Launch Date: 01 March 2022
Withdrawal Date: 01 January 2025
Policy Type: Non-Linked Non-Participating Micro Insurance Plan
Accidental Death Benefit: Double Sum Assured
Maturity Benefit: Return of Total Premium Paid
What is LIC New Jeevan Mangal Plan 940?
LIC New Jeevan Mangal Plan 940 is an individual, non-linked, and non-participating micro insurance policy designed to provide affordable life insurance protection along with return of premiums at maturity. The plan was mainly created for low-income individuals seeking financial security through low-cost insurance coverage.
One of the important features of this plan is the built-in accidental death benefit, which provides enhanced risk protection by offering double risk cover in case of accidental death.
LIC New Jeevan Mangal Plan 940 Launch and Withdrawal Dates
When Was LIC New Jeevan Mangal Plan 940 Introduced?
LIC New Jeevan Mangal Plan 940 was officially launched on March 1, 2022 by the Life Insurance Corporation of India.
When Was LIC New Jeevan Mangal Plan 940 Withdrawn?
The plan was withdrawn on January 1, 2025. Although it is no longer available for new purchases, understanding the policy structure and calculation process remains useful for comparison with other LIC insurance plans.
Eligibility Criteria for LIC New Jeevan Mangal Plan 940
What Are the Eligibility Conditions for LIC New Jeevan Mangal Plan 940?
- Minimum entry age: 18 years completed
- Maximum entry age: 55 years nearest birthday
- Maximum maturity age: 65 years nearest birthday
Policy Term Options
Regular Premium Policy
- Policy term ranges from 10 years to 15 years
Single Premium Policy
- Policy term ranges from 5 years to 10 years
Sum Assured Available Under LIC New Jeevan Mangal Plan 940
- Minimum sum assured: ₹50,000
- Maximum sum assured: ₹2,00,000
The plan was structured to provide financial protection during the policy term while also returning the premiums paid upon maturity, making it suitable for individuals seeking affordable insurance with savings benefits.
Eligibility Criteria for LIC New Jeevan Mangal Plan 940
What Are the Eligibility Conditions for LIC New Jeevan Mangal Plan 940?
| Criteria | Condition / Range |
|---|---|
| Plan Type | Micro-insurance term plan with return of premium benefit |
| Minimum Entry Age | 18 years completed |
| Maximum Entry Age | 55 years nearer birthday |
| Maximum Maturity Age | 65 years nearer birthday |
| Policy Term – Regular Premium | 10 years to 15 years |
| Policy Term – Single Premium | 5 years to 10 years |
| Minimum Basic Sum Assured | ₹10,000 |
| Maximum Basic Sum Assured | ₹50,000 |
| Sum Assured Multiples | In multiples of ₹1,000 |
| Minimum Installment Premium (Earlier Version) | ₹60 per month under monthly mode |
| Minimum Installment Premium (Revised Version) | ₹500 according to updated LIC brochure |
| Premium Payment Modes | Yearly, half-yearly, quarterly, monthly, and single premium |
| Inbuilt Accident Benefit | Available with double sum assured on accidental death subject to policy conditions |
Key Benefits of LIC New Jeevan Mangal Plan 940
Maturity Benefit
If the policyholder survives until the end of the policy term, LIC returns the total premiums paid during the policy duration, excluding taxes and additional premiums if applicable. This feature makes the policy a protection-oriented savings plan.
Death Benefit
In case of death during the policy term, the nominee receives death benefits according to the selected premium payment option.
Regular Premium Policies
The death benefit payable will be the highest of:
- 7 times the annualized premium
- 105% of total premiums paid until death
- Basic sum assured
Single Premium Policies
The death benefit payable will be the higher of:
- 125% of the single premium paid
- Basic sum assured
Accidental Death Benefit
An additional amount equal to the sum assured becomes payable if the policyholder’s death occurs due to an accident while the policy remains active.
LIC New Jeevan Mangal Plan 940 Exclusions
In Which Situations Are Benefits Not Payable?
The policy may not provide benefits in certain situations such as:
- Suicide within 12 months from commencement of risk, subject to policy conditions
- Death due to intentional self-injury or unlawful activities
- Certain accidental death exclusions including participation in riots, war, intoxication, hazardous sports, or adventure activities
Understanding these exclusions is important before purchasing the policy.
LIC New Jeevan Mangal Plan 940 Calculator
What Does LIC New Jeevan Mangal Calculator Help With?
The LIC New Jeevan Mangal Plan 940 Calculator helps individuals estimate:
- Premium amount payable
- Expected maturity benefits
- Sum assured according to age and policy term
- Benefits based on premium payment frequency
How Does LIC New Jeevan Mangal Plan 940 Calculator Work?
The calculator generally requires the following inputs:
- Policyholder’s age
- Selected policy term
- Sum assured or premium amount
- Premium payment mode such as monthly, yearly, or single premium
Based on these details, the calculator uses LIC premium rates applicable per ₹1,000 sum assured to estimate premium payments and maturity benefits according to the chosen policy configuration.
Premium Calculation Example
Suppose a 30-year-old individual chooses a 15-year policy term with a sum assured of ₹1,00,000 under LIC New Jeevan Mangal Plan 940.
Example Premium Calculation
The premium is calculated using LIC’s premium rate per ₹1,000 sum assured.
- Premium rate for age 30 with a 15-year term: ₹38.15 per ₹1,000 sum assured
- Sum assured selected: ₹1,00,000
Estimated annual premium:
₹38.15 × 100 = ₹3,815 per year
The policyholder would pay ₹3,815 annually throughout the 15-year policy duration. If the policy remains active until maturity, the total premiums paid, approximately ₹57,225, would be returned as the maturity benefit excluding taxes and additional premiums if applicable.
Surrender and Revival Options
What Are the Surrender and Revival Rules Under LIC New Jeevan Mangal Plan 940?
- Regular premium policies could be surrendered after payment of at least 3 full years of premiums
- Loan facility was not available under this plan
- Lapsed policies could be revived within 2 years from the date of the first unpaid premium according to policy conditions
Tax Benefits Under LIC New Jeevan Mangal Plan 940
What Tax Advantages Were Available Under This Plan?
Policyholders were eligible for the following tax benefits:
- Premiums paid qualified for tax deductions under Section 80C of the Income Tax Act, 1961
- Maturity benefits and death benefits remained tax-free under Section 10(10D), subject to prevailing tax laws
These tax advantages made the policy more attractive for small and middle-income investors.
Advantages of LIC New Jeevan Mangal Plan 940
Why Was LIC New Jeevan Mangal Plan 940 Considered Beneficial?
- Affordable premium structure with return of premiums at maturity
- Inbuilt accidental death benefit offering double risk coverage
- Simple microinsurance policy suitable for low-income groups
- Tax benefits available on premiums and benefits received
- Flexible choices for policy term and sum assured
- Combination of insurance protection and savings-oriented maturity benefit
The policy was mainly designed to provide financial security along with the reassurance of receiving premiums back at maturity.
Limitations of LIC New Jeevan Mangal Plan 940
What Are the Limitations of LIC New Jeevan Mangal Plan 940?
- The plan was withdrawn in January 2025 and is no longer available for new purchases
- Sum assured range between ₹50,000 and ₹2,00,000 may not be sufficient for higher financial needs
- Loan facility was not available
- Entry age restricted between 18 years and 55 years
- No bonus or participating benefits since it was a non-linked and non-participating plan
Where Can You Find More Information About LIC New Jeevan Mangal Plan 940?
Detailed policy brochures and official documents related to LIC New Jeevan Mangal Plan 940 are available through LIC branch offices, LIC agents, and the official Life Insurance Corporation of India website. Various insurance comparison platforms also provide premium calculators for approximate benefit estimation.
Frequently Asked Questions
What is LIC New Jeevan Mangal Plan 940?
LIC New Jeevan Mangal Plan 940 is a microinsurance policy that provides life insurance coverage along with return of premiums at maturity. The plan also includes an accidental death benefit for additional protection.
When Was LIC New Jeevan Mangal Plan 940 Launched and Withdrawn?
The policy was launched on March 1, 2022, and later withdrawn on January 1, 2025.
What Is the Minimum and Maximum Entry Age for LIC New Jeevan Mangal Plan 940?
The minimum entry age is 18 years, while the maximum entry age is 55 years nearest birthday.
What Is the Policy Term Available Under LIC New Jeevan Mangal Plan 940?
- Regular premium policies offered terms between 10 years and 15 years
- Single premium policies offered terms between 5 years and 10 years
What Maturity Benefit Does LIC New Jeevan Mangal Plan 940 Provide?
At maturity, the policyholder receives the total premiums paid during the policy term excluding taxes and extra premiums if applicable.
Is LIC New Jeevan Mangal Plan 940 Still Available?
No, the policy was withdrawn from sale on January 1, 2025, and is no longer available for new customers.
Summary
The LIC New Jeevan Mangal Plan 940 Calculator served as a useful tool for estimating premium payments and policy benefits under this microinsurance plan. By considering factors such as age, policy term, sum assured, and premium payment mode, the calculator helped individuals understand expected premiums and maturity benefits more effectively.
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