In this policy, accidental death cover is available at an affordable rate. One can take a death cover of a large amount by paying some money. On the death of the policyholder, his family will get 7 times the annual premium or 105% of the total premiums paid.
LIC’s New Jeevan Mangal Policy is a micro insurance term plan. This is a protection plan in which the entire premium amount is refunded on maturity. This policy can be availed at an affordable premium of just Rs.60. Death benefit is also given in this policy. If the policyholder dies untimely or becomes helpless due to an accident, then financial benefits are given by LIC to his family.
In this policy, accidental death cover is available at an affordable rate. One can take a death cover of a large amount by paying some money. On the death of the policyholder, his family will get 7 times the annual premium or 105% of the total premiums paid. This rule is for regular premium policy. If a person takes a single premium policy, then on his death during the policy, he will get a single premium or a maximum of 125% of the sum assured.
Minimum age should be 18 years and maximum age should be 55 years to take New Jeevan Mangal policy. This plan will mature when the policyholder reaches 65 years of age. Minimum 10 thousand and maximum 50 thousand policy has to be taken as Sum Assured or Sum Assured. This policy comes in two terms. Regular Premium Policy and Single Premium Payment Policy. If a person takes a policy of 20,000 Sum Assured and keeps the policy term for 10 years, then he will have to pay Rs 1,191 as regular premium in a year.
In case of accidental death of the insured, an additional sum equal to the sum assured is given to the nominee. If the policyholder survives till the policy is in operation then the Sum Assured under Maturity Benefit is paid. Provided that the policy is in force and there is no interruption in its premium. In this policy, the benefit of tax exemption is available under Section 80C of Income Tax. This benefit premium and payment is tax free. The new Jeevan Mangal policy plan is available at an affordable premium of Rs 60 per month.
If the policy has been discontinued due to any reason, then it can be revived. You can revive a policy along with paying all the outstanding premiums within two years from the date of last premium paid. The amount of interest is determined by the Life Insurance Corporation of India. Policy revival is possible before the policy maturity. Policyholders with single premium payment mode can surrender the policy at any time during the policy term.