LIC New Jeevan Mangal Plan: It is a micro insurance plan. Here investors get death benefit along with maturity. Under this insurance, in case of sudden death of the insured by taking a regular premium plan, the family gets an amount up to 7 times or 105% of the premium paid.
LIC New Jeevan Mangal Plan: It is considered safe to invest in LIC, a public sector company, to take an insurance policy. Along with safe investment in LIC policy, better returns are also available. LIC’s policy New Jeevan Mangal Policy is such a plan, under which investors can pay the premium in a lump sum or in installments. Under this plan, investors get back the premium on maturity, along with in-built accidental benefit. Here double risk cover is given in case of accident.
What is the age limit for the policy
The minimum age limit to invest in LIC’s New Jeevan Mangal policy is 18 years and maximum is 55 years. This policy matures at the age of 65 years. Also, the policyholder gets a sum assured of at least 10 thousand rupees and a maximum of 50 thousand rupees here. If you opt for a regular premium policy, then you will have to pay an annual premium of Rs 1,191 for taking a 20 thousand sum assured policy for 10 years.
How much cover on the policy
In the event of the death of the regular premium policyholder, his family gets an amount up to 7 times or 105% of the premiums paid. On the other hand, after the death of the single premium policyholder, this amount is available up to 125% of the premium.
Tax benefits are also available
Under this policy, you get the benefit of exemption under section 80C in income tax. At the same time, no tax is to be paid on the amount received on maturity.
