LIC Jeevan Anand Plan 815 — Complete Review 2025
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What is LIC Jeevan Anand (Plan 815)?
LIC Jeevan Anand (Plan 815) is one of the most popular and enduring life insurance policies offered by the Life Insurance Corporation of India. Launched in February 2020, it is a participating, non-linked endowment-cum-whole-life plan. What makes it unique is that it combines two benefits in one policy: an endowment cover during the chosen policy term, and a whole life cover that continues throughout the policyholder's lifetime even after the policy matures.
In simple terms — you get a lump sum maturity payout at the end of your chosen term, AND your life cover continues for your entire life at no extra cost. Your family receives the Sum Assured + Bonus if you pass away after the policy has already matured.
Key Features at a Glance
- Plan Type: Participating, Non-Linked Endowment + Whole Life
- Launch Date: February 5, 2020
- Minimum Entry Age: 18 years (completed)
- Maximum Entry Age: 50 years (nearest birthday)
- Minimum Policy Term: 15 years
- Maximum Policy Term: 35 years
- Maximum Maturity Age: 75 years
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No limit (subject to underwriting)
- Premium Modes: Yearly, Half-Yearly, Quarterly, Monthly (ECS)
Benefits of LIC Jeevan Anand
1. Maturity Benefit
If the policyholder survives the full policy term, they receive: Sum Assured + Simple Reversionary Bonus accumulated over the term + Final Additional Bonus (FAB) if applicable. This maturity payout is completely tax-free under Section 10(10D) of the Income Tax Act (subject to conditions regarding premium-to-SA ratio).
2. Death Benefit
If the policyholder dies during the policy term, the nominee receives: Sum Assured on Death + Bonus + FAB. The Sum Assured on Death is the higher of (a) basic Sum Assured or (b) 7× the annual premium, and is subject to a floor of 105% of total premiums paid.
3. Whole Life Cover After Maturity
After the policy matures but if the policyholder is still alive, the life cover continues for free. The family receives the Sum Assured on Death when the policyholder eventually passes away. This is the unique dual-benefit that makes Plan 815 so attractive.
Premium Rebates Available
LIC offers the following rebates on the tabular premium:
- Mode Rebate: 3% rebate for yearly mode; 1.5% for half-yearly; nil for quarterly/monthly
- High SA Rebate: ₹2 per ₹1,000 SA for SA between ₹2L–₹4.99L; ₹3 per ₹1,000 SA for SA ≥ ₹5L
Illustration: ₹10 Lakh Cover, Age 30, 20-Year Term
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 |
| Entry Age | 30 years |
| Policy Term | 20 years |
| Approx. Yearly Premium (excl. GST) | ₹50,650 |
| Approx. Maturity (SA + Bonus) | ₹20L–₹25L (estimated) |
| Death Benefit (during term) | ₹10L + Vested Bonus |
| Life Cover After Maturity | ₹10L (continues for lifetime) |
Tax Benefits
Section 80C: Premium paid is deductible up to ₹1.5 lakh per annum from taxable income.
Section 10(10D): Maturity and death benefits are tax-free, provided the annual premium is ≤ 10% of the Sum Assured (for policies issued after April 1, 2012).
Who Should Buy LIC Jeevan Anand (Plan 815)?
- ✅ Young working professionals who want a disciplined savings plan with insurance cover
- ✅ Parents who want to build a corpus for children's goals while remaining covered
- ✅ Individuals who prefer traditional, government-backed guaranteed savings
- ✅ Those who want whole life cover without paying higher whole life premiums
LIC Jeevan Anand may not be ideal for those seeking purely high investment returns (ULIPs or mutual funds may offer better growth), or those who mainly need maximum death coverage at minimum cost (a term plan is better in that case).
Our Verdict
LIC Jeevan Anand Plan 815 earns its popularity for good reason. The dual benefit of endowment payout + lifetime whole life cover is a genuinely valuable feature not commonly available in other plans. With LIC's bonus history (consistently declared for 60+ years) and government backing, it remains one of the most trusted savings-cum-insurance products in India. We give it 4.2/5 stars for traditional insurance seekers.
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