LIC’s Micro Insurance Plans are not plans but
opportunities that knock on your door once in a lifetime. These plans are a
perfect blend of insurance, investment and a lifetime of happiness!.
Introduction:
LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity, where you may pay the premiums either in 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.
Benefits
- Maturity Benefit:
Provided the
policy is inforce, on surviving to the date of maturity, “Sum Assured on
Maturity” shall be payable which is equal to the total amount of premiums paid
during the term of the contract (excluding the taxes and extra premium, if any)
- Death Benefit:
Provided the
policy is inforce, the death benefit shall be payable as under:-
Death due to any reason other than accident:
For regular
premium policies : “Sum Assured on Death” shall be payable which is defined
as highest of 10 times of annualised premium or 105% of all the premiums paid
as on date of death or Sum assured on Maturity or absolute amount assured to be
paid on death where absolute amount assured to be paid on death is Sum Assured.
The premiums mentioned
above exclude taxes and extra premium, if any.
For single
premium policies : “Sum Assured on Death” shall be payable which is
defined as higher of 125% of single premium (excluding the taxes and extra
premium, if any) or absolute amount assured to be paid on death where absolute
amount assured to be paid on death is Sum Assured.
Death due to accident :
An additional
sum equal to Sum Assured shall also be payable.
An ‘Accident’
for the purpose of this policy is defined as “An Accident is a sudden, unforeseen
andinvoluntary event caused by external, violent and visible means.
1. Eligibility Conditions and Other
Restrictions:
a) Minimum age
at entry : 18 years (completed)
b) Maximum age
at entry : 55 years (nearest birthday)
c) Maximum age
at maturity : 65 years (nearest birthday)
d) Policy Term
: 10 to 15 years for regular premium.
5 to 10 years
for single premium.
e) Minimum
Instalment Premium : Rs 60/- under Monthly Mode
For other
modes, there is no specific minimum instalment premium.
f) Minimum Sum
Assured : Rs. 10,000/-
g) Maximum Sum
Assured : Rs. 50,000/-
(Sum Assured
shall be in multiples of Rs. 1,000/-)
2. Payment of Premiums :
The modes of
premium payment allowable are Yearly, Half Yearly, Quarterly or Monthly. Single
Premium mode is available for terms from 5 to 10 years.
A grace period
of two calendar months but not less than 60 days will be allowed for all modes
of payments.
3. Sample Premium Rates:
Following are
some of the sample premium rates per Rs. 1000/- Sum Assured:
Annual
Premium (in Rs.) for Rs.1000 Sum Assured:
|
Age
(yrs.)
|
Term of the
Policy (years)
|
|
|
10
|
15
|
|
|
20
|
58.85
|
36.85
|
|
30
|
60.15
|
38.15
|
|
40
|
66.45
|
43.60
|
|
50
|
83.60
|
56.15
|
Single Premium (in Rs.) for Rs.1000 Sum Assured
|
Age
(yrs.)
|
Term of the
Policy (years)
|
|
|
5
|
10
|
|
|
20
|
175.30
|
138.65
|
|
30
|
179.25
|
144.40
|
|
40
|
199.85
|
172.00
|
|
50
|
269.45
|
247.40
|
4. Paid-up Value:
In case of
regular premium policies, if after at least three full years’ premiums have
been paid in respect of this policy and any subsequent premium be not duly
paid, this policy shall not be wholly void, but shall subsist as a paid-up
policy. The Sum Assured on Death shall be reduced to a sum, called the Death
Paid-up Sum Assured. The Death Paid-Up Sum Assured shall bear the same ratio to
the Sum Assured on Death as the premiums paid bears to the
total number of premiums payable.
On the Life
Assured’s death prior to maturity, the Death Paid-Up Sum Assured shall be
payable. On Maturity, total premiums paid less taxes and extra premium, if any,
shall be payable.
5. Revival:
Subject to
production of satisfactory evidence of continued insurability, a lapsed policy
can be revived by paying arrears of premium together with interest within a
period of two years from the date of first unpaid premium but before maturity.
The rate of interest applicable will be as fixed by the Corporation from time
to time.
6. Surrender Value:
The Guaranteed
Surrender Value available under this plan is as under:
Single
Premium policies : The policy may be
surrendered for cash at any time during the policy term. The Guaranteed
Surrender Value shall be as under:
- Within three
policy years from Date of Commencement of policy: 70% of the Single premium
excluding taxes and extra premium, if any.
- Thereafter:
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 atleast three
consecutive years. The Guaranteed Surrender Value 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:
|
Policy Year
|
Policy Term
|
|||||
|
10
|
11
|
12
|
13
|
14
|
15
|
|
|
1
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
|
2
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
|
3
|
30.00%
|
30.00%
|
30.00%
|
30.00%
|
30.00%
|
30.00%
|
|
4
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
|
5
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
|
6
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
|
7
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
50.00%
|
|
8
|
65.00%
|
60.00%
|
57.50%
|
56.00%
|
55.00%
|
54.29%
|
|
9
|
80.00%
|
70.00%
|
65.00%
|
62.00%
|
60.00%
|
58.57%
|
|
10
|
80.00%
|
80.00%
|
72.50%
|
68.00%
|
65.00%
|
62.86%
|
|
11
|
80.00%
|
80.00%
|
74.00%
|
70.00%
|
67.14%
|
|
|
12
|
80.00%
|
80.00%
|
75.00%
|
71.43%
|
||
|
13
|
80.00%
|
80.00%
|
75.71%
|
|||
|
14
|
80.00%
|
80.00%
|
||||
|
15
|
80.00%
|
|||||
Corporation
may, however, pay special surrender value if it is more favourable to the
policyholders.
7. Loan:
No loan
facility will be available under this plan.
8. Taxes:
Taxes including
Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be
as applicable from time to time.
The amount of
tax as per the prevailing rates shall be payable by the policyholder on the
premiums including extra premiums, if any. The amount of Tax paid shall not be
considered for the calculation of benefits payable under the plan.
9. Cooling-off
period:
If the
policyholder is not satisfied with the “Terms and Conditions” of the policy,
the policy may be returned to the Corporation within 15 days from the date of
receipt of the policy stating the reason of 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 on
cover and charges for stamp duty.
10. Exclusions:
a) Suicide :
Under Single
Premium policies :
The policy
shall be void if the Life Assured (whether sane or insane) commits suicide at
any time within 12 months from the date of commencement of risk and the
Corporation will not entertain any claim under this policy except to the extent
of 90% of the single premium paid excluding taxes and any extra premium paid.
Under Regular
Premium policies :
This policy
shall be void
i. If the Life
Assured (whether sane or insane) commits suicide at any time within 12 months
from the date of commencement of risk and the Corporation will not entertain
any claim under this policy except to the extent of 80% of the premiums paid
excluding any taxes and extra premiums, if any, provided the policy is
In-force.
ii. If the Life
Assured (whether sane or insane) commits suicide within 12 months from date of
revival, an amount which is higher of 80% of the premiums paid till the date of
death (excluding any taxes and extra premiums, if any) or the surrender value,
provided the policy is inforce, shall be payable. The Corporation will not
entertain any other claim under this policy.
b) Accident
Benefit:
The Corporation
will not be liable to pay the additional sum referred if the death of the Life
Assured shall:
(i) be caused
by intentional self injury, attempted suicide, insanity or immorality or whilst
the Life Assured is under the influence or consumption of intoxicating liquor,
drug or narcotic; or
(ii) be caused
by injuries resulting from taking any part in riots, civil commotion,
rebellion, war (whether war be declared or not), invasion, hunting,
mountaineering, steeple chasing, racing of any kind, paragliding or
parachuting, taking part in adventurous sports; or
(iii) result
from the Life Assured committing any breach of law with criminal intent; or
(iv) occur
after 180 days from the date of accident of the Life Assured.
Refer LIC Official Document
For More Info Contact – US or
Call or SMS “Plan” to 9977143290
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