Calculators LIC plans New Jeevan Anand Tax
LIC New Jeevan Anand tax treatment
Premium qualifies for §80C up to ₹1.5L per year provided SA ≥ 10× annual premium (Plan 715 comfortably meets this for typical buyers). Maturity proceeds tax-free under §10(10D) on the same 10× condition; the post-maturity cover continues as pure life insurance with no further tax events until death claim, which is also tax-free under §10(10D).
Tax treatment of New Jeevan Anand
Premium qualifies for §80C up to ₹1.5L per year provided SA ≥ 10× annual premium (Plan 715 comfortably meets this for typical buyers). Maturity proceeds tax-free under §10(10D) on the same 10× condition; the post-maturity cover continues as pure life insurance with no further tax events until death claim, which is also tax-free under §10(10D). Death benefits at any stage — during the term, post-maturity, up to age 100 — are tax-free without conditions. Surrender proceeds: tax-free after 2 premium years; before that, prior §80C deductions are clawed back. From 22 September 2025, individual life insurance premiums attract 0% GST.
The 10× sum assured rule
For policies issued after 1 April 2012, both §80C deduction on premiums and §10(10D) exemption on maturity require the sum assured to be at least 10× the annual premium. Jeevan Labh's standard premium tables comfortably meet this — only watch out at very high entry ages where premium-to-SA ratios compress.
What changes from FY 2023-24
For non-ULIP life insurance policies issued on or after 1 April 2023 with annual premium above ₹5 lakh, maturity proceeds become taxable. Jeevan Labh premiums for typical sum-assured ranges (₹2 L–₹20 L) sit well below that threshold, so this rule rarely bites — but worth confirming for high-SA policies.
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