Life Insurance Corporation of India (LIC) offers several insurance products designed to combine financial protection with long-term savings. One such product is LIC’s New Jeevan Anand, a participating, non-linked, individual life insurance savings plan that provides a lump-sum benefit at the end of the selected policy term while continuing life cover thereafter.
Claims circulating around examples such as “saving ₹172 a day to receive more than ₹28 lakh” can make such policies look like fixed-return investment products. However, customers should understand that these figures are illustrations based on a particular age, sum assured, policy term, premium and assumed future bonuses. The final amount is not automatically guaranteed merely by saving ₹172 every day.
Here is how the plan actually works and what prospective policyholders should know before purchasing it.
What Is LIC’s New Jeevan Anand Plan?
LIC’s New Jeevan Anand is designed to provide both savings and life insurance protection. According to LIC’s current product information, it is a participating, non-linked, life, individual savings plan.
The policy provides a lump-sum payment if the insured survives until the end of the selected policy term. One of its distinctive features is that life insurance protection continues even after the maturity benefit has been paid, subject to the policy terms and conditions.
The plan also offers flexibility in premium-payment frequency and includes options such as riders and payment of eligible benefits in instalments.
Is ₹172 Per Day an Official Investment Requirement?
No. LIC does not structure the policy as a mandatory “₹172 per day” savings scheme.
₹172 per day works out to approximately ₹5,160 for 30 days and about ₹62,780 over 365 days. But the actual premium for New Jeevan Anand depends on several factors, including the policyholder’s age, selected Basic Sum Assured, policy term, premium-payment frequency and applicable underwriting or policy conditions.
Therefore, two customers buying the same LIC plan may not necessarily pay the same premium.
Customers should obtain an official benefit illustration for their chosen policy configuration rather than treating a daily savings calculation as a standard LIC premium.
Can You Really Receive ₹28.5 Lakh?
A figure such as ₹28.5 lakh should not be interpreted as a universally guaranteed maturity payment.
New Jeevan Anand is a participating policy, meaning eligible policyholders can participate in LIC’s profits through bonuses declared according to the applicable terms. Consequently, an illustration of the eventual benefit can contain both guaranteed and non-guaranteed components.
LIC’s official benefit illustrations themselves distinguish between guaranteed benefits and non-guaranteed benefits calculated using assumed rates.
That distinction is extremely important. An illustrative maturity value based on future bonuses is different from a guaranteed return.
Before purchasing the policy, customers should therefore ask for a benefit illustration showing clearly how much is guaranteed and how much depends on future bonus declarations or other non-guaranteed components.
Who Can Buy LIC New Jeevan Anand?
According to LIC’s product information, the minimum entry age for New Jeevan Anand is 18 years, while the maximum entry age is 50 years, based on the applicable age definition.
The maximum maturity age is 75 years.
The policy term can range from 15 years to 35 years. The minimum Basic Sum Assured is ₹2 lakh, while LIC's brochure states that there is no specified maximum Basic Sum Assured, subject to the applicable rules.
These eligibility conditions mean the premium and benefits can vary substantially depending on when a person enters the plan and how long the policy is selected for.
Life Cover Continues Beyond Maturity
One feature that distinguishes New Jeevan Anand from many conventional savings products is its combination of maturity benefits and continuing life insurance protection.
If the policyholder survives until the end of the policy term, the applicable lump-sum survival benefit is payable according to the policy conditions. Life insurance protection can nevertheless continue for the policyholder's lifetime.
This makes the plan fundamentally different from a bank fixed deposit or a pure investment product.
Customers should evaluate it as an insurance-cum-savings product rather than comparing only the projected maturity amount with investment returns.
Loan Facility Is Also Available
Long-term insurance policies can create concerns about access to money during emergencies. LIC lists a loan facility among the liquidity-related features of New Jeevan Anand.
However, availability and the amount of a policy loan are governed by the applicable terms and conditions. Policyholders should check the current loan provisions before relying on the policy as a source of emergency liquidity.
The plan also provides options to enhance protection through eligible optional riders, subject to additional conditions and premiums.
Don't Buy the Policy Based Only on the ₹28.5 Lakh Figure
The most important point for anyone considering New Jeevan Anand is to separate an illustrative example from the policy's guaranteed benefits.
A headline claiming that saving around ₹172 a day can generate more than ₹28 lakh may be based on a particular policy illustration. It does not mean every person depositing an equivalent amount will automatically receive ₹28.5 lakh.
Age, policy duration, sum assured, premium, bonus declarations and other policy conditions can change the final benefits.
LIC’s official website currently lists New Jeevan Anand under UIN 512N279V03, and the corporation provides updated policy documents and sales brochures for the product.
Anyone interested in purchasing the plan should check the latest official brochure and request a personalised benefit illustration showing premiums, guaranteed benefits and non-guaranteed projections separately.
Should You Consider LIC New Jeevan Anand?
New Jeevan Anand may appeal to people looking for a combination of long-term savings and life insurance rather than a pure market-linked investment.
However, the decision should be based on insurance requirements, affordability, policy duration, guaranteed benefits and realistic expectations about non-guaranteed bonuses.
Instead of focusing solely on claims such as “₹172 daily savings” or “₹28.5 lakh return,” prospective buyers should understand the complete policy structure and compare it with other insurance and investment options according to their financial goals.
Disclaimer: Insurance benefits, premiums and projected maturity values depend on the policyholder’s age, sum assured, term and applicable policy conditions. Bonus-related benefits may not be guaranteed. Always check LIC’s latest official benefit illustration and policy documents before purchasing an insurance plan.
