LIC New Jeevan Mangal Plan | LIC New Term Plan 840 Features, Benefits

LIC New Jeevan Mangal Plan

Life Insurance Corporation of India has introduced a new Term Insurance plan called New Jeevan Mangal as per the new IRDA guidelines. The LIC Jeevan Mangal is a Micro Insurance policy with term insurance features. The Unique Identification Number of this LIC New Jeevan Mangal Plan is UIN: 512N287V02. The insured should quote this UIN number in all relevant documents that are required to buy the policy. The LIC’s New Micro Insurance Plan is a protection plan with return of premiums on maturity, where the life assured can pay the premiums either in a lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the policy tenure. This LIC Trop plan has an inbuilt Accidental death benefit rider which provides for double risk cover in case of accidental death.

This New online term plan from LIC of India provides dual benefits to their customers. Firstly, they give peace of mind to the policyholders by providing financial security to their family in case something unfortunate happens. Secondly, it offers an assured premium return, which means total premiums paid during the policy term are paid back to the insured. Enhanced protection at affordable rates makes this plan ideal for the concerned family person. The minimum entry age to acquire LIC’s New Jeevan Mangal policy is 18 years, and the maximum entry age is 60 years. There is no loan facility available for this LIC New Jeevan Mangal Plan. Here you can calculate the Premiums, Maturity benefits, and Death benefits using LIC Jeevan Mangal Premium Calculator and LIC New Jeevan Mangal Premium Chart.

LIC Jeevan Mangal Plan 840 Eligibility Conditions

Before buying the LIC New Jeevan Mangal Plan, the policyholder must know the eligibility levels and which conditions are applicable. Following are the eligibility requirements of LIC Jeevan Mangal Policy.

Benefits of LIC’s New Micro Insurance Plan 840

The LIC Micro Insurance Plans are not plans but opportunities that knock on your door once in a lifetime. Also, these policies are a perfect combination of insurance, investment and a lifetime of happiness. The Benefits offered by the LIC’s New Jeevan Mangal Plan 840 are as follows.

Death Benefit

The death benefit shall be payable to the beneficiary as follows

• If death occurs due to an accident, then an additional sum amount equal to Sum Assured will be payable. An accident, in this case, is defined as a sudden, unforeseen and involuntary event caused by violent, external, and visible means.
• In case if death occurs due to any reason other than the accident, then death benefit is as under:
  • Regular Premium Policies: Sum Assured on death shall be payable as death benefit which is higher than ten times of annualized premium or Sum Assured on Maturity or 105% of all the premiums paid as on date of death or Absolute amount assured to be paid on death.
  • Single Premium Policies: Sum Assured on death shall be payable to the nominee as a death benefit that was higher than 125% of Single Premium or absolute amount assured to be paid on death.

Maturity Benefit

If the life assured survives till the maturity date, Sum Assured on Maturity is payable, i.e., an amount equal to the total amount of premium paid during the term of the contract provided the policy is kept in force. The accident benefit premium and all extra premiums, if any, are excluded.

Tax Benefit

Every year the premiums paid for up to Rs. 1,50,000 are deducted from the taxable income under section 80C and the maturity profits are tax-free under section 10(10)D subject to fulfillment of terms and conditions.

Riders of Jeevan Mangal LIC Trop Plan

Accident Benefit Rider

The rider available for this New LIC TROP Plan 840 is Accident Death Benefit Rider. The policyholder need not pay any additional premium for this rider because it comes with inbuilt Accident Benefit Rider. Under this, If death occurs due to an accident during the policy term, then an excess amount equal to Accident Benefit Rider Sum Assured will be payable. If the Total and Personal Disability arise due to an accident within 180 days from the date of the accident, then accident benefit will be paid to the insured in monthly installments for over 10 years. If this LIC Jeevan Mangal policy becomes a claim either by way of death or maturity before the expiry of the given period of 10 years, then the disability benefit installments will be paid along with the claim.

LIC New Jeevan Mangal Plan Premium Calculator

One can calculate the premium rate of this plan using this New Jeevan Mangal Premium Calculator. Following are the required details to calculate the premium. LIC Jeevan Mangal Calculator is used to calculate the premium amount for yearly, half-yearly, quarterly and monthly modes.

• Name.
• E-Mail Id.
• Mobile Number.
• Age.
• Policy Term.
• Premium Paying term.
• Sum Assured.

LIC New Jeevan Mangal Premium Chart

This LIC New Jeevan Mangal premium chart is used to estimate the benefits offered by the LIC New Term Plan 840. We have provided an example for calculating premiums in the following tables.

Sample Premium Rates:

Following are some of the sample premium rates of this Jeevan Mangal Plan per Rs. 1000/- Sum Assured:

Annual Premium for Rs. 1000 Sum Assured:

Single Premium for Rs.1000 Sum Assured:

LIC Jeevan Mangal Maturity Calculator

The Maturity calculator of the LIC New Jeevan Mangal Plan helps the policyholder to calculate the maturity amount. Where the maturity amount is the amount that is payable to the life assured during the maturity time. Based on the previous year bonus rates, maturity value is calculated. But the insured should enter the basic details such as Age, policy term, sum assured, etc. The LIC New Jeevan Mangal Maturity Calculator also provides approximate returns associated with this micro-insurance plan.

LIC Jeevan Mangal New Term Plan Buying Procedure

One can buy the LIC Jeevan Mangal New Term Plan in two ways, i.e., in online or offline mode. For Online mode, the individuals should refer the official website of LIC India. For offline mode, you should visit the nearest LIC Branch Office or Contact an LIC Agent of superior guidance. Following documents are required to buy LIC New Jeevan Mangal Policy.

• Application form/ Proposal form.
• Address proof.
• Age proof.
• Medical reports(if required).

Visit the nearest branch of LIC or approach any LIC Agent for the proposal form of LIC New Jeevan Mangal Plan.

Claim Process of LIC’s New Micro Insurance Plan 840

The insured can claim this New Micro Insurance plan offered by the Life Insurance Corporation of India after the completion of the policy tenure. In the case of eventual death of the policyholder, the nominee can claim the policy instead of the insured. The documents required for claim procedure under LIC New Jeevan Mangal Plan 840 are given below.

• Original Policy Document.
• NEFT form.
• Cancel check or Bank Passbook xerox.
• Discharge form.
• Death certificate.
• Proof of Accident/Disability (For rider circular).
• Employer/ College/School certificate for proof.
• Medical Treatment before the death.

Additional Information about LIC’s New Jeevan Mangal Policy

Paid-Up Value

If premiums have been paid for at least 3 full years in respect of this policy and any subsequent premium not be duly paid, the policy shall not be completely void but remains as a paid-up policy for the regular premium policies. The Sum Assured on Death will be reduced to a sum, called the Death Paid-up Sum Assured.

Surrender Value

LIC New Jeevan Mangal surrender value is an amount which the insured will receive from the insurance company in case they want to terminate the policy before maturity. The Guaranteed Surrender value available for this plan is as under.

For Single Premium policies: The LIC New Jeevan Mangal policy may be surrendered at any time during the tenure of the policy. The Guaranteed Surrender Value (GSV) for the single premium policies is as follows.

• Within 3 years from the date of commencement of policy, 70% of the Single premium; excluding taxes and extra premium.
• Thereafter, 90% of the Single premium (taxes and extra premium, if any are excluded).

For Regular Premium policies: The Policyholder can surrender the policy for cash provided the premiums have been paid for at least 3 consecutive years. The Guaranteed Surrender Value will be equal to Guaranteed Surrender Value factor multiplied by total premiums paid (excluding taxes and extra premiums, if any). The Guaranteed Surrender Value factor will depend on the policy term and policy year in which the policy is surrendered and is as shown in the table below.

Free Look Period

If the insured is not satisfied with the terms and conditions of this policy, he/ she will be provided with a free look period of 15 days. That means they can return the policy to the corporation within 15 days from the date of receipt of the policy bond stating the reasons for objections. On receipt of the same, the Corporation will cancel the policy and return the amount of premium deposited.

Grace Period

The Grace period for this LIC Jeevan Mangal Policy is 30 days. Whereas a grace period is an extra period allowed for the insured after due date during which he/ she can pay lagging premium.

Exclusions

Every insurance policy, including LIC term plans, has certain conditions called Exclusions under which claims will not be entertained. The primary exclusion that applies to the policies issued by LIC India relates to suicide committed by the insured. Hence, know the exclusions of LIC New Jeevan Mangal Plan 840.

Suicide:

• For the Single Premium policies, the policy shall be void if the insured commits suicide at any time within 1 year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid.
• The Policy shall be void for the Regular Premium policies if
  • The policyholder commits suicide at any time within 12 months from the date of commencement of risk, LIC will not consider any claim under this policy except to the extent of 80% of the premiums paid.
  • In case if the life assured commits suicide within 1 year from the revival date, an amount which is higher than 80% of the premiums paid till the date of death or the surrender value, provided the policy is inforce, will be payable.

In our policydunia.com site, we will provide all the LIC New policies. You can also refer other Term plans of LIC, i.e., Amulya Jeevan II Policy here. So, keep visiting our site regularly.