LIC New JEEVAN MANGAL (PLAN No 940)

LIC New Jeevan Mangal is a protection plan with a return of premiums on maturity. In other words, it is a Term insurance with a refund of premium launched by the LIC Micro Insurance Department. There is an option to pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in-built Accident Benefit which provides for double risk cover or Double Sum Assured in case of accidental death. This plan is sold and serviced by the LIC Micro Insurance department only.

Unique Identification Number: 512N287V03        

Maturity Benefit:

Sum Assured on Maturity, is payable.

• Provided the policy is in force, on surviving to the date of maturity.
• Sum Assured on Maturity  is equal to the total amount of premiums paid during the term of the contract (excluding the taxes and extra premium, if any)

LIC New Jeevan Mangal Death benefit:

For Regular premium policies :

“Sum Assured on Death” shall be payable.

• “Sum Assured on Death” is defined as highest of 10 times of annualized premium
•  or 105% of all the premiums paid as on date of death
• or Sum assured on Maturity
• or absolute amount assured to be paid on death i.e. Sum Assured.
• excluding taxes and extra premium, if any.
  
  

For single premium policies :

 “Sum Assured on Death” shall be payable.

• Where “Sum Assured on Death”  is defined as higher of 125% of the single premium (excluding the taxes and extra premium, if any)
• or absolute amount assured to be paid on death where absolute amount assured to be paid on death is Sum Assured.

Death due to Accident:

An additional sum equal to Sum Assured shall also be payable along with Sum Assured on Death.

Income Tax Benefit:

• under section 80C of the Income Tax Act, premiums paid under the LIC New Jeevan Mangal Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
• under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee under LIC’s New Jeevan Mangal Plan is entirely tax-free and no TDS is deductible.

Synopsis of LIC New Jeevan Mangal Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 18 years (completed) Maximum – 55 years (nearer birthday)
2	Policy Term & Premium paying term	For Regular Mode: 10 to 15 years For Single Premium: 5 to 10 years
3	Maximum maturity Age	65 years (completed)
4	Basic Sum assured (in multiples of 1,000/-)	Minimum – 10,000/- Maximum – 50,000/-
5	Minimum Premium Instalment	Rs 60/- under Monthly Mode
6	Mode of payment of premiums	Yearly Half-yearly Quarterly Monthly Single-Premium
7	Grace Period	2 months but not less than 60 days for all modes
8	Surrender	after payment and completion of 3 full years premium  *conditions apply
9	Policy Loan	No Loan Available
10	Revival	Within 2 years from First Unpaid Premium & before Maturity
11	Optional Riders Available:	Not Available (In built Accident benefit)

Suicide Clause:-

Under Single Premium policies :
The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months 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 excluding taxes and any extra premium paid.

Under Regular Premium policies :
This policy shall be void
i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes and extra premiums, if any, provided the policy is In-force.
ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes and extra premiums, if any) or the surrender value, provided the policy is in force, shall be payable. The Corporation will not entertain any other claim under this policy.

LIC New Jeevan Mangal Accident Benefit:

The Corporation will not be liable to pay the additional sum referred to if the death of the Life Assured shall:

1. occur after 180 days from the date of the accident of the Life Assured.
2. be caused by intentional self-injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence or consumption of intoxicating liquor, drug or narcotic; or
3. be caused by injuries resulting from taking any part in riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeplechasing, racing of any kind, paragliding or parachuting, taking part in adventurous sports; or
4. result from the Life Assured committing any breach of law with criminal intent; or

Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.

Other LIC Plans

Endowment Plans * LIC New Jeevan Anand * LIC Jeevan Labh * LIC New Endowment Plan * LIC Single Premium Endowment Plan * LIC New Bima Bachat * LIC Jeevan Lakshya * LIC Aadhaar Shila * LIC Aadhaar Stambh Whole Life Plans * LIC Jeevan Umang Money-Back Plans * LIC Bima Shree * LIC Jeevan Shiromani * LIC NEW MONEY BACK PLAN – 20 YEARS * LIC NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC NEW CHILDREN’S MONEY BACK PLAN * LIC Jeevan Tarun Pension Plans * LIC Jeevan Shanti

Unit Linked Insurance Plan (ULIP) * LIC NEW ENDOWMENT PLUS * LIC NIVESH PLUS * LIC SIIP Health Insurance Plans * LIC JEEVAN AROGYA * LIC Cancer Cover Term Assurance Plans * LIC TECH TERM * LIC Jeevan Amar Riders * LIC Linked Accidental Death Benefit Rider * LIC Accidental Death and Disability Benefit Rider * LIC Accident Benefit Rider * LIC Premium Waiver Benefit Rider * LIC New Critical Illness Benefit Rider * LIC NEW TERM ASSURANCE RIDER Micro Insurance Plans * LIC New Jeevan Mangal * LIC Micro Bachat Plan * LIC Bhagya Lakshmi