LIC New Jeevan Mangal
LIC's New Jeevan Mangal Plan is a simple micro insurance plan that offers life cover with return of premium. It is designed to provide financial protection at an affordable cost, especially for individuals looking for basic coverage. The plan also includes an in-built accident benefit for added security.
What is the LIC New Jeevan Mangal Plan?
LIC New Jeevan Mangal Plan, with plan number 940, is a non-linked, non-participating micro insurance term plan that provides life protection along with return of premium. It is designed to offer affordable coverage with simple features, making it suitable for basic financial security.
Under this plan, the policyholder gets life cover during the policy term, and if they survive till maturity, the total premiums paid are returned (excluding taxes). It also includes an in-built accident benefit, which gives additional payout in case of accidental death.
Key Highlights of LIC New Jeevan Mangal Plan
Here is the list showing key features of the LIC New Endowment Plus plan:
| Feature | Details |
|---|---|
| Plan Type | Non-linked, non-participating micro insurance term plan |
| Target Segment | Designed for low-income / micro insurance customers |
| Entry Age | 18 to 55 years |
| Policy Term | 10 - 15 years (regular), 5 - 10 years (single premium) |
| Premium Options | Regular or single premium with multiple payment modes |
| Minimum Premium | Rs 500 (instalment) |
| Sum Assured Range | Rs 50,000 to Rs 2,00,000 |
| Plan Nature | Simple term plan with return of premium |
| Built-in Feature | In-built accident benefit available |
| Loan Facility | Not available |
Eligibility Criteria for LIC New Jeevan Mangal Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Maximum Maturity Age | 65 years |
| Policy Term | 10 - 15 years (regular), 5 - 10 years (single premium) |
| Minimum Sum Assured | Rs 50,000 |
| Maximum Sum Assured | Rs 2,00,000 |
| Minimum Premium | Rs 500 (instalment) |
How Does the LIC New Jeevan Mangal Plan Works?
Pay Premium (Regular or Single) Get Life Cover Stay Covered for Policy Term Get Death Benefit or Premium Back on Maturity
Pay Premium
You can pay either a single premium once or regular premiums during the policy term.Get Life Cover
After starting the policy, you get life insurance coverage for the chosen term.Stay Covered During Policy Term
The policy remains active and protects the term if premiums are paid.Get Benefits
On death Nominee receives death benefit (with extra accident benefit, if applicable)On maturity Total premiums paid are returned (excluding taxes)
Benefits of LIC New Jeevan Mangal Plan
Maturity Benefit
If you survive till the end of the policy term, you get total premiums paid back (excluding taxes).
Death Benefit
If death occurs during the policy term, the nominee receives the sum assured (as per policy conditions), ensuring financial protection.
Accidental Death Benefit
In case of accidental death, an additional amount equal to the sum assured is paid, providing double protection.
Return of Premium Advantage
Unlike pure term plans, this plan gives a premium back on survival, which makes it a mix of protection and savings.
Affordable Coverage
The plan is designed as a micro insurance product, offering life cover at a low and manageable premium.
Tax Benefits
Premiums paid and benefits received may be eligible for tax benefits under applicable laws.
Who Should Buy the LIC New Jeevan Mangal Plan?
People from any of the below list can buy the LIC New Jeevan Mangal Plan :
LIC New Jeevan Mangal Plan vs Other Plans
| Feature | LIC New Jeevan Mangal Plan | Other LIC Plans |
|---|---|---|
| Plan Type | Micro insurance term plan (non-linked, non-participating) | Can be participating/linked / savings plans |
| Premium Option | Regular or single premium | Mostly regular premium |
| Coverage Range | Rs 50,000 to Rs 2,00,000 | Generally higher coverage |
| Maturity Benefit | Return of total premiums paid | May include bonus/returns |
| Bonus | Not available | Available in participating plans |
| Accident Benefit | In-built accident benefit | Usually, an optional rider |
| Policy Term | Short to medium term (5-15 years) | Often longer tenure |
| Loan Facility | Not available | Available in many plans |
| Plan Nature | Simple and basic protection plan | May include savings/investment features |
How to Buy LIC New Jeevan Mangal Plan?
To buy the plan online, follow these steps :
Step 1.
Visit the official LIC website.
Step 2.
On the homepage, select "Buy Policies Online" or choose the plan category (such as Endowment or Money Back).
Step 3.
Pick the specific plan you want to purchase.
Step 4.
Click on "Learn More" to access the application page.
Step 5.
Complete the form and upload the required documents.
Step 6.
Submit the form and pay online.
Identity proof such as Aadhaar Card, PAN Card, Passport, etc.Address proof, including Aadhaar, Driving Licence, Voter ID, etc.Age proof (Birth certificate, school certificate, passport, etc.)Recent passport-size photographBank details (cancelled cheque or account details)PAN Card (for KYC and financial transactions)
Grace Period
You get 30 days (monthly) and 60 days (other modes) to pay missed premiums. If not paid, the policy lapses.
Revival Facility
A lapsed policy can be revived within 5 years by paying all due premiums with interest and fulfilling conditions.
Paid-up Condition
If at least one full year's premium is paid, the policy continues as a paid-up policy with reduced benefits. Otherwise, no benefits are payable.
Surrender Rule
You receive the higher of Guaranteed or Special Surrender Value.Regular premium: Allowed after 1 yearSingle premium: Allowed anytime
Accident Benefit Condition
The accident benefit is payable only when the policy is in force and stops if the policy lapses.
No Loan Facility
Loan is not available under this plan.
Free Look Period
You can cancel the policy within 15 days of receipt and get a refund after deductions.
Suicide Clause
If death occurs due to suicide within 12 months, limited benefits are paid as per conditions.
Taxation Rule
Taxes are charged separately on premiums and are not considered in benefit calculations.
Documents Required for LIC New Jeevan Mangal Plan
You need basic KYC documents, age proof, and bank details to buy the plan. This includes:
Things to Know About LIC New Jeevan Mangal Plan
Disclaimer: Squareinsurance does not promote, rate, or recommend any specific insurance company or insurance plan. The above information is for general understanding only. For complete and accurate details, please refer to the official plan brochure.
FAQs
Yes, you can pay premiums in yearly, half-yearly, quarterly, monthly modes, or as a single premium.
You get a grace period to pay. If not paid, the policy lapses.
Yes, you can revive it within 5 years by paying pending premiums with interest.
It becomes paid-up after at least one full year's premium is paid, with reduced benefits.
Yes, single premium policies can be surrendered anytime, and regular premium policies after one year.
No, the accident benefit is payable only when the policy is in force.
No, a loan facility is not available.