LIC New Jeevan Mangal Plan: Your Protection in Financial Crisis
LIC of India shares the responsibility of being the most trusted companion in times of financial crisis and providing an opportunity for savings. The company brings different financial and insurance products to serve a wide range of economic classes, from rural to urban. Depending upon their needs, customers can compare and buy a life plan from the different types of life insurance plans available, such as LIC term plan, LIC endowment plan, LIC whole life plan, LIC pension plan, LIC child plan, LIC ULIP plan, and LIC health plans. In the range of life-term insurance plans, LIC of India introduces the LIC New Jeevan Mangal plan to protect individuals at an affordable cost.
Table of Content
What is LIC New Jeevan Mangal?
LIC New Jeevan Mangal is a non-linked, non-participating, individual, life, micro insurance plan that provides financial protection to individuals and ensures peace of mind. The benefits provided under the LIC Jeevan Mangal plan work as a financial security net for the family if the sole breadwinner dies. One of the best perks of the LIC New Jeevan Mangal plan is that it comes up with an in-built accident death benefit that provides dual risk cover. Hence, if the life assured dies an accidental death, the policy provides an additional sum assured equal to the basic sum assured promised.
Highlights of LIC New Jeevan Mangal
Below are the key highlights of LIC New Jeevan Mangal.
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Plan Type
Micro Insurance Plan
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Dual Benefit
In-built Accidental Benefit
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Minimum Instalment Premium
Rs. 500
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Free Look Period
15 days
Eligibility Criteria of LIC New Jeevan Mangal
To buy LIC New Jeevan Mangal policy, an individual must meet the following eligbility criteria.
| Particulars | Specifications |
|---|---|
| Entry Age | 18 - 55 years |
| Maturity Age | 65 years |
| Policy Term | Regular Premium: 10 to 15 years Single Premium: 5 to 10 years |
| Sum Assured | Rs. 50,000 - Rs. 2 Lakhs |
New Jeevan Mangal LIC Plan Benefits
LIC New Jeevan Mangal Plan is a perfect investment option for low-income individuals. The plan is affordable and provides the dual benefit of life cover. Also, the maturity amount can work as a saving corpus. Let’s understand the LIC Jeevan Mangal plan benefits in detail.
Maturity Benefit
If the life assured survives the maturity date, a lump sum amount as ‘Sum Assured on Maturity’ is paid. This maturity benefit equals the total premiums paid during the policy term.
Death Benefit
If the life assured dies during the policy term, the nominee receives the death benefit under the following conditions:
Death of the life assured due to any reason other than accident:
The ‘Sum Assured on Death’ is paid in the following manner.
| For Regular Premium Policies | For Single Premium Policies |
|---|---|
Higher of
|
Higher of
|
Death of the life assured due to an accident:
If the life assured dies an accidental death, the nominee receives the sum assured and an additional amount equal to the sum assured as an Accidental Death Benefit.
Tax Benefits
Life Assured can avail of the tax benefits for the premium paid towards LIC New Jeevan Mangal policy under Section 80C of the Income Tax Act, 1961. Also, the benefits received are tax exempted under Section 10 (10D) of the Income Tax Act.
LIC New Jeevan Mangal Plan Premium Chart
You can use the LIC premium calculator to calculate the LIC New Jeevan Mangal premium. To understand how the LIC New Jeevan Mangal Policy works, carefully look at the premium chart. The premium rates mentioned below are decided on per Rs. 1,000 sum assured.
Annual Premium for Rs. 1,000 Sum Assured
| Age (in years) | Term of the Policy (in years) | |
|---|---|---|
| 10 | 15 | |
| 20 | Rs. 58.85 | Rs. 36.85 |
| 30 | Rs. 60.15 | Rs. 38.15 |
| 40 | Rs. 66.45 | Rs. 43.60 |
| 50 | Rs. 83.60 | Rs. 56.15 |
Single Premium for Rs. 1,000 Sum Assured
| Age (in years) | Term of the Policy (in years) | |
|---|---|---|
| 10 | 15 | |
| 20 | Rs. 175.30 | Rs. 138.65 |
| 30 | Rs. 179.25 | Rs. 144.40 |
| 40 | Rs. 199.85 | Rs. 172.00 |
| 50 | Rs. 269.45 | Rs. 247.40 |
* All the premium rates provided are taken from the sources available on the LIC of India official website.
Additional Features of LIC Jeevan Mangal Policy
LIC New Jeevan Mangal policy comes with the following additional features that enhance the flexibility for the policyholders while purchasing the plan and when claiming the benefits.
Flexible Premium Benefit
The life assured can make the premium payment for LIC New Jeevan Mangal Policy regularly at yearly, half-yearly, quarterly, or monthly modes. Or else, the premium towards Jeevan Mangal Plan can be done in a single premium payment.
Grace Period
If the life assured misses paying the premium within the due date, they can pay it within the grace period. A grace period of 30 days is offered for monthly premium payments and 60 days for other premium payment modes from the first date of unpaid premium. If the premium payment is not made within the grace period, the policy lapses and all the benefits are ceased.
Revival Period
A lapsed policy can be revived within 5 consecutive years from the first unpaid premium date but before maturity. The policyholder needs to pay all the outstanding premiums with the interest at the rate decided by the corporation.
Paid Up Value
The paid value feature only applies to the regular premium payment policies. Under this feature, if the policyholder makes the premium payment for less than one year and further premiums are not made within the grace period, the policy and all the benefits cease.
If the premiums are duly paid for at least one full year, and subsequent premiums are not paid, the policy should not be wholly void but will stand a paid-up value.
The sum assured on death is called Death Paid-Up Sum Assured, and the sum assured on maturity is called Maturity Paid-Up Sum Assured.
Surrender Value
The policyholder can surrender the policy anytime during the policy term under a single premium payment. For regular premium payments, the policyholder can surrender the LIC New Jeevan Mangal policy anytime, but only when the full one-year premium is duly paid. Upon surrender, the LIC of India pays a surrender value higher than the Guaranteed Surrender Value and Special Surrender Value. The Special Surrender Value is decided by the LIC of India and reviewed by IRDAI.
Free Look Period
The policyholder is offered a free look period of 15 days from the date of receipt, during which they can return the policy to the corporation if they are not satisfied with the terms and conditions. The policyholder needs to state the reasons behind the objection. The corporation cancels the policy and returns the premium deposited after deducting applicable charges.
Read: How can you start to use LIC e-services.
Exclusions Under LIC New Jeevan Mangal Plan
Suicide
Suicide is excluded under LIC New Jeevan Mangal Policy under the following circumstances:
Under Single Premium Policies
LIC New Jeevan Mangal policy shall be void in case the life assured commits suicide at any time within 12 months from the commencement of risk. Under such a scenario, a higher than 90% of the single premium or the surrender value is payable to the nominee.
Under Regular Premium Policies
- If the life assured commits suicide at any time within 12 months from the risk commencement date, LIC of India pays 80% of the total premium paid, provided the policy is in force.
- If the life assured commits suicide at any time within 12 months from the revival date, LIC of India pays an amount higher than 80% of the total premium paid till the date of death or surrender value available on the date of death.
After paying the mentioned benefits, the corporation considers no further claims.
Accident Benefit
LIC New Jeevan Mangal doesn’t pay the accidental death benefit if the death of life assured is caused by
- Intentional self-injury, attempted suicide, or insanity or under the consumption of intoxicants or liquor
- Injuries resulting from participating in riots, war, invasions, adventure sports, etc.
- Criminal intent or breaching the law
- After 180 days of the accident
- After the expiration of the policy term
Also read: How can you buy LIC 1 Crore Term Plan on an affordable budget.
Final Words
LIC New Jeevan Mangal policy is one of the best investment plans at very affordable rates. The plan avails of the dual benefit of risk cover and savings. Additionally, offer the accidental death benefit equal to the sum assured. Moreover, using the LIC customer login portal, you can manage your LIC policy online without reaching the LIC branch or connecting with an LIC agent. You can track the LIC policy, pay the LIC premium, check the claim status, check the status of the lapsed revival policy and policy plan list purchased, and download the LIC premium receipt. If stuck somewhere, you can contact the LIC customer support team and get the right assistance. If you need help finding an LIC agent or life insurance agent nearby, locate one near you on RenewBuy Advisor Connect.