LIC New Jeevan Mangal Plan

Some of the major features of this LIC term Policy are mentioned below.

1. Flexible policy term - Individuals can choose a policy term ranging from 1 to 15 years under the regular premium mode and 5 to 10 years under the single premium mode.
2. Multiple premium payment modes - A policyholder can choose to make premium payments either monthly, quarterly, half-yearly or annually.
3. High sum assured - Policyholders can avail protection up to the tune of Rs 50,000.
4. Premium options - There are two premium options, the single premium and regular premium, helping people opt for a plan which suits their needs.

Benefits of LIC New Jeevan Mangal

Some of the major benefits of this policy are mentioned below.

1. Maturity benefit - A sum equivalent to the premiums paid will be paid as maturity benefit, on survival till the maturity date.
2. Death benefit - A death benefit equivalent to the sum assured will be paid to the nominee of a policyholder in the case of his/her unfortunate demise. This amount depends on the policy chosen and premiums paid.
3. Accidental death benefit - An accidental death benefit will be paid to the nominee in the event of death of policyholder due to an accident.
4. Tax benefits - Individuals are entitled to tax benefits on the premiums paid and the pay-out received on maturity/death.

Example

Miss Susan, aged 30 years chooses to secure herself through a New Jeevan Mangal policy. She opts for a sum assured of Rs 25,000, choosing to pay a single premium. The premium amount is Rs 5,000 and the plan tenure is 5 years. Post payment, Susan continues to enjoy good health and the plan reaches maturity. She is now eligible to receive the premium paid, i.e., Rs 5,000 will be paid back to her.

Note: The figures used in the above example are estimates and not exact numbers and one should get an exact quote from the company before applying.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017