LIC New Jeevan Anand Plan 715 is a participating, non-linked endowment plan that provides both insurance protection and savings. Introduced by Life Insurance Corporation of India (LIC), this plan secures your family’s finances during the policy term. It also offers life coverage even after the policy matures. Our LIC New Jeevan Anand 715 Maturity Calculator helps you quickly estimate your policy’s maturity value by considering the Basic Sum Assured, Reversionary Bonuses, and Final Additional Bonus (FAB).

Key Features of LIC New Jeevan Anand 715

• Dual Benefit: This plan combines risk cover and savings.
• Maturity Benefit: You receive the Sum Assured, Accumulated Bonuses, and any Final Additional Bonus.
• Extended Life Cover: Coverage continues for your whole life, even after the policy matures.
• Flexible Term & Entry Age:
• Entry Age: 18 to 50 years
• Policy Term: 15 to 35 years
• Minimum Sum Assured: ₹2,00,000
• Death Benefit: You will receive the higher amount between 125% of the Basic Sum Assured or 7 times the Annual Premium plus bonuses.
• Loan & Surrender Facility: You can access a policy loan and surrender value after 1 year, subject to certain conditions.
• Participation in Profits: You are eligible for reversionary bonuses and a final additional bonus, which improves your maturity returns.

Benefits In Case Of Death

1. Death during the policy term (before maturity)

• Sum Assured on Death: This is payable to your nominee.
• The “Sum Assured on Death” will be the higher of:
  • 125% of the Basic Sum Assured
  • 7 times the annualised premium
• Minimum Death Benefit: The death benefit will not be less than 105% of the total premiums paid up to the date of death.
• Additional Benefits: Vested Simple Reversionary Bonuses and a Final Additional Bonus (if declared) are also payable along with the death benefit.
• Payment Options: The death benefit can be paid as a lump sum or in installments over a period of 5, 10, or 15 years, according to the choice made by the policyholder. 

2. Death after the policy term (after maturity)

• Basic Sum Assured: If you die after the policy term, your nominee will receive the Basic Sum Assured, provided the maturity benefit has not yet been paid out.
• In case the Maturity benefit was opted for in installments and the policyholder dies before receiving all instalments, the outstanding instalments will continue to be paid to the nominee. 

LIC Jeevan Anand Surrender Value

As mentioned in the policy document surrender value of a LIC Jeevan Anand policy (Plan 149, 715, 915) is the amount you receive if you choose to end your policy before it matures. You can get this value only after paying the minimum required premiums, usually for 2 or 3 consecutive years, depending on the plan variant.

Ending your policy early is not always a good idea because the payout is often much lower than the total premiums you have paid. LIC determines this value based on Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) and pays you the higher amount.

Guaranteed Surrender Value (GSV) – Becomes payable after 2 or 3 full years of premium payment.

Calculated as: 30% of total premiums paid, excluding the first year’s premium, riders, and GST. This is the minimum amount you are guaranteed to receive upon surrender.

Example:
If you paid ₹20,000 yearly for 4 years:

• Premiums considered = 3 × ₹20,000 = ₹60,000
• GSV = 30% × ₹60,000 = ₹18,000

Special Surrender Value (SSV)

The Special Surrender Value (SSV) is usually higher than the Guaranteed Surrender Value (GSV) and is calculated when a policyholder decides to discontinue the policy after paying the minimum required premiums. LIC pays this amount based on the paid-up value of the policy, along with the bonuses accrued up to the date of surrender.

Application Process

How to apply for LIC’s New Jeevan Anand Plan No. 715 – To apply for this policy, we have to check eligibility first. As per the LIC official page & documents eligibility criteria are as below.

• Minimum Entry Age: 18 years (completed)
• Maximum Entry Age: 50 years (nearer birthday)
• Minimum Policy Term: 15 years
• Maximum Policy Term: 35 years 

The next thing is to choose the right plan.

• Consider your needs: Determine your financial goals, sum assured requirements, and desired policy term.
• Consult with an agent or visit a branch: Discuss & think about your needs with a LIC agent or visit a nearby branch for consultation in selecting the plan and riders to fulfill your needs.

Next is to gather the required documents

• Identity and Address Proof: Provide acceptable documents like your passport, voter ID, Aadhar card, PAN card, utility bills, etc.
• Age Proof: Submit documents that confirm your age, such as your Aadhar card, passport, or voter ID.
• Income Proof: Depending on your employment status, you’ll need to furnish income proof documents like salary slips, bank statements, or income tax returns.
• Medical Reports: You may be required to undergo a medical examination or submit past medical reports to assess your health status for calculating premiums.
• Photographs: Provide recent passport-sized photographs. 

Next, submit the application

• Fill the Application Form: Complete the application form accurately and legibly, providing all required details.
• Attach Required Documents: Submit copies of all the necessary documents along with the application form.
• Submit to LIC: You can either apply to a LIC agent or directly at a LIC branch office.
• Undergoing Medical Examination (if required): If a medical examination is needed, arrange to get it done as per LIC’s instructions.