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Plan 815 — Participating, Non-Linked Endowment-cum-Whole Life Plan
LIC Jeevan Anand (Plan 815) — Complete Guide
LIC Jeevan Anand (Plan No. 815) is one of the most popular traditional life insurance plans offered by the Life Insurance Corporation of India. It is a participating, non-linked endowment plan that provides coverage for the entire lifetime of the policyholder while offering maturity benefits at the end of the chosen policy term. This plan is ideal for individuals who want both savings and long-term life protection in a single policy.
Key Features of LIC Jeevan Anand (Plan 815)
- Dual Benefit: Provides endowment cover during the policy term and whole life cover after the policy term ends.
- Minimum Entry Age: 18 years
- Maximum Entry Age: 50 years
- Policy Term: 15 to 35 years
- Minimum Sum Assured: ₹1,00,000 (no maximum limit)
- Premium Payment: Yearly, Half-Yearly, Quarterly, or Monthly (ECS)
- Bonus: Participates in profits — Simple Reversionary Bonus declared annually + Final Additional Bonus (FAB)
- Death Benefit: Sum Assured + Bonus + FAB (if applicable), subject to minimum 105% of total premiums paid
- Maturity Benefit: Sum Assured + Bonus + FAB + life cover continues as Whole Life
Premium Rebates
| Feature | Rebate |
|---|---|
| Yearly Mode | 3% of tabular premium |
| Half-Yearly Mode | 1.5% of tabular premium |
| SA ₹2L to ₹4.99L | ₹2 per ₹1,000 SA |
| SA ₹5L and above | ₹3 per ₹1,000 SA |
Tax Benefits
Premiums paid for LIC Jeevan Anand are eligible for deduction under Section 80C of the Income Tax Act (up to ₹1.5 lakh per annum). The maturity proceeds and death benefits are exempt under Section 10(10D), subject to conditions.