LIC Jeevan Mangal Plan 840 is for those who want insurance term plan with maturity benefits. Life insured can further enhance its policy with accidental riders. It is a very cost-effective policy from Life Insurance Corporation of India.
It is a micro-insurance plan with term insurance characteristics. The policyholder will get sum equal to premiums paid on maturity as a maturity benefit. Tax benefits are also available under the Income Tax Act. Below we are providing all the major features and benefits of LIC New Jeevan Mangal Plan 840.
Table of Contents
Key features
- Premium payment options of single and regular
- Multiple premium payment modes
- Choose policy tenure from 1 to 15 years according to your convenience
- Additional Rider benefit available
- Tax benefits under the Income Tax Act
- Freelook period of 15 days
- Loan facility is unavailable
Eligibility
| Entry Age | Minimum- 18 years Maximum- 55 years |
| Basic Sum Assured | Minimum- Rs.10,000 Maximum- Rs.50,000 |
| Maturity Age | Maximum 65 years (nearest birthday) |
| Policy Term Period | 10-15 years for Regular premium 5-10 years for Single premium |
| Premium Installment | Minimum- Rs.60 monthly (No specified amount for other modes) |
| Premium Payment Modes | Weekly or Fortnightly, Monthly, Quarterly, Half-yearly, Yearly |
Benefit
- Death benefits:
Regular premium policy- 10 times of annual premium or 105% of all premiums paid till the date of demise or sum assured on maturity, whichever is highest will be paid to the nominee as a Sum Assured on Death. In case life insured dies unfortunately other than an accident.
Single premium policy- 125% of the single premium with the exclusion of taxes and extra premium paid, if any, or the absolute amount specified to be paid on death, whichever is higher will be paid to the nominee. In case of the unfortunate demise of the policyholder other than an accident.
- Benefit on accidental death:
An additional sum equal to sum assured will be paid to the nominee in case of policyholder’s death due to an accident. Accident term mentioned here should be understood as ‘involuntary event caused by external and visible means.’
- Maturity benefit:
Sum equal to the total amount of premiums paid will be payable to the life insured as a Sum Assured on Maturity, subject to policy is in force. This benefit will be given after the successful completion of the entire policy term.
- Tax benefits:
LIC New Jeevan Mangal Plan 840 is eligible for exemptions of tax deduction under Section 80C and Section 10 (10D) according to Income Tax Act, 1961. This can be subject to the successful execution of terms and conditions of the policy.
Exclusions
For Regular Premium Policy: 80% of the premiums paid shall be payable to the nominee in case life insured commits suicide under 12 months from the starting date of the policy.
For Single Premium policy: 90% of the single premium paid shall be payable to the nominee in case the policyholder commits suicide in the course of 12 months from the policy initiation. The policy will stand void in such a scenario.
Other than the above benefits, no claims shall be entertained by the Life Insurance Corporation of India.
To get more information on LIC New Jeevan Mangal Plan 840, kindly visit your nearest LIC branch office.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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