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

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LIC New Jeevan Mangal Plan (Table No. 840) Review

LIC New Jeevan Mangal Plan (Table No. 840) is a new Term Plan introduced by Life Insurance Corporation of India as per new guidelines of IRDA. The Unique Identification Number of the LIC’s Jeevan Mangal Plan is 512N287V02. This UIN no. should be quoted in all relevant documents provided to the policyholders. The LIC Micro Insurance Plans are not plans but opportunities that knock on your door once in a lifetime. Also, these plans are a perfect combination of insurance, investment and a lifetime of happiness. The LIC New Jeevan Mangal Micro Insurance Policy was customized to provide the distinct needs of the most vulnerable low-income sections of the Indian population.

The LIC’s Jeevan Mangal is a protection plan with return of premiums on maturity, where you can pay the premiums either in a lump sum or regularly over the tenure of the policy. This Jeevan Mangal Term plan has an in-built Accident Benefit which provides for double risk cover in case of accidental death. This New online term plan from LIC provides double benefits to their customers, i.e., In the case of something unfortunate event has occurred, the policy provides financial security to their family, and pays back the total premiums paid during the policy term to the insured. The Key Features, Eligibility Conditions, Death & Maturity Benefits, Riders, etc. of LIC New Jeevan Mangal Plan are mentioned in detail below.

LIC New Jeevan Mangal Plan

Key Features of LIC Jeevan Mangal Plan

LIC Jeevan Mangal Plan is a new Micro Insurance Plan with Term Insurance Plan Features. Any life insurance policy with a sum assured of Rs. 50,000 or less is called Micro Insurance policy. And, Term insurance plans usually provides protection to your family in case of unfortunate and unforeseen circumstances. So, these plans are the best option for those who wish to lead a stress-free life on their families. Below are the key features of LIC New Jeevan Mangal Plan.

  • It is a protection plan, so offers life covers with small payments.
  • The New Jeevan Mangal comes with two premium options such as Single Premium and Regular Premium to help the individuals to choose one option according to their needs.
  • Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals are the different modes of premium payment for this LIC New Term Plan 840. The Single Premium mode is available for terms from 5 to 10 years.
  • The insured can choose one from the flexible policy term, i.e., he/ she can choose the policy tenure ranging from 5 to 10 years for the single premium mode and 1 to 15 years for the regular premium mode.
  • The Policyholder can pay the premiums either in a lump sum or regularly over the term of the policy.
  • When you take this policy, the corporation pays dual risk cover in the case of unfortunate death.

LIC Jeevan Mangal New Term Plan Eligibility Conditions

S.no. Eligibility Conditions & Restrictions Details
1. Minimum Entry Age for Insured 18 years (Completed).
2. Maximum Entry Age for Life Assured
  • 55 years (nearest birthday) for policy term 20 years.
3. Policy Term
  • Regular premium: 10 to 15 years.
  • Single Premium: 5 to 10 years.
4. Premium Payment Mode Yearly, Half-Yearly, Quarterly, Monthly, Fortnightly, and Weekly.
5. Basic Sum Assured (in multiples of 10,000)
  • Minimum: Rs. 10,000/-.
  • Maximum: Rs. 50,000/-.
6. Maximum Maturity Age
  • 65 years (Nearest Birthday).
7. Minimum Installment Premium
  • For Monthly Mode: Rs. 60/-.
  • For remaining modes: No specific minimum installment premium.

Benefits of LIC’s New Jeevan Mangal Plan

Death Benefit:

The death benefit shall be payable to the nominee of the policy as under:

  • If death occurs due to an Accident then an additional sum equal to Sum Assured shall be payable. Here, in this case, an accident is referred as a sudden or unforeseen or involuntary event caused by external, violent, and visible means.
  • If the demise of the insured occurs due to any reason other than Accident, then death benefit for different premium terms is as follows.
    • Regular premium policies: Sum Assured on death will be payable that was higher than 10 times of annualized premium or 105% of all the premiums paid as on date of death or Absolute amount assured to be paid on death or Sum assured on Maturity.
    • Single Premium policies: Sum Assured on death will be payable that was higher than 125% of Single premium or absolute amount assured to be paid on death.

Maturity Benefit:

Provided the policy is in force, If the policyholder survives till the maturity date, an amount equal to the total amount of premium paid during the tenure of the contract is payable. The accident benefit premium and all extra premium, if any, are excluded.

Tax Benefit:

The Policyholders of this LIC New Micro Insurance plan 840 are granted with tax benefits on the premiums paid and the payout received on maturity or death. The premiums paid for up to Rs. 1,50,000 are allowed as a deduction from the taxable income under Section 80C every year. And, the maturity proceeds are tax-free under section 10(10)D.

Riders of LIC New Jeevan Mangal Policy

Riders are one of the chief distinguishing features of term insurance. These offer additional protection and coverage via payment of a marginally higher premium. In general, the insured should pay an additional premium to avail the benefits of rider. But for this LIC Jeevan Mangal Plan, there is no need to pay any additional premium because this LIC’s New Micro Insurance Plan 840 comes with inbuilt Accident Death Benefit Rider.

Accident Benefit Rider

If the demise of the insured 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. If the total and personal disability arise due to an accident that occurs within 180 days from the date of an accident then the accident benefit will be payable in monthly installments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of 10 years, then the disability benefit installments which have not fallen due will be paid along with the claim.

LIC New Jeevan Mangal Plan Buying Process

The Customer can buy the LIC New Jeevan Mangal Plan from the LIC Agent or nearest LIC Branch Office. The Proposal form required to purchase the policy is available on the official website of Life Insurance Corporation. The Documents needed for buying the LIC’s Jeevan Mangal Plan are listed below.

  • Proposal Form with a photo.
  • Age Proof of the Life Assured.
  • Address Proof.
  • Medical Reports (if any required).

LIC New Term Plan 840 Claim Process

If the Policyholder is met with sudden accident or disability within the Policy Term or Maturity Period of Policy is completed, the Nominee can lodge the Claim. The Claim Forms can be obtained from Official Website of LIC India or from the LIC Regional Offices. The documents that are required during the Claim Process of LIC New Jeevan Mangal Plan are listed below. Hence, you should collect all these forms before claiming this LIC New Micro Insurance Plan 840.

  • NEFT form.
  • Discharge form.
  • Original Policy Bond.
  • Medical Reports.
  • Cancel check or Bank Passbook xerox.
  • Death Certificate.
  • Discharge Form.
  • Proof of Title.
  • Proof of Age.

New Jeevan Mangal Plan Premium Calculator

The Insured can calculate the minimum premium amount that has to be paid to take the Policy by using this LIC New Jeevan Mangal Plan Calculator. The Amount of Single Premium Paid will depend on the Sum Assured, Policy Term, and Age of the Insured. The LIC Jeevan Mangal Premium Chart is used to estimate the benefits offered by this LIC Trop plan 840. But you should enter some basic details like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the premium value.

Sample Premium Rates:

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

Annual Premium for Rs. 1000 Sum Assured:

Age (yrs.) Term of the Policy (years)
10 15
20 58.85 36.85
30 60.15 38.15
40 66.45 43.60
50 83.60 56.15

Single Premium for Rs.1000 Sum Assured:

Age (yrs.) Term of the Policy (years)
5 10
20 175.30 138.65
30 179.25 144.40
40 199.85 172.00
50 269.45 247.40

Additional Information about LIC Jeevan Mangal Plan 840

Paid-Up Value:

If premiums have been paid for at least three years in respect of this LIC New Jeevan Mangal policy and subsequent premiums not be duly paid, the policy shall not be wholly void but remains as a paid-up policy. This is applicable for regular premium policies. Hence, the Sum assured on death will be reduced to a sum known as Death Paid-Up Sum Assured.

Surrender Value:

The Guaranteed Surrender Value available for this Jeevan Mangal plan is as follows.

Single Premium policies: This new Micro Insurance policy may be surrendered at any time during the policy term. The Guaranteed Surrender Value for the single premium policies is as follows.

  • Within 3 policy years from the date of commencement of policy, 70% of the Single premium excluding taxes and extra premium, if any can be surrendered.
  • After that, 90% of the Single premium excluding taxes and extra premium, if any can be surrendered.

Regular Premium policies: The policy may be surrendered for cash provided the premiums have been paid for at least three consecutive years. The Guaranteed Surrender Value (GSV) shall be equal to Guaranteed Surrender Value factor multiplied by total premiums paid (excluding taxes and extras, 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 under:

Policy Year

Policy Term

10

11

12

13

14

15

1

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

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%

9

80.00%

70.00%

65.00%

62.00%

60.00%

58.57%

10

80.00%

80.00%

72.50%

68.00%

65.00%

62.86%

11

80.00%

80.00%

74.00%

70.00%

67.14%

12

80.00%

80.00%

75.00%

71.43%

13

80.00%

80.00%

75.71%

14

80.00%

80.00%

15

80.00%


Free Look Period: 

If the insured is not satisfied with the “Terms and Conditions” of the policy, then he/ she may return the policy to the LIC India within the free look period, i.e., 15 days from the date of receipt of the policy stating the reason for objections.

Grace Period:

The Grace period is an extra time period allowed after due date during which the policyholder can pay lagging premium. So, the LIC New Jeevan Mangal Plan was provided with a grace period of 30 days.

Exclusions

The New Jeevan Mangal Plan shall be void if the policyholder commits suicide. But the exclusions may vary for single and regular premiums as follows.

  • Under Single Premium policies: If the policyholder commits suicide at any time within 1 year from the date of commencement of risk then the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid.
  • Under Regular Premium policies:
    • If the insured commits suicide at any time within 12 months from the date of commencement of risk, then the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid.
    • In case if the Life Assured commits suicide within one year from the revival 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.

FAQ’s about Jeevan Mangal LIC Trop Plan

1. Are there any rider options available in this LIC New Jeevan Mangal Term Plan?

Ans. Yes, the New Micro Insurance plan 840 comes with inbuilt Accident Benefit Rider.

2. What are modes of paying the premium for LIC Jeevan Mangal Plan 840 ?

Ans. The method of payment available under this LIC New Jeevan Mangal Plan is Yearly, Half Yearly, Quarterly, Monthly, Fortnightly, and Weekly.

3. What is the Minimum Sum Assured for this LIC Term Plan ?

Ans. The minimum sum assured under this New Jeevan Mangal Plan is Rs. 10,000.

For more information regarding various LIC Term Insurance Plans, refer and bookmark our site www.policybook.in

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