If you’ve landed here searching for “LIC New Endowment Plan 715,” you’re not alone — and you’re about to get the complete picture, including one detail most articles skip over: the plan most people mean when they type that phrase isn’t technically called an “endowment plan” at all. Let’s untangle that first, then walk through everything you actually need to know — eligibility, premiums, maturity payout, death benefit, riders, tax treatment, and whether it deserves a place in your financial plan.
What Is LIC’s New Jeevan Anand Plan 715?
Plan 715 is a participating, non-linked, individual life assurance plan, which in plain language means three things: your returns aren’t tied to the stock market, you share in LIC’s annual profits through bonuses, and the benefits are fixed for an individual (not a group) policy.
The plan is built around a tagline LIC has used for this product family for years — “Zindagi ke saath bhi, zindagi ke baad bhi” (with you in life, and after it too). That phrase captures the plan’s defining feature well: you receive a lump sum when the policy matures, and your nominee still receives a payout whenever you eventually pass away — even if that’s decades after maturity, and even though you’ve already been paid once.
This makes Plan 715 fundamentally different from a typical endowment plan, where protection simply ends the day you collect your maturity cheque.
LIC Plan 715 — Key Features at a Glance
| Feature | Details |
|---|---|
| Plan Type | Participating, Non-Linked, Individual Life Assurance (Savings + Whole-Life Cover) |
| Table Number / UIN | 715 / 512N279V03 |
| Launched | 1 October 2024 (replacing Plan 915) |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 50 years (nearer birthday) |
| Maximum Maturity Age | 75 years (nearer birthday) |
| Policy Term | 15 to 35 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No upper cap |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH) |
| Bonus Type | Simple Reversionary Bonus + Final Additional Bonus (FAB), where applicable |
| Post-Maturity Cover | Basic Sum Assured continues as life cover, at no extra premium |
| Loan Facility | Available once the policy acquires a surrender value |
| Riders | ADDB Rider, Accident Benefit Rider, New Term Assurance Rider |
Eligibility Criteria
Before you run any numbers, check whether you fit within these entry conditions:
| Criteria | Requirement |
|---|---|
| Minimum age at entry | 18 years |
| Maximum age at entry | 50 years |
| Minimum policy term | 15 years |
| Maximum policy term | 35 years |
| Maximum age at maturity | 75 years |
| Minimum sum assured | ₹2,00,000 |
| Maximum sum assured | No limit (subject to income proof and underwriting) |
| Premium paying term | Same as the policy term |
One practical note: your entry age caps how long a term you can choose. A 50-year-old, for instance, can take at most a 25-year term, since that’s what keeps maturity within the age-75 ceiling.
How the Maturity Benefit Works
If you pay every premium on time and the policy stays in force right through to the end of the term, LIC pays out a lump sum made up of:
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if declared)
Reversionary bonuses are added each year LIC’s valuation supports it, and once added, they can’t be taken away — they “vest” permanently into the policy. The Final Additional Bonus, where applicable, is added only at maturity or on death, on top of the regular bonus accumulation. Neither bonus is guaranteed in advance; both depend on LIC’s actual financial performance, so treat any bonus figure you see in a calculator as an informed estimate, not a promise.
Death Benefit During the Policy Term
If the life assured dies while the policy is still running (before maturity), the nominee receives a lump sum calculated as:
Higher of (125% of Basic Sum Assured) or (7 times the annualised premium) — subject to a floor of at least 105% of total premiums paid till date — plus accrued bonuses and FAB, if any.
That 105%-of-premiums floor exists specifically to protect the nominee in early policy years, when the bonus-driven payout might otherwise be thin. It’s a useful detail to know if you’re comparing this plan against a pure term policy, since it guarantees the death benefit never falls below what’s already been paid in.
The “Anand” Advantage: Life Cover That Outlives the Policy Term
This is the single feature that separates Plan 715 from an ordinary endowment plan, and it’s worth understanding precisely because it’s also the most commonly misunderstood part of the plan.
Here’s the sequence:
- You reach the end of your policy term. LIC pays out the full maturity benefit — Basic Sum Assured plus all vested bonuses and FAB, exactly as described above.
- The savings portion of the policy is now complete. No more premiums are due, and the bonus accumulation stops, since there’s nothing left to add bonuses to.
- The life cover, however, doesn’t switch off. The Basic Sum Assured continues as a standing life cover, with zero further premium, for as long as the life assured lives.
So if you die ten, twenty, or even thirty years after maturity, your nominee still receives the Basic Sum Assured — without bonuses this time, since those were already settled when you collected your maturity payout. In practical terms, the cover runs for the rest of the policyholder’s natural life (LIC’s standard whole-life provisions effectively extend this through age 100).
One condition matters here: this lifetime benefit only kicks in if the policy was fully in force — not lapsed, not surrendered — at the time it matured. If you’ve let the policy lapse along the way and haven’t revived it, this benefit doesn’t apply.
How Is the Premium Calculated?
LIC works out your premium using a tabular rate — a fixed rupee amount per ₹1,000 (or per ₹1 lakh) of sum assured, which varies by your entry age and chosen policy term. From that base figure, a few adjustments apply:
- Mode rebate: Yearly payment typically earns a small rebate (around 2%), half-yearly a smaller one (around 1%); quarterly and monthly modes carry no rebate, since LIC incurs more administrative cost collecting smaller, frequent instalments.
- High Sum Assured rebate: Larger sum assured amounts (broadly from ₹5 lakh upward) earn a per-thousand rebate, with a bigger rebate kicking in past ₹10 lakh.
- GST: Life insurance premiums attract GST — a higher rate in the first policy year and a lower rate from the second year onward, as per prevailing government tax rules.
As a rough sense of scale, indicative annual premiums for this plan tend to fall somewhere in the range of ₹45–₹65 per ₹1,000 of sum assured per year, before rebates and GST, depending heavily on your entry age and the term you choose — younger entrants and shorter sum-at-risk periods generally land toward the lower end. Because the exact tabular rate depends on your specific age and term combination, the most reliable way to get your number is to run it through an updated LIC Plan 715 premium calculator with your actual age, sum assured, and term — rather than relying on someone else’s example.
Optional Riders Available With Plan 715
Riders are add-on covers you can attach to the base policy for an additional premium. They can’t be bought as standalone products — only alongside this plan.
- Accidental Death and Disability Benefit (ADDB) Rider — Pays an additional lump sum if death is accidental, and supports the policyholder financially in case of permanent disability caused by an accident.
- Accident Benefit Rider — Pays an extra amount equal to the rider’s own sum assured specifically when death results from an accident (without the disability cover that ADDB includes).
- New Term Assurance Rider (NTAR) — Adds a pure term insurance layer on top of the base cover, boosting your overall protection during the rider term. This one is generally available only when you first take the policy, not added later.
Typically, only one of the accident-related riders (ADDB or Accident Benefit) can be attached at a time, and combined rider premiums are usually capped as a percentage of your base premium — confirm current limits with your servicing branch or agent, since rider terms are revised from time to time.
Tax Benefits: Section 80C and Section 10(10D)
This is one area where it pays to read the fine print, because the rules changed meaningfully in recent years and many older articles online haven’t caught up.
- Section 80C lets you deduct premiums paid (up to the overall ₹1.5 lakh annual limit across all 80C instruments) from your taxable income — but only if you’re filing under the old tax regime. If you’ve opted for the new tax regime (which is now the default for most taxpayers), this deduction simply isn’t available to you.
- Section 10(10D) exempts the maturity and death payout from tax — and importantly, this exemption applies under both the old and new tax regimes, since it concerns the policy payout itself rather than a Chapter VI-A deduction. The usual condition applies: your annual premium must not exceed 10% of the sum assured for the maturity proceeds to stay tax-free.
In short: pick the old regime if you want the upfront 80C deduction on your premiums; either way, your eventual payout from this plan stays tax-free as long as the 10% premium-to-sum-assured condition holds. Tax rules are revised almost every Budget cycle, so it’s worth a quick check with a tax professional before you finalise your filing strategy around this plan.
Surrender Value and Policy Loan
Life happens, and LIC builds in an exit route if you can no longer continue paying premiums.
- Special Surrender Value (SSV) becomes available once you’ve paid at least one full year’s premium.
- Guaranteed Surrender Value (GSV) kicks in once you’ve completed two full years of premium payments — calculated as a percentage of total premiums paid (rising as the policy gets closer to maturity) plus a percentage of any vested bonus.
- On surrender, you receive whichever of GSV or SSV works out higher.
A policy loan is also available once the policy has acquired a surrender value, sanctioned as a percentage of that surrender value under LIC’s prevailing norms. It’s a useful liquidity option in an emergency, but remember that unpaid loan interest reduces your eventual payout, so it’s worth treating sparingly rather than as a routine source of funds.
Grace Period and Free-Look Period
- Grace period: You get 30 days (15 days if you’ve chosen monthly mode) from your premium due date to pay without the policy lapsing. The policy stays in force throughout this window.
- Free-look period: If something about the policy document doesn’t sit right with you, you can return it — within 15 days of receiving it if you bought it through a branch or agent, or 30 days if you purchased it online or through any other distance-marketing channel, as per current IRDAI norms.
Plan 715 vs Plan 714: Quick Comparison
Since the confusion between these two plans is exactly why many people land on this article, here’s a side-by-side to settle it:
| Point of Difference | New Jeevan Anand (715) | New Endowment Plan (714) |
|---|---|---|
| Entry age | 18–50 years | Typically allows entry from a lower minimum age |
| Death benefit floor | 125% of Basic Sum Assured | Basic Sum Assured (no 125% multiplier) |
| Cover after maturity | Continues for life, no extra premium | Ends once maturity is paid |
| Premium (same SA & term) | Slightly higher | Slightly lower |
| Best suited for | Those who want savings and permanent life cover in one product | Those who want a simpler savings plan and don’t need cover beyond maturity |
If lifelong protection after maturity matters to you, 715 is the stronger choice despite the marginally higher premium. If you just want a guaranteed lump sum at the end of a fixed term and don’t need cover beyond that, 714 does the job at a slightly lower cost.
Who Should Consider LIC Plan 715?
It tends to suit you if:
- You want one product that combines a guaranteed maturity payout with permanent life cover, instead of managing a savings plan and a separate whole-life policy.
- You’re the primary earner in your household and like the idea of your family staying covered even after you’ve already received the maturity money.
- You prefer the stability of a government-backed, bonus-driven plan over market-linked volatility.
- You file under the old tax regime and want to make full use of your 80C limit through a guaranteed-return instrument.
It may not be the best fit if:
- Your main goal is maximum life cover per rupee of premium — a pure term plan typically offers far more cover for the same outlay.
- You’re chasing high investment growth — market-linked instruments have historically outperformed traditional endowment-style returns over long horizons, though with more risk.
- You’re entering at an older age with a short term, where the post-maturity cover benefit has less time to add value.
Frequently Asked Questions
Q.1 Is “LIC New Endowment Plan 715” and “LIC New Jeevan Anand Plan 715” the same thing?
They refer to the same plan number — 715 — which is officially called New Jeevan Anand, not New Endowment. LIC’s actual New Endowment Plan is numbered 714. The two names get mixed up online because the plans are similar in structure and sit next to each other in LIC’s table-number sequence.
Q.2 Do I need to pay any premium to keep the life cover active after maturity?
No. Once you’ve paid every premium through to maturity and the policy is in force, the Basic Sum Assured continues as life cover automatically, with no further payment and no fresh medical check required.
Q.3 What is the minimum and maximum sum assured under Plan 715?
The minimum is ₹2,00,000. There’s no fixed maximum — your eligible sum assured depends on your income and LIC’s underwriting assessment.
Q.4 Can I add riders to this plan after I’ve already taken the policy?
The Accidental Death and Disability Benefit Rider and Accident Benefit Rider can generally be added during the policy term, subject to age and remaining-term conditions. The New Term Assurance Rider, however, is typically available only at the time you first take the policy.
Q.5 Is the maturity amount from this plan tax-free?
Yes, under Section 10(10D), provided your annual premium doesn’t exceed 10% of your sum assured. This exemption applies regardless of whether you’ve chosen the old or new tax regime.
Q.6 How is the premium for Plan 715 different from a regular endowment plan?
For the same sum assured and term, Plan 715’s premium runs slightly higher than a comparable endowment-only plan, because part of that premium is funding the lifelong cover that continues after maturity.
Q.7 Can I take a loan against this policy?
Yes, once the policy has acquired a surrender value — generally after at least one full year of premiums have been paid — you can take a loan against it, subject to LIC’s prevailing loan-to-surrender-value norms.