LIC’s New Jeevan Mangal Plan is a Non-Linked, Non-Participating, Individual, Life, Micro Insurance Term Plan (with Return of Premiums on Maturity).
Premium Payment Mode
The modes of premium payment allowable are Single Premium and Yearly, Half Yearly, Quarterly, Monthly for Regular Premium policies.
Eligibility conditions and restrictions
|Minimum Entry Age:||18 Years (completed)|
|Maximum Entry Age:||55 years (nearer birthday)|
|Maximum Age at Maturity:||65 years (nearer birthday)|
|Minimum Policy term:||5 years under Single Premium|
10 years under Regular Premium
|Maximum Policy Term:||10 years under Single Premium|
15 years under Regular Premium
|Premium Paying Term:||Same as Policy Term for Regular Premium|
|Minimum Basic Sum Assured:||Rs. 10,000/-|
|Maximum Basic Sum Assured:||Rs. 50,000/-|
The Basic Sum Assured shall be in multiples of Rs. 1,000/-.
High Basic Sum Assured Rebate:
Death due to any reason other than accident:
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
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
The Death Benefit (as defined above) shall not be less than 105% of all the premiums paid as on date of death.The premium referred above exclude any taxes, extra premium, if any.
Death due to accident:
In addition to the Death Benefit (as defined above), an additional sum equal to Sum Assured shall 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.” For this additional Sum Assured to be payable, the policy should be inforce as on date of death
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; where “Sum Assured on Maturity” 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 amount chargeable under the policy due to underwriting decision, if any..
No loan will be available under this plan.
Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.
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