LIC New Jeevan Anand Plan 715 Calculator: Premium, Maturity Value and Lifelong Cover

What is LIC New Jeevan Anand Plan 715?

LIC New Jeevan Anand 715 (UIN 512N279V03) is a participating, non-linked life insurance plan that does two jobs at once. During the policy term it works like an endowment plan: you pay a regular premium, bonuses build up, and you receive a lump sum at maturity. After maturity it turns into a whole-life policy: life cover equal to the basic sum assured continues until death, with no more premiums to pay.

That second part is what sets Jeevan Anand apart from ordinary endowment plans, and it is why the plan has stayed one of LIC’s best-known products through several versions. Plan 715 is the current version, launched on 1 October 2024 when LIC refreshed its traditional plans under IRDAI’s revised product rules. It replaced New Jeevan Anand 915, which itself replaced Plan 815.

New Jeevan Anand 715 at a glance

Feature	Details
Plan number / UIN	715 / 512N279V03
Plan type	Participating, non-linked endowment with whole-life cover
Status	On sale since 1 October 2024
Policy term	15 to 35 years
Premium paying term	Same as the policy term
Entry age	18 to 50 years
Maximum maturity age	75 years
Minimum sum assured	₹2,00,000 (no upper limit)
Premium modes	Yearly, half-yearly, quarterly, monthly (NACH)
Cover after maturity	Basic sum assured, for life
Bonus	Simple reversionary bonus + final additional bonus

Eligibility

Condition	Minimum	Maximum
Age at entry	18 years (completed)	50 years (nearest birthday)
Policy term	15 years	35 years
Age at maturity	—	75 years
Basic sum assured	₹2,00,000	No limit (subject to underwriting)

Because age plus term cannot cross 75, a 45-year-old can choose at most a 30-year term, and a 50-year-old at most 25 years. The calculator enforces this automatically.

How the Jeevan Anand 715 premium is calculated

LIC uses a tabular rate per ₹1,000 of sum assured that depends on your age and policy term. A longer term spreads the cost, so the yearly rate falls as the term rises. Our rates are built from the sample premiums in LIC’s official Plan 715 brochure and reproduce each of them exactly, for example ₹16,885 a year for ₹2 lakh at age 30 over 15 years and ₹9,810 over 25 years. Our calculator follows these steps:

1. Tabular rate × (sum assured ÷ 1,000) gives the base yearly premium. Rates between the published ages and terms are interpolated.
2. A mode rebate of 2% of the tabular premium applies for yearly payment and 1% for half-yearly.
3. A high sum assured rebate then takes off ₹2.50 per ₹1,000 of sum assured for covers of ₹5 lakh or more and ₹4 per ₹1,000 for ₹10 lakh or more.
4. No GST is added: individual life insurance premiums have been GST-exempt since 22 September 2025, so the premium shown is the amount you actually pay.

Worked example: a 30-year-old chooses ₹10 lakh sum assured for 21 years and pays yearly. The tabular rate is about ₹60.36 per ₹1,000, or ₹60,364 for ₹10 lakh. The 2% yearly mode rebate takes off ₹1,207 and the high sum assured rebate of ₹4 per ₹1,000 takes off ₹4,000, so the estimated premium is ₹55,157 a year, or ₹11,58,297 over 21 years. With a ₹46 bonus rate, the estimated maturity value is ₹20,66,000.

A second example: a 25-year-old with ₹5 lakh cover for 25 years pays about ₹1,931 a month, ₹5,79,300 in total, for an estimated maturity of ₹11,25,000.

Tip: the premium chart below the calculator shows the yearly premium for ₹10 lakh at different ages and terms. Compare a 21-year and a 25-year term at your age before you decide; the longer term lowers the yearly outgo noticeably.

Maturity benefit

If you survive the full term and all premiums are paid, LIC pays:

• the basic sum assured,
• all simple reversionary bonuses declared during the term, and
• a final additional bonus, if one is declared in the year of maturity.

The bonus is declared each year per ₹1,000 of sum assured. At ₹46, a ₹10 lakh policy earns ₹46,000 of bonus for every year it stays in force. Our estimate adds a final additional bonus of about 5% of the sum assured for terms of 15–19 years and about 10% for 20 years or more. Treat both as illustrations: LIC declares actual rates year by year. You can compare bonus scenarios with the LIC bonus calculator.

Death benefit

During the policy term, the nominee receives the sum assured on death plus accrued bonuses and any final additional bonus. Sum assured on death is the higher of 125% of the basic sum assured or 7 times the annualised premium. For the ₹10 lakh example above, that is at least ₹12,50,000, and in the last policy year the total works out to about ₹23,16,000 including bonuses.

After maturity, the policy keeps paying for itself in a sense: the basic sum assured (₹10 lakh in the example) is paid to the nominee whenever death occurs, with no premiums due. This makes Jeevan Anand useful for anyone who wants a guaranteed amount to pass on, whatever age they live to.

Loan, surrender and riders

• Loan: available once the policy has a surrender value, after two full years of premiums.
• Surrender: possible after two full years. Plan 715 follows the surrender value norms that took effect in October 2024, which generally pay more for early exits than the older versions did.
• Paid-up: if you stop paying after two years, the policy continues with a reduced sum assured instead of lapsing.
• Riders: optional accident and term assurance riders can be added for extra protection at an additional premium.

Tax benefits

Premiums are deductible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old tax regime, up to ₹1.5 lakh a year). Maturity and death proceeds are generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to the 10% premium-to-sum-assured condition and the ₹5 lakh aggregate premium limit for policies issued after 1 April 2023.

Who should consider Jeevan Anand 715?

The plan suits you if you:

• want a guaranteed lump sum at a known age plus cover for the rest of your life;
• prefer low-risk, bonus-based growth to market-linked investments;
• want to leave a fixed amount to your family even if you live well past retirement.

It is less suitable if your main need is a large life cover at low cost. A pure term plan gives far more cover for the same money; try the LIC term plan calculator to compare. Returns on with-profit plans are typically modest, so do not rely on Jeevan Anand alone for long-term wealth building.

New Jeevan Anand 715 vs 915 vs 815

Feature	815 (2014–2020)	915 (2020–2024)	715 (from Oct 2024)
Minimum sum assured	₹1 lakh	₹1 lakh	₹2 lakh
Sum assured on death	Higher of 125% SA or 10× annual premium	Higher of 125% SA or 7× annual premium	Higher of 125% SA or 7× annual premium
Loan / surrender from	3 years	2 years	2 years
Premium rates	Oldest table	Revised in 2020	Revised again in 2024

For the same 30-year-old, ₹10 lakh, 21-year example, our calculators estimate about ₹51,646 a year under 815, ₹55,700 under 915 and ₹55,157 under 715, so 715 costs about the same as 915 for this profile. These are estimates from each version’s rate table (715’s is based on LIC’s brochure sample premiums); always get an official quote. If you hold a 915 or 815 policy, it continues unchanged.

How to use this calculator

1. Enter your age and policy term.
2. Type or slide the sum assured (₹2 lakh minimum).
3. Pick the premium mode.
4. Adjust the bonus rate if you want to test a different scenario.
5. Read your yearly premium, instalment, maturity estimate, death benefit and lifelong cover. Use Share result to send the exact figures to family or your advisor.

All figures are approximate and for illustration. We are an independent site, not affiliated with LIC.