LIC Jeevan Mangal Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. LIC policies are loved among Indians who like investing in risk-free assets, and after bank FDs and post office savings schemes these LIC policies are a favourite among them due to is comparatively high returns. There are LIC policies that you can avail for yourself and your family. The LIC Jeevan Mangal plan is one such policy that will help in times of a financial crisis.
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LIC’s new Jeevan Mangal is a protection plan with return of premiums on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This is one of the biggest benefits of the LIC Jeevan Mangal plan. This plan has an in-built accident benefit which provides for double risk cover in case of accidental death. The LIC Jeevan Mangal policy is a protection-oriented, non-linked, non-participating, individual, life, and micro-insurance plan.
It is a term assurance plan with return of premiums on maturity, where you may pay the premiums either in lump sum or regularly at yearly, half yearly, quarterly, monthly, fortnightly or weekly intervals over the term of the policy. “A grace period of two calendar months but not less than 60 days will be allowed for all modes of payments,” as per the LIC Jeevan Mangal policy brochure. The minimum sum assured under the LIC Jeevan Mangal policy is Rs `10,000 while the maximum sum assured is Rs 50,000.
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To avail the LIC Jeevan Mangal policy, one has to be minimum 18 years old (completed) and maximum 55 years old (nearest birthday) on the date of buying the plan. The maximum age at maturity is 65 (nearest birthday), while the LIC Jeevan Mangal policy term is 10 to 15 years for regular premium plan and five to 10 years for single premium plans.
Provided that the LIC Jeevan Mangal policy is in force, on surviving to the date of maturity, the sum assured on maturity will be payable, which is equal to the total amount of premiums paid during the term of the contract (excluding the taxes and extra premium, if any). It must be noted that there are no loan facilities under this policy. There are death benefits associated with the LIC Jeevan Mangal policy.
