Life Insurance Corporation of India has introduced numerous unique insurance products and one such product is LIC’s New Jeevan Mangal Plan. The LIC’s New Jeevan Mangal Plan is a micro-insurance plan that also offers features of a term insurance plan. The LIC’s New Jeevan Mangal Plan is a protection plan that guarantees the return of all the premiums paid on the maturity date. The other key highlights, features and benefits offered by the plan are discussed in detail below.
The LIC’s New Jeevan Mangal Plan is a protection plan that focuses to provide financial protection and secure the future of the loved ones in the event of the death of the Life Assured. This plan is ideal if a policyholder is looking for an insurance product that provides financial protection at an affordable premium. The product features of the LIC’s New Jeevan Mangal Plan are as under :
Thus, above are the most unique features offered by the LIC’s New Jeevan Mangal Plan.
The Life Insurance Corporations New Jeevan Mangal Policy is a unique protection plan. this product is a micro-insurance product that guarantees the return of all the premiums paid. The plan also provides built-in Accidental Benefit Rider which provides for an additional risk cover apart from the basic sum insured in case of death due to an accident. The benefits of the New Jeevan Mangal Plan of LIC are as under :
In case of eventuality not due to an accident the death benefit payable is different for regular premium policies and single premium policies. The death benefit under both the modes of premium payment payable by LIC is as under:
Kindly note, while calculating death benefit the taxes and extra premiums paid during the policy tenure shall be excluded.
The Life Insurance Corporation of India has set certain eligibility criteria that must be taken into account while purchasing the LIC’s New Jeevan Mangal Plan. The eligibility criterion for the LIC’s New Jeevan Mangal Policy is as under :
|Minimum Entry Age||18 Years Last Birthday|
|Maximum Entry Age||55 Years Nearing Birthday|
|Maximum Maturity Age||65 Years Nearing Birthday|
|Policy Tenure||For Regular Mode of Premium Payment : 10 years to 15 years
For Single Mode of Premium Payment : 5 Years to 10 Years
|Minimum Premium Amount||Rs 60.00 for the monthly mode of premium payment
(kindly note, there is no such minimum premium amount condition for other modes of premium payment)
|Min. Sum Assured||Rs 10,000.00|
|Max. Sum Assured||Rs 50,000.00|
|Maximum Policy Tenure||Maximum Premium Paying Term + 2 Years i.e. 15 Years|
|Kindly note that the sum assured under the LIC’s New Jeevan Mangal Plan can be availed in multiples of Rs 1,000.00|
The premium rates are different for regular premium payment mode policies and single premium payment mode policies. The premium rates for both different premium payment policies are as under :
Premium rates for Regular Premium Policies
|Age of the Life Assured||Policy Tenure|
|10 Years||15 Years|
Premium rates for Single Premium Policies
|Age of the Life Assured||Policy Tenure|
|5 Years||10 Years|
Kindly note, the above premium rates under both regular premium payment mode policies and single premium payment mode policies are Rs 1000 per sum assured.
The policyholders of LIC’s New Jeevan Mangal Plan are eligible to receive guaranteed surrender value for their policies as under :
The guaranteed surrender value for Single Premium Policies shall be as follows
The guaranteed surrender value for Regular Premium Policies shall be as follows
The surrender of regular premium policies can be done provided all the premiums of a minimum of 3 consecutive years have been paid in full. The guaranteed surrender value in the case of Regular Premium policies is equivalent to the guaranteed surrender value factor X total premiums paid. The guaranteed surrender value factor is a percentage factor based on policy term and the year of policy surrender.
Following is a tabular illustration of guaranteed surrender value factor of LIC’s New Jeevan Mangal Plan :
|Policy year of surrender||Policy term 10 years||Policy term 11 years||Policy term 12 years||Policy term 13 years||Policy term 14 years||Policy term 15 years|
LIC may on its discretion offer a special surrender value if it is favourable to the policyholders.
The exclusion under the LIC’s New Jeevan Mangal Policy is Suicide. In case of suicide LIC shall not entertain any claim except the payment in certain cases shall be done as under :
The LIC’s New Jeevan Mangal Plan allows premium payment in the following modes :
LIC allows a grace period of 2 months i.e. 60 days of grace period for payment of unpaid premium plus interest. The grace period of 60 days is applicable to all modes of premium payment.
LIC is not liable to pay an additional sum assured under the New Jeevan Mangal Plan where the death of the life assured is due to :
The paid-up value of the LIC’s New Jeevan Mangal Plan is acquired when a premium of at least of 3 years is paid. The paid-up policies are not wholly void but they receive benefits in the ratio of the premiums paid. The maturity sum assured in the case of paid-up policies is equivalent to total premiums paid shall be paid. The death sum assured benefit for paid-up policies shall be paid in the ratio similar to the premium paid to total premiums payable. Kindly note, the paid-up value is only applicable to LIC’s New Jeevan Mangal Policy having regular premium payment mode.
The revival of LIC’s New Jeevan Mangal Plan is possible. The revival of the lapsed policy is possible by paying the unpaid premiums plus late payment interest. The revival of the lapsed policy can be done within a period of 2 years commencing from the date of first unpaid premium but before the end of policy tenure. The revival of lapsed policy is done by submitting satisfactory proof of continued insurability to LIC.
No, the LIC’s New Jeevan Mangal policy does not offer loan facility under this plan.
The free-look period or cooling-off period offered by LIC under this plan is 15 days. The policyholders can cancel the New Jeevan Mangal Plan if they are unsatisfied with the terms and conditions of the policy within a period of 15 days commencing from the date of receipt of the original policy bond. The cancelation of the policy within the cooling-off period can be done by returning back the policy to LIC stating the valid reason for such cancellation. Upon receipt of such request, LIC shall cancel the policy and return the premium paid by deducting certain charges pertaining to stamp duty, a proportionate premium for the period covered etc.