LIC’s New Jeevan Mangal is a protection plan with return of premium on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in built accident benefit which provides for double risk cover in case of accidental death.

1. International Journal of Trend in Research and Development, Volume 3(2), ISSN: 2394-9333
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Jeevan Mangal Micro Insurance in India- A Performance
Approach in South Zone
1
Dr.C. Paramasivan and 2
S.Rajaram,
1
Assistant Professor, 2
Ph.D Full Time Research Scholar, 1,2
PG & Research Department of Commerce,
Periyar E.V.R College, Tiruchirappalli, India
Abstract: LIC’s New Jeevan Mangal is a protection plan
with return of premium on maturity, where you may pay
the premiums either in lump sum or regularly over the
term of the policy. This plan has an in built accident
benefit which provides for double risk cover in case of
accidental death.
Keywords: LIC, FPI, Jeevan Mangal, Micro Insurance,
South Zone, Sum Assured, Policy holder
I. INTRODUCTION
Insurance is one of the emerging concepts which
consist of investment and risk coverage possible owing
that the needs and demands will be deepens on person to
person. Hence the insurance companies introduced
different insurance schemes. Owing a insurance policy
is the top priority of the inclusive policy of the country
which help to attract the poor and unreached also due to
the changing life style and uncertainty in human life
insurance become portfolio of the people. Covering all
the people under the insurance scheme is non Life
Insurance Corporation provides this schemes of Jeevan
Mangal is term assurance plan with return of premiums
on maturity, where you may pay the premiums either in
lump sum or regularly at yearly, Half yearly, Quarterly,
Monthly, fortnightly or weekly intervals over the term of
the policy. Jeevan Mangal policy holder terms of
premium payments two types regular premium, single
premium the total period is 10 to 15 years while
minimum instalment amount premium Rs.15, minimum
sum assured amounted Rs.10,000, maximum sum
assured amounted Rs.50,000.
II. REVIEW OF LITERATURE
Kajal Savaliya (2010) has conclude that micro
insurance now a day is global issue across the whole
world due to the increasing poverty and micro insurance
is very useful for those people. Who living below the
poverty line people segment whose per day income is
less than 100 or 200 rupees there is a huge untapped
market for micro insurance and most of the people are
completely unaware of micro insurance product but
many of them are aware of insurance product a given
irregular and uncertain income stream of the poor,
flexibility in premium collection is needed to extend the
micro insurance net far and wide.
Nandita Banerjee (2006) has highlighted that
insurance companies now have an alternative delivery
channel to tap segments of low income groups,
extensively MFIs and NGOs with their available base of
customers coupled with systems to support delivery
provide availability of single window for sale and claim
servicing of micro insurance products. Though activates
in this sector are still at a nascent stage, competition
between a large numbers of players is anticipated to act
as a catalyst and lead to the availability of more and
more structured products.
Limna.M (2014) the study reveals that micro
insurance holds much hope for extension of protection
to millions of resource poor households in India. At the
same time, there is a need to pay attention to the
specifications of the clients at the micro level and
customise solutions that meet their needs, are
affordability and are provided by trusted institutions.
Involvement of communities in the process represents
much scope for limiting adverse selection, moral hazard
and fraud, and thus making the schemes more
sustainable.
Karlijin Morsink and peter Geurts, et.al.,
(2008) has analysed that the impact of micro insurance
on vulnerability of the poor to natural hazards in
developing countries is needed for micro insurance
development and investment purposes. Explanatory
factors are natural hazards damage, having micro
insurance, access to assets household investment and
social economic background.
Dennis C and Hansel (2010) has highlighted
that micro insurance schemes following the mutual
principles of set help, self governance and self-
responsibility have a value proposition that mitigates
inherent incentive problems in the insurance business
moral hazard and adverse selection. The maximization
of members utility is the overriding objective and
advocates their suitability to address the needs of a low
income population.
Akila prabhkar (2010) has concluded that the
nascent but growing industry of micro insurance in
India. It will delve into both the risk and regards of
implementation insurance on a micro level with in India,
focusing a majority of the attention to social barriers and
ultimately benefits that can be attained with its
implementation.
Aliero Haruma Mohammed and Shuaibu
Mukhtar (2010) has concluded that it could therefore
be the acceptability of micro insurance in rural areas will
depend on the level of income, type of assets owned,
level of education of the rural dwellers and the
availability of infrastructural facilities in the areas. On
the other hand, micro insurance provides should begin
with such schemes which focus on the major occupation
of the rural inhabitants, which is farming.

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Jeevan Mangal policy holder terms and conditions
Jeevan Mangal Micro Insurance product was
launched by LIC of India on September 2009. Mode of
premium lump sum or weekly, bi monthly, monthly,
quarterly, half yearly, and annually, buys the policy
holder eligibility conditions for 18 years old completed
minimum age. Maximum age at entry level is 60 years
old, 70 years old maximum age at maturity of the policy
holder. To availability of death and maturity claim, term
of payment 10-15 years regularly. Premium payment
ranges Rs.15 only which are most rural people secured
socio economic our life.
Table 1: Jeevan Mangal policy holder of south zone
Division 2010-11 2011-12 2012-13 2013-14
Chennai-I 1409 3729 1954 3936
Chennai-II 1128 7267 11198 11638
Coimbatore 5313 10293 10474 9841
Ernakulam 303 356 115 8
Kottayam 16177 22670 30196 1818
Kozhikode 7156 42868 48004 686
Madurai 10418 17896 10637 6562
Salem 26647 40476 19993 9423
Thanjavur 7815 20762 12811 2153
Tirunelveli 2246 6079 25217 10362
Trissur 1371 3208 1554 1113
Trivandrum 21136 40568 44198 6178
Vellore 2751 651 6110 5612
Total 103870 216823 222461 69330
Source: lic of india Chennai
In the year 2010-11, 103870 policy holder recorded in
south zone of which salem division placed a top position
with 26,647 policy holders followed by Tirvandram
division with 21,136 policy holders, Kottayam division
with 16,177, Madurai division with Rs.10418,
Thanjavur division with 7815, Kozhikode division with
7156, Coimbatore division with 5313, Tirunelveli
division with 2246, Chennai I division with1409, Trissur
division with 1371, Chennai II division with1128 and
Ernakulam division with 303.
With the view of 2011-12, 216823 policy
holder recorded in south zone of which Kozhikode
division placed a top position with 42868 policy holders
belongs to Trivandrum division with 40568, Salem
division with 40476, Kottayam division with 22670,
Thanjavur division 10293, Chennai II division with
7267, Tirunelveli division 6079, Chennai I division with
3729, Vellore division 651 finally Ernakulam division
356.
As per the regards 2012-13, 222461 policy
holders recorded in south zone of which Kozhikode
division placed a top position with 48004 policy holders
belongs to Trivandrum division with 44198,Kottayam
division with 30196, Tirunelveli division with 25217,
Salem division with 19993, Thanjavur division with
12811, Chennai II division with 11198, Madurai
division with 10637, Coimbatore division with 10474,
Vellore division with 6110, Chennai I division with
1954, Trissur division with 1554 and Ernakulam
division with 115.
According to 2013-14, 69330 policy holder
recorded in south zone of which Chennai I division
placed a top position with 11638 policy holders belongs
to Tirunelveli division with 10362, Coimbatore division
with 9841, Salem division with 9423, Madurai division
with 6562, Trivandrum division with 6178, Vellore
division with 5612, Chennai division with 3936, Salem
division with 2153, Kottayam division with 1818,
Trissur division with 1113, Kozhikode division 686 and
Ernakulam division with 8.
Jeevan Mangal Micro insurance of sum assured of
policy holder
The sum assured on death shall be reduced to a
sum, called the death paid up sum assured. The death
paid up sum assured shall bear the same ratio to the sum
assured on death as the premiums paid bears to the total
number of premium payable. On the life assureds’ death
prior to maturity, the death paid up sum assured shall be
payable. On maturity, total premiums paid less taxes
and extra premium, if any shall be payable. In case of
regular premium policies, if after at least three full years
premiums have been paid in respect of this policy and
any subsequent premium be not duly paid, this policy
and any subsequent premium be not duly paid, this
policy shall not be wholly void, but shall subsist as a
paid up policy.

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Tabel 2: Jeevan Mangal sum assured policy holder of south zone
Division 2010-11 2011-12 2012-13 2013-14
Chennai-I 20612.00 39264.00 19699.00 40050.00
Chennai-II 20395.00 82551.00 115526.00 118257.00
Coimbatore 55143.00 103644.00 107136.00 99784.00
Ernakulam 4582.10 4373.00 2835.00 202.00
Kottayam 171663.00 231229.00 304034.00 18967.00
Kozhikode 74207.63 431531.00 482156.00 7137.00
Madurai 106401.10 179621.00 111613.00 70362.00
Salem 267624.00 405293.00 201008.00 94444.00
Thanjavur 89571.00 211171.00 131900.00 22667.00
Tirunelveli 29052.00 62126.00 252541.00 104207.00
Trissur 21070.00 39595.00 20260.00 14196.00
Trivandrum 223086.00 413095.00 443800.00 61986.00
Vellore 31560.00 6938.00 61909.00 56451.00
Total 1114966.83 2210431.00 2254417.00 708710.00
Source: lic of india Chennai
In the year 2010-11, Rs.1114966.83 thousands
distributed as sum assured to the policy holder of which
salem division distributed sum assured with
Rs.267624.00 thousands followed by Trivandrum
division Rs.223086.00, Kottayam division with
171663.00, Madurai division with Rs.106401.00,
Thanjavur division with Rs. 89571.00, Kozhikode
division with Rs.74207.63, Coimbatore division with
Rs.55143.00, Vellore division with Rs.31560.00,
Tirunelveli division with Rs.29052.00, Trissur division
with Rs.21070.00 Chennai I division with Rs.20612.00,
Chennai II division wtih Rs.20395.00 finally Ernakulam
division with Rs.4582.10.
As regards 2011-12, Rs.2210431 thousands
distributed as sum assured to the policy holder of which
Kozhikode division distributed sum assured with
Rs.431531.00 thousands belongs to Trivandram division
with Rs.413095.00, Salem division Rs.405293.00,
Kottayam division with Rs.231229.00, Thanjavur
division with Rs.211171.00, Madurai division with
Rs.179621.00, Coimbatore division with103644.00,
Chennai II division with Rs. 82551.00, Tirunelveli
division with Rs. 62126.00, Trissur division with Rs.
39595.00, Chennai I division with Rs.39264.00, Vellore
division with Rs.6938.00 and Ernakulam division with
Rs.4373.00.
With the view of 2012-13, 2254417.00
thousands distributed as sum assured to the policy
holder of which Kozhikode division distributed sum
assured with Rs.482156.00 followed by Trivandrum
division with Rs.443800.00, Kottayam division with
Rs.304034.00 Tirunelveli division with Rs.252541.00,
Salem division with 201008.00, Thanjavur division with
Rs.131900.00, Chennai II division with 1,15,526.00,
Madurai division with, 111613.00, Coimbatore division
with Rs.107136.00 Vellore division with Rs.61,909.00,
Trissur division with Rs. 20260.00, Chennai I division
with Rs. 19699.00 and Ernakulam division with
Rs.2835.00.
According to 2013-14, 708710.00 thousands
distributed as sum assured to the policy holder of which
Chennai II division distributed sum assured with
Rs.118257.00 belongs to Tirunelveli division with
Rs.104207.00, Coimbatore division with Rs.99784.00,
Salem division Rs.94444.00, Madurai division with
Rs.70362.00, Trivandrum division with Rs. 61986.00,
Vellore division with Rs.56451.00, Chennai I division
with Rs.40050.00, Thanjavur division with Rs.22667.00,
Kottayam division with Rs.18967.00, Trissur division
with Rs.14196.00, Kozhikode division with Rs.7137.00,
finally Eranakulam division with Rs.202.00.
Regular premium and single premium policies of
Jeevan Mangal Micro Insurance
It’s may be surrendered for cash provided the
premiums have been paid for at least three consecutive
years. The guaranteed surrender value shall be equal to
guaranteed surrender value factor multiplied by total
premium paid excluding taxes and extras, if any the
guaranteed surrender value factor will depend on the
policy term and policy year. Single premium policies it’s
may be surrendered for cash at any time during the
policy term. Within three policy years from date of
commencement of policy 70 percent of the single
premium excluding taxes and extra premium.

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Tabel 3: Jeevan Mangal FPI policy holder of south zone
Division 2010-11 2011-12 2012-13 2013-14
Chennai-I 1539537 480751 49842 871078
Chennai-II 134006 398524 487031 343752
Coimbatore 324808 576159 459267 823760
Ernakulam 25264 15654 23649 1484
Kottayam 543042 664846 741089 50010
Kozhikode 196438 960836 979537 18044
Madurai 331129 558432 818522 399532
Salem 771437 1674141 1073492 302739
Thanjavur 543212 507001 677774 906068
Tirunelveli 257211 181635 729807 768213
Trissur 141679 176855 80128 55852
Trivandrum 739516 1320130 1062832 142972
Vellore 265667 36479 526689 486055
Total 5812946 7551443 7709659 5169559
Source: lic of india Chennai
CONCLUSION
Insurance sector is one of the emerging and
most important part of the financial system of the
country which helps to mobilise the savings from the
people in the from of policy premium and prefect he
investors from the risk and uncertainty. Indian
insurance sector is one of the well organised and
regulated by the competent regulatory bodies such as
RBI, IRDA etc. LIC of India is one of the major players
which consist of more than 50 percent of its share
holding in insurance in sectors. Though shift
competition in insurance sector from private and foreign
players, LIC of India dominates because of its trust and
wide spread networking. Micro insurance is one of the
schemes of the LIC of India which introduced through
Jeevan Madhur Micro insurance policy to reach the
unreached people. Jeevan madhur mangal insurance
south zone is performing significantly with attractive
policies. Salem Tirvandrum and Madurai division are
performed will with respects to Jeevan madhur micro
insurance policy holders, sum assured etc. Hence, it
concludes that micro insurance should extent to all the
people who are excluded from the insurance scheme due
to financial inefficiency. Risk is Common to all
therefore there is a constant and effective
implementation of existing micro insurance schemes.
References
[1] Akila Prabhakar (2010) “Micro Insruance: The
Risk Reward Spectrum in India” The bachelor of
Science undergraduate college, Leonard N. Stern
School of business, New York Univeristy, pp.1-
55.
[2] Aliero Haruna Mohammed and Shuaibu
Mukhtar (2010) “The prospects of Micro
insruance in the rural areas of Nigeria”, European
Scientific Journal Vol.8., pp.66-76.
[3] Dennis C. Hansel (2010) “The Challenge of
Super vision in Micro insruance” project reports
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[4] Karlijn Morsink peter Geurks and Annemarije
Kooijmanvan Dijk (2009), “Impact of micro
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[5] Kajal Savaliya (2010) “A Critical Analysis of
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[6] Limna.M (2014) “Micro insruance in India-It’s
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[7] Nandita Banerjee (2006) “ Health Care for all
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[8] www.irda.com
[9] www.lic.com
[10] www.indian insitute of insruance.org.in