LIC New Jeevan Mangal Plan 840 Calculator: Premium, Maturity Refund & Death Benefit

What is LIC New Jeevan Mangal Plan 840?

LIC New Jeevan Mangal Plan 840 is a low-cost life insurance policy for people with modest incomes. It gives a fixed life cover for a set number of years and, if the policyholder survives, returns every premium paid. On top of that, the policy has a built-in accident benefit that doubles the payout when death is caused by an accident.

Plan 840 was launched on 9 January 2014, replacing the original Jeevan Mangal 198, which had been withdrawn at the start of that month. It was later succeeded by New Jeevan Mangal 940. New customers cannot buy 840 any more, but policies already in force run to maturity as promised.

New Jeevan Mangal 840 at a glance

Feature	Details
Plan number	840
Launched	9 January 2014
Plan type	Micro-insurance term plan with return of premium
Premium options	Regular or single premium
Policy term	10–15 years (regular), 5–10 years (single)
Entry age	18 to 55 years
Maximum maturity age	65 years
Sum assured	₹50,000 to ₹2,00,000
Accident benefit	In-built, no extra premium
Loan	Not available

Eligibility

Condition	Details
Minimum entry age	18 years
Maximum entry age	55 years
Maturity age limit	65 years
Regular premium term	10 to 15 years
Single premium term	5 to 10 years

How the 840 premium works

The premium is a fixed rate per ₹1,000 of sum assured, depending on age and term. The rate climbs slowly until the mid-30s and faster after 45. For ₹1 lakh cover on a 10-year term, the calculator shows about ₹5,885 a year at age 20, ₹6,645 at 40 and ₹8,360 at 50.

Worked example: a 30-year-old chooses ₹1,00,000 cover for 10 years and pays yearly.

• Yearly premium: about ₹6,015
• Total paid over 10 years: ₹60,150
• Refund at age 40: ₹60,150
• Death benefit during the term: ₹1,00,000, or ₹2,00,000 if the death is accidental

If the same person picks a 15-year term and pays monthly, the instalment drops to about ₹332.

Tip: because the refund carries no interest, the real value of your money falls over 10–15 years. Treat this plan as cheap life cover with a refund, not as an investment.

Maturity benefit

When the term ends, LIC pays the total premiums paid, excluding taxes, extra premiums and rider premiums. There are no bonuses or loyalty additions.

Death benefit

• Regular premium: the highest of the basic sum assured, 10 times the annualised premium, or 105% of premiums paid up to death.
• Single premium: the higher of the basic sum assured or 125% of the single premium.
• Accident: an additional amount equal to the basic sum assured.

The 10-times rule was typical of products filed before the 2019 product regulations. Plan 940 later lowered it to 7 times.

Other features

• No loan facility.
• Revival: a lapsed policy can be revived within two years of the first unpaid premium by paying the arrears with interest.
• Free look: new policyholders had 15 days to return the policy.

Tax benefits

Regular premiums are usually eligible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old tax regime), and maturity and death proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) as long as the yearly premium stays within 10% of the sum assured. Single premium policies usually fail this test for the maturity refund, though the death benefit remains tax-free.

Who should hold on to it?

If you hold an 840 policy, keeping it to maturity is usually sensible: stopping early forfeits most of the cover and the refund. New buyers who want more cover should compare a pure term plan using our term plan calculator.

How to use this calculator

1. Pick regular or single premium.
2. Enter your age and select the term.
3. Set the sum assured between ₹50,000 and ₹2 lakh.
4. Choose the premium mode.
5. Read your premium, refund at maturity, death benefit and accidental death payout. Figures are estimates based on the published rate chart.