LIC New Jeevan Anand Policy (Table No. 815) – Review, Premium, Maturity and Long term Return Calculation

lic new jeevan anand policy 815 reviewLIC New Jeevan Anand table no. 815, a relaunch of the old Jeevan Anand policy. LIC has recently discontinued many of their old policies. LIC Jeevan Anand is one of them. This New Jeevan Anand is a guaranteed return endowment plan from country’s most selling insurance policy company. The old Jeevan Anand policy was very popular although it had many drawback. But this time LIC has re-launched JEEVAN ANAND by adding a term “New” just to make it IRDA compliance. In this article we will try to understand the features and the changes this New Jeevan Anand policy is offering to its customers and whether you should surrender your old policy or not.

LIC New Jeevan Anand policy features & benefits

LIC New Jeevan Anand policy has nothing new which will help insurer much. If you know the importance of insurance in your life then you can connect with my words easily at the end of the article. If you compare both the old and new policy you can find below changes.
  • The maximum age of policy subscription and policy term has been reduced
  • Few changes in Rebate percentage and BSA (Basic Sum Assured) amount
  • Modified the Guaranteed Surrendered value
  • Loan on policy has changed little-bit
  • Policy revival conditions were changed

Don’t Miss LIC New Jeevan Nidhi 812 and 818 policy review

Old Jeevan Anand vs New Jeevan Anand policy

Old Jeevan Anand – 149
New Jeevan Anand – 815
Entry Age
18 yrs – 65 yrs
18 yrs – 50 yrs
Policy Term
5 – 57 years
15 – 35 years
Rebate on Premiums
3% on tabular premium
2% tabular premium
Half Yearly
1.5% of tabular premium
1% of tabular premium
Rebate on Higher Sum Assured
10,00,000 and above
1.75‰ BSA
3.00‰ BSA
5,00,000 to 9,95,000
1.50‰ BSA
2.50‰ BSA
3,00,000 to 4,95,000
1.00‰ BSA
1,00,000 to 2,95,000
Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies irrespective of the policy term.
The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term, as given in the table below.
Loan Availability Table for 815
Policy Term
Upto 23
24 to 27
28 to 31
32 to 35
% for inforce policies
% for Paid-up policies

So these are the major differences between these 2 policies. And with that one can be sure that there is not at all any major change from maturity benefit or sum assure benefit point of view. 

LIC New Jeevan Anand Premium calculator & Return calculation

Although with the time change LIC has also changed and launched their windows mobile app, but their policies remain same even with the re-launch. This New Jeevan Anand policy premium rates and maturity benefits are almost similar. I have already explained in a very simpler way how much return one can expect from these type of policies. In fact you can read the old Jeevan Anand plan for that example. This time policy holder has to bear the extra service tax on premiums. Earlier accident benefit was included as default but this time its added as a rider. And the surrender value calculation is also as it was. 
E.g. If the policy term = 20 years, Age = 25 years and Sum assured = 10,00,000. So the premium will applied as below
  • Yearly (Rs): 54,281
  • Half Yearly (Rs): 27,433
  • Quarterly (Rs): 13,863
  • Monthly (Rs): 4,621

Should I buy LIC New JEEVAN ANAND Policy No. 815

So seems like LIC New Jeevan Anand policy has launched to kill the old one and give birth to a new policy with little added flavor keeping the same features. I always suggest to buy only term insurance plans to insure your future and for investment purpose go with the traditional post office schemes if you are a low risk investor.  Don’t mix them together and try to understand the long term return. And again saving income tax is not everything in your life. To save few thousand rupee you have to sacrifice lakhs for such endowment policy which will return very less in long run. Be smart and stop agents to mis-sell any insurance policy.

Don’t Miss LIC New Amulya Jeevan 2 No. 823 Review

If you consider the above example of 10 lakh life cover you can get the answer whether LIC JEEVAN ANAND is the plan that your are looking for or not. First of all from life cover point of view 10 lakh sum assured is nothing. You should go for a pure term plan with minimum 1 crore life cover. Now let’s check out the long term return point of view. In 20 years you have to pay 54,281 X 20 = 10,85,620. OMG !! we are paying more than the sum assured amount in case of Jeevan Anand plan. If you calculate the Bonus amount also the net return will not cross more than 4% max. You can check out any policy reviewed in this website for similar calculation.

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  1. Hi Santanu,

    This is both a question and a comment. Request you to respond on it as I am a bit confused.
    I have a Jeevan Anand of 40 years duration and have paid 6 premiums so far. Below are the details:
    1. SA = Rs 10,00,000
    2. Annual Prem: Rs 21,612
    3. Policy Term: 40 Yrs

    Now if I look at the policy doc, it says
    Maturity val = SA + accumulated bonus + FAB

    Now since this is a 40 yr policy, the bonuses are on the higher side and doing a trend analysis, we can assume an average of 50 across years

    So my bonuses become = 50 x 1000 x 40 = Rs 20,00,000

    Also, for the FAB for a 40 year policy, last year the FAB announced was 3k, hence
    FAB = 3000 x 1000 = Rs 30,00,000

    So the amount I get after 40 years is = SA + accumulated bonus + FAB
    = 10,00,00 + 20,00,000 + 30,00,000 (assuming todays FAB)
    = Rs 60,00,000

    Points to note that:
    * FAB in future is expected to grow and 40 yrs is quite a long time
    * Not sure how LIC could declare a FAB for 40 yr plans as they may not have had it 40 years back

    So I get a return of RS 60,00,000 for an investment of Rs 8,64,000 (staggered over a period of 40 years)

    Not sure if it is good or bad!!

    1. Hi Gaurav, I think for long term mutual fund or PPF is the best way to make wealth. For life insurance, its always a term plan.

  2. Hi Shantanu,

    Was happy to read about comparison in between Jeevan Anand Policies “Old and New”.
    One thing I still can’t figure out “in New Jeevan Anand Policy – 815” is that, how come premium can be more than the sum assured..!!, secondly what will be indicative return of this policy? Can I expect 50Rs Bonus and 100Rs FAB at the time of maturity after 20-25 years, at time of completion of Policy / in other words, at time of maturity ?
    Kindly advise

  3. hi Mr. Santanu,

    good evening..

    i took new jeevan anand policy of 30 lakhs sum assured for 21 years. on 17.08.2015 and paid proposal deposit of 30000 of first half yearly premium. after going through all the reviews i realized that i did wrong.
    now how could i withdraw from policy and get refund of paid propsal deposit as i didnt even got my policy number.

    please suggest regarding the same.

    1. I think now a days every policy provide a cooling off period, within which one can cancel the insurance policy. Check your policy documents and terms and the contact LIC of India immediately.

  4. Hi Santanu,
    Very good article!

    Can you please advise on my scenario below?

    I took New Jeevan Anand policy for 50 Lakhs and I paid first year premium of 4.03 lakhs, including tax. It’s a 16 year policy. Now it’s time to pay second year premium and I started calculating the returns I am going to get. I should have done this before taking the policy. I noticed that I’ll be paying 65 lakhs in 16 year period which is 15 lakhs more than the assured amount.

    My agent told me that I’ll be getting 90 lakhs at the end of 16 year period and an additional 50 lakhs to the nominee if I die before age 100, which will happen anyways!

    1. Do I get 90 lakhs at the end of 16 year period? Even if I get that amount, it is less than 4 % of compound interest.

    2. Is this policy really worth paying for 15 more years?

    Please advise.

  5. Hi Santanu,

    I took New jeevan Anand policy for sum assured of 10 Lakhs and I have payed 1 year premium around 50,000 Rs. After going thru many blogs I feel its not fruitful. Also due to some personal commitments I am unable to pay that huge amount every year(I commited a mistake opting for 10Lakh without thinking about feature commitments). Now if I stop paying the premium from second year my money will be lost. Now I have only two options

    1. Forget the 50,000 which I have payed and close the policy as there are better options to save money.
    2. Opt for reduced sum assurance for <=5,00,000 Rs. so that I can save 25,000 from that 50,000.

    I am very much confused 🙁 Kindly suggest me which option is good by considering all the consequesnces.

    1. Hi Nag,
      This is very sad that you may loose your hard earned money. But good that you have realized.
      I think if you can reduce the sum assured value and premium, then it is better to continue 2 more premiums and then surrender. Instead of loosing 50,000 money. But, take the decision as per your understanding and risk taking ability only.

      1. Hi Santanu,

        Thanks a lot for your valuable feedback.

        If I reduce the sum assurance to 5 Lakhs and pay two premiums, I will be paying LIC around 1 Lakh in three premiums. Kindly let me know If I surrender the policy after 3 years what will be the amount which I get in return as per your knowledge. Will be less than 50,000 Rs?

        As per my understanding from your blog the returns will be less than 5% if I continue the policy for 21Years. Is there any other alternative where I can save a little amount.

        Your suggestion will help me a lot!

        1. Hi Nag,

          I am not sure about the surrender value, you can check with your LIC agent or by visiting your nearest LIC branch.
          I think you can choose mutual fund way to get some serious return, as the investment period is more than 15+ years.

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