LIC New Jeevan Mangal Plan 819 Overview
LIC New Jeevan Mangal Plan 819 was a micro-insurance solution introduced by the Life Insurance Corporation of India (LIC) to provide affordable life cover for individuals seeking financial protection at a low cost.
What is LIC New Jeevan Mangal Plan 819?
LIC New Jeevan Mangal Plan 819 was a term assurance micro-insurance policy that offered life protection along with a return of premium feature. Policyholders paid premiums during the selected policy term, and in the event of death during the policy period, the nominee received the applicable death benefit. If the life assured survived the entire policy term, the premiums paid under the policy were returned as maturity benefit, subject to plan conditions.
LIC New Jeevan Mangal Plan 819
Launch and Withdrawal Details
- Launch Date: 16 May 2014
- Withdrawal Date: 30 November 2017
The plan remained available for new business for more than three years and was widely used by individuals looking for low-cost insurance protection with flexible premium payment options.
Key Features of LIC New Jeevan Mangal Plan 819
- Micro-insurance term assurance plan
- Return of premium on survival to maturity
- Multiple premium payment options
- Affordable coverage for low-income individuals
- Simplified documentation and underwriting process
- Flexible sum assured choices
- Designed to provide basic financial protection
Benefits of LIC New Jeevan Mangal Plan 819
Death Benefit
If the life assured passed away during the policy term while the policy remained in force, the nominee received the applicable death benefit as per the policy provisions.
Maturity Benefit
On surviving the entire policy term, the policyholder became eligible to receive the premiums paid under the policy, excluding applicable taxes, extra premiums, and other charges, if any.
Affordable Insurance Protection
The plan was specifically designed to make life insurance accessible to individuals with limited income, offering protection at relatively low premium amounts.
Flexible Premium Payment
Policyholders could choose from the available premium payment options according to their financial convenience and affordability.
Easy Accessibility
With simplified procedures and minimal documentation requirements, the plan made insurance coverage easier to obtain for a broader section of society.
Who Should Consider LIC New Jeevan Mangal Plan 819?
LIC New Jeevan Mangal Plan 819 was designed for individuals looking for affordable life insurance protection with flexible premium payment options. It was particularly suitable for:
- Individuals with low or irregular income sources
- Daily wage earners and self-employed workers
- Small shopkeepers and street vendors
- Rural and semi-urban households seeking basic insurance protection
- Individuals looking for simple life cover with a return of premium feature
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 60 Years |
| Policy Term | 5 to 15 Years |
| Minimum Sum Assured | ₹20,000 |
| Maximum Sum Assured | ₹50,000 |
| Premium Payment Options | Regular, Limited, or Single Premium |
The plan offered flexible eligibility conditions, making insurance coverage accessible to a wider section of the population.
LIC New Jeevan Mangal Plan 819 Calculator
The LIC New Jeevan Mangal Plan 819 Calculator helps users estimate important policy values before purchasing the plan.
What Can the Calculator Estimate?
- Premium payable based on the selected sum assured and policy term
- Total premium outgo during the policy period
- Maturity benefit payable on survival
- Death benefit payable to the nominee
How to Use the Calculator
Step 1: Enter the Sum Assured
Select the desired life cover amount within the available limits.
Step 2: Choose the Policy Term
Select a policy duration between 5 and 15 years.
Step 3: Enter Your Age
Provide your age at entry, ensuring it falls within the eligible age range.
Step 4: Select Premium Payment Option
Choose the preferred premium payment method according to your convenience.
Step 5: View Results
The calculator instantly displays estimated premium amounts along with projected maturity and death benefits.
Illustrative Calculation
| Age | Policy Term | Sum Assured | Monthly Premium* | Death Benefit | Maturity Benefit |
|---|---|---|---|---|---|
| 25 Years | 10 Years | ₹30,000 | ₹87 | ₹30,000 | Return of Eligible Premiums Paid |
*Illustrative figures only. Actual premium rates may vary according to LIC’s official premium tables and policy conditions.
Policy Structure and Benefits
Premium Payment Options
The plan offered flexibility through different premium payment methods:
Regular Premium
Premiums are paid throughout the entire policy term.
Limited Premium
Premiums are paid for a shorter duration while insurance coverage continues for the full policy term.
Single Premium
A one-time premium payment provides coverage for the entire duration of the policy.
Death Benefit
In the event of the life assured’s death during the policy term while the policy remains in force:
- The nominee receives the applicable death benefit as per policy terms.
- Coverage applies for both natural and accidental death.
- Benefits are paid according to the selected policy option and LIC guidelines.
Maturity Benefit
If the life assured survives until the end of the policy term:
- Eligible premiums paid under the policy are returned.
- Taxes, extra premiums, and additional charges, if any, are excluded.
- No bonus or profit-sharing component is payable under the plan.
This return-of-premium feature made the plan attractive for individuals seeking both protection and savings discipline.
How to Purchase LIC New Jeevan Mangal Plan 819
Although LIC New Jeevan Mangal Plan 819 is no longer available for new purchases, the process followed during its availability included:
Step 1: Contact LIC
Visit an LIC branch office or consult an authorized LIC agent.
Step 2: Complete the Proposal Form
Provide personal, financial, and nominee details in the application form.
Step 3: Submit Required Documents
Submit age proof, identity proof, address proof, and other required KYC documents.
Step 4: Complete Underwriting Requirements
Where applicable, LIC could request additional information or medical requirements.
Step 5: Pay the Premium
Choose the preferred premium payment option and pay the applicable premium.
Step 6: Policy Issuance
Upon successful processing, LIC issues the policy document and the insurance cover becomes effective according to the policy terms.
Common Uses of LIC New Jeevan Mangal Plan 819
LIC New Jeevan Mangal Plan 819 was widely chosen by individuals looking for affordable life insurance protection with limited financial resources. It was particularly suitable for:
- Farmers seeking financial security for their families
- Daily wage earners looking for basic insurance protection
- Small business owners and shopkeepers
- Self-employed individuals with irregular income
- Urban and rural households requiring low-cost life cover
Its affordability and flexible premium payment options made it a popular choice among underserved sections of society.
Step-by-Step LIC New Jeevan Mangal Plan 819 Calculator Guide
The LIC New Jeevan Mangal Plan 819 Calculator helps estimate premium payments and policy benefits based on individual requirements.
Step 1: Select the Sum Assured
Choose a sum assured amount within the available limits under the plan.
Step 2: Enter Your Age
Provide your current age, ensuring it falls within the eligible entry age range.
Step 3: Choose the Policy Term
Select the desired policy duration according to your coverage needs.
Step 4: Select Premium Payment Frequency
Choose the preferred premium payment mode from the available options.
Step 5: Review the Results
The calculator will display the estimated premium amount along with projected maturity and death benefits.
Illustrative Example
Consider the following example:
- Age: 30 years
- Occupation: Shopkeeper
- Sum Assured: ₹30,000
- Policy Term: 10 years
Based on these inputs, the calculator estimates the applicable premium and policy benefits. If the policyholder survives the entire policy term, eligible premiums paid under the policy are returned according to plan provisions. If death occurs during the policy term, the nominee receives the applicable death benefit as specified under the policy conditions.
Advantages of Using the Calculator
Accurate Premium Estimates
Helps users understand the expected premium amount before purchasing the policy.
Better Financial Planning
Provides a clear view of policy costs and benefits for budgeting purposes.
Convenience
Calculations can be completed instantly without manual computations.
Quick Comparison
Allows users to compare different policy terms and coverage amounts before making a decision.
Frequently Asked Questions
What is LIC New Jeevan Mangal Plan 819?
LIC New Jeevan Mangal Plan 819 was a micro-insurance term plan designed to provide affordable life insurance coverage along with a return of eligible premiums on survival.
What benefits does the plan provide?
The plan offered life insurance protection during the policy term and a maturity benefit in the form of eligible premium refund on survival, subject to policy terms.
Does the plan include accidental death coverage?
Yes, the plan included an in-built accidental death benefit, providing an additional benefit in case of accidental death as per policy conditions.
What was the available sum assured range?
The sum assured varied according to the policy option selected and applicable plan rules.
Can a lapsed policy be revived?
Yes, subject to LIC’s revival conditions, a lapsed policy could be revived within the prescribed revival period by paying the required premiums and applicable charges.
Conclusion
LIC New Jeevan Mangal Plan 819 was a micro-insurance solution that combined life protection with a premium return feature, making it suitable for individuals seeking affordable insurance coverage. Although the plan is no longer available for new purchases, existing policyholders continue to enjoy the benefits according to their policy terms. Online calculators remain useful for estimating premiums and understanding policy benefits for active policies.
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