LIC New Jeevan Mangal Plan | LIC New Plan 840 Review, Features, Benefits

LIC New Jeevan Mangal Plan 840 Review

LIC New Jeevan Mangal Plan is a micro-insurance plan with term insurance features. Life Insurance Corporation of India has introduced this LIC TROP Plan 840 as per the new guidelines of IRDA. The LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity, where the insured can pay the premiums either in a lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the policy tenure. This plan has an inbuilt Accidental death benefit rider which provides for double risk cover in case of accidental death. The Unique Identification Number (UIN) of this LIC Micro Insurance Plan 840 is 512N287V02. The policyholder has to quote this UIN number in all relevant documents that are required to buy the policy.

LIC of India has designed this New Jeevan Mangal plan to offer protection and peace of mind to their customers. Because it aims to secure the finances of your loved ones in the event of your death, ensuring that life continues regardless of any incidents. Enhanced protection at affordable rates makes it ideal for the concerned family person. The minimum entry age to acquire this LIC New Jeevan Mangal policy is 18 years, and the maximum entry age is 60 years. Here we have provided the LIC Jeevan Mangal Premium Calculator and Maturity Calculator to calculate Premiums, Maturity, and Death benefits.

LIC Jeevan Mangal Policy Benefits and Features

The LIC New Jeevan Mangal Policy provides a broad range of benefits for the policyholder. So, check out the features and benefits of this LIC New Plan in the below sections.

LIC’s New Jeevan Mangal Plan Benefits

Death Benefit

• If the demise of the insured occurs during the term of the policy, the Sum Assured under the basic plan is payable to the nominee of the policy, provided the policy is kept in force. This amount depends on the premiums paid and policy chosen.
• If the demise of the insured occurs due to any other reason other than the accident, then Sum Assured on death is as follows.
  • Sum Assured on Death shall be payable for regular premium policies which are defined as highest of ten times of annualized premium, or 105% of all the premiums paid as on date of death or Sum Assured on Maturity.
  • Sum Assured on Death shall be payable for single premium policies that were defined as higher of 125% of single premium excluding the taxes and extra premium.

Maturity Benefit

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

Tax Benefit: Policyholders are entitled to tax benefits on the premiums paid and the payout received on maturity or death.

What are the Features of LIC Jeevan Mangal Term Plan ?

The New Jeevan Mangal from LIC is a protection plan with return of premiums on maturity. Life Insurance Corporation of India features this Jeevan Mangal Micro Insurance Plan as a unique product with so many features included. The features of LIC New Jeevan Mangal Policy are as follows.

• It is a  protection plan that offers life covers with low payments.
• Flexible policy term is available that means the insured can choose a policy term ranging from 5 to 10 years under the single premium mode and 1 to 15 years under the regular premium mode.
• The LIC New Jeevan Mangal Plan comes with two premium options, i.e., Single Premium and Regular Premium to help the people to choose one option according to their needs.
• The insured can pay the premiums either in a lump sum or regularly over the term of the policy.
• The modes of premium payment allowable for this LIC New Plan 840 are Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals. Single Premium mode is available for terms from 5 to 10 years.
• The corporation pays double risk cover in case of unfortunate death of the life assured.

Eligibility Conditions of LIC New Plan Jeevan Mangal

Before buying the New Jeevan Mangal Plan of LIC, the insured must know the eligibility conditions such as Entry Age, Policy Term, Sum Assured, etc.

Riders for LIC New Jeevan Mangal Policy

Accidental Benefit Rider

The LIC New Jeevan Mangal Plan comes with inbuilt Accidental Death Benefit Rider. On death arising as a result of the accident during the tenure of the policy, an extra amount, equal to Accident Benefit Rider Sum Assured is payable. On total and permanent disability arising due to an accident that occurs within 180 days from the date of an accident, the Accident Benefit will be payable in monthly installments spread over ten years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit installments which have not fallen due will be paid along with the claim.

LIC Micro Insurance Plan 840 Premium Calculator

LIC New Jeevan Mangal Premium Calculator helps you to calculate the premium and maturity amount for the New Micro Insurance Plan 840. Before buying the LIC Jeevan Mangal Plan, you have to check the premium rates for your desired sum assured using this LIC Jeevan Mangal Premium Calculator or Maturity Calculator. The LIC New Jeevan Mangal Premium Chart is used to estimate the benefits offered by the plan. To calculate the premium amount, the policyholder should enter the following details.

• Name.
• Mobile Number.
• Age.
• E-Mail Id.
• Policy Term.
• Premium Payment term.
• Sum Assured.

Sample Premium Rates:

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

Annual Premium for Rs. 1000 Sum Assured:

Single Premium for Rs.1000 Sum Assured:

How to Buy LIC New Jeevan Mangal Plan ?

The Buying procedure of LIC New Jeevan Mangal plan is very simple if you have all the information regarding documents with you. The insured can buy the LIC Micro Insurance Plan 840 either in online or offline mode by visiting the LIC India official website or approaching the LIC agents. In online mode, the insured can pay the premium amount through Net Banking or Credit Card or Debit Card. While in offline mode, you should visit the LIC branch office and pay the premium using Cash or Demand Draft.

The required documents to buy the LIC New Jeevan Mangal Plan 840 is listed below.

• Application form/ Proposal form.
• Address proof.
• Age proof.
• Medical reports (if required).

Claim Process of LIC Jeevan Mangal Plan

To claim the death benefits, you should collect the necessary documents and submit them to the LIC office. Once they are received and the claim verified, LIC will process the request and release the sum assured. The policy should be in effect during the claim process. So, while lodging the claim in case of death of the Insured or after the policy term, following documents are needed for claim process of LIC New Jeevan Mangal Policy.

• Original policy document.
• NEFT form.
• Discharge form.
• Cancel check or Bank Passbook xerox.
• Medical treatment before the death.
• Death certificate.
• Proof of accident/ Disability.

LIC New Jeevan Mangal Plan Illustration

Here we have given an example to understand clearly about the LIC Jeevan Mangal Plan. For example, Mr. Henry of age 30 years has chosen this New Jeevan Mangal Term Plan 841 to secure himself. Henry desired to pay a single premium with Sum Assured of Rs. 25,000. The premium amount is Rs 5,000 and the term of the policy is 5 years. After payment, Henry continues to enjoy good health and the plan reaches maturity. So, Rs. 5000/- was paid back to him because now he is eligible to receive the premium paid.

Additional Information about LIC Jeevan Mangal Plan 840

Loan

There is no loan facility available for this LIC Jeevan Mangal Policy.

Paid-up Value

In the case of regular premium policies, if premiums have been paid at least three full years in respect of this policy and any subsequent premium be not duly paid, this New Jeevan Mangal policy shall not be wholly void, but shall remain as a paid-up policy. Hence the Sum Assured on Death shall be reduced to a sum, called the Death Paid-up Sum Assured.

Surrender Value

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

Single Premium policies: The 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.
• After that: 90% of the Single premium excluding taxes and extra premium, if any.

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:

Revival Period

A lapsed policy can be renewed by paying arrears of premium together with interest within a period of 2 years from the date of first unpaid premium but before maturity.

Grace Period

A Grace period is an extra time period allowed after due date during which the insured can pay lagging premium. The Grace period for this LIC New Jeevan Mangal Plan is 30 days.

Free Look or Cooling off period

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, then the policy may be returned 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.

Exclusions of LIC New Jeevan Mangal Plan

This LIC New Term Plan 840 shall be void

• Under Single Premium policies: If the insured commits suicide at any time within one year 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.
• Under Regular Premium policies:
  • If the policyholder commits suicide at any time within 1 year (12 months) from the date of commencement of risk, Life Insurance 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 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.

Here you can also refer other Term plans available in LIC, i.e., Anmol Jeevan II policy and LIC e-Term Policy.

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