LIC New Jeevan Anand Calculator (Plan No.715)

When you are looking to buying a savings-cum-life insurance plan like the LIC New Jeevan Anand Plan 715, one of the first questions you will ask is: “How much will I pay, and what will I get?” That’s where the LIC New Jeevan Anand calculator (Plan No.715) comes in. With just your age, policy term, sum assured (and optional riders) you can get a fair idea of premium payments, death benefit and maturity value. Using the calculator helps you compare and decide whether this plan (LIC New Jeevan Anand) is right for you or your family.

What is the LIC New Jeevan Anand Calculator?

The LIC New Jeevan Anand calculator is an online and free tool which are designed to help you to estimate the financial numbers associated with the plan. Specifically, it allows you to compute:

• The premium you need to pay (yearly, half-yearly, quarterly, monthly)
• The maturity amount you might receive at the end of policy term (assuming bonuses)
• The death benefit your nominee would get if death occurs during or after policy term
• The surrender value or paid-up value in case you stop paying premiums

For example, according to a source the calculator takes into account age (18-50), policy term (15-35 years), basic sum assured (minimum ₹ 2 lakh) and optional riders.

Using a LIC New Jeevan Anand calculator before selecting your plan helps you set realistic expectations and choose the right sum assured or term. It also helps you see how adding optional riders increases premiums and benefits.

Why Should You Use the LIC New Jeevan Anand Calculator 715 ?

Here are some strong reasons to use the LIC New Jeevan Anand Plan calculator:

• Clarity: You get a clear number instead of guessing.
• Comparison: Compare different sum assured / terms so you pick what fits your budget.
• Budgeting: Know how much premium you will pay, so you can factor it into your monthly/annual cash flow.
• Avoid surprises: Since bonuses are not guaranteed, you can test conservative and optimistic scenarios.
• Transparency with riders: See how much extra cost adding riders will bring and what extra benefit you will get.
• Better decision-making: Helps decide whether this plan is best for you or if alternative investment/insurance product might make more sense.

How to Use the LIC New Jeevan Anand Plan Calculator 715 ?

Here is a step-by-step guide how to use this LIC New Jeevan Anand calculator very easily .

1.Enter your age (nearest birthday)

• Minimum age: 18 years (completed)
• Maximum entry age: 50 years (nearest birthday).

2. Select Policy Term

• You can choose term between 15 years and 35 years.

3. Enter Basic Sum Assured (BSA)

• Minimum ₹ 2,00,000, no upper limit specified by LIC (subject to underwriting).
• Note: The multiples depend on sum assured slab (₹5,000 multiples up to Rs. 4.5 lakh etc).

4. Select premium payment mode

• Yearly, Half-yearly, Quarterly, Monthly (via NACH).

5. Enter optional riders (if any)

• For example: Accidental Death & Disability Benefit, Term Assurance Rider.

6. Click Calculate

• The calculator then displays:
  • Annual premium
  • Death benefit (higher of 125% of BSA or 7× annualised premium) plus bonuses.
  • Approximate maturity value: BSA + accumulated simple reversionary bonus + final additional bonus (FAB) (BONUS assumptions only illustrative).

7. Interpret results

• Use these numbers to evaluate whether premium is affordable and benefits align with your goals.
• Note the bonuses shown are illustrative only and not guaranteed.

Key Inputs & Outputs Explained

Inputs

• Age: Entry age matters for premium calculation and risk cover.
• Policy Term: The duration you’ll pay premiums and until maturity benefit.
• Basic Sum Assured (BSA): The base amount of cover for maturity; death benefit is calculated on a higher basis.
• Premium Payment Mode: The frequency affects the premium amount (monthly vs yearly).
• Riders: Optional additional covers lead to extra premium and extra benefit.

Outputs

• Annual Premium : What you’ll pay each year.
• Sum Assured on Death: If death happens during policy term, amount payable to nominee = higher of:
• 125% of Basic Sum Assured or
• 7× Annualised Premium
• Maturity Benefit: If you survive the policy term, you get: Basic Sum Assured + vested reversionary bonuses + Final Additional Bonus (if declared).
• Surrender / Paid-Up Value: If you stop paying premiums after some years, the calculator may show surrender value or paid-up value.

How the LIC New Jeevan Anand Calculator Works – Formula & Assumptions

• Death Benefit Formula:
  Death Benefit=max(1.25×BSA,7×Annualised Premium)+Bonuses (if any)Also note minimum death benefit shall not be less than 105% of total premiums paid.
• Maturity Value Formula:
  Maturity Value=Basic Sum Assured+Accumulated Simple Reversionary Bonus+Final Additional Bonus (FAB if any )
  The bonus rates used in calculator are illustrative (e.g., showing at 8% p.a) and actual bonuses depend on company’s performance.
• Premium Rates : As per new rule GST get zero (0) for all premium.
• Surrender / Paid-Up Value: After one full year’s premium paid in new Plan 715, policy may acquire surrender/paid-up value (previously after two years).

Benefits of Using the LIC New Jeevan Anand calculator for Plan 715

Gives you budget clarity you know what premium you will pay and can plan accordingly.

• Helps you pick the right sum assured for your age, income and goals.
• Lets you simulate scenarios – what if you choose term 20 vs 30 years, or sum assured ₹5 lakh vs ₹10 lakh.
• Helps understand riders and their cost vs benefit.
• Makes you aware of assumptions: the bonuses shown are illustration only – so you won’t be misled.
• Ensures you make an informed decision rather than based on agent talk alone.

Things to Keep in Mind

The bonus rates shown in calculator are not guaranteed. LIC declares bonuses annually and they may vary.

• The actual performance (return) may differ from illustrated returns (for example @8% used for illustration).
• If you surrender or go paid-up early, benefit reduces significantly.
• Ensure you’re comfortable with long-term commitment (term 15-35 years) and paying premiums regularly.
• Tax laws may change — benefits like tax exemption under Section 10(10D) and deduction under Section 80C are subject to prevailing tax rules.
• Make sure you factor in inflation. A maturity value 20-30 years later may buy less in real terms.
• The calculator is a guide — final terms will be as per policy bond and insurer’s rules.

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