LIC New Jeevan Mangal Policy is a Micro Insurance Term Plan. This protection plan brings you the return of premium on maturity. It is available at affordable premiums with accidental death cover. The plan helps your family meet all the financial obligations in the event of your demise. You can buy the plan if you fulfil the below-mentioned eligibility criteria.
| Factors | Details | |
| Minimum | Maximum | |
| Entry Age | 18 Years | 55 Years |
| Maturity Age | NA | 65 Years |
| Sum Assured | Rs.10,000/- | Rs.50,000/- |
| Policy Term | Regular Premium - 10 Years to 15 Years Single Premium - 5 Years to 10 Years | |
The features of the New Jeevan Mangal Policy are:
Policy Revival:
You can revive a lapsed policy by paying all the arrear premiums along with charged interest within two years from the last date of the premium paid. The interest amount is finalized by the Life Insurance Corporation of India. Policy revival is possible only before the maturity of the policy.
Premium Payment Options:
Under the plan, you get two premium payment options - Regular Premium Payment or Single premium payment. You can choose the premium payment option as per your finances.
Free Look Period:
A free look period of 15 days is provided under the policy. You can cancel the policy within the free look period in case of any sort of dissatisfaction with the policy terms and conditions.
Affordable Plan:
New Jeevan Mangal Plan is available at an affordable premium of Rs.60 per month.
Policy Surrender:
The policyholders with a single premium payment mode can surrender the policy at any time during the policy term. However, the policyholder with regular premium payment mode needs to pay premiums at least for three consecutive years before surrendering the policy.
The benefits provided under LIC New Mangal Jeevan Policy are:
Death Benefit: The nominee mentioned in the policy is subjected to the death benefits in case of the demise of the policyholder. The death benefit provided under different scenarios are:
Death due to any reason other than accident:
Accidental Death:
The nominee gets an additional sum equal to the sum assured in case of accidental death of the insured.
Maturity Benefit: You get the sum assured under maturity benefit in case you outlive the policy tenure (provided the policy is in force).
Sum Assured on Maturity = Total Premiums Paid - Taxes + Extra Premiums (if any)
Tax Benefit: You get to enjoy tax benefit under section 80C of the Income Tax Act, 1961. The premiums paid and benefits cultivated under the New Jeevan Life Insurance Policy are tax-free.
Listed below are the documents required to initiate the claim process under the New Jeevan Mangal policy:
Death Claim:
Maturity/ Surrender Claim:
| Policyholder's Name | Policyholder's Age | Sum Insured | Policy Term | Premium Payment Option | Annual Premium |
| Gitika Sharma | 27 Years | Rs.20,000 | 10 Years | Regular Premium | Rs.1,191 |
Gitika Sharma has bought LIC New Jeevan Mangal Policy with credentials highlighted in the above-mentioned table. So, the policy will fetch her family death benefits in the event of her demise and if she outlives the policy term, she will get maturity benefit.
Suicidal death within 12 months from the date of inception of the policy is an exclusion to the New Jeevan Mangal Policy. The nominee is paid surrender value or a maximum of 80% of the premiums paid till the date of death (excluding any taxes and extra premiums).
1. Can I get a loan on New Jeevan Mangal Policy?
No loan facility can be availed under the policy.
2. If I choose not to pay the premium after 3 years, will my policy be cancelled?
No, the policy does not get cancelled. The death benefits and maturity benefits are reduced accordingly. It is named as paid-up sum assured on death and paid-up sum assured on maturity respectively.
3. What is the grace period duration under New Jeevan Mangal Plan?
A grace period of 60 days is provided under the policy. You can pay the renewal premium within the grace period in case you miss the premium payment date.
4. Do I need to buy an accidental death rider under the term insurance plan, New Jeevan Mangal Policy?
No, an accidental death rider is not required when you are insured under New Jeevan Mangal Policy. The plan itself provides accidental death cover to its policyholders.
Last updated on 06-11-2020
