LIC New Jeevan Anand Plan 715 Calculator — Premium, Maturity & Lifetime Cover Explained

Ramesh, a 35-year-old government employee in Lucknow, had one worry his financial planner couldn’t easily solve: “What if I survive the policy — do I lose the life cover?” With most endowment plans, the answer is yes — the plan ends at maturity and so does the protection. His planner introduced him to LIC New Jeevan Anand Plan 715, and Ramesh immediately understood the difference. You pay premiums for 20 years, collect a lump-sum maturity benefit at the end — and the life cover on your BSA continues until you die, no additional premium required. This LIC New Jeevan Anand Plan 715 calculator gives you the exact numbers — premium, maturity payout, surrender values year by year, and IRR — so you can evaluate the plan before walking into the branch.

What Is LIC New Jeevan Anand Plan 715?

Plan 715 (UIN: 512N279V03) is a participating, non-linked, regular premium, whole-life savings plan from LIC of India — popularly known as the “Jeevan Anand” plan. It combines the payoff of an endowment plan (maturity lump-sum) with the coverage of a whole-life plan (BSA payable on death, even if you die decades after the policy matures). You choose a policy term between 15 and 35 years, pay premiums throughout, collect at maturity — and then continue to enjoy BSA-level life cover for the rest of your life at no extra cost.

This “Anand” advantage is what distinguishes Plan 715 from regular endowment plans like Plan 714 or Plan 720. With those plans, if you survive the term, the policy closes and the cover ends. With Plan 715, the policy term ends but the life cover does not. Your nominee will receive the Basic Sum Assured even if you die 20 years after the policy matured — which also means this plan doubles as an estate-planning tool.

• Regular premium — pay yearly, half-yearly, quarterly, or monthly throughout the term
• Entry age: 18 years (completed) to 50 years (nearer birthday)
• Policy term: 15 to 35 years; maximum maturity age 75 years
• Minimum Basic Sum Assured: ₹2,00,000; no upper limit
• Death benefit (during term): Higher of 125% of BSA or 7× annualised premium + bonuses + FAB
• After maturity death benefit: Basic Sum Assured payable — lifetime, no extra premium
• Mode rebates: 2% (Yearly), 1% (Half-Yearly); Nil for Quarterly and Monthly
• High Sum Assured Rebate: up to 4‰ of BSA for SA ≥ ₹10 lakh
• GST: 4.5% in Year 1; 2.25% from Year 2 onwards
• Three optional riders: ADDB Rider, AB Rider (mutually exclusive with ADDB), NTAR

How to Use This LIC New Jeevan Anand Plan 715 Calculator

1. Enter your Age at Entry (nearer birthday, range 18–50). Optionally enter your Date of Birth and the calculator derives the NBD age automatically.
2. Enter your Basic Sum Assured — minimum ₹2,00,000. SA multiples vary by slab (₹5,000 for ₹2L–₹4.5L; ₹50,000 for ₹4.5L–₹9L; ₹1,00,000 above ₹9L). High SA Rebate is computed automatically.
3. Select Policy Term between 15 and 35 years. Terms that would push maturity age above 75 are automatically greyed out.
4. Choose Premium Mode — Yearly (2% rebate) or Half-Yearly (1% rebate) are the most cost-effective. Quarterly and Monthly carry no rebate.
5. Select Optional Riders if needed — ADDB or AB Rider (mutually exclusive) for accident protection, and NTAR for additional term cover. Note: ADDB and AB can be added even after policy issuance (within limits); NTAR is inception-only.
6. Pick a Bonus Scenario — Low (₹8/₹1k/yr, 4% p.a. illustration), Medium (₹20/₹1k/yr), or High (₹30/₹1k/yr, 8% p.a. illustration).
7. Click Calculate My Premium & Benefits for the full breakdown — including the year-wise table with the special post-maturity lifetime cover row at the bottom.

LIC New Jeevan Anand Plan 715 — Key Features at a Glance

The “Jeevan Anand” Feature — Lifetime Cover After Maturity

This is the most important and most misunderstood feature of Plan 715. Let’s be precise about what happens at the end of the policy term:

1. You receive the maturity benefit — BSA + vested bonuses + FAB (if declared). The full payout, exactly as with any endowment plan.
2. The policy officially matures — premiums stop, the endowment portion closes.
3. But life cover on the BSA continues — free of cost, for the rest of your life. When you die — whether it’s 5 years or 30 years after maturity — your nominee receives the Basic Sum Assured.

There is one important clarification: after maturity, only the Basic Sum Assured is payable on death — no bonuses, no FAB, no further accumulation. Bonuses were fully settled as part of the maturity benefit. The continuing benefit is a clean, simple BSA payout that functions as a whole-life cover.

This feature has a practical implication: Plan 715 costs slightly more in premium than a comparable endowment-only plan (like Plan 714) because you are receiving whole-life cover along with the endowment savings. For the same BSA and term, Plan 715 premium will be modestly higher. The extra cost buys you permanent life cover that never lapses as long as the policy is in force at maturity.

Premium Calculation — How It Works

The base tabular premium is derived from LIC’s published rate table (per ₹1 lakh BSA, per year), which depends on your entry age (nearer birthday) and policy term. The calculator uses bilinear interpolation on brochure data points for ages 20/30/40/50 and terms 15/25/35 to derive the rate for your specific inputs. From this base, mode rebate and High SA Rebate are deducted, giving the Net Annual Premium. GST is then layered on top: 4.5% in Year 1, 2.25% from Year 2 onwards.

Premium Worked Example

Ramesh: age 35 (nearer birthday), BSA ₹5,00,000, 20-year term, Yearly mode.

• Tabular rate (interpolated between ages 30/40, terms 15/25): ≈ ₹5,645 per ₹1L SA/year
• Base annual premium: (5,00,000 / 1,00,000) × 5,645 = ₹28,225
• Mode rebate (2% yearly): ₹28,225 × 0.02 = ₹565
• SA Rebate (₹5L slab = 2.5‰): (2.5/1,000) × 5,00,000 = ₹1,250
• Net annual premium: ₹28,225 − ₹565 − ₹1,250 = ₹26,410
• Year 1 (with 4.5% GST): ₹26,410 × 1.045 = ₹27,599
• Year 2+ (with 2.25% GST): ₹26,410 × 1.0225 = ₹27,004
• Total premiums over 20 years (net, excl. GST): ₹26,410 × 20 = ₹5,28,200

High Sum Assured Rebate

Maturity Benefit — What You Collect at the End of the Term

At the end of the policy term, LIC pays: BSA + all vested Simple Reversionary Bonuses + Final Additional Bonus (if declared). Continuing Ramesh’s example: BSA = ₹5,00,000. At the Medium scenario (₹20/₹1,000/year bonus), total bonus over 20 years = (5,00,000/1,000) × 20 × 20 = ₹2,00,000. FAB at medium scenario (₹220/₹1,000) = ₹1,10,000. Total maturity = ₹5,00,000 + ₹2,00,000 + ₹1,10,000 = ₹8,10,000.

And then — free of charge — Ramesh retains ₹5,00,000 life cover for life. If he passes away 10 years after maturity at age 65, his family receives another ₹5,00,000.

Death Benefit — During and After the Policy Term

During the policy term (before maturity date): The nominee receives the Sum Assured on Death — the higher of (a) 125% of BSA, or (b) 7 times the annualised premium (excluding taxes and mode loadings). This is always at least 105% of total premiums paid up to the date of death. In addition, all vested bonuses and FAB (if applicable) are also paid.

Note the key difference from Plan 714: Plan 714 uses BSA as one floor; Plan 715 uses 125% of BSA. This means even the minimum death benefit during the term is higher than the BSA — ₹2,50,000 for a ₹2L BSA policy, for example.

After the policy term (post-maturity): The Basic Sum Assured is payable on death. No bonuses (they were already paid at maturity). No expiry date. No additional premium. This continues until the death of the life assured, regardless of how long after maturity that occurs.

Riders Available Under Plan 715

Combined rider premiums cannot exceed 30% of the base plan premium. Accident Benefit Rider SA cannot exceed 3× the base BSA; ADDB and NTAR rider SA cannot exceed the base BSA.

Tax Benefits

Section 80C: Annual premiums paid under Plan 715 are deductible under Section 80C (up to ₹1.5 lakh overall limit per year). For Ramesh’s case above, ₹26,410 per year qualifies — a significant deduction available every year for 20 years.

Section 10(10D): Maturity proceeds are tax-free provided the annual premium does not exceed 10% of the BSA. For Ramesh: premium ₹26,410 ÷ BSA ₹5,00,000 = 5.28% — within the 10% limit, so maturity is tax-free. The after-maturity death benefit (BSA) is also tax-free as a life insurance death claim.

Surrender Value — What If You Exit Before Maturity?

A surrender value accrues after at least 2 full years’ premiums are paid (for the Guaranteed Surrender Value). The GSV equals premiums paid × GSV factor — the factor starts at 30% in year 2 and increases progressively toward 90% in the final two years. Surrendering early is economically poor; plan to hold the policy to maturity to capture both the full endowment payout and the lifetime cover continuation.

Is LIC New Jeevan Anand Plan 715 Right for You?

Buy it if you:

• Want the dual benefit of a maturity payout AND permanent life cover — without buying a separate term plan
• Are a sole breadwinner who wants the family protected even after you’ve collected the maturity sum
• Are using this for estate planning — the post-maturity BSA can fund a specific need (education, debt, or bequest)
• Want to fully utilise Section 80C with an instrument that provides guaranteed, tax-free maturity proceeds
• Prefer the certainty of a government-backed plan over market-linked returns

Skip it if you:

• Need pure life cover at lowest cost — a term plan offers 10–15× more cover per rupee
• Are primarily optimising for investment returns — equity SIPs will substantially outperform over 15–35 years
• Are above age 45 and choosing a short term — the after-maturity cover benefit has limited value if maturity is at age 60 and beyond

Frequently Asked Questions

Use the calculator at the top of this page to get your exact premium, maturity payout, post-maturity lifetime cover amount, and year-wise surrender values in under 30 seconds — then carry the numbers to your LIC branch to compare with the official quote.

Disclaimer: This article is for educational purposes only. Premium figures are based on LIC’s published illustrative rates for standard (healthy) lives and are derived using bilinear interpolation; actual branch quotes may differ. LIC bonus rates (Simple Reversionary Bonus and Final Additional Bonus) are illustrative — actual rates are declared annually by LIC of India and are not guaranteed in advance. The post-maturity lifetime cover feature is subject to the policy being in-force at maturity; lapsed or surrendered policies do not carry this benefit. GST rates are as per prevailing government notifications and are subject to change. Section 80C and 10(10D) tax treatment depends on your individual circumstances — consult a qualified tax advisor. Please consult a licensed LIC agent or IRDAI-registered financial advisor before making any insurance purchase decision.