LIC New Jeevan Mangal Plan 840 Calculator

The LIC New Jeevan Mangal Plan 840 Calculator helps existing policyholders estimate the premium, maturity benefit, death benefit, accidental death benefit, paid-up value, and Guaranteed Surrender Value of their policy. LIC withdrew this plan from new business on 1 February 2020, so it is no longer available for fresh purchase.

The calculator uses the rules and sample premium rates published in LIC’s official brochure. Its results are estimates. For the most reliable calculation, enter the premium and policy details printed in the original policy schedule.

LIC New Jeevan Mangal Plan 840 Quick Overview

What Is the LIC New Jeevan Mangal Plan 840 Calculator?

The calculator is an estimation tool for policies carrying Plan Number 840 and UIN 512N287V02. It applies the stated policy formulas to the details entered and presents the main results in a simple format.

It can help estimate:

• Premium for the ages and terms covered in LIC’s sample table
• Total eligible premiums payable
• Maturity benefit
• Normal and accidental death benefits
• Reduced paid-up benefits
• Guaranteed Surrender Value

The calculator cannot confirm LIC’s Special Surrender Value, revival interest, underwriting decision or final claim amount. These depend on LIC’s records and the individual policy.

Highlights of the Calculator

• Covers regular-premium and single-premium policies
• Uses official sample rates instead of assumed investment returns
• Compares applicable death-benefit amounts
• Separately explains maturity, paid-up and surrender values
• Uses official Guaranteed Surrender Value factors
• Excludes statutory taxes and underwriting extra premium from benefit calculations
• Helps existing policyholders understand an older withdrawn policy

Details Required for Calculation

Keep these policy details ready:

• Age at entry
• Premium type
• Policy term
• Sum Assured
• Premium payment mode
• Premium shown in the policy schedule
• Number of premiums paid
• Current or completed policy year

If the calculator asks for the eligible premium, enter the premium excluding statutory taxes and underwriting extra premium.

How to Use the LIC New Jeevan Mangal Plan 840 Calculator

1. Select Regular Premium or Single Premium.
2. Enter the age at entry, policy term and Sum Assured.
3. For a regular-premium policy, select the payment mode.
4. Enter the premium shown in the policy schedule where the calculator permits manual premium entry.
5. Enter the premiums paid or completed policy year for paid-up and surrender estimates.
6. Click Calculate and review each benefit separately.

LIC’s brochure provides annual sample rates only for selected ages and terms. Any half-yearly, quarterly or monthly amount derived from an annual sample rate is approximate and may not match the official modal premium.

Also Check:

• LIC Jeevan Mangal Calculator All in One
• LIC New Jeevan Mangal Plan 940 Calculator
• New Jeevan Mangal Plan 819 Calculator
• LIC Jeevan Mangal Plan 198 Maturity Calculator

What Is LIC New Jeevan Mangal Plan 840?

LIC New Jeevan Mangal Plan 840 was a protection-oriented micro-insurance plan. It provided life cover during the policy term and returned the eligible premiums paid if the life assured survived to maturity and all due premiums had been paid.

The policy also contained an in-built accident benefit. For an eligible accidental death, an additional amount equal to the Sum Assured was payable with the normal death benefit.

Plan 840 was non-linked and non-participating. Therefore, it did not have NAV, fund value, simple reversionary bonus, final additional bonus or loyalty addition. Its maturity benefit could be lower than the Sum Assured because maturity was based on eligible premiums paid rather than the insured cover amount.

LIC New Jeevan Mangal Plan 840 Main Highlights

• Life cover with return of eligible premiums on maturity
• Regular and single-premium options
• In-built additional benefit for eligible accidental death
• Sum Assured from ₹10,000 to ₹50,000 in multiples of ₹1,000
• Paid-up facility for qualifying regular-premium policies
• Surrender facility subject to plan conditions
• No policy loan, bonus or market-linked growth

LIC New Jeevan Mangal Plan 840 Benefits

The main benefits were:

• Maturity benefit: Return of eligible premiums paid when the life assured survives to maturity and all due premiums have been paid.
• Death benefit: Payment of the Sum Assured on Death while the policy is in force.
• Accident benefit: An additional amount equal to the Sum Assured for an eligible accidental death.
• Paid-up benefit: Reduced death and maturity cover after a qualifying regular-premium policy stops receiving premiums.
• Surrender benefit: Guaranteed or Special Surrender Value, whichever LIC determines to be higher.

Eligibility for LIC New Jeevan Mangal Plan 840

There was no stated minimum instalment premium for yearly, half-yearly or quarterly mode. Entry age plus policy term must remain within the maximum maturity age. For example, a person aged 50 nearer birthday may be eligible for a 15-year term because maturity at age 65 is permitted.

Premium Payment Options

Regular premiums could be paid yearly, half-yearly, quarterly or monthly throughout the policy term. Alternatively, the entire premium could be paid once under the single-premium option.

The following selected rates are taken from LIC’s official brochure and exclude applicable taxes.

Annual Premium per ₹1,000 Sum Assured

Single Premium per ₹1,000 Sum Assured

These are sample rates, not a complete quotation table. For an age or term not shown, use the premium printed in the policy schedule.

Brochure-Based Calculation Example

Assume the following policy details:

The Sum Assured contains 50 units of ₹1,000:

Illustrative annual premium = 50 × ₹60.15
                            = ₹3,007.50

If all ten premiums are paid:

Estimated maturity benefit = ₹3,007.50 × 10
                            = ₹30,075

This is an illustration based on a sample brochure rate. The actual policy premium may differ, and applicable taxes are excluded.

LIC New Jeevan Mangal Plan 840 Maturity Benefit

If the life assured survives to maturity and all due premiums have been paid, LIC pays the Sum Assured on Maturity.

Sum Assured on Maturity = Total eligible premiums paid during the term

Eligible premiums do not include statutory taxes or any extra amount charged because of an underwriting decision. The plan does not add a bonus or investment return to the maturity amount.

For the example above, the estimated maturity benefit is ₹30,075—not the ₹50,000 Sum Assured used for life cover.

LIC New Jeevan Mangal Plan 840 Death Benefit

Regular-Premium Policy

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. Ten times the annualised premium
2. 105% of eligible premiums paid up to the date of death
3. Sum Assured on Maturity
4. Sum Assured

Suppose death occurs after five annual premiums in the earlier example:

Single-Premium Policy

For a single-premium policy, the Sum Assured on Death is the highest of:

1. 125% of the eligible single premium
2. Sum Assured on Maturity
3. Sum Assured

For age 30, a five-year term and ₹50,000 Sum Assured, the brochure sample gives a single premium of ₹8,962.50. Here, 125% of the premium is ₹11,203.13, while the Sum Assured is ₹50,000. Therefore, the estimated normal death benefit is ₹50,000.

Accidental Death Benefit

For an eligible accidental death, LIC pays an additional amount equal to the Sum Assured along with the normal death benefit.

Total eligible accidental death benefit =
Sum Assured on Death + Additional Sum Assured

If both amounts are ₹50,000, the total eligible accidental death benefit is ₹1,00,000. The policy must be in force, and the death must meet the accident-benefit conditions.

Paid-Up Value If Premiums Stop

This facility applies only to regular-premium policies. If at least one full policy year’s premiums have been paid and a later premium is missed, the policy continues with reduced benefits.

Death Paid-up Sum Assured =
Sum Assured on Death ×
(number of premiums paid ÷ total premiums payable)

Maturity Paid-up Sum Assured =
Sum Assured on Maturity ×
(number of premiums paid ÷ total premiums payable)

The numerator and denominator must use the same payment mode. The brochure states that neither paid-up amount can be lower than total eligible premiums paid. Accident benefit does not continue when the policy is lapsed.

LIC New Jeevan Mangal Plan 840 Surrender Value

A single-premium policy could be surrendered at any time during its term. A regular-premium policy could be surrendered after at least one full policy year’s premiums had been paid.

Single-Premium Guaranteed Surrender Value

Regular-Premium Guaranteed Surrender Value

Guaranteed Surrender Value =
Total eligible premiums paid × applicable GSV factor

LIC may pay a Special Surrender Value when it is more favourable. Since LIC determines that value, a calculator should present only the guaranteed estimate unless an official Special Surrender Value is entered.

Grace Period, Lapse and Revival

LIC allowed a grace period of two calendar months, but not less than 60 days, for all regular premium modes. If the premium remained unpaid after the grace period, the policy lapsed.

A lapsed policy could be revived within two consecutive years from the first unpaid premium date and before maturity. Revival required overdue premiums with applicable interest and satisfactory evidence of continued insurability. LIC could accept revival on original or revised terms or decline it. Revival became effective only after LIC’s approval was communicated in writing.

LIC New Jeevan Mangal Plan 840 Exclusions

For a single-premium policy, suicide within 12 months from commencement of risk resulted in payment of 90% of the eligible single premium instead of the normal claim.

For an in-force regular-premium policy, suicide within 12 months from commencement of risk generally resulted in payment of 80% of eligible premiums paid. If suicide occurred within 12 months from revival, the higher of 80% of eligible premiums paid up to death or the available surrender value was payable.

The additional accident amount was not payable in specified cases such as intentional self-injury, attempted suicide, certain intoxicants or non-prescribed drugs, war or riot-related activity, criminal breach of law and specified racing or adventure activities. It was also excluded if death occurred more than 180 days after the accident or after the policy term.

Advantages and Limitations

Plan 840 had a simple benefit structure, regular and single-premium choices, return of eligible premiums and an in-built accident benefit. It was not affected by NAV or equity-market movement.

However, its maximum Sum Assured was only ₹50,000, there was no policy loan and maturity did not include a bonus or investment growth. Early surrender could return substantially less than the premiums paid.

Tax Rule for LIC New Jeevan Mangal Plan 840

Applicable statutory taxes were collected separately and were not included in maturity, death, paid-up or surrender calculations. Income-tax benefits and implications depend on prevailing law and individual eligibility. They should not be shown as guaranteed by the calculator.

Free-Look Period

The plan provided a 15-day free-look period from receipt of the policy bond. A dissatisfied policyholder could return the policy with reasons. LIC would refund the deposited premium after deducting proportionate risk premium for the covered period and stamp-duty charges.

Calculator Limitations

The calculator cannot confirm:

• Exact premiums for ages and terms absent from the brochure’s sample table
• Official monthly, quarterly or half-yearly modal premium
• Special Surrender Value
• Revival interest or revival approval
• Underwriting extra premium
• Final claim eligibility or settlement amount

The policy bond and LIC’s records take priority over an online calculation.

Frequently Asked Questions

Is LIC New Jeevan Mangal Plan 840 still available?

No. LIC withdrew Plan 840 from new business on 1 February 2020. Existing policies continue according to their policy terms.

Is the maturity amount equal to the Sum Assured?

No. The maturity benefit equals eligible premiums paid during the term, subject to all due premiums being paid. The Sum Assured is mainly used for life cover.

When does the policy acquire paid-up value?

A regular-premium policy can continue with reduced paid-up benefits after at least one full policy year’s premiums have been paid and a later premium is missed.

Can the calculator show the exact Special Surrender Value?

No. LIC determines the Special Surrender Value. The calculator can estimate Guaranteed Surrender Value using the official factor unless an official Special Surrender Value is entered.

Is a policy loan available?

No. LIC did not provide a loan facility under Plan 840.

Conclusion

The LIC New Jeevan Mangal Plan 840 Calculator helps existing policyholders understand maturity, death, accidental death, paid-up and Guaranteed Surrender Value estimates. The most reliable calculation uses the premium and policy information printed in the policy schedule. Because the plan is withdrawn, the tool is intended for understanding an existing policy, not buying a new one. LIC’s records and the original policy bond remain final.