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Investment Plans 18218 views April 2, 2020
The LIC New Jeevan Mangal Plan is a very handy term insurance policy that offers a high cover at low cost. The plan can be purchased for a maximum duration of 15 years. There are many benefits you get when you buy this term insurance cover from the Life Insurance Corporation of India. Let us find out more in the article below.
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Benefits of buying the LIC New Jeevan Mangal Plan
Here are some benefits you get when you buy the LIC New Jeevan Mangal Plan:
Excellent cover at an affordable rate
As mentioned above, you get a high sum assured of up to Rs 50,000 when you buy this term life cover. It is also one of the most affordable term plans and this makes it possible for people from all walks of life to buy and own the LIC New Jeevan Mangal Plan.
You have many options when paying the premium for this term life insurance policy from LIC. First and foremost, you can choose between the premium payment modes such as single or regular. In the former, you need to pay the premium only once for the entire cover. In the latter, you have to pay it throughout the duration of the policy. Then, you can choose to pay the premium yearly, bi-yearly, quarterly or monthly.
Maturity benefit available
Not many term insurance plans offer a maturity benefit when the policyholder outlives the policy period. But the LIC New Jeevan Mangal Plan is an exception here. The plan does offer a maturity benefit when you outlive the policy term and do not make any claim on it. This is another huge benefit that you get when you buy this particular term life cover.
Tax benefit available
Like in all forms of life insurance, in term insurance too, you get a tax benefit for the premium you pay. Under Section 80 C of the Indian Income Tax Act, you get a tax benefit up to Rs 1.5 lacs for all the term insurance premiums paid in a single year. Buy the LIC New Jeevan Mangal Plan and get this useful benefit as well.
Excellent insurer
The Life Insurance Corporation of India is the oldest and largest life insurance company in the country. The company is considered to be the very best life insurance provider. It has an excellent claim settlement ratio, a very helpful customer support team, and some very good services and offers for you. When you buy your term life insurance coverage from LIC, you are assured of getting the best cover at the best price. Your family will also remain assured of getting the claim after your demise, provided you maintain your plan properly. LIC is a very good insurer indeed and you get a great deal when you get associated with them.
Conclusion
These are the many advantages you get when you buy the LIC New Jeevan Mangal term insurance plan. So if you are looking for a term life cover, do consider getting this excellent plan from LIC.