Last updated: July 2, 2026 · 8 min read
If you've been thinking about buying an LIC plan, you've probably come across both New Jeevan Anand 715 and New Endowment 714. They are LIC's two most popular endowment plans, but they serve very different purposes. In this guide, we break down both plans feature-by-feature so you can decide which one suits your family's needs.
Quick Snapshot: Which Plan is For Whom?
- Choose New Jeevan Anand 715 if you want life cover that continues after maturity (whole-life protection for your spouse) AND a savings component.
- Choose New Endowment 714 if you want a pure savings + protection combo for a fixed term (e.g., 15-20 years) at a lower premium.
Side-by-Side Comparison
| Feature | New Jeevan Anand 715 | New Endowment 714 |
|---|
| Plan Type | Endowment + Whole Life | Endowment (Limited Premium) |
| Premium Paying Term | Same as policy term (or up to age 75) | Limited (5/10/15 yrs or same as term) |
| Policy Term | 15-35 years | 10-25 years |
| Minimum Entry Age | 18 years (max 65) | 18 years (max 65) |
| Maximum Maturity Age | 75 years (whole-life cover continues) | 75 years |
| Sum Assured (Min) | ₹1,00,000 | ₹1,00,000 |
| Sum Assured (Max) | No limit | No limit |
| Maturity Benefit | Sum Assured + Bonus + FAB | Sum Assured + Bonus + FAB |
| Life Cover After Maturity | ✅ Yes (continues up to age 75) | ❌ No (ends at maturity) |
| Death Benefit | Sum Assured + Bonus (full sum assured even after maturity, on death) | Sum Assured + Bonus (up to maturity only) |
| Bonus Rate (approx) | ~₹48-52 per ₹1,000 SA per year | ~₹45-49 per ₹1,000 SA per year |
| FAB (Final Addition Bonus) | Yes | Yes (lower FAB than Jeevan Anand) |
| Loan Available | Yes (after 3 years) | Yes (after 3 years) |
| Surrender Value | Yes (after 3 years) | Yes (after 3 years) |
| Tax Benefit (80C) | Yes | Yes |
| Tax-Free Maturity (10(10D)) | Yes (premium ≤ 10% of SA) | Yes (premium ≤ 10% of SA) |
| Riders Available | ADB, Term | ADB, Term |
| Approx Annual Premium* | ₹1,00,000 (for 30yr male, 20yr term, 10L SA) | ₹85,000 (for 30yr male, 20yr term, 10L SA) |
* Premiums are indicative for a 30-year-old male, 20-year policy term, ₹10 lakh Sum Assured, yearly mode. Use our Premium Calculator for exact figures.
Real Example: 30-Year-Old Male, 20-Year Term, ₹10 Lakh Sum Assured
| Metric | Jeevan Anand 715 | Endowment 714 |
|---|
| Annual Premium (incl. GST) | ~₹89,800 | ~₹76,000 |
| Total Premium Paid (20 yrs) | ~₹17,96,000 | ~₹15,20,000 |
| Sum Assured | ₹10,00,000 | ₹10,00,000 |
| Accrued Bonus (est. 20 yrs) | ~₹10,00,000 | ~₹9,60,000 |
| FAB (est.) | ~₹1,50,000 | ~₹1,00,000 |
| Maturity Benefit (est.) | ~₹21,50,000 | ~₹20,60,000 |
| Life Cover After Maturity | ✅ ₹10,00,000 (till age 75) | ❌ Nil |
| Tax Saved Annually (30% slab) | ~₹26,940 | ~₹22,800 |
| Net Cost After Tax Saving | ~₹62,860/yr | ~₹53,200/yr |
| Effective Return (CAGR) | ~4.6% | ~4.9% |
Detailed Analysis: Pros and Cons
LIC New Jeevan Anand 715
✅ Pros
- Whole-life cover: Even after the policy matures at 20 years, you continue to have life cover up to age 75. This means if you die at age 60, your family still gets the sum assured (no bonus though).
- Higher bonus rates: Jeevan Anand typically declares higher bonuses than standard endowment plans because of the longer risk cover.
- Higher FAB: Final Addition Bonus is usually higher for Jeevan Anand, especially for long-term policies.
- Best of both worlds: Combines endowment (savings) + whole-life term insurance in one plan.
❌ Cons
- Higher premium: About 15-20% more expensive than Endowment 714 for the same sum assured.
- Longer commitment: You pay premiums for longer, especially if you choose a longer term.
- Lower IRR: The effective return on investment is slightly lower than Endowment 714 because part of the premium goes toward whole-life cover.
LIC New Endowment 714
✅ Pros
- Lower premium: Cheaper than Jeevan Anand for the same sum assured.
- Higher effective return: Since there's no whole-life cover component, more of your premium goes toward savings, giving a slightly better IRR.
- Simpler structure: Easy to understand — pay for X years, get a fixed sum after Y years.
- Great for short-term goals: 10-15 year terms are good for specific goals like child education or marriage.
❌ Cons
- No life cover after maturity: Once the policy matures, you have no insurance. If you die at age 55 (5 years after maturity), your family gets nothing.
- Limited term options: Maximum 25 years; you can't have a policy that matures at age 75.
- Lower bonuses: Bonus rates are typically lower than Jeevan Anand.
Who Should Buy Which Plan?
Choose LIC New Jeevan Anand 715 if:
- You want a single policy that gives both savings AND life-long protection for your spouse.
- You are the primary breadwinner and your family would be financially vulnerable if you died at age 60 or 70.
- You can afford a higher premium for the peace of mind of whole-life cover.
- You are buying for yourself and your spouse together (joint life planning).
Choose LIC New Endowment 714 if:
- You have a specific savings goal with a fixed time horizon (e.g., 15 years for your child's education).
- You already have a separate term insurance plan for life cover, and just need a savings tool.
- You want the lowest premium for the maximum maturity benefit.
- You are comfortable with the policy ending at maturity and won't need insurance afterward.
The Smart Strategy (What Most Financial Advisors Recommend)
If you have a finite budget for insurance + savings, here's a better approach than picking one of these two plans:
- Buy a pure term plan (e.g., LIC Tech Term, HDFC Life Click 2 Protect) for ₹1 crore cover at just ₹6,000-8,000/year.
- Invest the premium difference (₹80,000 - ₹8,000 = ₹72,000) in equity mutual funds or PPF.
- You get 5-6x more life cover and 2-3x more maturity value with the same budget.
But if you have a specific need for the guaranteed returns of LIC (e.g., you have conservative parents who don't want market risk), then New Endowment 714 is a perfectly fine option.
Calculators to Use
Frequently Asked Questions
Is Jeevan Anand 715 better than New Endowment 714?
It depends on your goal. Jeevan Anand is better if you want whole-life cover (continues after maturity). New Endowment 714 is better if you want pure savings with a fixed term and don't need insurance after maturity. Jeevan Anand gives ~4.6% effective return vs ~4.9% for Endowment, but Jeevan Anand provides ongoing life cover.
Can I have both Jeevan Anand 715 and Endowment 714 at the same time?
Yes, you can have multiple LIC policies. Many policyholders use Endowment 714 for a specific savings goal and Jeevan Anand 715 for family protection. There's no limit on the number of LIC policies you can hold.
What is the bonus rate for Jeevan Anand 715 in 2026?
The simple reversionary bonus rate for Jeevan Anand 715 is approximately ₹48-52 per ₹1,000 of Sum Assured per year, depending on the policy term. This rate is reviewed annually by LIC and can change.
What is the bonus rate for New Endowment 714 in 2026?
The simple reversionary bonus rate for New Endowment 714 is approximately ₹45-49 per ₹1,000 of Sum Assured per year, depending on the policy term. This is slightly lower than Jeevan Anand 715.
Which plan has higher maturity benefit, Jeevan Anand or Endowment?
For the same Sum Assured, Jeevan Anand 715 typically has a higher maturity benefit (~5-10% more) due to higher bonus rates and FAB. However, you pay a higher premium for Jeevan Anand, so the net-of-cost return is similar or slightly lower for Jeevan Anand.
Should I buy Jeevan Anand 715 or a term plan + mutual fund?
If your goal is to maximize returns and have the highest life cover, term plan + mutual funds is mathematically better. But if you prefer the discipline, guarantee, and simplicity of a single LIC policy, Jeevan Anand 715 is a solid choice. Most people use a mix: term plan for cover + small LIC for guaranteed returns + mutual funds for growth.
Final Verdict
Both plans are excellent products from LIC. Your choice depends on your primary need:
Use our LIC Premium Calculator to get the exact premium for both plans and compare the maturity benefits before deciding.
