Have you heard about LIC Jeevan Mangal plan? It’s a great way to protect your family. This plan gives you two benefits. If something happens to you, your loved ones get money. And if you live until the end of the plan, you get back all the money you paid.
LIC made this plan for everyone. They want to help all people get life insurance. The plan has low costs. It is easy to pay for. Jeevan Mangal is a type of plan called non-linked, non-participating, individual, life micro insurance term plan. Its special code is UIN : 512N287V03.
What You Should Know
Let me tell you more about LIC’s New Jeevan Mangal plan. It helps protect your life and also saves money. If an accident happens and you pass away, your family gets twice the money you signed up for. This special benefit gives you more peace of mind.
With Jeevan Mangal, you can choose how long you want the plan to last. You can pick from 10 to 15 years and pay regularly. Or you can pay just one time and have the plan for 5 to 10 years.
Good Things About This Plan
- You can choose to pay every year, every 6 months, every 3 months, or every month – whatever works best for you
- You get to decide how much money your family will receive – from Rs. 10,000 to Rs. 50,000
- LIC will look at your age, how long you want the plan, how you’ll pay, and how much money you want, to figure out your payments
- The money you pay for Jeevan Mangal can help you pay less tax
Who Can Get This Plan
To get LIC Jeevan Mangal (Plan No. 940), you need to be the right age. You must be at least 18 years old. You can’t be older than 55 when you sign up. The plan ends when you turn 65 years old.
| Rule | Details |
|---|---|
| Youngest Age to Start | 18 years old |
| Oldest Age to Start | 55 years old |
| When Plan Ends | 65 years old |
| Regular Payment Plan Lengths | 10, 11, 12, 13, 14, 15 years |
| Single Payment Plan Lengths | 5, 6, 7, 8, 9, 10 years |
| Lowest to Highest Money Amounts | Rs. 10,000 to Rs. 50,000 |
What You Get
When the Plan Ends
When you get LIC’s New Jeevan Mangal plan, you don’t just protect your life. You also get back all the money you paid. If you live until the end of the plan, LIC will give you the total amount you paid over the years. They won’t include any extra fees or taxes in this amount.
If Something Happens to You
If something sad happens and you pass away while you have this plan, LIC will help your family. If it wasn’t because of an accident, your family will get the amount of money you chose when you started the plan. But if an accident caused it, they will get double that amount to help them even more.
The money your family gets depends on how you paid for Jeevan Mangal. If you were paying regularly, it will be the highest of these: 7 times your yearly payment, 105% of all the payments until that day, or the amount you chose. If you paid just once, it will be the higher of 125% of that one payment or the amount you chose.
When You Can’t Get the Extra Money
There are some times when LIC won’t pay double the money even if an accident happened. This is if you hurt yourself on purpose, take your own life, be part of a fight or war, do dangerous things, or break the law. Doing risky sports like climbing mountains, racing, or jumping from planes also means you can’t get the extra money.
If You Need to Stop the Plan
If you have money problems and need to stop your LIC New Jeevan Mangal (No. 940) plan, you can. If you paid for at least one full year, LIC will give you some money back. The amount depends on the plan rules. If you paid just one time, you can stop anytime.
LIC promises to give you back a part of your payments if you stop the plan. How much you get depends on how long your plan was and when you stop. Like if your plan was for 15 years and you stop after 3 years, you’ll get back 35% of what you paid. You get more money back if you stop later. This way you have options but LIC also takes care of you.
Questions You Might Have
What if I’m late paying?
With LIC’s New Jeevan Mangal plan, you get extra time to pay if you miss the date. This way, your plan doesn’t stop by mistake. If you pay every month, you have 30 more days. If you pay every 3 months, 6 months, or year, you get 60 more days. During this time, you’re still protected.
Can I borrow money from my plan?
Jeevan Mangal is a bit different from some other LIC plans. It’s made to give you the most protection for the least money. So you can’t take a loan from this plan. But if you need money and have paid for at least a year, you can stop the plan and get some money back.
What if I can’t pay anymore?
If you don’t pay even in the extra time and it’s been less than a year, your plan will stop. This means you’re not protected anymore and you don’t get any money back. But if you paid for a year or more, your plan will keep going. You’ll get less money at the end and if something happens, but you’ll still get something.
Can I start my plan again if it stopped?
LIC lets you start your New Jeevan Mangal (No. 940) plan again within 5 years from when you first missed a payment. To do this, you have to pay all the money you missed, plus a bit extra. You also have to tell LIC about your health. They might ask you to see a doctor. If LIC says okay, your plan starts again and you get all the benefits like before.