- Introduction:
LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity, where you may 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 in case of accidental death.
Benefits:
- Maturity Benefit:
Provided the policy is in-force, on surviving to the date of maturity, “Sum Assured on Maturity” shall be payable which is equal to the total amount of premiums paid during the term of the contract (excluding the taxes and extra premium, if any)
- Death Benefit:
Provided the policy is inforce, the death benefit shall be payable as under:-
Death due to any reason other than accident:
For regular premium policies : “Sum Assured on Death” shall be payable which is defined as highest of 10 times of annualised 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 where absolute amount assured to be paid on death is Sum Assured.
The premiums mentioned above exclude taxes and extra premium, if any.
For single premium policies : “Sum Assured on Death” shall be payable which is defined as higher of 125% of 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.
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.”
Eligibility Conditions and Other Restrictions
- Eligibility Conditions and Other Restrictions:
| a) Minimum age at entry | : 18 years (completed) |
| b) Maximum age at entry | : 55 years (nearest birthday) |
| c) Maximum age at maturity | : 65 years (nearest birthday) |
| d) Policy Term | : 10 to 15 years for regular premium. 5 to 10 years for single premium. |
| e) Minimum Instalment Premium | : Rs 60/- under Monthly Mode |
| For other modes, there is no specific minimum instalment premium. | |
| f) Minimum Sum Assured | : Rs. 10,000/- |
| g) Maximum Sum Assured | : Rs. 50,000/- |
| (Sum Assured shall be in multiples of Rs. 1,000/-) | |
- Payment of Premiums :
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly or Monthly. Single Premium mode is available for terms from 5 to 10 years.
A grace period of two calendar months but not less than 60 days will be allowed for all modes of payments.
- Sample Premium Rates:
Following are some of the sample premium rates per Rs. 1000/- Sum Assured:
Annual Premium (in Rs.) 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 (in Rs.) 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 |
Paid-up Value:
In case of regular premium policies, if after at least three full years’ premiums have been paid in respect of this policy and any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy. The Sum Assured on Death shall be reduced to a sum, called the Death Paid-up Sum Assured. The Death Paid-Up Sum Assured shall bear the same ratio to the Sum Assured on Death as the premiums paid bears to the total number of premiums payable.
On the Life Assured’s death prior to maturity, the Death Paid-Up Sum Assured shall be payable. On Maturity, total premiums paid less taxes and extra premium, if any, shall be payable.
Revival:
Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of two years from the date of first unpaid premium but before maturity. The rate of interest applicable will be as fixed by the Corporation from time to time.
Surrender Value:
The Guaranteed Surrender Value available under this plan is as under:
Single Premium policies :The policy may be surrendered for cash at any time during the policy term. The Guaranteed Surrender Value shall be as under:
– Within three policy years from Date of Commencement of policy: 70% of the Single premium excluding taxes and extra premium, if any.
– Thereafter: 90% of the Single premium excluding taxes and extra premium, if any.
