Plan Overview
- Plan Type: Micro Insurance Plan
- Entry Age: 18–55 years
- Maximum Maturity Age: 65 years
- Regular Premium Term: 10 or 15 years
- Single Premium Term: 5 or 10 years
- Sum Assured: ₹10,000–₹50,000
- Sum Assured must be in multiples of ₹1,000
Calculation Result
Brochure Sample Premium Rates
| Age | Annual Premium / ₹1,000 SA | |
|---|---|---|
| 10 Years | 15 Years | |
| 20 | ₹58.85 | ₹36.85 |
| 30 | ₹60.15 | ₹38.15 |
| 40 | ₹66.45 | ₹43.60 |
| 50 | ₹83.60 | ₹56.15 |
| Age | Single Premium / ₹1,000 SA | |
|---|---|---|
| 5 Years | 10 Years | |
| 20 | ₹175.30 | ₹138.65 |
| 30 | ₹179.25 | ₹144.40 |
| 40 | ₹199.85 | ₹172.00 |
| 50 | ₹269.45 | ₹247.40 |
Introduction to LIC Jeevan Mangal Plan 198
LIC Jeevan Mangal Plan 198 was a microinsurance term assurance plan launched by LIC on 3rd September 2009. It was primarily intended for individuals from low-income and financially vulnerable sections who wanted basic life insurance protection at an affordable cost.
The plan combined term insurance with a return-of-premium feature. If the insured survived until the end of the policy term, the total premiums paid were returned. If death occurred during the policy period, the nominee received the applicable Sum Assured.
The plan also provided an optional accidental death benefit rider, giving policyholders the opportunity to increase protection against accidental death.
Important: LIC withdrew Jeevan Mangal Plan 198 from sale on 1st January 2014. New policies under this plan can no longer be purchased, although existing policies continue according to their applicable terms.
What Was LIC Jeevan Mangal Plan 198?
LIC Jeevan Mangal Plan 198 was structured as a term assurance plan with return of premiums on maturity. Its primary objective was to provide affordable life cover while returning the premiums paid if the policyholder survived the policy term.
The main characteristics included:
- Life insurance protection for a period of 10 to 15 years.
- Sum Assured ranging from ₹10,000 to ₹50,000.
- Return of premiums paid when the policy matured and the insured survived.
- Optional accidental death benefit.
- Multiple premium payment frequencies.
- A structure particularly suited to low-income and financially vulnerable individuals.
Purpose of LIC Jeevan Mangal Plan 198
The plan was designed to combine life protection and savings in a simple insurance product.
During the policy period, the policyholder paid premiums according to the selected payment mode. If the insured person survived until maturity, the total premiums paid were returned. In case of death during the policy term, the nominee received the Sum Assured, thereby providing financial support to the family.
Launch and Withdrawal Dates
The important dates associated with LIC Jeevan Mangal Plan 198 are:
- Launch Date: 3rd September 2009
- Withdrawal Date: 1st January 2014
The plan remained available for a little more than four years. It was LIC’s second microinsurance product after Jeevan Madhur and was eventually withdrawn as newer microinsurance products were introduced.
Eligibility Criteria
The eligibility details for the plan included:
| Eligibility Factor | Details |
|---|---|
| Minimum Entry Age | 18 years completed |
| Maximum Entry Age | 55 years |
| Maximum Maturity Age | 65 years |
| Sum Assured | ₹10,000 to ₹50,000 |
| Regular Premium Policy Term | 10 to 15 years |
| Single Premium Policy Term | 5 to 10 years |
The plan was therefore intended for adults within the specified age range, with different policy durations depending on the premium payment structure.
Benefits of LIC Jeevan Mangal Plan 198
1. Maturity Benefit
If the policyholder survived the complete policy term, the plan returned the total premiums paid during the policy period. This feature provided a savings element in addition to the life insurance protection.
2. Death Benefit
If the insured died during the policy term, the nominee was entitled to receive the applicable Sum Assured. This benefit was intended to provide financial assistance to the family following the policyholder’s death.
3. Accidental Death Benefit
An optional accidental death benefit rider was available for additional protection. If the life assured died due to an accident during the policy term, the rider could provide an additional amount, effectively increasing the accidental death protection.
4. Flexible Premium Payment
The plan offered multiple ways to pay premiums, making it easier for policyholders to select a payment frequency suited to their financial situation. Options included weekly, monthly, and single-premium arrangements.
5. Loan Facility
LIC Jeevan Mangal Plan 198 did not provide a loan facility as one of its policy features.
6. Policy Revival
If the policy lapsed because of unpaid premiums, the policyholder could generally seek revival within 2 years from the date of the first unpaid premium. Revival required payment of outstanding premiums along with applicable interest and was subject to LIC’s approval.
7. Free Look Period
The policyholder could cancel the policy within 15 days of receiving the policy document. The refundable premium was subject to deductions such as stamp duty and the proportionate cost of risk coverage.
8. Tax Benefits
Premiums paid under the plan were eligible for tax deduction under Section 80C of the Income Tax Act, 1961, while maturity proceeds were covered under Section 10(10D), subject to the applicable tax provisions.
Who Was LIC Jeevan Mangal Plan 198 Suitable For?
The plan was particularly suitable for:
- Individuals from lower-income groups seeking affordable life insurance.
- People wanting straightforward term protection without complex investment features.
- Policyholders interested in receiving their premiums back on survival to maturity.
- Individuals looking for stable insurance benefits without exposure to market-linked investments.
LIC Jeevan Mangal Plan 198 Calculator
Calculating premiums and benefits manually can be difficult, particularly when comparing different ages, Sum Assured amounts, and policy terms. A LIC Jeevan Mangal Plan 198 Calculator can simplify this process by allowing users to enter basic policy information and estimate the applicable premium and benefits.
The calculator can help determine:
- Premium based on the policyholder’s age and selected Sum Assured.
- Death benefit available during the policy term.
- Maturity benefit based on the premiums paid.
- The effect of selecting different policy durations and premium payment modes.
How to Use the LIC Jeevan Mangal Plan 198 Calculator
To calculate the estimated premium and benefits:
- Enter the Age: Provide the age of the insured at the time of policy commencement.
- Select the Policy Term: Choose the desired coverage period, generally between 10 and 15 years for regular premiums.
- Enter the Sum Assured: Select an amount between ₹10,000 and ₹50,000.
- Choose Premium Mode: Select the available payment frequency, such as monthly, quarterly, annually, or single premium.
- Add Optional Rider: If required, select the accidental death benefit option.
- Calculate: The calculator provides the estimated premium along with applicable maturity and death benefits.
Advantages of Using the Calculator
Using a calculator for this withdrawn plan can make the calculation process easier and help users:
- Quickly estimate the premium amount.
- Compare different premium payment modes.
- Understand the total premiums payable throughout the policy term.
- Get an estimate of the benefits payable under different circumstances.
Because Plan 198 is no longer sold, calculators available today may be intended primarily for reference or for existing policyholders. Historical policy documents should be used when an exact policy-specific calculation is required.
LIC Jeevan Mangal Plan 198 vs Other LIC Microinsurance Plans
Jeevan Mangal Plan 198 was LIC’s second microinsurance product after Jeevan Madhur. The plan was positioned as an affordable protection product with a return-of-premium feature.
| Feature | Jeevan Mangal Plan 198 | Jeevan Madhur | New Jeevan Mangal Plan 819 |
| Launch | 3 Sept 2009 | 28 Sept 2006 | After 2014 |
| Withdrawal | 1 Jan 2014 | 1 Jan 2014 | Currently available |
| Sum Assured | ₹10,000–₹50,000 | ₹10,000–₹50,000 | Higher limits |
| Premium Modes | Multiple, including single premium | Multiple | Multiple |
| Accidental Death Rider | Optional | Optional | Optional |
| Maturity Benefit | Return of premiums paid | Endowment benefits | Return of premiums paid |
| Eligibility Age | 18–55 years | 18–50 years | 18–55 years |
Important Things to Remember
Since Plan 198 was withdrawn on 1st January 2014, it is no longer possible for new customers to purchase the plan. Existing policyholders, however, can continue to receive benefits according to their policy conditions.
Existing policyholders should also:
- Keep the original policy documents safely.
- Ensure nominee information is accurate and updated.
- Check the applicable rider charges if an accidental death benefit was selected.
- Review surrender-related provisions before exiting the policy.
- Refer to their policy documents for exact benefit calculations.
Frequently Asked Questions
What is LIC Jeevan Mangal Plan 198?
LIC Jeevan Mangal Plan 198 was a microinsurance term assurance product that provided life cover during the policy term and returned the premiums paid if the policyholder survived until maturity.
When was LIC Jeevan Mangal Plan 198 launched?
The plan was launched on 3rd September 2009.
When was LIC Jeevan Mangal Plan 198 withdrawn?
LIC withdrew the plan from sale on 1st January 2014.
Who was eligible for this plan?
Individuals between 18 and 55 years of age were eligible according to the stated plan conditions. The regular premium policy term ranged from 10 to 15 years.
What was the Sum Assured under Plan 198?
The Sum Assured was available from ₹10,000 to ₹50,000.
What benefits did the plan provide?
The plan provided a maturity benefit equal to the total premiums paid, a death benefit based on the Sum Assured, and an optional accidental death benefit.
Was there a loan facility under LIC Jeevan Mangal Plan 198?
No. The plan did not include a loan facility.
Can a new customer purchase LIC Jeevan Mangal Plan 198?
No. The plan was withdrawn from sale on 1st January 2014. Only existing policyholders can continue under their applicable policy terms.
Conclusion
LIC Jeevan Mangal Plan 198 was an important microinsurance initiative aimed at making life insurance more affordable and accessible to lower-income sections of society. The plan combined term assurance with a return-of-premium feature, allowing policyholders to receive their premiums back on survival while providing life protection during the policy term.
Although LIC discontinued the plan in 2014, its structure remains useful for understanding the development of LIC’s microinsurance products. Existing policyholders can use the plan’s features, policy documents, and applicable calculation methods to better understand their coverage and expected benefits.
For anyone researching LIC microinsurance products, studying Plan 198 also provides useful context for comparing it with later LIC offerings that were introduced with updated features.
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