LIC’s Jeevan Mangal is a term assurance plan with a return of premiums on maturity. “Jeevan Mangal” – the microinsurance product is customized to cater to the distinct needs of the most vulnerable low-income sections of the Indian population.
On death, during the term of the policy, the Sum Assured under the basic plan is payable, provided the policy is kept in force.
On surviving to the date of maturity, an amount equal to the total amount of premium paid during the term of the contract excluding the accident benefit premium and all extra premium, if any, is payable, provided the policy is kept in force.
Accidental Benefit Rider: On death arising as a result of an accident during the term of the policy, an additional amount, equal to Accident Benefit Rider Sum Assured is payable.
Eligibility Conditions and Restrictions under this Plan:
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum age at maturity : 70 years (nearest birthday)
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Installment Premium :Rs. 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)
Mode of Premium Payment :
You can pay your insurance premiums Yearly, Half Yearly, Quarterly, Monthly including SSS, fortnightly, weekly and Single Premium. (Single premium is allowed for a 10-year term only.)
The Unique Identification Number (UIN) for LIC’s Jeevan Mangal is 512N257V01.
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.