs such as career shifts, home purchases, or children’s education expenses.

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Conclusion

The LIC New Jeevan Anand Plan may appeal to individuals who prefer traditional savings plans that provide lifelong insurance cover along with maturity benefits backed by LIC’s long-standing reputation.

However, as advisors, we generally do not recommend endowment or savings-plus-insurance plans as a primary financial solution because combining savings and insurance usually leads to compromises in both protection and investment returns. In most cases, families are better served by purchasing a term insurance plan for adequate life cover and investing separately to build wealth, as this approach offers higher protection, better flexibility, and more efficient long-term outcomes.

The right decision ultimately depends on your financial goals and preferences, but ensuring adequate life cover through term insurance should typically be the first priority before considering savings-oriented insurance plans.

Disclaimer

LIC is not a partner insurer with Ditto. Ditto also does not advise on or sell investment-plus-insurance savings products as part of its core offering.

This article is shared purely for general awareness, and the information presented here has been compiled from publicly available sources such as insurer brochures and official documents. You can take a look at Ditto’s recommended term plans in the linked guide. If you want more clarity regarding how we rate plans/insurers, you can refer to Ditto’s Cut.

Frequently Asked Questions

Does the life cover in the LIC New Jeevan Anand plan continue after maturity?

Yes, the life insurance cover continues even after the maturity benefit has been paid.

Can premiums be stopped midway in the LIC New Jeevan Anand plan?

Yes, after paying minimum premiums, the policy may become paid-up with reduced benefits instead of terminating completely.

Are bonuses guaranteed under this plan?

No, bonuses are not guaranteed and depend on LIC’s future performance and declarations.

Can I take a loan against the LIC New Jeevan Anand plan?

Yes, loans can be taken once the policy acquires surrender value, subject to LIC’s rules.

Is term insurance better than LIC New Jeevan Anand?

Term insurance is usually better for pure protection needs because it offers significantly higher coverage at a lower cost, while LIC New Jeevan Anand suits those seeking savings combined with protection.

Last updated on: 16 Feb, 2026