Introduction
LIC New Jeevan Mangal Plan is a micro-insurance plan with term insurance features. The LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity, where the insured 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. LIC of India has designed this New Jeevan Mangal plan to offer protection and peace of mind to their customers. Because it aims to secure the finances of your loved ones in the event of your death, ensuring that life continues regardless of any incidents.
Table No.
840
Plan Type
Micro Insurance Plan
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
18 Years
Maximum :
55 Years
Maturity Age
Minimum
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Maximum
65 Years
Basic Sum Assured
Maximum
Rs. 10000
Minimum
Rs. 50000
Single Premium Amount
Minimum
Rs. 60
Maximum
Will vary based on the sum assured, age at entry, policy tenure, etc.
Policy Term
- Regular Premium Policy: 10 – 15 years
- Single Premium Policy: 5 – 10 years
Policy Paying Term
Same As Policy Term
Premium Payment Frequency
- Annual
- Bi-Annual
- Quarterly
- Monthly
Coverage
Death Benefit
- Death Benefit
- Maturity Benefit
- Accidental Death Benefit
Key Features
- It is a protection plan that offers life covers with low payments.
- Flexible policy term is available that means the insured can choose a policy term ranging from 5 to 10 years under the single premium mode and 1 to 15 years under the regular premium mode.
- The LIC New Jeevan Mangal Plan comes with two premium options, i.e., Single Premium and Regular Premium to help the people to choose one option according to their needs.
- The insured can pay the premiums either in a lump sum or regularly over the term of the policy.
- The modes of premium payment allowable for this LIC New Plan 840 are Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals. Single Premium mode is available for terms from 5 to 10 years.
- The corporation pays double risk cover in case of unfortunate death of the life assured.
Policy Benefits
Death Benefit
If the life assured passes away while the policy cover is active, a death benefit will be paid to the nominee.
- Death Benefit for Regular Premium Policies:
The death benefit payable will be the highest of the following:
- 10 x Annualised Premium
- Maturity Sum Assured
- 105% of the total premiums paid
- Absolute Sum Assured amount payable upon death
- Death Benefit for Single Premium Policies:
The death benefit payable will be the highest of:
- 125% of the single premium amount
- Absolute Sum Assured amount payable upon death
Maturity Benefit
If the policyholder survives till maturity of the policy, all premiums paid during the policy tenure will be returned.
Accidental Death Benefit
If the life assured meets with an untimely death due to an accident, an additional benefit which will be equivalent to the sum assured will be paid to the nominee.
With regards to the Accident Benefit, the insurer will not be held liable to pay the benefit if the accidental death was caused as a result of:
- Attempted suicide, intentional self-injury, immorality, insanity, or while the policyholder was under the influence of drugs or alcohol.
- Taking part in riots, rebellion, war, hunting, racing, or any other adventurous/hazardous sport.
- Taking part in any activity with a criminal intent.
- The death occurring 180 days after the date of the accident.
Profit Participation
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Ideal Plan
This Plan is ideal for the concerned family person.
Tax Benefits
Policyholders or their nominees can claim tax rebates under Section 80C and Section 10(10D) of the Income Tax Act, 1961, thus making this plan a smart investment tool.
Loans
No facility to avail a loan against this policy is provided.
Surrender Value
- Single Premium Policies can be surrendered any time during the policy tenure. If the policy is surrendered within 3 years of its purchase, 70% of the premium paid will be returned. Thereafter, the insurer will return 90% of the premium.
- Regular Premium Policies can be surrendered if one has paid the due premiums regularly for at least 3 years. The insurer will pay the Guaranteed Surrender Value or the Special Surrender Value, based on whichever is the higher of the two.
Paid Up Value
In the case of regular premium policies, if the policyholder has paid premiums for 3 full years and has not paid the subsequent premium, the policy will be converted into a paid-up policy.
Other Details
Revival Period
Policyholders can revive their lapsed policy by paying the unpaid premiums with the applicable interest rate.
Free Look Period
15 days
Grace Period
60 days
Nomination
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Assignment
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Exclusions
Suicide
- For Single Premium policies, if the policyholder commits suicide within a year of purchasing the policy, the insurer will return 90% of the single premium amount paid.
- For Regular Premium policies, if the policyholder commits suicide within a year of the commencement of the risk cover, the insurer will return 80% of the total premiums paid and the policy cover will cease to exist. If the policyholder commits suicide within a year of the policy’s date of revival, the insurer will pay the nominee either the surrender value or 80% of the overall premiums, based on whichever is the higher of the two.
Claim Process
Death Claim
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Maturity Claim
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Surrender Claim
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Examples
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FAQs
Are there any rider options available in this LIC New Jeevan Mangal Term Plan?
Ans. Yes, the New Micro Insurance plan 840 comes with inbuilt Accident Benefit Rider.
2. What are modes of paying the premium for LIC Jeevan Mangal Plan 840 ?
Ans. The method of payment available under this LIC New Jeevan Mangal Plan is Yearly, Half Yearly, Quarterly, Monthly, Fortnightly, and Weekly.
3. What is the Minimum Sum Assured for this LIC Term Plan ?
Ans. The minimum sum assured under this New Jeevan Mangal Plan is Rs. 10,000.
- Is there an option to surrender a policy?
Yes, there is a provision to surrender a policy. A surrender value will be paid depending on the policy conditions.
- Can one avail a loan under the New Jeevan Mangal Plan?
No, there is no provision for loan under this plan.
- Is there a grace period in case premium payments are delayed?
Yes, there is a two month grace period within which an individual can complete payment formalities.
- How can one revive a lapsed policy?
Lapsed policies can be revived by paying all dues within two years of first unpaid premium. Such policies can be revived only before maturity.