Jeevan Mangal

UIN

512N287V03

Product Summary

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/-.

Mode Rebate:

Nil

High Basic Sum Assured Rebate:

Nil

Policy Benefits:

Death Benefit

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

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; 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..

Policy Loan

No loan will be available under this plan.

Taxes

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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