A micro insurance plan, the New Jeevan Mangal from LIC is designed to offer protection and peace of mind to individuals. This plan aims to secure the finances of your loved ones in the event of your demise, ensuring that life continues regardless of any incidents. Enhanced protection at affordable rates make it ideal for the concerned family person.
Eligibility Criteria for LIC New Jeevan Mangal
Individuals who wish to purchase a New Jeevan Mangal policy need remember the following eligibility criteria.
- Entry age – The minimum and maximum entry age to enter this scheme are 18 years and 55 years respectively.
- Maximum maturity age – The maximum maturity age is 65 years.
- Minimum sum assured – The minimum sum assured is Rs 10,000.
- Minimum premium – The minimum monthly premium instalment is Rs 60.
Features of LIC New Jeevan Mangal
Some of the major features of this LIC term Policy are mentioned below.
- 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.
- Multiple premium payment modes – A policyholder can choose to make premium payments either monthly, quarterly, half-yearly or annually.
- High sum assured – Policyholders can avail protection up to the tune of Rs 50,000.
- 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.
- Maturity benefit – A sum equivalent to the premiums paid will be paid as maturity benefit, on survival till the maturity date.
- 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.
- Accidental death benefit – An accidental death benefit will be paid to the nominee in the event of death of policyholder due to an accident.
- Tax benefits – Individuals are entitled to tax benefits on the premiums paid and the pay-out received on maturity/death.
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.
- Is there an option to surrender a policy?
Yes, there is a provision to surrender a policy. A surrender value will be paid depending on the policy conditions.
- Can one avail a loan under the New Jeevan Mangal Plan?
No, there is no provision for loan under this plan.
- Is there a grace period in case premium payments are delayed?
Yes, there is a two month grace period within which an individual can complete payment formalities.
- How can one revive a lapsed policy?
Lapsed policies can be revived by paying all dues within two years of first unpaid premium. Such policies can be revived only before maturity.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017