New Jeevan Anand

What this product is

An endowment plan with a twist: the life cover doesn't stop at maturity — a base amount of death cover continues for the rest of your life even after you've collected the maturity payout.

You might need this if…

• You want an endowment-style savings goal (a lump sum at a set future date) but also want life cover to continue beyond that date, instead of ending completely at maturity.
• You want your family protected for your whole life, without paying premiums forever — premiums stop at the end of the policy term, but the base cover continues.
• You want a plan that shares in LIC's bonus declarations, rather than one with fixed, non-participating returns.
• You want the option to add riders like critical illness or additional term cover onto a single combined policy.

How it actually works

• Entry age 18–50 years; policy term 15–35 years; minimum sum assured ₹2,00,000 with no fixed maximum.
• During the policy term, the death benefit is the higher of 125% of the basic sum assured or 7× annualised premium, plus vested bonuses, with a guaranteed floor of 105% of premiums paid.
• At maturity, you receive the basic sum assured plus vested bonuses and any final additional bonus — while a base amount of death cover keeps running for the rest of your life afterward at no extra premium.
• If death occurs after maturity (during the extended whole-life cover period), the basic sum assured is paid out again to your beneficiaries.
• Up to three optional riders can be added: Accidental Death & Disability, Accident Benefit, New Term Assurance, and Critical Illness Health riders.
• A policy loan is available after the first year, at up to 75% of surrender value for in-force policies.

Worked example

Worth knowing before you decide

• The extended lifetime cover after maturity is limited to the basic sum assured only — it doesn't include the bonuses already paid out at maturity.
• The 4%/8% figures are illustrative assumed-return projections, not guarantees.
• Suicide within 12 months of starting the policy limits the payout to 80% of premiums paid; within 12 months of a revival, it's the higher of 80% of premiums or the surrender value.
• Stopping premiums after at least one year converts the policy to paid-up status automatically, with proportionally reduced benefits.

Official source

⌟ Official product brochure

Learn about this category

Read the full traditional life insurance explainer → · See all traditional savings products →