LIC’s New Jeevan Mangal is a Non-Linked, Non-Participating, Individual, Life, Micro Insurance Term protection plan with a return of premiums on maturity, where you may pay the premiums either in a 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.
a) Maturity Benefit –
On Life Assured surviving the stipulated Date of Maturity provided the policy is in force, “Sum Assured on Maturity” shall be payable which is equal to Total Premiums paid during the term of the contract excluding extra premium if any.
b) Death Benefit –
On Life Assured’s death before the stipulated Date of Maturity, provided the policy is in force, the death benefit payable shall be as under –
(a) Death due to any reason other than an accident –
(b)Death due to Accident –
If the Life assured is involved in an accident at any time when this Policy is in force and such injury shall within 180 days of its occurrence solely, directly and independently of all other causes result in the death of the Life assured and the same is proved to the satisfaction of the Corporation, in addition to the “Sum Assured on Death”, an additional sum equal to the Sum Assured (as mentioned in the Schedule) shall be payable under this policy. The policy shall have to be in force at the time of death.
The Corporation will not be liable to pay the additional sum referred above if the death of the Life Assured shall –
|Minimum and Maximum Age at Entry –
18 yrs (last birthday) and 55 yrs (last birthday)
|Minimum and Maximum Sum Assured –
Rs 10,000 and Rs 50,000
|Maximum Age at Maturity –
65 yrs (last birthday)
Is there any Grace Period in the policy?
Yes, there is a grace period of 30 days allowed for payment of monthly premiums and 60 days for other modes of premium payments from the date of the first unpaid premium. If the premium is not paid before the expiry of days of grace, the Policy lapses.
If the death of Life Assured occurs within the grace period but before the payment of the premium is then due, the Policy will still be valid and the benefits shall be paid after deduction of the said unpaid premium(s) as also the balance premium(s), if any, falling due from the date of death and before the next policy anniversary.
Can I return the policy if I didn’t like its terms and conditions?
Yes, If the policyholder doesn’t like terms and conditions of the policy then the policy can be returned within 15 days from the date of receipt of the Policy Document stating the reason for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period of cover and charges for stamp duty.
How can one revive a lapsed policy?
Lapsed policies can be revived by paying all dues within two years of the first unpaid premium. Such policies can be revived only before maturity.
Is there any surrender value available in this policy?
On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.
The Guaranteed Surrender Value available to the Life Assured under this policy is as under –
Premium referred above shall exclude extra premium and taxes, if any.
Suicide Exclusion –
a) Under Single Premium Policies –
If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, an amount which is higher of 90% of the Single Premium paid (excluding any taxes, extra premium, if any) or Surrender Value shall be payable.
The Corporation will not entertain any other claim under this Policy.
b) Under Regular Premium Policies –
The Corporation will not entertain any other claim under this policy. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.
So, by now you know each and every important detail about this policy. Do let me know if I have missed any important points in the comment section. Please feel free to ask any doubts regarding this policy.
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2 replies on this article “LIC New Jeevan Mangal (Table 940) – Review, Features and Benefits”
I WANT TO KNOW HOW MANY POLICY CAN A PERSON BUY.
There is no limit ..