LIC New Jeevan Mangal Policy (Plan No. 940)

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.

New Jeevan Mangal Policy Features

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.

New Jeevan Mangal Policy Benefits

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:

• Regular Premium Policy: Sum assured on death is highest of 7 times of the annualised premium or 105% of total premiums paid.
• Single Premium Policy: Sum assured on death is highest of 125% of the single premium or sum assured.

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.

Documents Required For Claim Process

Listed below are the documents required to initiate the claim process under the New Jeevan Mangal policy:

Death Claim:

• Filled claim form
• Original policy document
• Bank account details of the claimant for transfer of claim amount
• Death Proof
• Accident proof
• Medical treatment paper before death (if any)
• Death certificate.

Maturity/ Surrender Claim:

• Discharge form
• Original policy document
• Age proof
• NEFT details of the claimant for direct transfer of maturity amount

Illustration

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.

Exclusion

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).