Use the LIC Plan 715 Maturity Calculator above to estimate premium, maturity amount, bonus, FAB, death benefit and post-maturity life cover under LIC New Jeevan Anand Plan 715.

LIC New Jeevan Anand is a participating, non-linked, individual life and savings plan. It provides a maturity payout at the end of the policy term and continues life insurance cover even after maturity. LIC lists this product as Plan No. 715 with UIN 512N279V03.

The calculator is useful for understanding how age, policy term, Basic Sum Assured, riders, premium mode and estimated bonus can affect the policy outcome. Premium and bonus figures should be treated as estimates unless an official LIC quotation or benefit illustration is used.

How to Use the LIC Plan 715 Maturity Calculator

Enter the age at entry, policy term and Basic Sum Assured. Select riders only if required. After clicking the calculate button, the calculator shows yearly, half-yearly, quarterly and monthly premium options.

It also shows estimated maturity value, projected bonus, FAB, death cover during the policy term, total premium outgo and post-maturity life cover.

For better accuracy, enter the annualised premium from an official LIC quotation in the optional premium field. This is important because actual premium can vary according to age, policy term, premium mode, underwriting terms, rider choice and applicable taxes.

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LIC New Jeevan Anand Plan 715 at a Glance

Feature	Details
Plan Name	LIC’s New Jeevan Anand
Plan Number	715
UIN	512N279V03
Plan Type	Participating, non-linked, individual life and savings plan
Minimum Entry Age	18 years completed
Maximum Entry Age	50 years nearer birthday
Minimum Policy Term	15 years
Maximum Policy Term	35 years
Maximum Maturity Age	75 years nearer birthday
Minimum Basic Sum Assured	₹2,00,000
Maximum Basic Sum Assured	No stated upper limit, subject to LIC rules
Premium Payment Term	Same as policy term
Risk Commencement	On acceptance of risk
Premium Modes	Yearly, half-yearly, quarterly and monthly

The plan brochure states that the Basic Sum Assured must follow specific multiples. From ₹2 lakh to ₹4.50 lakh, it must be in multiples of ₹5,000. From above ₹4.50 lakh to ₹9 lakh, it must be in multiples of ₹50,000. Above ₹9 lakh, it must be in multiples of ₹1 lakh.

What Is LIC New Jeevan Anand Plan 715?

LIC New Jeevan Anand Plan 715 is designed for people who want savings and life cover together. Premiums are paid throughout the selected policy term. If the life assured survives until maturity, LIC pays the maturity benefit.

The special feature is that life cover does not end after maturity. After the policy term ends, the Basic Sum Assured continues as life cover for the remaining lifetime of the life assured.

This makes the plan different from many traditional endowment policies where life cover usually ends on maturity. LIC describes New Jeevan Anand as a protection-and-savings plan with a lump-sum payment at maturity and lifetime protection thereafter.

LIC Plan 715 Maturity Benefit

The maturity benefit is payable when the life assured survives until the stipulated maturity date and the policy is in force.

The official structure is:

Maturity Benefit = Basic Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus, if any

The Sum Assured on Maturity is equal to the Basic Sum Assured. The bonus and FAB parts are not fixed at the start of the policy. They depend on LIC declarations and policy conditions.

For this reason, the calculator separates the maturity amount into three parts:

• Basic Sum Assured
• Estimated Simple Reversionary Bonus
• Estimated Final Additional Bonus

The Basic Sum Assured is the core amount. Bonus and FAB should always be understood as estimates unless LIC has officially declared them for the relevant policy year.

How LIC New Jeevan Anand Bonus Works

LIC New Jeevan Anand is a participating plan. This means the policy may receive Simple Reversionary Bonuses when LIC declares them.

A Simple Reversionary Bonus is generally declared annually. Once declared and vested, it becomes part of the policy benefit as per LIC rules. However, future bonuses are not guaranteed.

A Final Additional Bonus may also be declared when the policy becomes a death claim during the policy term or reaches maturity. FAB is not payable for paid-up policies.

The calculator uses bonus and FAB assumptions to help estimate maturity. These figures should not be treated as fixed returns or guaranteed investment income.

LIC New Jeevan Anand Plan 715 Death Benefit

The death benefit changes depending on whether death happens during the policy term or after maturity.

Death During the Policy Term

If the policy is in force and death happens before maturity, LIC pays the Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional Bonus, if applicable.

The Sum Assured on Death is the higher of:

• 125% of Basic Sum Assured, or
• 7 times annualised premium

The death benefit cannot be less than 105% of total premiums paid up to the date of death.

For this formula, annualised premium excludes tax, rider premium, underwriting extra premium and modal loading.

Death After Maturity

If death happens after the policy term has ended, LIC pays the Basic Sum Assured.

This is the post-maturity life cover feature of Plan 715. It allows the policyholder to receive maturity benefit and still keep life cover equal to the Basic Sum Assured.

LIC New Jeevan Anand Plan 715 Premium Details

The exact premium under LIC New Jeevan Anand depends on several factors:

• Age nearer birthday
• Basic Sum Assured
• Policy term
• Premium payment mode
• Rider selection
• Medical underwriting, if applicable
• Extra premium, if any
• Taxes applicable at the time

The calculator gives premium options for yearly, half-yearly, quarterly and monthly payment. The modal premium may not be a simple division of annual premium because modal loading can apply.

For final purchase decisions, an official LIC benefit illustration or quotation should be checked carefully.

Premium Payment Modes

LIC New Jeevan Anand Plan 715 allows the following premium modes:

Premium Mode	Payment Frequency
Yearly	Once every year
Half-Yearly	Twice in a year
Quarterly	Four times in a year
Monthly	Every month

The calculator shows the estimated outgo for every mode so the payment frequency can be compared easily.

Yearly mode may be suitable for people who prefer paying once each year. Monthly mode may be easier for people who want smaller instalments.

Optional Riders Under LIC Plan 715

LIC New Jeevan Anand provides optional rider choices for additional protection, subject to policy terms and rider eligibility.

Rider	Main Benefit
Accidental Death and Disability Benefit Rider	Provides accidental death benefit and disability-related support under rider rules
Accident Benefit Rider	Gives additional lump-sum benefit on accidental death
New Term Assurance Rider	Adds extra term insurance cover
Critical Illness Health Rider	Provides protection for specified critical illnesses, subject to rider terms

Only one of the Accidental Death and Disability Benefit Rider or Accident Benefit Rider can generally be selected. The brochure also mentions that a maximum of three riders can be availed under one policy.

The Term Assurance Rider is available only at policy inception. Rider premiums are separate from the base premium and are not part of maturity benefit.

Paid-Up Policy Rules

A policy can become paid-up if premiums are stopped after meeting the minimum required payment condition.

If one full year’s premium has not been paid and premiums are not paid within the grace period, the policy may lapse without benefit.

After completion of the first policy year, if at least one full year’s premium has been paid and future premiums are not paid, the policy may continue as a paid-up policy under LIC conditions.

In a paid-up policy:

• Benefits are reduced proportionately.
• Future bonuses do not continue.
• Already vested bonus may remain subject to policy conditions.
• Final Additional Bonus is not payable under paid-up policy.

This is important because stopping premiums early can significantly reduce maturity value and insurance protection.

Surrender Value in LIC New Jeevan Anand Plan 715

The policy can be surrendered after completion of the first policy year if one full year’s premium has been paid.

However, Guaranteed Surrender Value is acquired only after at least two full years’ premiums are paid. LIC may pay the higher of Guaranteed Surrender Value or Special Surrender Value, depending on policy conditions.

The exact surrender amount depends on:

• Premiums paid
• Policy duration completed
• Basic Sum Assured
• Vested bonuses
• Applicable surrender factors
• Policy status

Because surrender factors can differ by duration and policy conditions, final surrender value should be checked with LIC directly.

Loan Facility

LIC New Jeevan Anand provides a loan facility once the policy acquires surrender value, subject to LIC terms.

A policy loan can help during a temporary financial need, but unpaid loan interest reduces the amount available at maturity, surrender or claim. If the outstanding loan and interest become too high compared with the surrender value, LIC may take action according to the policy conditions.

Loan should be used carefully because it can affect the final policy benefits.

Grace Period and Revival

The policy provides a grace period for paying renewal premiums.

• 30 days for yearly, half-yearly and quarterly premiums
• 15 days for monthly premiums

If the premium is not paid within the grace period, the policy may lapse or become paid-up depending on premiums already paid and policy conditions.

A lapsed policy may be revived within the allowed revival period, subject to LIC approval, payment of arrears, interest and proof of continued insurability where required.

Free-Look Period

The official policy document provides a free-look period of 30 days from receipt of the policy document in electronic or physical form, whichever is earlier.

During this period, the policy can be returned if the terms are not acceptable. Refund is subject to deductions for proportionate risk premium, medical examination expenses, stamp duty and other applicable charges.

Instalment Option for Death and Maturity Benefit

LIC provides an option to receive certain benefits in instalments instead of one lump-sum amount.

The available instalment periods are generally:

• 5 years
• 10 years
• 15 years

The policy documents also provide minimum instalment amounts for monthly, quarterly, half-yearly and yearly payment options. This can help people who prefer regular payments instead of receiving the full benefit at once.

The selected option must meet LIC’s conditions and should be chosen within the required time period.

LIC Plan 715 Maturity Calculator Example

Suppose a person selects:

Input	Example
Age at Entry	30 years
Policy Term	25 years
Basic Sum Assured	₹5,00,000
Premium Mode	Yearly
Rider Selection	Optional
Bonus Rate	Calculator estimate only
FAB	Calculator estimate only

The calculator will show:

• Estimated yearly premium
• Half-yearly premium
• Quarterly premium
• Monthly premium
• Estimated total premium paid
• Estimated bonus
• Estimated FAB
• Estimated maturity amount
• Death cover during the policy term
• Post-maturity life cover

This is useful for planning, but the exact policy premium and final maturity amount depend on LIC’s official benefit illustration and future declared bonus rates.

Who Should Consider LIC New Jeevan Anand Plan 715?

LIC New Jeevan Anand may suit people who want:

• Life insurance and savings in one policy
• A maturity payout after a chosen policy term
• Continued life cover after maturity
• A traditional non-linked insurance plan
• Long-term disciplined premium payment
• Optional riders for extra protection

It may not suit people who only want the highest life cover at the lowest possible premium. Pure term insurance may provide a larger cover amount for the same premium in many cases.

It may also be less suitable for people who need high liquidity or expect guaranteed high investment returns. Bonus and FAB depend on LIC declarations and should not be treated as guaranteed.

Important Things to Check Before Buying

Before choosing LIC New Jeevan Anand Plan 715, check these points carefully:

• Select a Basic Sum Assured that matches family protection needs.
• Ensure premium remains affordable for the full policy term.
• Understand that bonus and FAB are not guaranteed.
• Read rider conditions separately.
• Review the official benefit illustration.
• Check current tax treatment under applicable law.
• Understand surrender, paid-up and loan consequences.
• Keep nomination details updated.
• Do not rely only on estimated calculator values for buying decisions.

FAQs

What is LIC New Jeevan Anand Plan 715?

LIC New Jeevan Anand Plan 715 is a participating, non-linked savings and life insurance plan. It gives maturity benefit at the end of the policy term and continues Basic Sum Assured life cover after maturity.

How is LIC Plan 715 maturity calculated?

Maturity is generally calculated as Basic Sum Assured plus vested Simple Reversionary Bonus plus Final Additional Bonus, if declared and applicable.

Does life cover continue after maturity in LIC Plan 715?

Yes. After maturity, the Basic Sum Assured continues as life cover and is payable on death after expiry of the policy term, subject to policy conditions.

What is the death benefit during the policy term?

The death benefit is based on the higher of 125% of Basic Sum Assured or 7 times annualised premium, plus vested bonus and FAB if applicable. It cannot be lower than 105% of total premiums paid up to the date of death.

Is bonus guaranteed in LIC New Jeevan Anand Plan 715?

No. Future bonus and FAB are not guaranteed. Simple Reversionary Bonus is declared by LIC based on its experience, while FAB may be declared at maturity or death claim.

Final Words

LIC New Jeevan Anand Plan 715 combines maturity benefit with lifetime life cover after maturity. Its biggest strength is that the Basic Sum Assured remains available as death benefit even after the maturity payout is received.

Use the LIC Plan 715 Maturity Calculator to understand premium options, estimated maturity value and insurance protection. For final policy purchase, always compare the calculator result with LIC’s official quotation, benefit illustration and policy document.