LIC New Jeevan Mangal Plan 840 Review
LIC New Jeevan Mangal Plan is a new term plan introduced by Life Insurance Corporation of India. The Jeevan Mangal Policy is a Micro Insurance plan with Term insurance features that means the policyholder will get premiums on maturity. Micro Insurance Plans of LIC are not plans but opportunities that knock on your door once in a lifetime. Also, these are a perfect combination of insurance, investment and a lifetime of happiness. This Jeevan Mangal Micro Insurance Policy was customized to serve the distinct needs of the most vulnerable low-income sections of the Indian population. LIC India has given a Unique Identification Number for this LIC Jeevan Mangal Policy, i.e., 512N287V02. The policyholder should quote this UIN in all relevant documents that are required to buy the policy.
The LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity, where the individuals may pay the premiums either in a lump sum or regularly over the policy tenure. It also comes with an inbuilt Accident Benefit to provide double risk cover in case of accidental death. The minimum entry age of the insured to acquire this new LIC Term Plan is 18 years, and the maximum entry age for the life assured is 60 years. You can use LIC New Jeevan Mangal Plan Premium Calculator to calculate your premiums. Here we have provided the LIC Jeevan Mangal Maturity Calculator and Premium Calculator to calculate Maturity benefits and Death benefits. So, once refer this LIC Jeevan Mangal Premium Chart before buying this plan.
LIC Jeevan Mangal Plan Eligibility Conditions
| Minimum Entry Age |
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| Maximum Entry Age |
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| Maximum Maturity Age |
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| Policy Term |
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| Premium Payment Modes |
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| Minimum Basic Sum Assured |
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| Maximum Basic Sum Assured |
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| Minimum Installment Premium |
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LIC’s New Jeevan Mangal Plan Benefits
Death Benefit
Provided the LIC New Jeevan Mangal Plan is inforce, the death benefit shall be payable to the nominee as follows.
- If death occurs due to an Accident: An additional sum equal to Sum Assured shall also be payable. Here an Accident is defined as a sudden, unforeseen and involuntary event caused by external, violent, and visible means.
- If death occurs due to any reason other than Accident:
- For regular premium policies, Sum Assured on death shall be payable which is higher than 10 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.
- For Single Premium policies, Sum Assured on death shall be payable which is higher than 125% of Single premium or absolute amount assured to be paid on death.
Maturity Benefit
Provided the policy is in force, on surviving till the maturity date, Sum Assured on Maturity shall be payable which is equal to the total amount of premiums paid during the term of the contract. Taxes and extra premium, if any are excluded.
Tax Benefit
The premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income every year under section 80C and the maturity proceeds are tax-free under section 10(10)D subject to fulfillment of terms and conditions.
Riders of LIC Jeevan Mangal Policy
A rider is an add-on provision to a basic insurance policy that provides additional benefits to the life assured and comes into play in case of a specific eventuality. The rider available for this LIC New Jeevan Mangal Plan is Accident Death Benefit Rider. The Insured need not pay any additional premium for this rider. Because this LIC New Jeevan Mangal Term Plan comes with inbuilt Accident Benefit rider.
Accident Benefit Rider
If death occurs as a result of the accident during the term of the policy, then an additional amount equal to Accident Benefit Rider Sum Assured will be payable. The Accident benefit will be payable in monthly installments spread over 10 years if the total and personal disability arise due to an accident that occurs within 180 days from the date of an accident. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, then the disability benefit installments which have not fallen due will be paid along with the claim.
Buying Process of LIC New Micro Insurance Plan 840
The documents required to buy LIC New Jeevan Mangal Policy are
- Application form/ Proposal form issued by U & R Department along with a photo.
- Address proof.
- Age proof.
- Medical reports(if required).
LIC Jeevan Mangal New Term Plan Claim Process
The documents that are needed for claiming procedure under LIC New Jeevan Mangal plan are given below.
- Original Policy Document.
- NEFT Mandate Form.
- Death Certificate.
- Proof of Title.
- Accident/ Disability Proof (as mentioned in the rider circular).
- School/ College/ employer’s certificate.
- If age is not admitted under the policy, the proof of age of the insured shall also be submitted.
LIC New Jeevan Mangal Plan Premium Calculator
Here we are providing the required data for calculating the premium rates in this LIC Online Term Plan using LIC Jeevan Mangal Premium and Maturity calculator. The LIC Jeevan Mangal Premium Chart is used to estimate the benefits offered by this Micro Insurance plan. To calculate premiums online, the life assured has to enter the following details mentioned below.
- Name.
- Email Id.
- Mobile.
- Age.
- Term.
- Sum Assured.
After entering all the above details, you can quickly calculate the premium for LIC Jeevan Mangal Plan 840.
LIC Jeevan Mangal Maturity Calculator
LIC New Jeevan Mangal Maturity Calculator helps you to calculate the maturity value or maturity amount. Maturity amount is the amount that is payable to the insured during the maturity time. You can calculate the Maturity benefits using this LIC Jeevan Mangal Term Plan Maturity calculator. But you will only receive the approximate or nearby maturity amount with this LIC New Jeevan Mangal Plan Calculator.
Additional Information about LIC’s New Jeevan Mangal Policy
Surrender Value
The Guaranteed Surrender Value available for this LIC’s New Jeevan Mangal plan is as follows.
For Single Premium policies: The policy may be surrendered at any time during the tenure of the policy. The Guaranteed Surrender Value for the single premium term is as follows.
- Within 3 policy years from the date of commencement of policy, 70% of the Single premium (taxes and extra premium, if any are excluded).
- Thereafter, 90% of the Single premium excluding taxes and extra premium, if any.
For Regular Premium policies: The Insured 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.
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Policy Year |
Policy Term |
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10 |
11 |
12 |
13 |
14 |
15 |
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1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
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2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
3 |
30.00% |
30.00% |
30.00% |
30.00% |
30.00% |
30.00% |
|
4 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
5 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
6 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
7 |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
50.00% |
|
8 |
65.00% |
60.00% |
57.50% |
56.00% |
55.00% |
54.29% |
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9 |
80.00% |
70.00% |
65.00% |
62.00% |
60.00% |
58.57% |
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10 |
80.00% |
80.00% |
72.50% |
68.00% |
65.00% |
62.86% |
|
11 |
80.00% |
80.00% |
74.00% |
70.00% |
67.14% |
|
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12 |
80.00% |
80.00% |
75.00% |
71.43% |
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13 |
80.00% |
80.00% |
75.71% |
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14 |
80.00% |
80.00% |
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15 |
80.00% |
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Paid-up Value: In the case of regular premium policies, if premiums have been paid 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. So, the Sum Assured on Death will be reduced to a sum, called the Death Paid-up Sum Assured.
Free Look Period: If the Insured is not satisfied with the terms and conditions of the Jeevan Mangal policy, then he/she will be provided with a free look period of 15 days. The individuals have to state the reason and should submit the policy to the Life Insurance Corporation of India within the given free look period.
Revival Period: The policyholder can revive the lapsed policy by paying arrears of premium together with interest in a period of 2 years from the date of first unpaid premium but before maturity.
Exclusions
a) Suicide:
- Single Premium policies: The policy shall be void if the life assured commits suicide at any time within 12 months from the date of commencement of risk; the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid.
- Regular 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, LIC will not entertain any claim under this policy except to the extent of 80% of the premiums paid.
- In case if the policyholder commits suicide within 1 year from the renewal date, an amount which is above 80% of the premiums paid till the date of death or the surrender value, provided the policy is inforce, will be payable.
b) Accident Benefit: The Corporation will not be liable to pay the extra sum referred if the death of the Insured shall be due to attempted suicide or intentional self-injury or insanity or immorality or injuries caused during racing, mountaineering or committing any breach of law with criminal intent.
FAQ’s of LIC New Policy Jeevan Mangal (Table no. 840)
1. What is the minimum Sum Assured for the LIC New Micro Insurance Plan 840 ?
Ans. The Minimum Sum Assured is Rs. 10,000.
2. Can I avail loan for this LIC New Jeevan Mangal Plan ?
Ans. There is no loan facility available for this LIC New Policy 840.
3. How can I revive a lapsed policy ?
Ans. Lapsed policies can be revived by paying all dues within 2 years of first unpaid premium. Remember these policies can be renewed only before the maturity.
4. What are the premium payment modes available for this LIC Jeevan Mangal Policy ?
Ans. Yearly, Half-Yearly, Quarterly, Monthly, Fortnightly or Weekly are the different premium payment modes available for this LIC New Plan 840.
Check details of other Term plans such as LIC Amulya Jeevan 2 Policy and Anmol Jeevan II Plan here. So, keep visiting our site regularly for more details about LIC New Plans.