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Home » Products » Micro Insurance Plans » LIC's New Jeevan Mangal (Plan No. 940, UIN No. 512N287V04) » Benefit

Benefits

a) Maturity Benefit:

Provided the policy is inforce, on surviving to the date of maturity, “Sum Assured on Maturity” shall 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)

b) Death Benefit:

Provided the policy is inforce, the death benefit shall be payable as under:-

Death due to any reason other than accident:

For regular premium policies : “Sum Assured on Death” shall be payable which is defined as highest of 10 times of annualised premium or 105% of all the premiums paid as on date of death or Sum assured on Maturity or absolute amount assured to be paid on death where absolute amount assured to be paid on death is Sum Assured.

The premiums mentioned above exclude taxes and extra premium, if any.

For single premium policies : “Sum Assured on Death” shall be payable which is defined as higher of 125% of single premium (excluding the taxes and extra premium, if any) or absolute amount assured to be paid on death where absolute amount assured to be paid on death is Sum Assured.

Death due to accident :

An additional sum equal to Sum Assured shall also be payable.

An ‘Accident’ for the purpose of this policy is defined as “An Accident is a sudden, unforeseen and involuntary event caused by external, violent and visible means.”