Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (B × n + F) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 12%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- B
- simple reversionary bonus, ₹ per ₹1,000 of sum assured a year, as last declared
- F
- Final Additional Bonus, ₹ per ₹1,000 of sum assured, by term
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC New Jeevan Anand brochure (PDF), LIC Reversionary Bonus Rates, valuation as at 31 March 2021 (PDF), for the plans of 2021; not the source of the rates used
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.
Worked example: at 30, ₹5,00,000 of cover over 15 years costs ₹39,898 a year for 15 years and is projected to pay ₹8,22,500 at maturity, a return of 3.88% a year.
What is 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 a reversionary bonus rate believed to be LIC's 2023-24 declaration for this plan 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
Is it 715, 915 or 815?
LIC's own page gives this plan as 715 with UIN 512N279V03, and that is where both come from here. The V03 on the end of the UIN is a version marker: this is the third version. Plan 815 (UIN 512N279V01) was withdrawn on 1 February 2020 and replaced that day by Plan 915 (UIN 512N279V02), which was itself withdrawn on 1 October 2024 and replaced by this one. If 915 or 815 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC New Jeevan Anand?
What does LIC New Jeevan Anand pay on death?
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.
What do you get at maturity?
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus, payable at the end of the policy term.
Who is LIC New Jeevan Anand for?
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 should you 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.
What does LIC New Jeevan Anand cost?
Worked out on a 15-year term with premiums paid for 15 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹39,898 | ₹5,98,474 | ₹8,22,500 |
| ₹10,00,000 | ₹79,796 | ₹11,96,947 | ₹16,45,000 |
| ₹25,00,000 | ₹1,99,491 | ₹29,92,369 | ₹41,12,500 |
Premiums are modelled on this plan's own tabular rates; the maturity figure assumes LIC's current bonus rates hold for the full term, which is not guaranteed.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹39,099 | ₹5,86,478 | ₹8,22,500 | 40 |
| 30 years | ₹39,898 | ₹5,98,474 | ₹8,22,500 | 45 |
| 40 years | ₹42,235 | ₹6,33,523 | ₹8,22,500 | 55 |
| 50 years | ₹45,871 | ₹6,88,059 | ₹8,22,500 | 65 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, Sample Illustrative Premium (policy term 15 / 25 / 35)), at ₹2,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 15 years | 25 years | 35 years |
|---|---|---|---|
| 20 | ₹16,229 | ₹9,339 | ₹6,517 |
| 30 | ₹16,885 | ₹9,810 | ₹6,968 |
| 40 | ₹18,012 | ₹10,711 | ₹7,918 |
Priced on ₹2,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 30, 15-year term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Only the first line is guaranteed by the contract. Everything under it is bonus, declared a year at a time and assumed here to carry on at the rate this page uses.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Vested reversionary bonus, 15 years at ₹41 per ₹1,000
- ₹3,07,500
- Final Additional Bonus, ₹30 per ₹1,000
- ₹15,000
- Paid at maturity
- ₹8,22,500
- Return a year on the premiums, if the bonus rate holds
- 3.88%
When does LIC New Jeevan Anand pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 15, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 15 years. It is not a market return. Change the bonus rate and it changes with it.
Who can take LIC New Jeevan Anand?
Age to start
- Minimum
- 18 years
- Maximum
- 50 years
Policy term
- Minimum
- 15 years
- Maximum
- 35 years
Age when the policy matures
- Maximum
- 75 years
Your age at entry plus the policy term cannot come to more than 75.
Years you pay for
- Premium paying term
- Same as the policy term
Sum assured
- Minimum
- ₹2,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the New Jeevan Anand sales brochure, linked in the form above.
Surrender value, paid-up value and loan
A 15-year commitment is a long one, and the question that follows a premium quote is usually what happens if you stop. Under the IRDAI rules in force since 1 October 2024, New Jeevan Anand can be surrendered once the first policy year is complete and one full year's premium has been paid. Stop before that and the policy lapses with nothing to show for it.
From then you are paid the higher of two figures. The special surrender value, what the reduced, paid-up policy is worth today rather than at maturity, is available from the end of the first year. The guaranteed surrender value needs two full years' premiums, and is a percentage of the total premiums paid, first year included: 30% in year 2, 35% in year 3, 50% from year 4 to year 7, then rising to 90% in the last two years. Which of the two comes out higher changes with duration, so the last column below is the one to read.
| Years paid | Total paid in | Guaranteed value | Special value | You would get |
|---|---|---|---|---|
| 1 year | ₹39,898 | ₹0 | ₹17,524 | ₹17,524 |
| 2 years | ₹79,796 | ₹23,939 | ₹38,027 | ₹38,027 |
| 3 years | ₹1,19,695 | ₹52,754 | ₹61,889 | ₹61,889 |
| 5 years | ₹1,99,491 | ₹1,18,360 | ₹1,21,429 | ₹1,21,429 |
| 10 years | ₹3,98,982 | ₹2,95,868 | ₹3,65,176 | ₹3,65,176 |
On the ₹5,00,000 policy from the tables above, at age 30. Held to maturity the same policy is projected to pay ₹8,22,500, which is the number to read every row here against. Surrender values are modelled on the IRDAI 2024 basis, using the guaranteed surrender value grid printed in the New Jeevan Anand (715) brochure; a policy sold before 1 October 2024 runs on the older rules in its own document, and your own policy schedule is what governs.
Paid-up value: the other way to stop
You do not have to take the money out. Stop paying after at least one full year's premium and the policy continues at a reduced sum assured instead, keeping the cover and the bonuses already vested. The reduction is worked on the premium paying term, not the policy term, which is the point most calculators get wrong: on this policy the denominator is 15, so 8 years paid out of 15 leaves 53% of the sum assured standing, plus the bonus already vested.
Loan against the policy
Once the policy has a surrender value it can also be borrowed against, which is worth knowing before you surrender in a hurry. LIC lends a percentage of the surrender value rather than of the sum assured, and sets a different percentage for an in-force policy and a paid-up one. Those percentages sit in the policy conditions, so ask your servicing branch for the figure that applies to yours. On New Jeevan Anand (715), for example, the brochure allows 50% of the surrender value before two full years' premiums and 75% after, or 40% and 65% on a paid-up policy.
To run these figures on your own policy, use the LIC surrender value calculator, which takes the premium and the years paid off your own policy document. If you are weighing it up rather than pricing it, we have written about whether surrendering an LIC policy is worth it.
Tax on LIC New Jeevan Anand
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹39,898 a year, which is 8.0% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- ₹84.42 per ₹1,000 at age 30, 15-year term, 15-year premium term
- Discount basis
- 5.90% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹41 per ₹1,000 sum assured a year, believed to be LIC's 2023-24 rate for this term; we have not found an LIC document that publishes it. Later declarations, which pay higher rates on larger sums assured, are not reflected, so the figure may be low.
- Final Additional Bonus
- ₹30 per ₹1,000 at a 15-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, and 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.
What they cost
On the ₹5,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| AD & DB RiderAccidental death and disability | ₹5,00,000of rider cover | ₹500LIC's stated rate |
| AB RiderAccidental death cover | ₹5,00,000of rider cover | ₹250LIC's stated rate |
| Term RiderExtra life cover | ₹5,00,000of rider cover | ₹1,143interpolated |
| CI RiderLump sum on a listed critical illness | ₹5,00,000of rider cover | ₹1,306interpolated |
Priced on the regular premium basis, because that is how New Jeevan Anand is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹11,969 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: AD & DB Rider, AB Rider, Term Rider, CI Rider sales brochures.
Source: New Jeevan Anand sales brochure (PDF), Optional Rider Benefits clause.
How LIC New Jeevan Anand compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| New Jeevan AnandNo. 715 · this page | 15 to 35 years | The full term | ₹2 Lakh | Endowment savings that keeps paying life cover after the policy matures. |
| New Endowment PlanNo. 714 | 12 to 35 years | The full term | ₹2 Lakh | LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| Jeevan LakshyaNo. 733 | 13 to 25 years | Term minus 3 years | ₹2 Lakh | Endowment built around a family income benefit if the parent dies. |
| Jeevan UmangNo. 745 | 30 to 100 years | 15, 20, 25, 30 years | ₹2 Lakh | 8% of the sum assured every year for life once premiums finish, and cover to age 100. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
New Jeevan Anand vs Jeevan Labh, priced
Jeevan Labh is not a free choice of premium term: a 21-year policy is paid for over exactly 15 years, a fixed pair LIC sets in the brochure. Cramming a 21-year benefit into 15 instalments makes each one larger, which is the whole reason its annual premium can beat this plan's at all. New Jeevan Anand asks for the same kind of money over the full term instead, and pays for it with a benefit Jeevan Labh does not offer at any price: once this policy matures, the Basic Sum Assured stays payable on death for the rest of the life assured's life, funded entirely by the premiums already paid.
| Plan | You pay for | Premium a year | Total paid in | Projected maturity | Return a year |
|---|---|---|---|---|---|
| New Jeevan Anand | 21 years | ₹30,173 | ₹6,33,625 | ₹10,69,500 | 4.53% |
| Jeevan Labh | 15 years | ₹31,286 | ₹4,69,297 | ₹10,27,500 | 5.55% |
Both priced at age 30 on ₹5,00,000 of cover over 21 years. New Jeevan Anand costs less a year. Jeevan Labh costs less in total. A lower annual premium and a lower total cost do not have to point the same way, and the row that matches your own budget is the one worth comparing against, not the one with the smaller headline number.
LIC New Jeevan Anand: frequently asked questions
What is the maturity amount of LIC New Jeevan Anand for ₹5 lakh sum assured?
It depends on the term, because LIC's bonus rate does. At age 30 on a 15-year term, the case the calculator above opens on, it is about ₹8,22,500: the ₹5 lakh sum assured, ₹3,07,500 of simple reversionary bonus at ₹41 per ₹1,000 a year, and ₹15,000 of Final Additional Bonus. On a 21-year term it is about ₹10,69,500, because a term over 20 years earns ₹49 per ₹1,000 a year (₹5,14,500 of bonus) and a larger Final Additional Bonus (₹55,000). Terms of 16 to 20 years earn ₹45. These rates are believed to be LIC's 2023-24 declaration, not taken from an LIC document; only the ₹5 lakh is guaranteed, and bonus rates are declared each year.
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?
₹2,00,000, 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.
Is New Jeevan Anand plan 715 the same as plan 915 or 815?
It is the same product under a later number. LIC's page for it now says 715, with UIN 512N279V03, the third version. Plan 815 ran until 1 February 2020, Plan 915 from then until 1 October 2024, and 715 since. What matters is the number on your own policy document, because that is the version you hold.
Can I surrender a Jeevan Anand policy?
Yes, once the first policy year is complete and one full year's premium has been paid. The Special Surrender Value is available from then; the Guaranteed Surrender Value needs two full years' premiums and is a percentage of the total premiums paid: 30% in year 2, 35% in year 3 and 50% from year 4 to year 7, rising to 90% in the last two years. The amount payable is the higher of the two. 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) (Schedule II of the Income-tax Act, 2025) 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.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against New Jeevan Anand before deciding.
New Endowment Plan
No. 714LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorJeevan Lakshya
No. 733Endowment built around a family income benefit if the parent dies.
Open calculatorJeevan Umang
No. 7458% of the sum assured every year for life once premiums finish, and cover to age 100.
Open calculator