LIC has launched a new product named Jeevan Mangal. This is a participating non-unit linked whole life plan. The features and benefits of this product are as follows: 1) Coverage: This policy provides for financial protection to the family of the insured in case of his/her untimely demise. 2) Maturity Benefit: On survival of the policyholder till the end of the policy term, he/she will receive the sum assured along with loyalty additions, if any, as maturity benefit. 3) Death Benefit: In case of death of the policyholder during the policy term, the sum assured on death will be paid to the nominee along with loyalty additions, if any. 4) Tax Benefit: The premiums paid towards this policy are eligible for tax benefit u/s 80C of the Income Tax Act, 1961. 5) Loan Facility: Policyholders can avail loan against their policies after completion of 3 policy years. 6) Surrender Value: The policy can be surrendered at any time after completion of 5 policy years. The surrender value will be equal to 90% of total premiums paid excluding taxes, if any and extra premium, if any.
LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a new life insurance policy that offers several benefits and features to policyholders. The most notable feature of this policy is the coverage it provides for accidental death and dismemberment. This policy also offers other benefits such as coverage for critical illnesses, hospitalization expenses, and more.
Features of LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a comprehensive life insurance policy that offers a death benefit and a maturity benefit. The policy term is 12 years and the premium paying term is 10 years.
The death benefit is the sum assured plus accrued bonuses, less any outstanding policy loans and interest. The maturity benefit is the sum assured plus accrued bonuses.
The policy provides for two types of riders – accidental death and dismemberment rider and critical illness rider. The accidental death and dismemberment rider provides for an additional sum assured in case of death or dismemberment due to an accident. The critical illness rider provides for a lump sum benefit in case of diagnosis of any of the specified critical illnesses during the policy term.
The policy also has a provision for loan against the policy. Policyholders can avail of a loan against the policy subject to conditions.
The minimum sum assured under this policy is Rs 1 lakh and the maximum sum assured is Rs 5 crore. The minimum premium payable is Rs 5,000 per annum and there is no maximum limit on the premium payable.
Benefits of LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a unique combo plan that offers both protection and investment benefits. Some of the key features and benefits of this plan are as follows:
The minimum sum assured under this plan is Rs. 5 lakhs and there is no maximum limit.
This plan offers two policy terms – 10 years and 15 years. The policy term selected by the policyholder will determine the premium payment term.
Policyholders have the option to choose from four different plans – Bronze, Silver, Gold and Platinum – based on their needs and budget.
Under this plan, policyholders can avail of optional accidental death and disability benefit riders at an additional cost.
This plan offers guaranteed survival benefits starting from the end of the third policy year. Policyholders have the option to receive these benefits in lump sum or in monthly instalments, depending on their needs.
LIC’s New Jeevan Mangal also offers maturity benefits in the form of a lump sum payout at the end of the policy term. Additionally, policyholders also have the option to avail of a partial withdrawal facility after completing five years of continuous policy tenure.
Coverage of LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a comprehensive life insurance policy that offers financial protection to the policyholder’s family in the event of their death. The policy covers the following:
-Death: The sum assured is payable to the nominee in the event of the policyholder’s death during the policy term.
-Maturity: The sum assured plus accrued bonuses is payable to the policyholder on maturity of the policy.
-Surrender: The policy can be surrendered for cash value after it has been in force for at least 3 years.
Eligibility to Buy LIC’s New Jeevan Mangal
To be eligible to purchase LIC’s New Jeevan Mangal, the life insurance policyholder must:
-Be between the ages of 18 and 50
-Be a resident of India
-Have a regular source of income
-Not have any pre-existing medical conditions
How to Apply for LIC’s New Jeevan Mangal
LIC’s New Jeevan Mangal is a life insurance policy that offers financial protection in the event of the policyholder’s death. The policy also provides for a lump sum payment in the event of the policyholder’s diagnosis of a critical illness. The policy can be purchased by anyone between the ages of 18 and 55.
To apply for LIC’s New Jeevan Mangal, you will need to fill out an application form and submit it to your nearest LIC branch. You will also need to pay the premium for the policy. The premium can be paid annually, semi-annually, or quarterly.
Once your application has been approved, you will be issued a life insurance policy number. This number is used to identify your policy and will be required when making claims under the policy.
Conclusion
The Jeevan Mangal policy from LIC is a great way to get comprehensive coverage for yourself and your family. With features like accidental death and dismemberment cover, as well as critical illness cover, you can rest assured that you and your loved ones are taken care of. What’s more, the policy also comes with attractive tax benefits, making it an even more compelling proposition. So if you’re looking for a comprehensive life insurance policy, be sure to check out the Jeevan Mangal from LIC.
