LIC Jeevan Mangal is a specialized term assurance plan designed to offer affordable life cover and a return of premiums on maturity. Tailored for low-income individuals, this microinsurance product safeguards your family’s financial future while serving as a savings tool.
Key Benefits
1. Death Benefit
- Financial Protection: In the event of the policyholder’s demise, the nominee receives the sum assured under the basic plan ensuring your family’s financial security.
- Condition: This benefit is payable during the policy term, provided the policy remains active.
2. Maturity Benefit
- Return of Premium: If you survive the policy term, you get back the total premiums paid (excluding accident benefit premium and any extra premiums), effectively acting as a savings corpus.
- Condition: This benefit is available only if the policy is in force at maturity.
3. Optional Accidental Benefit Rider
- Enhanced Coverage: If death occurs due to an accident, an additional sum equal to the basic sum assured is payable, offering double risk cover.
- Flexibility: This optional rider allows you to customize your policy based on your needs.
Eligibility & Policy Details
- Entry Age: 18 years (completed) to 60 years (nearest birthday)
- Maximum Maturity Age: 70 years (nearest birthday)
- Policy Term:
- Regular Premium: 10 to 15 years
- Single Premium: 10 years only
- Premium & Sum Assured:
- Minimum Installment Premium: ?15 per installment
- Sum Assured Range: ?10,000 to ?50,000 (in multiples of ?1,000)
- Flexible Payment Modes: Yearly, half-yearly, quarterly, monthly (including SSS), fortnightly, weekly, or a single premium option (10-year term only)
Why Choose LIC Jeevan Mangal?
- Affordability: Designed for low-income groups with minimal premium installments.
- Guaranteed Savings: Enjoy a return of premiums on maturity, providing both protection and a savings component.
- Additional Protection: The optional accidental benefit rider ensures extra security in unforeseen circumstances.
- Trusted Legacy: Backed by LIC’s decades-long reputation and financial strength, offering peace of mind.
Frequently Asked Questions (FAQs)
Q1. Who is eligible for LIC Jeevan Mangal?
A1. Individuals between 18 and 60 years can enroll, with a maximum maturity age of 70 years.
Q2. What happens if I survive the policy term?
A2. On maturity, you receive an amount equal to the total premiums paid (excluding any extra premiums), serving as a return of the premium.
Q3. How does the accidental benefit rider work?
A3. If the policyholder dies due to an accident while the policy is active, the nominee gets an additional sum equal to the basic sum assured, ensuring double risk cover.
Q4. What premium payment options are available?
A4. You can choose from yearly, half-yearly, quarterly, monthly, fortnightly, weekly, or a single premium payment (only for a 10-year term).
Conclusion
LIC Jeevan Mangal is more than just a term plan—it’s a comprehensive financial tool that provides protection and helps you save simultaneously. Its flexible payment modes, affordable premiums, and additional accidental benefits make it an ideal choice for low-income families looking to secure their future.
Take action today by consulting with LIC Agent or your trusted financial advisor to see how this plan can be tailored to your specific needs and safeguard your family’s tomorrow.
