LIC Jeevan Mangal Plan 198
Premium & Maturity Calculator
Plan Overview
- Plan Type: Micro Insurance Plan
- Entry Age: 18 - 60 years
- Policy Term: 10 or 15 years
- Sum Assured: Rs. 10,000 - Rs. 50,000
- Free Look Period: 15 days
Calculation Results
LIC Jeevan Mangal Plan 198 was introduced by the Life Insurance Corporation of India as a micro insurance product aimed at providing life insurance coverage at an affordable cost for low-income individuals. Launched on 3rd September 2009, this plan was designed to help financially vulnerable sections of society gain life cover and financial security for their families.
Micro insurance products like Jeevan Mangal Plan 198 are important tools in financial inclusion, making insurance accessible to those who might not otherwise be able to afford it. This plan offered a term assurance benefit along with the return of premiums paid on maturity, providing both protection and a savings element.
Note: This version of the LIC Jeevan Mangal Plan 198 was withdrawn by LIC on 1st January 2014. However, understanding this plan and its calculation method remains useful for those who held this policy or study LIC’s microinsurance schemes.
Launch and Withdrawal Dates
- Launch Date: 3rd September 2009
- Withdrawal Date: 1st January 2014
The plan was available for a little over four years, during which it served as LIC’s second micro insurance product after Jeevan Madhur. It was withdrawn as LIC introduced newer micro insurance schemes to meet evolving customer needs.
Understanding LIC Jeevan Mangal Plan 198
What is Jeevan Mangal Plan 198?
- It is a term assurance plan with return of all premiums paid on maturity.
- Provides financial protection for 10 to 15 years.
- Sum assured ranges from Rs. 10,000 to Rs. 50,000.
- Optional accidental death benefit rider is available.
- Flexibility in premium payment modes such as weekly, fortnightly, monthly, quarterly, half-yearly, annually, and single premium.
- Designed especially for low-income and vulnerable populations.
Purpose of the Plan
Jeevan Mangal Plan aims to offer a combination of life cover and savings whereby the policyholder pays regular premiums and in case of survival till policy maturity, receives back the total premiums paid. In the event of death during the policy term, the nominee gets the sum assured ensuring financial security for the family.
Eligibility Criteria
- Entry age: Usually 18 years to 55 years.
- Maturity age: Up to 65 years.
- Policy term: Between 10 and 15 years for regular premiums, single premium tenure between 5 and 10 years.
- Sum Assured range: Rs 10,000 to Rs 50,000.
Benefits of LIC Jeevan Mangal Plan 198
Maturity Benefit
If the policyholder survives the term, he or she receives the full amount of premiums paid during the policy tenure. This acts as a savings payout, helping build a financial corpus.
Death Benefit
If death occurs during the policy term, the nominee receives a sum assured amount which is typically equal to or more than the total premiums paid, ensuring the family is financially protected.
Accidental Death Benefit
An optional rider that provides an additional sum assured in case the life assured dies due to an accident during the policy term. This benefit doubles the sum assured on accidental death.
Flexible Premium Payment
Premiums can be paid in instalments, catering to people’s convenience. Options include weekly, monthly, or single premium payments.
Loan Facility
The Jeevan Mangal Plan 198 did not offer loan facility as part of its features.
Revival of Lapsed Policy
Policyholders had a revival period of 2 years from the date of the first unpaid premium during which they could revive a lapsed policy by paying unpaid premiums with interest, subject to LIC approval.
Free Look Period
A policyholder could cancel the plan within 15 days of receipt of the policy document, getting premiums refunded after deductions for stamp duty and proportionate risk coverage.
Tax Benefits
Premiums paid under this plan were eligible for tax deduction under Section 80C of the Income Tax Act, 1961, and the maturity proceeds were exempt under Section 10 (10D).
Who Should Buy LIC Jeevan Mangal Plan 198?
This plan was suitable for:
- Individuals from low-income groups looking for affordable life cover.
- Those who wanted a basic term insurance without complicated investment elements.
- People interested in insurance products that also return premiums on maturity.
- Low-risk individuals preferring stable guaranteed benefits without market exposure.
Using the LIC Jeevan Mangal Plan 198 Calculator
What is the calculator for?
Calculating premiums, benefits, and maturity amounts manually for LIC plans can be complex. The LIC Jeevan Mangal Plan 198 Calculator simplifies this by allowing you to input key details and instantly view:
- Premium amounts are based on sum assured and age.
- Death and maturity benefits.
- Policy term effects on premiums and payouts.
How to Use the Calculator?
- Enter Age: Your age at the time of buying the policy.
- Select Policy Term: Choose how many years you want coverage (10-15 years).
- Sum Assured: Choose a sum assured amount (Rs. 10,000 to Rs. 50,000).
- Mode of Premium Payment: Select monthly, quarterly, annually, or single premium.
- Optional Add-ons: Select accidental death benefit rider if desired.
- Calculate: The calculator shows the premium amount payable and benefits on maturity or death.
Benefits of Using the Calculator
- Quick and accurate premium amount estimate.
- Helps compare premium payment modes.
- Understand total premiums payable over the policy term.
- Estimate total benefits payout.
You can find LIC’s official or third-party Jeevan Mangal plan calculators online to help with calculations.
Important Considerations
- Plan Withdrawal: As the plan was withdrawn on 1st January 2014, new policies cannot be bought, but existing policies are honored till maturity.
- Policy Documents: Keep your documents safe for reference and claims.
- Nominee Details: Ensure nominee details are updated for death benefit claims.
- Rider Charges: Accidental death riders require additional premium payments.
- Surrender Value: Check surrender value if you want to exit the policy early.
LIC Jeevan Mangal Plan 198 vs Other LIC Micro Insurance Plans
The Jeevan Mangal Plan was LIC’s second micro insurance product after Jeevan Madhur.
| Feature | Jeevan Mangal Plan 198 | Jeevan Madhur | New Jeevan Mangal Plan 819 |
|---|---|---|---|
| Launched | 3 Sept 2009 | 28 Sept 2006 | After 2014 |
| Withdrawn | 1 Jan 2014 | 1 Jan 2014 | Currently available |
| Sum Assured | Rs. 10,000 to Rs. 50,000 | Rs. 10,000 to Rs. 50,000 | Higher limits |
| Premium Payment Modes | Multiple, including single premature | Multiple | Multiple |
| Accidental Death Rider | Optional | Optional | Optional |
| Maturity Benefit | Return of premiums paid | Endowment plan benefits | Return of premiums paid |
| Eligibility Age | 18 to 55 years | 18 to 50 years | 18 to 55 years |
Frequently Asked Questions
What is LIC Jeevan Mangal Plan 198?
LIC Jeevan Mangal Plan 198 is a micro insurance term assurance plan that provides life cover with the return of all premiums paid on survival till maturity.
When was the LIC Jeevan Mangal Plan 198 launched and withdrawn?
It was launched on 3rd September 2009 and withdrawn on 1st January 2014.
Who is eligible to buy this plan?
Individuals aged between 18 and 55 years were eligible to buy this plan, with policy terms ranging from 10 to 15 years.
What is the sum assured under this plan?
The sum assured ranged from Rs. 10,000 to Rs. 50,000.
What benefits does the plan offer?
The plan offers maturity benefit equal to total premiums paid, death benefit of sum assured, and optional accidental death benefit.
Conclusion
LIC Jeevan Mangal Plan 198 was an important micro insurance product aimed at making life insurance accessible and affordable for low-income individuals. It combined term assurance with the return of premiums on maturity, providing both protection and savings. Although withdrawn in 2014, the plan’s benefits and structure exemplify LIC’s commitment to financial inclusion.
For existing policyholders, understanding the features and how to calculate premiums using LIC Jeevan Mangal Plan 198 Calculator is crucial for managing their insurance plan effectively. For those interested in micro insurance, LIC continues to offer new plans with updated features.