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  • LIC New Jeevan Mangal Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The New Jeevan Mangal Plan from LIC is a micro insurance policy that provides customers the dual benefit of a comprehensive cover against death and also the return of all premiums paid throughout the policy tenure at maturity of the policy. Policyholders can also pay their premiums in the form of a one-time lump sum amount or as regular instalments throughout the policy tenure.

    The minimum premium payable towards this policy is Rs.60 (under the monthly mode of premium payment). This plan comes with a built-in Accident Benefit cover, which will provide an added benefit in case the policyholder meets with an accidental death. Tax benefits as per the Income Tax Act, 1961, will be applicable for this policy.

    Eligibility - Who is the New Jeevan Mangal Plan for?

    Prospective policy buyers will have to ensure that they meet the eligibility criteria set by the insurer.

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 55 years
    Maximum age at maturity 65 years

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The sum assured is the basic amount of money that the insurer will pay the life assured/nominee in the event of an unfortunate eventuality. The base sum assured doesn’t include additional bonuses or benefits that may be payable to you under the plan.

    Minimum Sum Assured Rs.10,000
    Maximum Sum Assured Rs.50,000

    Premiums*

    The premium is a fixed sum of money that the policyholder pays to the insurer in exchange for the risk cover offered by the insurance policy. For the New Jeevan Mangal Plan, premiums can be paid in the form as a single premium or as instalments during the policy tenure. Certain aspects of your premium payments and policy tenure are listed in the table below.

    Policy Tenure
    • Regular Premium Policy: 10 – 15 years
    • Single Premium Policy: 5 – 10 years
    Premium Payment Mode (applicable for Regular Premium policies)
    • Annual
    • Bi-Annual
    • Quarterly
    • Monthly
    Minimum Single Premium Amount Rs.60
    Maximum Single Premium Amount Will vary based on the sum assured, age at entry, policy tenure, etc.

    *Premiums will vary based on age, location, plan term, GST, and other factors.

    Plan Coverage - What the New Jeevan Mangal Plan covers?

    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.

    Riders/Add-On Plans – Additional coverage under LIC’s New Jeevan Mangal Plan

    While there are no additional riders that one can purchase in order to customise their policy, this policy comes with an in-built Accident Benefit Cover, which will provide an added benefit to one’s nominee in case of an unforeseen eventuality.

    Exclusions - What LIC’s New Jeevan Mangal Plan doesn’t cover?

    The New Jeevan Mangal Plan has a suicide clause. 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.

    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.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Grace Period Insurer provides a grace period of 60 days regardless of the mode of premium payment.
    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.
    Revival Policyholders can revive their lapsed policy by paying the unpaid premiums with the applicable interest rate.
    Surrender Values
    • 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.
    Loan No facility to avail a loan against this policy is provided.
    Free-Look Period Policy buyers are provided a free-look period of 15 days to return their policy if they find it unsatisfactory.

    Tax Benefits – How you can save with the New Jeevan Mangal Plan?

    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.

    Other Benefits

    • Premium Payment Channels: Insurer provides customers both online and offline channels to pay their premiums.
    • Policy Status: One can track the status of the policy and view information regarding their premium payments, loans, policy revival, maturity, etc. on the insurer’s website, post registration.
    • Online Premium Calculator: Premiums for various plans can be calculated on the insurer’s website by keying-in certain details about yourself.

    Why you should buy the New Jeevan Mangal Plan from Life Insurance Corporation of India (LIC)?

    The New Jeevan Mangal Plan from LIC provides policyholders a protection cum savings option. While the policy does provide a risk cover with an in-built Accident Benefit cover, the insurer also guarantees the return of all premiums if the life assured survives till the completion of the policy tenure. The policy is also extremely affordable, with premiums starting from Rs.60.

    LIC has been a market leader in the Indian life insurance space with decades of experience behind them. The insurer has reported a high claim settlement ratio of 98.33% for FY15-16, and has also won numerous awards over the years. They have a range of insurance products on offer including retail plans, group plans, and health plans.