Planning for your family’s future while ensuring they’re protected for life? LIC New Jeevan Anand might be exactly what you’re looking for.
What Makes LIC New Jeevan Anand Special?
Think of LIC New Jeevan Anand (Plan 915) as a two-in-one plan. It works like your regular savings plan during the policy years, building up a maturity corpus for important life goals. But here’s where it gets interesting – even after you receive your maturity amount, the life cover doesn’t stop. It continues protecting your family for your entire lifetime.
This traditional participating plan combines the security of guaranteed returns with the potential of bonus additions, giving you a reliable foundation for financial planning without the ups and downs of market-linked products.
How Does It Work?
During the Policy Term
While your policy is active, you pay premiums regularly (you can choose yearly, half-yearly, quarterly, or monthly payments). During this time, your money is working for you in two ways:
Building your savings: Your sum assured grows with bonuses declared by LIC from time to time.
Protecting your family: If something unfortunate happens to you during the policy term, your family receives the death benefit, which includes your sum assured, accumulated bonuses, and potentially a final additional bonus.
At Maturity
When your policy completes its term (which you can choose anywhere between 15 to 35 years), you receive a lump sum that includes your basic sum assured plus all the bonuses that have been added over the years. This money can fund your child’s college education, help with a wedding, supplement your retirement, or achieve whatever goal you had in mind.
After Maturity – The Unique Advantage
Here’s what sets this plan apart: after you’ve received your maturity money and celebrated achieving your goal, the life cover continues. Your family remains protected for the basic sum assured throughout your lifetime. So even if you’re 75 or 80, your loved ones will receive the sum assured when you’re no longer around.
Who Is This Plan For?
Young professionals and parents who want to save systematically for future goals while ensuring their family isn’t left vulnerable if life takes an unexpected turn.
People who prefer stability over market fluctuations. If the thought of your savings going up and down with the stock market keeps you awake at night, this traditional plan with its guaranteed component offers peace of mind.
Those planning for specific milestones like a child’s education in 20 years or retirement in 25 years, but who also want to leave something behind as a legacy.
LIC loyalists who trust the corporation’s long track record and want the assurance that comes with India’s largest life insurer.
The Basics You Should Know
You can join this plan if you’re between 18 and 50 years old, and the policy will mature before you turn 75. The minimum coverage starts at ₹1 lakh, and there’s no upper limit, it depends on your needs and what underwriting approves.
One practical aspect: if you ever need money urgently after a few years, you can take a loan against your policy or even surrender it, though that’s not ideal since you’d lose out on the full benefits.
Making It Work for You – A Real Example
Let’s say Rajesh, a 35-year-old IT professional, wants to ensure his 5-year-old daughter gets the best education. He takes LIC New Jeevan Anand for 25 years with a sum assured of ₹25 lakhs.
Over the next 25 years, he pays his premiums regularly. When his daughter is 30 and settling into her career, Rajesh turns 60 and receives the maturity benefit, his ₹25 lakhs plus all accumulated bonuses. He’s already achieved his goal of securing her education.
But the story doesn’t end there. Rajesh still has life cover of ₹25 lakhs that will continue for the rest of his life. Whether he lives to 70, 80, or 90, his family will receive this amount as a legacy when he passes away.
Additional Protection You Can Add
Want more comprehensive coverage? You can enhance your policy with riders like:
- Accidental Death and Disability Benefit Rider for extra protection against accidents
- Term Rider for higher life cover
- Critical Illness Rider to help with medical emergencies
These are optional add-ons that you can choose based on your family’s specific needs.
Tax Benefits
While we can’t give tax advice (you should definitely talk to your tax consultant), generally speaking, life insurance premiums and benefits may qualify for tax deductions and exemptions under sections like 80C and 10(10D) of the Income Tax Act. But remember, tax laws change, so always verify with a professional.
Things to Keep in Mind
The bonuses aren’t guaranteed amounts, LIC declares them based on the company’s performance. However, once declared and added to your policy, they’re yours.
Your actual premium will depend on your age when you buy the policy, the sum assured you choose, the policy term, and your health profile.
This plan requires commitment. You’ll need to pay premiums for the entire policy term to get the full benefits, so choose a term and premium amount that you can comfortably maintain.
Is LIC New Jeevan Anand Right for You?
If you’re someone who values certainty, wants to achieve specific financial goals, and believes in leaving a legacy for your family even after those goals are met, this plan deserves serious consideration.
It’s not about chasing the highest returns or beating the market. It’s about steady, reliable growth combined with lifelong protection, a combination that’s hard to find elsewhere.
Important Note: This information is meant to help you understand the plan better. For complete details, terms, conditions, and exclusions, please refer to LIC’s official New Jeevan Anand brochure and policy document. Speak with a licensed LIC advisor on 76510-32666 who can assess your specific situation and recommend what’s best for you.
Remember, the right insurance plan is one that aligns with your goals, fits your budget, and gives you peace of mind. Take your time, ask questions, and make an informed decision.