LIC New Jeevan Anand (Plan 915): Double Benefit Actuarial Architecture
The LIC New Jeevan Anand (Table No. 915) is arguably the most famous and widely owned life insurance policy in the history of the Life Insurance Corporation of India. Epitomized by the immortal slogan "Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi", Plan 915 combines standard endowment wealth creation with an irrevocable whole-life risk shield.
In a conventional endowment plan, the contract terminates as soon as you survive the maturity date and receive the payout. In sharp contrast, Jeevan Anand delivers your complete maturity amount (Basic Sum Assured + accumulated bonuses + FAB) at the end of the term, and then keeps a free life cover equal to 100% of your Basic Sum Assured active until age 100 without requiring you to pay even a single additional rupee in premium!
The Two Distinct Death Benefit Phases
Understanding how the protection operates across the policyholder's lifecycle is central to appreciating Plan 915's value:
If the life assured passes away while the policy term is active, the nominee receives the Sum Assured on Death, legally defined as 125% of the Basic Sum Assured or 7 times annualized premium (whichever is greater), plus all accrued Simple Reversionary Bonuses and Final Additional Bonus (if any).
Having already collected the full maturity payout at the end of the policy term, the policyholder enjoys lifelong risk cover. Whenever death occurs thereafter (up to age 100), LIC pays an additional lump sum equal to 100% of the original Basic Sum Assured to the nominee.
Actuarial Bonus Accrual: SRB & Final Additional Bonus (FAB)
As a participating policy, Jeevan Anand earns annual Simple Reversionary Bonuses declared during LIC's annual valuation. For terms of 21 to 35 years, SRB rates historically average ₹45 to ₹48 per ₹1,000 Sum Assured.
Example Calculation: 30-Year-Old, ₹10 Lakh SA, 25-Year Term
- Basic Sum Assured: ₹10,00,000
- Vested Simple Reversionary Bonus: ₹46/₹1,000 × 1,000 × 25 = ₹11,50,000
- Estimated Final Additional Bonus (FAB): ₹450/₹1,000 × 1,000 = ₹4,50,000
- Maturity Payout at Age 55: ₹10,00,000 + ₹11,50,000 + ₹4,50,000 = ₹26,00,000 (Tax-Free)
- Continued Lifelong Death Cover: ₹10,00,000 continues active until age 100 with zero further premiums!
Statutory GST & Income Tax Provisions (FY 2026-27)
GST Application Rules
- Year 1 Premium: 4.5% statutory GST (2.25% CGST + 2.25% SGST).
- Year 2 Onwards: 2.25% statutory GST (1.125% CGST + 1.125% SGST).
Section 80C & Section 10(10D)
Premiums qualify for tax deductions up to ₹1,50,000 per year under Section 80C. Both the maturity sum and the post-maturity lifelong death claim are 100% tax-free under Section 10(10D).
Frequently Asked Questions (FAQ)
Why is LIC Jeevan Anand (Plan 915) called a Double Death Benefit plan?
LIC New Jeevan Anand offers double death protection because it combines endowment savings with whole life assurance. If you survive the policy term, you receive the full maturity amount (Basic Sum Assured + Vested Bonuses + FAB). After that, the policy does not close—it continues providing life cover equal to the Basic Sum Assured until your demise (up to age 100), payable to your nominee without any further premium payments.
What is the death benefit if the policyholder passes away during the policy term?
If death occurs during the policy term, the nominee receives the Sum Assured on Death (defined as 125% of the Basic Sum Assured or 7 times annualized premium, whichever is higher) plus all accumulated Simple Reversionary Bonuses and Final Additional Bonus (if any).
What are the latest declared bonus rates for Plan 915?
Recent actuarial valuation declarations show Simple Reversionary Bonus (SRB) rates of approximately ₹41 to ₹48 per ₹1,000 Sum Assured depending on policy duration (terms 15 to 35 years). In addition, long-term policies qualify for substantial Final Additional Bonus (FAB) ranging from ₹20 up to ₹450 per ₹1,000 SA.
What are the entry age and policy term limits for New Jeevan Anand?
The minimum entry age is 18 years completed, and the maximum entry age is 50 years. The policy term can range between 15 and 35 years, with the maximum maturity age capped at 75 years.
Are maturity and death proceeds taxable under New Jeevan Anand?
No. Under Section 10(10D) of the Income Tax Act, both the term-end maturity payout and the post-maturity lifetime death benefit payout to nominees are 100% tax-free, provided annual premiums adhere to statutory limits.
