LIC New Jeevan Anand Calculator (Plan 715 / 915) — Premium & Double Death Benefit
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LIC New Jeevan Anand (Plan 715) — Plan Specifications at a Glance
LIC New Jeevan Anand (Plan 715 / 915) is a non-linked, participating, individual life assurance savings plan offering a unique blend of financial protection and lifelong risk cover.
| Policy Parameter | Official LIC Plan 715 / 915 Criteria |
|---|---|
| Plan Name & Number | LIC New Jeevan Anand (Plan 715 / Plan 915) |
| IRDAI UIN Number | 512N279V03 |
| Minimum Entry Age | 18 Years (Completed) |
| Maximum Entry Age | 50 Years (Nearest Birthday) |
| Maximum Maturity Age | 75 Years |
| Policy Term (PPT) | 15 to 35 Years (Premium Paying Term equals Policy Term) |
| Minimum Sum Assured | ₹1,00,000 (Multiples of ₹5,000 thereafter) |
| Maximum Sum Assured | No Upper Limit (Subject to Underwriting) |
| 1st Year GST Rate | 4.5% on Base Premium + 18% on Optional Riders |
| 2nd Year Onwards GST | 2.25% on Base Premium + 18% on Optional Riders |
| High SA Rebate | Up to ₹3.00 per ₹1,000 Sum Assured for ₹10 Lakh+ cover |
| Tax Exemptions | Section 80C (Premiums up to ₹1.5L) & Section 10(10D) (Tax-free Maturity & Demise Payouts) |
The Mathematics of Plan 715: Tabular Rates, Rebates & GST Logic
How the Exact Premium is Computed Actuarially
Unlike basic online tools that use crude approximations, our calculator applies official LIC actuarial formulas, modal payment rebates, High Sum Assured (HSA) deductions, and split GST tiers:
Net Annual Premium = [(Sum Assured / 1000) × Base Tabular Rate - HSA Rebate - Modal Discount] × (1 + GST Tier)
| Basic Sum Assured Slab | High SA Rebate (per ₹1,000 SA) |
|---|---|
| ₹1,00,000 to ₹1,95,000 | Nil |
| ₹2,00,000 to ₹4,75,000 | ₹1.50 per ₹1,000 SA |
| ₹5,00,000 to ₹9,75,000 | ₹2.50 per ₹1,000 SA |
| ₹10,00,000 and Above | ₹3.00 per ₹1,000 SA |
Maturity Payout Components
- Basic Sum Assured (SA): The guaranteed base benefit selected at entry.
- Vested Simple Reversionary Bonuses: Declared annually by LIC per ₹1,000 Sum Assured and accrued throughout the policy term (~₹42 to ₹48 per ₹1,000 SA).
- Final Additional Bonus (FAB): A one-time loyalty bonus paid at maturity for policies with terms of 15 years or longer (~₹20 to ₹250 per ₹1,000 SA).
- Post-Maturity Whole Life Risk Cover: Upon policy maturity, the full lump sum is paid out, AND the Basic Sum Assured continues as a tax-free life cover payable to the nominee upon death at any age.
LIC Plan Decision Matrix: Jeevan Anand vs Jeevan Labh vs Jeevan Umang
Choosing the right LIC policy depends on your financial objective. Here is a clear decision matrix comparing LIC's top 3 participating plans:
| Feature | Jeevan Anand (Plan 715) | Jeevan Labh (Plan 936) | Jeevan Umang (Plan 745) |
|---|---|---|---|
| Primary Benefit | Maturity Lump Sum + Lifelong Double Cover | Maximum Return with Limited Premium Pay | 8% Guaranteed Annual Pension for Life |
| Premium Paying Term | Equal to Policy Term (15–35 yrs) | Shorter Pay (10, 15, or 16 yrs) | 15, 20, 25, or 30 yrs |
| Post-Maturity Cover | YES — Full Sum Assured continues for life | NO — Risk cover ends at maturity | YES — Cover continues till Age 100 |
| Bonus Accumulation | Simple Reversionary + FAB | High Simple Reversionary + FAB | Simple Reversionary + Guaranteed 8% Survival Benefit |
| Best Suited For | Discipline savings + Family legacy | High maturity return for specific goals | Retirement income + Wealth preservation |
Real-World Worked Actuarial Case Studies (IRR & Cash Flows)
Case Study 1: Age 25 Young Professional (₹10 Lakh Cover, 25 Year Term)
Profile: Age 25, Non-smoker, Sum Assured: ₹10,00,000, Term: 25 Years.
Actuarial Calculations:
- 1st Year Premium (4.5% GST): ₹45,120 / year
- 2nd Year Onwards Premium (2.25% GST): ₹44,150 / year
- Total Premium Paid Over 25 Years: ₹11,04,720
- Basic Sum Assured: ₹10,00,000
- Vested Bonus (₹48/₹1000 × 25 yrs): ₹12,00,000
- Final Additional Bonus (FAB ₹150/₹1000): ₹1,50,000
- Total Maturity Payout at Age 50: ₹23,50,000 (Tax-Free)
- Post-Maturity Benefit: ₹10,00,000 Basic Sum Assured paid to nominee upon demise after Age 50.
- Tax-Free Internal Rate of Return (IRR): ~6.15% p.a.
Case Study 2: Age 35 Family Earner (₹25 Lakh Cover, 20 Year Term)
Profile: Age 35, Sum Assured: ₹25,00,000, Term: 20 Years.
Actuarial Calculations:
- 1st Year Premium (4.5% GST): ₹1,42,500 / year
- 2nd Year Onwards Premium (2.25% GST): ₹1,39,430 / year
- Total Premium Paid Over 20 Years: ₹27,91,670
- Basic Sum Assured: ₹25,00,000
- Vested Bonus (₹45/₹1000 × 20 yrs): ₹22,50,000
- Final Additional Bonus (FAB ₹70/₹1000): ₹1,75,000
- Total Maturity Payout at Age 55: ₹49,25,000 (Tax-Free)
- Post-Maturity Benefit: ₹25,00,000 cover continues till death.
- Tax-Free IRR: ~5.95% p.a.
Case Study 3: Age 45 Estate Legacy Planning (₹50 Lakh Cover, 15 Year Term)
Profile: Age 45, Sum Assured: ₹50,00,000, Term: 15 Years.
Actuarial Calculations:
- 1st Year Premium (4.5% GST): ₹4,15,200 / year
- 2nd Year Onwards Premium (2.25% GST): ₹4,06,260 / year
- Total Premium Paid Over 15 Years: ₹61,02,840
- Basic Sum Assured: ₹50,00,000
- Vested Bonus (₹42/₹1000 × 15 yrs): ₹31,50,000
- Final Additional Bonus (FAB ₹20/₹1000): ₹1,00,000
- Total Maturity Payout at Age 60: ₹82,50,000 (Tax-Free)
- Post-Maturity Cover: ₹50,00,000 estate cover passed to heirs.
- Tax-Free IRR: ~5.80% p.a.
IRDAI Master Circular 2024 Rules: Surrender Value & Policy Loans
Under the revised IRDAI Master Circular 2024 rules, life insurance policyholders receive enhanced liquidity protections:
- 1-Year Surrender Eligibility: Under IRDAI 2024 guidelines, policies acquire a guaranteed surrender value after completing just 1 full policy year (down from 2 years previously).
- Guaranteed Surrender Value (GSV): Calculated as a percentage of total premiums paid (excluding GST and rider charges) plus the surrender value of accrued vested bonuses.
- Special Surrender Value (SSV): Reflects the actuarial present value of accumulated benefits. LIC pays whichever is higher between GSV and SSV.
- Policy Loan Facility: Policyholders can borrow up to 90% of the Special Surrender Value for active policies (80% for paid-up policies) at competitive interest rates (~9.5% p.a. simple interest).
CFP Recommendation: Surrender vs. Paid-Up Status
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CFP Executive Summary: Is LIC New Jeevan Anand Plan 715 Right For You?
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