LIC Jeevan Mangal 198 was LIC's micro-insurance term plan with return of premium, sold from 3 September 2009 to 1 January 2014. Cover ranged from ₹10,000 to ₹50,000, and all premiums were refunded on survival. A 30-year-old with ₹50,000 cover for 15 years pays about ₹1,908 a year and gets ₹28,620 back at maturity.
Jeevan Mangal 198 Premium & Maturity Calculator
Your estimate
- Premium per instalment
- ₹3,008
- Total premium paid
- ₹30,080
- Sum assured on deathbasic sum assured
- ₹50,000
- Payout on accidental deathonly if the optional accident benefit rider was taken
- ₹1,00,000
- Age at maturity
- 40 years
- Total premium paid₹30,08060%
- Life cover above premiums₹19,92040%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Mangal Plan 198?
LIC Jeevan Mangal Plan 198 was one of LIC’s early micro-insurance products, designed for people who could only spare small amounts for insurance. It worked as a term plan with a refund: the family got the life cover if the policyholder died during the term, and the policyholder got every premium back if they survived.
The plan was sold from 3 September 2009 to 1 January 2014. It was replaced by New Jeevan Mangal 840, which kept the same idea but made the accident benefit a built-in feature. If you still hold a 198 policy, the calculator above estimates your premium and refund.
Jeevan Mangal 198 at a glance
| Feature | Details |
|---|---|
| Plan number | 198 |
| Sold | 3 Sep 2009 – 1 Jan 2014 |
| Plan type | Micro-insurance term plan with return of premium |
| Sum assured | ₹10,000 to ₹50,000 |
| Policy term | 10–15 years (regular), 5–10 years (single) |
| Entry age | 18 to 55 years |
| Maximum maturity age | 65 years |
| Accident benefit | Optional |
| Loan | Not available |
Eligibility
| Condition | Details |
|---|---|
| Minimum entry age | 18 years (completed) |
| Maximum entry age | 55 years (nearer birthday) |
| Maximum maturity age | 65 years |
| Premium modes | Yearly, half-yearly, quarterly, monthly, weekly/fortnightly (through micro agents), single |
How the premium is calculated
LIC charged a rate per ₹1,000 of sum assured based on age and term. For ₹50,000 cover the calculator gives:
| Age | 10 years | 12 years | 15 years |
|---|---|---|---|
| 20 | ₹2,943 | ₹2,393 | ₹1,843 |
| 30 | ₹3,008 | ₹2,458 | ₹1,908 |
| 40 | ₹3,323 | ₹2,751 | ₹2,180 |
| 50 | ₹4,180 | ₹3,494 | ₹2,808 |
Some rate charts circulating for Plan 198 show values that run backwards with age, such as a 35-year-old paying less than a 30-year-old. This calculator uses the smooth New Jeevan Mangal chart instead, which matches the 198 rates at ages 20, 30, 40 and 50.
Worked example: a 30-year-old chooses ₹50,000 cover for 15 years and pays yearly. The premium is about ₹1,908 a year, total premiums are ₹28,620, and that amount is refunded at age 45.
Tip: if your 198 policy has lapsed and is still within the revival window, reviving it is usually better than letting it go. You get both the cover and the refund back on track.
Maturity benefit
When the term ends, the policyholder receives the total premiums paid, excluding any extra premium and rider premium. There is no bonus.
Death benefit
The nominee receives the basic sum assured. If the accident benefit option was chosen and the death was caused by an accident, an extra amount equal to the sum assured is added. That is why the calculator shows the accident payout separately.
Revival, free look and lapse
If premiums stopped, the policy lapsed after the grace period. It could be revived within two years of the first unpaid premium by paying all arrears with interest, subject to LIC’s approval. New policyholders also had a 15-day free-look period to return the policy for a refund after small deductions. Because the plan had no surrender cash value to speak of, keeping premiums going was the only way to get the refund.
Tax treatment
Regular premiums usually qualified under Section 123 of the Income-tax Act, 2025 (earlier Section 80C), and the maturity refund and death claim are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).
Jeevan Mangal 198 vs New Jeevan Mangal
The successor plans, New Jeevan Mangal 940 and 840, kept the premium-refund design but made the accident benefit built-in, raised the cover limit to ₹2 lakh and added a death benefit floor linked to the premium. For bigger cover at lower cost, a pure term plan is the better tool; see our term plan calculator.
How to use this calculator
- Pick regular or single premium.
- Enter age and term.
- Enter the sum assured (₹10,000 to ₹50,000).
- Choose the mode.
- Read the estimated premium, refund and death benefit.
Frequently asked questions
When was LIC Jeevan Mangal 198 launched and withdrawn?
Jeevan Mangal was launched on 3 September 2009 and withdrawn on 1 January 2014. LIC then launched New Jeevan Mangal (Plan 840) in January 2014. Policies bought before withdrawal continue with their original benefits.
What is the maturity benefit of Jeevan Mangal 198?
On survival to the end of the term, LIC refunds all premiums paid, excluding extra premiums and rider premiums. There is no bonus. For ₹50,000 cover at age 30 over 10 years, about ₹30,080 is refunded.
What is the death benefit under Jeevan Mangal 198?
The nominee receives the basic sum assured. If the optional accident benefit was taken and the death is due to an accident, an additional amount equal to the sum assured is paid.
What was the sum assured range in Jeevan Mangal?
The basic sum assured ranged from ₹10,000 to ₹50,000, in line with the micro-insurance limits of that time. Later New Jeevan Mangal versions raised the upper limit to ₹2 lakh.
Can I take a loan on a Jeevan Mangal 198 policy?
No. The plan did not have a loan facility. A lapsed policy could be revived within two years of the first unpaid premium by paying the arrears with interest.
How often could premiums be paid in Jeevan Mangal?
The plan was flexible. Besides yearly, half-yearly, quarterly and monthly modes, it allowed very small weekly or fortnightly payments through micro-insurance agents, and a single premium option.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.