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Are you looking for an affordable life insurance plan that offers comprehensive protection for you and your loved ones? Look no further than LIC New Jeevan Mangal, a micro-insurance product designed to provide financial security to individuals from all walks of life. As a trusted LIC Agent in Kolkata, I’m here to guide you through the ins and outs of this excellent plan.
Table of Contents
Key Takeaways
- LIC New Jeevan Mangal is an affordable micro-insurance plan with comprehensive coverage.
- It offers return of premiums on maturity and double accident benefit.
- Flexible premium payment options are available to suit different financial situations.
- The plan is ideal for individuals aged 18-55 looking for affordable life coverage with added benefits.
- Working with a knowledgeable LIC Agent in Kolkata can help you make the most of this plan.
What is LIC New Jeevan Mangal?
LIC New Jeevan Mangal is a non-linked, non-participating, individual life micro-insurance term plan with an added benefit of premium return on maturity. This plan stands out for its built-in accident benefit, which provides double risk cover in case of accidental death.
Key Features:
- Affordable premiums starting at just ₹500
- Sum assured ranging from ₹50,000 to ₹2,00,000
- Policy terms of 10 to 15 years for regular premium and 5 to 10 years for single premium
- Return of premiums on maturity
- Double accident benefit
Benefits of LIC New Jeevan Mangal
1. Maturity Benefit
One of the most attractive features of LIC New Jeevan Mangal is its maturity benefit. If the life assured survives the policy term, they receive a sum equal to the total premiums paid during the contract period. This feature ensures that you don’t lose out on your investment even if you don’t make a claim.
2. Death Benefit
In the unfortunate event of the policyholder’s death, LIC New Jeevan Mangal provides substantial financial support to the bereaved family. The death benefit varies based on the cause of death and the premium payment mode:
For Regular Premium Policies:
- Death due to any reason other than accident: The higher of 7 times the annualized premium, 105% of total premiums paid, or the sum assured is payable.
- Death due to accident: An additional sum equal to the sum assured is payable on top of the regular death benefit.
For Single Premium Policies:
- Death due to any reason other than accident: The higher of 125% of the single premium or the sum assured is payable.
- Death due to accident: An additional sum equal to the sum assured is payable.
3. Flexibility in Premium Payment
LIC New Jeevan Mangal offers flexibility in premium payment to suit your financial situation:
- Regular premium options: Yearly, Half-yearly, Quarterly, or Monthly
- Single premium option: One-time payment
4. Tax Benefits
While it’s always advisable to consult a tax expert for personalized advice, generally, the premiums paid for LIC New Jeevan Mangal are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The death benefit received by the nominee is also usually tax-free under Section 10(10D).
Who Should Consider LIC New Jeevan Mangal?
This plan is ideal for:
- Individuals looking for affordable life coverage
- Those who want a guaranteed return of premiums at maturity
- People seeking additional protection against accidental death
- Individuals between 18 to 55 years of age
Sample Premium Rates
To give you an idea of the affordability of LIC New Jeevan Mangal, here are some sample annual premium rates per ₹1000 sum assured:
| Age (years) | 10-year term | 15-year term |
|---|---|---|
| 20 | ₹58.85 | ₹36.85 |
| 30 | ₹60.15 | ₹38.15 |
| 40 | ₹66.45 | ₹43.60 |
| 50 | ₹83.60 | ₹56.15 |
Note: These rates are exclusive of taxes and subject to change. Please consult an LIC agent for the most up-to-date rates.
Important Considerations
While LIC New Jeevan Mangal offers numerous benefits, it’s essential to be aware of certain aspects:
- Grace Period: For regular premium policies, a grace period of 30 days is allowed for monthly premiums and 60 days for other modes.
- Revival: Lapsed policies can be revived within 5 years from the date of the first unpaid premium, subject to certain conditions.
- Surrender Value: The policy acquires a surrender value after payment of premiums for at least one full year (for regular premium policies) or immediately (for single premium policies).
- Exclusions: Like all insurance policies, LIC New Jeevan Mangal has certain exclusions, particularly for the accident benefit. It’s crucial to read the policy document carefully.
Why Choose Me as Your LIC Agent in Kolkata?
As a dedicated LIC Agent in Kolkata, I bring years of experience and a deep understanding of LIC’s products to the table. My goal is to help you make informed decisions about your financial future. Here’s why you should consider working with me:
- Personalized Service: I take the time to understand your unique needs and financial goals.
- Expertise: With in-depth knowledge of LIC products, I can guide you to the best plan for your situation.
- Ongoing Support: From application to claim settlement, I’m here to assist you at every step.
- Timely Updates: I keep you informed about policy updates and new offerings that might benefit you.
Remember, life insurance is a crucial part of financial planning. As your trusted LIC Agent in Kolkata, I’m here to help you secure your family’s future with the right insurance plan. Don’t hesitate to reach out to me at 7980031260 for any queries or to start your LIC New Jeevan Mangal application process.
Investing in your future today can make all the difference tomorrow. Let’s work together to ensure your family’s financial security with LIC New Jeevan Mangal!
FAQs
Can I take multiple LIC New Jeevan Mangal policies?
Yes, but the total sum assured under all policies of this plan (including earlier versions) should not exceed ₹2,00,000 per life.
Is medical examination required for this policy?
Generally, no medical examination is required. However, LIC may request medical reports based on the sum assured and your age.
Can I get a loan against this policy?
No, LIC New Jeevan Mangal does not offer a loan facility.
What happens if I miss a premium payment?
There’s a grace period of 30 days for monthly premiums and 60 days for other modes. If the premium isn’t paid within this period, the policy lapses.
How can I revive a lapsed policy?
You can revive a lapsed policy within 5 years from the date of the first unpaid premium by paying all due premiums with interest, subject to certain conditions.
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