LIC’s New Jeevan Anand is one of LIC’s most popular traditional life insurance plans. It combines life-long protection with long-term savings, making it a preferred choice for individuals looking for guaranteed security along with bonus-based returns. This blog explains the plan in a simple and clear way, including benefits, eligibility, premiums, surrender rules, riders, and more.
⭐ What Is LIC’s New Jeevan Anand?
LIC’s New Jeevan Anand is a Non-Linked, Participating, Individual Life Assurance Savings Plan.
This means:
- It provides death cover during the entire policy term.
- It gives a lump-sum maturity benefit if the policyholder survives the term.
- It participates in LIC’s bonus declarations (not guaranteed).
- It comes with loan facility, riders, and flexible payout options.
In simple words, it is a protection + savings plan.
⭐ Key Benefits of LIC New Jeevan Anand
✅ 1. Death Benefit
If the policyholder dies during the policy term, the nominee receives:
- Sum Assured on Death, which is higher of:
- 125% of Basic Sum Assured OR
- 7 times the annualised premium
- + Vested Simple Reversionary Bonuses
- + Final Additional Bonus (FAB), if declared
Minimum death benefit will always be 105% of total premiums paid (excluding taxes & rider premiums).
If death happens after maturity, the nominee gets the Basic Sum Assured.
✅ 2. Maturity Benefit
If the policyholder survives till the end of policy term:
- Sum Assured on Maturity (equal to Basic Sum Assured)
- + Vested Simple Reversionary Bonuses
- + Final Additional Bonus (if declared)
This makes it a long-term saving + guaranteed base return plan.
✅ 3. Participation in LIC Profits
The plan participates in LIC’s profits and earns:
- Simple Reversionary Bonuses (added each year)
- Final Additional Bonus (FAB) in the year of maturity or death
Note: Bonuses depend on LIC’s performance and are not guaranteed.
⭐ Eligibility & Policy Conditions
| Feature | Details |
|---|---|
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | No limit |
| Entry Age | 18 to 50 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 15 to 35 years |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH) |
| Risk Commencement | Immediately on acceptance |
⭐ Optional Riders (Extra Protection)
You can add up to three riders (subject to rules):
- LIC Accidental Death & Disability Rider
- LIC Accident Benefit Rider
- LIC New Term Assurance Rider
- LIC New Critical Illness Rider
Riders offer extra benefits like:
✔ Accidental death cover
✔ Disability income
✔ Critical illness lump-sum
✔ Extra term insurance
Each rider’s sum assured cannot exceed the Basic Sum Assured.
⭐ Instalment / Settlement Options
You can choose to receive Death Benefit or Maturity Benefit in instalments over:
- 5 years
- 10 years
- 15 years
Modes available:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
This is useful if you want regular income instead of a lump sum.
⭐ Premium Rebates
- Yearly Mode: 2% discount
- Half-Yearly Mode: 1% discount
- Quarterly/Monthly: No discount
- High Sum Assured Rebates also available.
⭐ Revival Rules
If the premium is not paid within the grace period:
- Policy lapses
- Can be revived within 5 years by paying all pending premiums with interest
Riders revive along with the base policy.
⭐ Paid-Up Policy (If You Stop Paying)
If you pay at least 2 years premium, your policy becomes paid-up, not cancelled.
You will still get:
- Reduced Paid-Up Sum Assured
- Vested Bonuses (if any)
But you will not receive future bonuses.
⭐ Surrender Value
You can surrender the policy after 2 full years’ premiums.
You will receive the Higher of:
- Guaranteed Surrender Value (GSV)
- Special Surrender Value (SSV)
Vested bonuses also have surrender value.
⭐ Loan Facility
Loan available after 2 full years’ premiums:
- In-force Policy: Up to 90% of Surrender Value
- Paid-Up Policy: Up to 80%
Loan interest rate is decided by LIC from time to time.
⭐ Tax Benefits
- Premiums and benefits may offer tax benefits under prevailing tax laws (consult your tax advisor).
- Taxes on premium are extra and not counted in benefits.
⭐ Suicide Clause (Important)
If suicide occurs within 12 months of policy start or revival:
- Limited payout applies (usually 80% of premiums paid or surrender value).
- Read policy document for exact rules.
⭐ Sample Benefit Illustration (From LIC Brochure)
Age: 30 years
Policy Term: 35 years
Basic Sum Assured: ₹1,00,000
Yearly Premium: ₹3,165 (excluding taxes)
If the policyholder survives till maturity:
✔ Receives BSA + Bonuses (based on LIC declarations)
If death occurs during the policy term:
✔ Nominee receives Sum Assured on Death + Bonuses
Remember: Bonus rates vary and are not guaranteed.
⭐ Should You Buy LIC New Jeevan Anand?
Ideal for people who want:
- ✔ Long-term disciplined savings
- ✔ Life insurance protection
- ✔ Bonus-based growth
- ✔ A trusted LIC plan
- ✔ Loan facility
- ✔ Guaranteed base sum assured + potential bonus returns
Not ideal for people who want:
- ❌ High returns like mutual funds
- ❌ Short-term investment
- ❌ Pure low-cost insurance (term plan is better)
⭐ Final Thoughts
LIC’s New Jeevan Anand is a strong traditional plan for those who want both insurance protection and long-term savings. With bonus participation, rider options, loan facility, and flexible payouts, it offers security plus growth potential.
However, remember that bonuses are not guaranteed, and long-term commitment is essential for good returns.
For exact premium quotes and latest bonus updates, always check LIC’s official website or visit your nearest LIC branch.
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