LIC’s New Jeevan Mangal is a protection plan that offer features of a term insurance plan with return of premiums on maturity, where policy holder may pay the premiums either in lump sum or regularly over the term of the policy. 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 and enhanced protection at affordable rates which makes it ideal plan for the concerned family person. This plan also has an in-built accident benefit which provide double risk cover in case of accidental death.
Eligibility Criteria
| Minimum age at entry | 18 years (completed) |
| Maximum age at entry | 55 years (Nearer birthday) |
| Maximum age at maturity | 65 years (Nearer birthday) |
| Minimum Premium Paying Term | 5 years |
| Maximum Premium Paying Term | 13 years |
| Minimum Sum Assured | ₹ 10,000/- |
| Maximum Sum Assured | ₹50,000/- |
Benefits
Death Benefit:
(a) Death due to any reason other than accident:
(i) For Single Premium policies: “Sum Assured on Death” shall be payable; where “Sum Assured on Death” is defined as higher of:
- 125% of Single Premium; or
- Sum Assured or
(ii) For Regular Premium policies: “Sum Assured on Death” shall be payable; where “Sum Assured on Death” is defined as higher of:
- 7 times of annualised premium; or
- Sum Assured or
The Death Benefit shall not be less than 105% of all the premiums paid upto the date of death.The premium referred above exclude any taxes, extra premium, if any.
(b) Death due to accident: In addition to the Death Benefit (as defined above), an additional sum equal to Sum Assured shall be payable, provided the policy should be inforce as on date of death.
An ‘Accident’ for the purpose of this policy is defined as “An Accident is a sudden, unforeseen and involuntary event caused by external, violent and visible means.”
Maturity Benefit: On the Life Assured surviving to the stipulated date of maturity, provided all due premium have been paid, “Sum Assured on Maturity” shall be payable; which is equal to the total amount of premiums paid during the term of the contract.The premium referred above shall not include any taxes and extra premium, if any.
Surrender Benefit: The Single Premium policy may be surrendered at any time during the Policy Term. Regular Premium policy may be surrendered at any time provided premiums have been paid for at least one full year.
Key Features
- A pure protection plan that provides life coverage at a low premium rate.
- Policy holder can make the premium payments via single premium and regular premium payment mode. Under the regular premium payment mode the policyholder can choose premium payment mode as Yearly, Half-Yearly, Quarterly or Monthly as per the convenience and under single premium payment mode the premium payment shall be made in a lump sum manner.
- Policy holder is entitled to a rebate of 2% of tabular premium in the yearly mode & 1% of tabular premium in the half-yearly mode.
- Policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium and before the date of maturity.