LIC Jeevan Mangal - Is a term assurance plan in which insurace holder get premiums on maturity. In this micro insurance product , insurace holder can pay premiums either in lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the term of the policy.
Eligibility Conditions and Other Restriction
Your age must be Minimum18 years (completed ) for entry and not should be more than 60 years (nearest birthday). Maximum age at maturity is 70 years (nearest birthday).
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Instalment Premium :Rs 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)
Benefits:
Death Benefit: On death during the term of the policy the Sum Assured under the basic plan is payable, provided the policy is kept in force.
Maturity Benefit: On surviving to the date of maturity, an amount equal to the total amount of premium paid during the term of the contract excluding the accident benefit premium and all extra premium, if any, is payable ,provided the policy is kept in force.
Optional Rider: Accidental Benefit Rider:On death arising as a result of accident during the term of the policy, an additional amount, equal to Accident Benefit Rider Sum Assured is payable .