LIC New Jeevan Mangal Plan 940 Calculator

Life Insurance Corporation of India (LIC) has been a trusted name for life insurance in India for many decades. One of its popular plans, LIC New Jeevan Mangal Plan (Plan No. 940), was designed as a micro insurance product offering life protection with return of premium benefits.

What is LIC New Jeevan Mangal Plan 940?

LIC New Jeevan Mangal is an individual, non-linked, non-participating micro insurance plan that offers life coverage along with the return of premiums on maturity. It is a protection-oriented plan with affordable premiums, especially intended for low-income groups. The policy includes an in-built accident benefit, ensuring double risk cover in case of accidental death.

Plan Launch and Withdrawal Dates

• Launch Date: March 1, 2022
• Withdrawal Date: January 1, 2025

LIC New Jeevan Mangal Plan 940 was active for a limited period and has been withdrawn since January 2025. However, understanding this plan and its calculation method is useful for reference and comparison with other LIC plans LIC India Official.​

Eligibility Criteria for LIC New Jeevan Mangal Plan

• Entry Age: Minimum 18 years completed, Maximum 55 years (nearest birthday)
• Maximum Maturity Age: 65 years (nearest birthday)
• Policy Term:
  • Regular Premium: 10 to 15 years
  • Single Premium: 5 to 10 years
• Sum Assured: ₹50,000 to ₹2,00,000

The plan was structured to offer financial protection over the policy term while returning the premiums paid at maturity.​

Key Benefits of LIC New Jeevan Mangal Plan

Maturity Benefit

If the policyholder survives until the maturity date, LIC pays back the total premiums paid during the policy term, excluding taxes and any extra premiums. This means all the money paid as premium is returned, making this plan a savings-oriented protection product.

Death Benefit

In case of death during the policy term, the nominee receives the sum assured, which depends on the premium payment mode:

• Regular Premium Policies: The higher of:
  • 7 times the annualized premium, or
  • 105% of total premiums paid up to death, or
  • Sum Assured
• Single Premium Policies: The higher of:
  • 125% of the single premium, or
  • Sum Assured

Accidental Death Benefit

An additional sum equal to the sum assured is payable if the death occurs due to accident, provided the policy is in force at the time of death.​

LIC New Jeevan Mangal Plan Exclusions

This plan did not provide benefits in certain cases, such as:

• Suicide within 12 months of the commencement of risk (subject to certain conditions)
• Death due to intentional self-injury or unlawful activities
• Some exclusions on accidental death benefits (such as death due to participation in riots, war, intoxication, adventure sports, etc.)

Understanding these exclusions is crucial to set the right expectations from the policy.​

Using LIC New Jeevan Mangal Plan 940 Calculator

The LIC New Jeevan Mangal Calculator helps potential buyers estimate:

• The premium amount they need to pay
• The maturity benefits they will receive
• The sums assured based on age, policy term, and premium mode

How the Calculator Works

The calculator typically takes inputs such as:

• Age of the policyholder
• Policy term (number of years)
• Sum Assured or premium amount
• Mode of payment (monthly, yearly, single premium)

Based on these inputs, the calculator applies the official LIC premium rates per ₹1,000 sum assured, which vary by age and term, to compute the premium amount or maturity benefits.

Premium Calculation Example

For a person aged 30, selecting a 15-year policy term with a sum assured of ₹1,00,000:

• Annual Premium (approximate): Premium rate×Sum Assured1000\text{Premium rate} \times \frac{\text{Sum Assured}}{1000}Premium rate×1000Sum Assured
• From LIC rates (Rs. 38.15 per ₹1000 for age 30, 15 years term), premium = ₹38.15 × 100 = ₹3,815 annually

This premium is payable each year over the policy term. At maturity, the total premiums paid (₹3,815 × 15 = ₹57,225) will be returned as the maturity benefit, provided the policy is in force.​

Surrender and Revival Options

• The policyholder can surrender the policy after paying at least 3 full years of premiums under regular premium policies.
• There is no loan facility under this plan.
• Revival of lapsed policies was allowed within two years from the first unpaid premium date.​

Tax Benefits under LIC New Jeevan Mangal Plan

Policyholders were eligible for:

• Tax deduction on premiums paid under Section 80C of the Income Tax Act, 1961.
• Tax-free maturity and death benefits under Section 10(10D) of the Income Tax Act.

These tax benefits improve the attractiveness of the plan for small investors.​

LIC New Jeevan Mangal Plan 940 Advantages

• Affordable premiums with premium return on maturity.
• Accidental death benefit providing double risk coverage.
• Simple micro insurance product suitable for low-income groups.
• Tax benefits available on premiums and benefits received.
• Flexibility in policy term and sum assured amounts.

The plan was designed to provide financial security, especially for individuals who want the reassurance of getting their premiums back along with life cover.​

Limitations to Consider

• The plan was withdrawn in January 2025, so it is no longer available for new policyholders.
• The sum assured range (₹50,000 to ₹2,00,000) may be insufficient for those with higher financial needs.
• No policy loan facility was available.
• Limited entry age range (18 to 55 years).
• It did not offer any bonuses or participating benefits as it is a non-linked, non-participating plan.​

Where to Find More Information

• LIC’s official website provides detailed brochures and policy documents for New Jeevan Mangal Plan 940.
• LIC branch offices and agents can assist in understanding the plan and provide premium calculation.
• Various insurance comparison websites also have premium calculators for informal estimation.

For official documents, visit LIC’s plan page: LIC New Jeevan Mangal Plan.​

Frequently Asked Questions

Summary

The LIC New Jeevan Mangal Plan 940 Calculator was a vital tool for individuals wishing to assess their premiums and benefits under this micro insurance plan. It worked by using the insured’s age, policy term, sum assured, and premium mode to calculate premiums payable and maturity benefits.