Jeevan Mangal is a Micro Insurance policy with term insurance features.
The LIC’s New Micro Insurance Plan is a protection plan with return of premiums on maturity, where the life assured can pay the premiums either in a lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the policy tenure. This LIC Trop plan has an inbuilt Accidental death benefit rider which provides for double risk cover in case of accidental death.
This New online term plan from LIC of India provides dual benefits to their customers. Firstly, they give peace of mind to the policyholders by providing financial security to their family in case something unfortunate happens. Secondly, it offers an assured premium return, which means total premiums paid during the policy term are paid back to the insured. Enhanced protection at affordable rates makes this plan ideal for the concerned family person. The minimum entry age to acquire LIC’s New Jeevan Mangal policy is 18 years, and the maximum entry age is 60 years. There is no loan facility available for this LIC New Jeevan Mangal Plan.
The Benefits offered by the LIC’s New Jeevan Mangal Plan 840 are as follows.
- The death benefit shall be payable to the beneficiary as follows
- If death occurs due to an accident, then an additional sum amount equal to Sum Assured will be payable. An accident, in this case, is defined as a sudden, unforeseen and involuntary event caused by violent, external, and visible means.
- In case if death occurs due to any reason other than the accident, then death benefit is as under:
Regular Premium Policies: Sum Assured on death shall be payable as death benefit which is higher than ten times of annualized premium or Sum Assured on Maturity or 105% of all the premiums paid as on date of death or Absolute amount assured to be paid on death.
- Single Premium Policies: Sum Assured on death shall be payable to the nominee as a death benefit that was higher than 125% of Single Premium or absolute amount assured to be paid on death.
Maturity Benefit : If the life assured survives till the maturity date, Sum Assured on Maturity is payable, i.e., an amount equal to the total amount of premium paid during the term of the contract provided the policy is kept in force. The accident benefit premium and all extra premiums, if any, are excluded.
Tax Benefit : Every year the premiums paid for up to Rs. 1,50,000 are deducted from the taxable income under section 80C and the maturity profits are tax-free under section 10(10)D subject to fulfillment of terms and conditions.
Paid-Up Value : If premiums have been paid for at least 3 full years in respect of this policy and any subsequent premium not be duly paid, the policy shall not be completely void but remains as a paid-up policy for the regular premium policies. The Sum Assured on Death will be reduced to a sum, called the Death Paid-up Sum Assured.
Surrender Value : LIC New Jeevan Mangal surrender value is an amount which the insured will receive from the insurance company in case they want to terminate the policy before maturity. The Guaranteed Surrender value available for this plan is as under.
- For Single Premium policies: The LIC New Jeevan Mangal policy may be surrendered at any time during the tenure of the policy. The Guaranteed Surrender Value (GSV) for the single premium policies is as follows.
- Within 3 years from the date of commencement of policy, 70% of the Single premium; excluding taxes and extra premium.
- Thereafter, 90% of the Single premium (taxes and extra premium, if any are excluded).
Loan : There is no loan facility available for this LIC Jeevan Mangal Policy.
Revival Period : A lapsed policy can be renewed by paying arrears of premium together with interest within a period of 2 years from the date of first unpaid premium but before maturity.
Grace Period : A Grace period is an extra time period allowed after due date during which the insured can pay lagging premium. The Grace period for this LIC New Jeevan Mangal Plan is 30 days.