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!.
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.
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 and involuntary event caused by external, violent and visible means.”
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)
Eligibility conditions and other restrictions
- Minimum Sum Assured : Rs.10,000/-
- Maximum Sum Assured : Rs.50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)
- Policy Term :10 to 15 years for regular premium; 5 to 10 years for single premium.
- Minimum Age at entry : 18 years (completed)
- Maximum Age at entry : 55 years (nearest birthday)
- Maximum Maturity Age : 65 years (nearest birthday)
- Minimum Instalment Premium : Rs 60/- under Monthly Mode; For other modes, there is no specific minimum instalment premium.
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.