The Jeevan Mangal Plan from LIC is a term insurance plan that offers return of all premiums paid on maturity of the policy. This is an affordable policy, with premiums starting from as low as Rs.15. Policyholders can also purchase the Accidental Benefit Rider to enhance the coverage provided by the base policy. The policyholder can also claim tax benefits under the prevailing laws of the Income Tax Act, 1961.
Before the Jeevan Mangal Plan was withdrawn, individuals between 18 years to 60 years could purchase this policy. The policy comes with a maximum maturity age of 70 years.
The sum assured is a certain amount of money that you opt for when purchasing your policy. Essentially, this is the amount of money for which you are insured. Thus, upon the occurrence of an eventuality, this is the minimum amount of money that will be paid to you or your nominee, by the insurer.
|Minimum Sum Assured||Rs.10,000|
|Maximum Sum Assured||Rs.50,000|
The premium is a sum of money that a policyholder pays periodically to the insurer, post purchasing the policy. Premiums have to be paid according to the premium payment schedule/mode, before the end of the grace period to enjoy continuous policy coverage.
|Premium Payment Mode||
|Minimum Premium Amount||Rs.15|
*Premiums vary based on age, location, plan term, and other factors.
|Death Benefit||If the policyholder passes away during the policy tenure, the sum assured will be paid to the nominee.|
|Maturity Benefit||If the policyholder survives till completion of the policy tenure, all premiums paid will be returned by the insurer, excluding any extra premiums paid and the rider premiums.|
The policyholder can also choose to purchase the Accidental Benefit Rider along with this policy. Thus, if a policyholder meets with an accidental death, a sum of money, called the Accident Benefit Rider Sum Assured, will be paid to the nominee. If the policyholder suffers a permanent and total disability as a result of an accident, the same benefit will be paid over the course of 10 years. Further, after a disability claim has been raised, future premiums towards the base policy will be waived off by the insurer.
This policy has a one-year suicide clause. Thus, if the life assured commits suicide within a year of purchasing the Jeevan Mangal Plan, the insurer will not pay the death benefit amount to the nominee. Instead, all premiums paid till the date of the policyholder’s death will be refunded to the nominee.
Any premiums that the policyholder pays towards this policy is eligible for tax rebate under Section 80C of the Income Tax Act, 1961. Similarly, the nominee can also claim tax benefits upon receiving the death benefit, in the event of the life assured’s death, under Section 10(10D) of the Income Tax Act.
Term insurance plans are a popular choice among policy buyers since they offer a high sum assured for a low premium rate. In addition to this benefit, the Jeevan Mangal Plan also returns all premiums paid in case the policyholder survives till the maturity date. The insurer, Life Insurance Corporation of India, is a leading provider of individual and group life insurance policies in India. Further, the insurer also offers certain health insurance policies to customers. LIC’s claim settlement ratio for the year 2016-17 was 98.31%. The grievances solved ratio was 100% for the same year, and this was one of the highest in the industry.
Note: This policy has been withdrawn by LIC.
*The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.