The LIC New Jeevan Mangal Plan 940 Calculator helps existing policyholders estimate important values such as total eligible premiums, maturity benefit, death benefit, accidental death benefit, paid-up value and Guaranteed Surrender Value. LIC withdrew this version of the plan from new business on 1 January 2025, so it cannot be purchased now.
For a more reliable estimate, use the premium and policy details printed in the policy schedule. The calculator provides an illustration only. The policy bond and LIC’s records decide the final benefit or claim amount.
Table of Contents
LIC New Jeevan Mangal Plan 940 Quick Overview
| Particular | Details |
|---|---|
| Official plan name | LIC’s New Jeevan Mangal |
| Plan number | 940 |
| UIN | 512N287V04 |
| Launch date | 1 March 2022 |
| Withdrawal date | 1 January 2025 |
| Plan type | Non-linked, non-participating, individual life micro-insurance term plan with return of premiums on maturity |
| Premium options | Regular premium or single premium |
| Policy term | 10–15 years for regular premium; 5–10 years for single premium |
| Sum Assured | ₹50,000 to ₹2,00,000 per life |
| Policy loan | Not available |
| Current status | Withdrawn for new business |
This plan was not linked to the share market. It did not provide NAV, fund value, bonus or loyalty addition.
What Is the LIC New Jeevan Mangal Plan 940 Calculator?
The LIC New Jeevan Mangal Plan 940 Calculator is an online estimation tool made mainly for people who already hold this withdrawn policy. It applies the plan’s stated benefit formulas to the information entered in the calculator.
It can help estimate:
- Total eligible premiums payable
- Return of eligible premiums on maturity
- Normal death benefit
- Total benefit for an eligible accidental death
- Reduced paid-up benefit after premium discontinuation
- Guaranteed Surrender Value based on the official factors
The calculator cannot confirm Special Surrender Value, revival approval, underwriting decisions or claim eligibility. LIC must confirm these policy-specific matters.
Also Check:
- LIC Jeevan Mangal Calculator Plan 198, 819, 840, and 940
- New Jeevan Mangal Plan 840 Calculator
- LIC New Jeevan Mangal Plan 819 Calculator
- LIC Jeevan Mangal Plan 198 Maturity Calculator
Highlights New Jeevan Mangal Plan 940 Calculator
- Shows regular-premium and single-premium calculations separately
- Compares all applicable death-benefit amounts and selects the highest one
- Explains maturity value without adding a bonus or assumed investment return
- Estimates paid-up values after the minimum required premiums have been paid
- Uses policy year and term to select the applicable Guaranteed Surrender Value factor
- Keeps taxes and underwriting extra premium outside benefit calculations
- Helps existing policyholders understand results before contacting LIC
Details Required for Calculation
Keep the following details ready before using the calculator:
- Premium type: regular or single premium
- Age at entry
- Policy term
- Sum Assured
- Premium payment mode
- Instalment or single premium shown in the policy schedule
- Policy commencement date
- Number of premiums paid or completed policy years
- Policy year in which surrender value is required
Where the calculator asks for an eligible premium, enter the premium excluding applicable statutory taxes and underwriting extra premium.
How to Use the LIC New Jeevan Mangal Plan 940 Calculator
- Select Regular Premium or Single Premium.
- Enter the Sum Assured and policy term.
- Enter the policy commencement date and premium from the policy schedule.
- For regular premium, choose the payment mode and enter the number of premiums already paid.
- Select the completed policy year if a surrender estimate is required.
- Click Calculate.
- Read the maturity, death, accidental death, paid-up and surrender results separately.
The premium rates in LIC’s brochure cover only selected ages and terms. Therefore, the policy-schedule premium is more suitable than a sample rate for an existing policy.
What Is LIC New Jeevan Mangal Plan 940?
LIC New Jeevan Mangal Plan 940 was a protection-oriented micro-insurance policy. It offered life cover during the policy term and returned the eligible premiums paid if the life assured survived to maturity and all due premiums were paid.
The plan also had an in-built accident benefit. For an eligible accidental death while the policy was in force, an additional amount equal to the Sum Assured became payable along with the normal death benefit.
LIC launched Plan 940 on 1 March 2022 and withdrew it from new business on 1 January 2025. Existing policies continue according to their policy terms. Since the maturity benefit is a return of eligible premiums rather than a bonus-based return, this plan should not be viewed as a high-return investment product.
LIC New Jeevan Mangal Plan 940 Main Highlights
- Micro-insurance protection plan with return of eligible premiums on maturity
- Regular-premium and single-premium payment options
- In-built additional benefit for eligible accidental death
- Minimum Sum Assured of ₹50,000
- Maximum combined Sum Assured of ₹2,00,000 per life under this and earlier versions
- Paid-up facility after at least one full policy year’s premiums are paid
- Surrender facility subject to the applicable policy conditions
- No policy loan, bonus, fund value or market-linked return
New Jeevan Mangal Plan 940 Benefits
The plan provides different benefits according to the policy status and the event involved:
- Maturity benefit: Return of eligible premiums paid when the life assured survives to maturity and all due premiums have been paid.
- Death benefit: A defined Sum Assured on Death is paid when death occurs while the policy is in force.
- Accidental death benefit: An additional amount equal to the Sum Assured is payable for an eligible accidental death.
- Paid-up benefit: Reduced death and maturity benefits may continue after at least one full policy year’s premiums have been paid.
- Surrender benefit: The policy may acquire surrender value according to its premium type and payment history.
These benefits are explained separately below to avoid mixing maturity, death and early-exit calculations.
Eligibility for LIC New Jeevan Mangal Plan 940
| Eligibility condition | Official limit |
| Minimum age at entry | 18 years completed |
| Maximum age at entry | 55 years, nearer birthday |
| Maximum age at maturity | 65 years, nearer birthday |
| Regular-premium policy term | 10 to 15 years |
| Single-premium policy term | 5 to 10 years |
| Minimum instalment premium | ₹500 |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured per life | ₹2,00,000 |
| Sum Assured multiple | ₹1,000 |
| Available modes | Yearly, half-yearly, quarterly, monthly or single premium |
The ₹2 lakh maximum applies to the total Sum Assured issued to one individual under Plan 940 and its earlier versions.
Premium Payment Options
Regular Premium
Regular premiums are payable throughout the policy term. LIC allowed yearly, half-yearly, quarterly and monthly modes. The minimum instalment premium was ₹500.
Single Premium
The full premium is paid once at the beginning of the policy. No regular renewal premium is required after that payment.
Applicable statutory taxes and underwriting extra premium, if any, are collected separately and are not counted while calculating policy benefits.
Official Sample Premium Rates
LIC’s brochure provides the following selected sample rates per ₹1,000 Sum Assured. These rates exclude applicable taxes and are illustrations, not a complete premium table.
Sample Annual Premium Rates per ₹1,000 Sum Assured
| Age at entry | 10-year term | 15-year term |
| 20 years | ₹58.85 | ₹36.85 |
| 30 years | ₹60.15 | ₹38.15 |
| 40 years | ₹66.45 | ₹43.60 |
| 50 years | ₹83.60 | ₹56.15 |
Sample Single Premium Rates per ₹1,000 Sum Assured
| Age at entry | 5-year term | 10-year term |
| 20 years | ₹175.30 | ₹138.65 |
| 30 years | ₹179.25 | ₹144.40 |
| 40 years | ₹199.85 | ₹172.00 |
| 50 years | ₹269.45 | ₹247.40 |
Do not use these selected rates for an age or term that is not shown. Also, do not derive monthly, quarterly or half-yearly instalments without the applicable official modal calculation.
Regular-Premium Calculation Example
Assume these brochure-based details:
| Detail | Value |
| Age at entry | 30 years |
| Policy term | 15 years |
| Sum Assured | ₹1,00,000 |
| Sample annual rate | ₹38.15 per ₹1,000 |
The Sum Assured contains 100 units of ₹1,000:
Illustrative annual premium = ₹38.15 × 100
= ₹3,815Total eligible premiums = ₹3,815 × 15
= ₹57,225If all due premiums are paid and the life assured survives to maturity, the illustrative maturity benefit would be ₹57,225. Applicable taxes and underwriting extra premium are excluded.
Single-Premium Calculation Example
Assume the following official sample-rate details:
| Detail | Value |
| Age at entry | 30 years |
| Policy term | 10 years |
| Sum Assured | ₹1,00,000 |
| Sample single-premium rate | ₹144.40 per ₹1,000 |
Illustrative single premium = ₹144.40 × 100
= ₹14,440For normal death benefit:
125% of single premium = ₹18,050
Sum Assured = ₹1,00,000The higher amount is ₹1,00,000. Therefore, the illustrative normal death benefit is ₹1,00,000, subject to the policy being in force and the applicable conditions.
LIC New Jeevan Mangal Plan 940 Maturity Benefit
If the life assured survives to the maturity date and all due premiums have been paid, LIC pays the Sum Assured on Maturity.
Maturity benefit = Total eligible premiums paid during the policy termThe calculation excludes:
- Applicable statutory taxes
- Underwriting extra premium
- Bonus or loyalty addition
- Interest or investment growth
- Any market-linked return
For the regular-premium example above, the estimated maturity benefit is ₹57,225.
Death Benefit for Regular-Premium Policies
For death from a cause other than an accident while the policy is in force, the Sum Assured on Death is the highest of:
1. Seven times the annualised premium
2. 105% of eligible premiums paid up to the date of death
3. Sum AssuredExample after five annual premiums of ₹3,815:
| Calculation | Amount |
| Seven times annualised premium | ₹26,705 |
| 105% of ₹19,075 premiums paid | ₹20,028.75 |
| Sum Assured | ₹1,00,000 |
| Normal death benefit | ₹1,00,000 |
The highest amount is ₹1,00,000. Taxes and underwriting extra premium are not included in the premium values used for this calculation.
Death Benefit for Single-Premium Policies
For a single-premium policy, the Sum Assured on Death is the higher of:
1. 125% of the eligible single premium
2. Sum AssuredIn the earlier example, 125% of ₹14,440 is ₹18,050, while the Sum Assured is ₹1,00,000. The estimated normal death benefit is therefore ₹1,00,000.
LIC New Jeevan Mangal Accidental Death Benefit
For an eligible accidental death, LIC pays an additional sum equal to the Sum Assured, provided the policy is in force and all policy conditions are satisfied.
Total eligible accidental death benefit =
Sum Assured on Death + Additional Sum AssuredIf the Sum Assured on Death and additional Sum Assured are both ₹1,00,000, the total eligible accidental death benefit would be ₹2,00,000.
Grace Period
The grace period applies only to regular-premium policies.
| Premium payment mode | Grace period |
| Monthly | 30 days |
| Quarterly | 60 days |
| Half-yearly | 60 days |
| Yearly | 60 days |
The policy is treated as in force with uninterrupted risk cover during the grace period. If the premium remains unpaid after the grace period expires, the policy lapses.
Revival Rules
A lapsed regular-premium policy may be revived within five consecutive years from the date of the first unpaid premium, but not after maturity. Revival generally requires payment of overdue premiums with applicable interest and satisfactory evidence of continued insurability.
Revival is not automatic. LIC may accept it on the original terms, accept it with modified terms or decline it according to its underwriting rules. Revival becomes effective only after LIC approves it and issues a revival receipt.
Plan 940 Paid-Up Value
A regular-premium policy can continue with reduced paid-up benefits when at least one full policy year’s premiums have been paid and a later premium is missed. If less than one full year’s premiums have been paid, benefits cease after the grace period and no paid-up benefit is available.
Death Paid-up Sum Assured =
Sum Assured on Death ×
(completed premium-paying period ÷ original premium-paying period)Maturity Paid-up Sum Assured =
Sum Assured on Maturity ×
(completed premium-paying period ÷ original premium-paying period)Under the brochure terms, the Death Paid-up Sum Assured or Maturity Paid-up Sum Assured cannot be lower than the total eligible premiums paid under the policy. The accident benefit stops when the policy is not in force; it does not continue under a lapsed or paid-up policy.
Plan 940 Surrender Value
A regular-premium policy can be surrendered after premiums have been paid for at least one full policy year. A single-premium policy can be surrendered at any time during the policy term.
LIC pays the higher of:
- Guaranteed Surrender Value; or
- Special Surrender Value.
The Special Surrender Value is determined by LIC from time to time. A calculator can estimate the Guaranteed Surrender Value but cannot guarantee the Special Surrender Value.
Single-Premium Guaranteed Surrender Value
| Surrender timing | Guaranteed Surrender Value |
| Within three policy years from commencement | 75% of eligible single premium |
| After three policy years | 90% of eligible single premium |
Regular-Premium Guaranteed Surrender Value
Guaranteed Surrender Value =
Total eligible premiums paid × applicable GSV factorLIC New Jeevan Mangal Plan 940 GSV Factor Table
| Policy year | 10 years | 11 years | 12 years | 13 years | 14 years | 15 years |
| 1 | 30% | 30% | 30% | 30% | 30% | 30% |
| 2 | 30% | 30% | 30% | 30% | 30% | 30% |
| 3 | 35% | 35% | 35% | 35% | 35% | 35% |
| 4 | 50% | 50% | 50% | 50% | 50% | 50% |
| 5 | 50% | 50% | 50% | 50% | 50% | 50% |
| 6 | 50% | 50% | 50% | 50% | 50% | 50% |
| 7 | 50% | 50% | 50% | 50% | 50% | 50% |
| 8 | 65% | 60% | 57.50% | 56% | 55% | 54.29% |
| 9 | 90% | 70% | 65% | 62% | 60% | 58.57% |
| 10 | 90% | 90% | 72.50% | 68% | 65% | 62.86% |
| 11 | — | 90% | 90% | 74% | 70% | 67.14% |
| 12 | — | — | 90% | 90% | 75% | 71.43% |
| 13 | — | — | — | 90% | 90% | 75.71% |
| 14 | — | — | — | — | 90% | 90% |
| 15 | — | — | — | — | — | 90% |
At the maturity date, the maturity benefit applies instead of surrender value.
LIC New Jeevan Mangal Plan 940 Exclusions
Suicide Exclusion
For a single-premium policy, suicide within 12 months from commencement of risk results in the higher of 90% of the eligible single premium or the available surrender value. No other claim is payable under the policy in that situation.
For an in-force regular-premium policy, suicide within 12 months from commencement of risk generally results in 80% of eligible premiums paid. If suicide occurs within 12 months from revival, the higher of 80% of eligible premiums paid up to death or the available surrender value is payable. The policy bond should be checked for complete conditions and exceptions.
Accident Benefit Exclusions
The additional accident amount is not payable when death falls under stated exclusions, including intentional self-injury, attempted suicide, specified intoxicants or non-prescribed drugs, war or riot-related activity, certain racing or adventure activities, or a criminal breach of law. It is also excluded if death occurs more than 180 days after the accident or after the policy term.
These restrictions apply to the additional accident amount. Any other claim is considered separately under the policy terms.
Advantages of LIC New Jeevan Mangal Plan 940
- Simple life-cover and return-of-premium structure
- Choice between regular and single premium
- In-built additional accidental death benefit
- Paid-up and surrender facilities subject to conditions
- No complex bonus, NAV or fund-value calculation
Limitations of LIC New Jeevan Mangal Plan 940
- Withdrawn and unavailable for fresh purchase
- Maximum total Sum Assured limited to ₹2 lakh per life
- No policy-loan facility
- No bonus, loyalty addition or market-linked growth
- Special Surrender Value cannot be calculated from the brochure alone
- Final claim depends on policy status and fulfilment of claim conditions
Tax Rule for LIC New Jeevan Mangal Plan 940
Applicable statutory taxes are collected separately over and above the policy premium. The tax amount is not counted when LIC calculates maturity, death, paid-up or surrender benefits.
Income-tax benefits or implications depend on prevailing tax law and individual eligibility. The calculator should not show any tax saving or exemption as guaranteed. Professional tax advice may be taken where required.
Free-Look Period
The plan provided a 15-day free-look period from receipt of the policy bond. A policyholder who disagreed with the terms could return the policy with reasons. LIC would cancel it and refund the deposited premium after deducting proportionate risk premium for the covered period and stamp-duty charges.
Calculator Limitations
The LIC New Jeevan Mangal Plan 940 Calculator gives an estimate and is not an official LIC quotation or claim statement. The displayed result can differ from LIC’s value because of:
- Policy-specific premium and underwriting extra premium
- Incorrect or delayed premium-payment information
- Revival history or policy alteration
- Applicable statutory taxes
- LIC’s current Special Surrender Value basis
- Claim documents, exclusions and policy status
Always compare the entered details with the policy schedule. Contact LIC for a final surrender quotation, revival amount or claim decision.
Frequently Asked Questions
Is LIC New Jeevan Mangal Plan 940 still available?
No. LIC withdrew Plan 940 from new business on 1 January 2025. Existing policies continue according to their terms.
What is the maturity benefit under Plan 940?
When the life assured survives to maturity and all due premiums have been paid, the maturity benefit equals the total eligible premiums paid during the policy term. Applicable taxes and underwriting extra premium are excluded.
How is the regular-premium death benefit calculated?
The Sum Assured on Death is the highest of seven times the annualised premium, 105% of eligible premiums paid up to death, or the Sum Assured.
When does a regular-premium policy acquire paid-up value?
It can continue as a paid-up policy after at least one full policy year’s premiums have been paid and a later premium is not paid.
Can Plan 940 be surrendered?
Yes. A regular-premium policy can be surrendered after premiums have been paid for one full policy year. A single-premium policy can be surrendered during the policy term. LIC pays the higher of Guaranteed Surrender Value and Special Surrender Value.
Conclusion
The LIC New Jeevan Mangal Plan 940 Calculator can help existing policyholders understand their maturity, death, accidental death, paid-up and Guaranteed Surrender Value estimates. The most reliable calculation uses the premium and policy information printed in the LIC policy schedule. As Plan 940 is withdrawn, the calculator is meant for understanding an existing policy rather than purchasing a new one. LIC’s records, the policy bond and applicable claim or surrender rules always take priority over an online estimate.