In short (tl;dr)
New Jeevan Anand is a participating endowment plan. It pays the sum assured plus bonuses at maturity, and the life cover then continues for the rest of your life at no further cost.
About LIC New Jeevan Anand
New Jeevan Anand (Plan 715) is a with-profits endowment assurance. You choose a sum assured and a policy term of 15 to 35 years, and pay premiums for the whole of that term. At maturity you receive the Basic Sum Assured together with the simple reversionary bonuses that have vested and any Final Additional Bonus.
What separates Plan 715 from an ordinary endowment is the cover that survives maturity. After the policy pays out, the risk cover of the Basic Sum Assured continues for the rest of your life without another rupee of premium. Whenever the claim arises, your nominee receives the sum assured again. In effect you are buying an endowment and a paid-up whole-life policy in one contract, which is why its premium sits above New Endowment Plan for the same term.
Because it is a participating plan, the maturity value is not guaranteed. The sum assured is; the bonus on top of it depends on LIC's valuation surplus each year. The calculator uses the reversionary bonus rate LIC declared for this plan at the latest valuation and holds it flat for the projection, which is the convention LIC's own benefit illustrations use.
Key features
- Life cover continues for life after maturity, with no further premiums
- Participating: simple reversionary bonus plus Final Additional Bonus on long terms
- Policy terms from 15 to 35 years, premiums payable throughout the term
- Loan available after the policy acquires a surrender value
- Accidental Death and Disability Benefit Rider available on payment of extra premium
New Jeevan Anand at a glance
- Plan number
- 715
- Category
- Endowment
- Entry age
- 18 to 50 years
- Policy term
- 15 to 35 years
- Premium paying term
- Same as policy term
- Sum assured
- ₹2 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N279V03
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under New Jeevan Anand
Death benefit
Sum Assured on Death — the higher of 125% of the Basic Sum Assured and 7 times the annualised premium, never less than 105% of all premiums paid — plus vested bonuses and Final Additional Bonus. After maturity, the Basic Sum Assured alone is payable on death.
Maturity benefit
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus, payable at the end of the policy term.
Who it suits
Someone who wants a disciplined long-term savings pot and values the idea of leaving a guaranteed amount behind whenever they die, not just during the policy term.
What to watch out for
The lifelong cover is paid for in the premium. If you only want maturity savings, New Endowment Plan costs less for the same sum assured, and a term plan buys far more cover per rupee.
How this calculator works
New Jeevan Anand is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹57.40 per ₹1,000 at age 30, 21-year term, 21-year premium term
- Discount basis
- 6.75% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹49 per ₹1,000 sum assured a year, from LIC's 2023-24 valuation
- Final Additional Bonus
- ₹110 per ₹1,000 at a 21-year term
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:New Jeevan Anand on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 4 optional riders on New Jeevan Anand, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
- LIC's New Term Assurance Rider (Term Rider)UIN 512B210V02
- LIC's Critical Illness Health Rider (CI Rider)UIN 512B227V01
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: New Jeevan Anand sales brochure (PDF), Optional Rider Benefits clause.
LIC New Jeevan Anand — frequently asked questions
What is the maturity amount of LIC New Jeevan Anand for ₹5 lakh sum assured?
For a 30-year-old taking a 21-year term on a ₹5 lakh sum assured, the projected maturity value is roughly ₹10.5 to ₹11 lakh: the ₹5 lakh sum assured, about ₹5.1 lakh of simple reversionary bonus at the current declared rate of ₹49 per ₹1000 per year, and a Final Additional Bonus on top. Only the ₹5 lakh is guaranteed; bonus rates are declared annually and can change.
Does the life cover really continue after maturity in Jeevan Anand?
Yes. Once the policy matures and pays out, the Basic Sum Assured remains payable on death for the rest of the life assured's life, with no further premiums. This is the defining feature of Plan 715 and is written into the policy conditions.
What is the difference between Jeevan Anand and Jeevan Labh?
Jeevan Labh is a limited premium plan — you pay for 10, 15 or 16 years but stay covered for 16, 21 or 25 — and cover ends at maturity. Jeevan Anand requires premiums for the full term but continues cover for life afterwards. Jeevan Labh suits people who want to finish paying early; Jeevan Anand suits people who want a permanent death benefit.
What is the minimum sum assured under New Jeevan Anand?
₹1,00,000, in multiples of ₹5,000 thereafter. There is no upper limit, though large sums assured are subject to LIC's underwriting rules and may require medical and financial evidence.
Can I surrender a Jeevan Anand policy?
Yes, once at least three full years' premiums have been paid. The amount payable is the higher of the Guaranteed Surrender Value and the Special Surrender Value. Surrendering early usually returns much less than the premiums paid — use the surrender value calculator to see the figure before you decide.
Is the maturity amount of Jeevan Anand taxable?
Maturity proceeds are exempt under Section 10(10D) provided the annual premium does not exceed 10% of the sum assured, and, for policies issued on or after 1 April 2023, provided total annual premiums across your non-ULIP policies stay within ₹5 lakh. Most Jeevan Anand policies are comfortably inside both limits.
Related calculators
Plans people usually weigh up against New Jeevan Anand before deciding.
New Endowment Plan
No. 714LIC's plainest savings-and-cover contract, and its cheapest endowment.
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No. 736Limited premium endowment — finish paying years before the policy matures.
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No. 733Endowment built around a family income benefit if the parent dies.
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No. 7458% of the sum assured every year for life once premiums finish, and cover to age 100.
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