LIC Jeevan Mitra Plan

LIC Jeevan Mitra is a simple endowment policy with 2 variants. One variant is called Jeevan Mitra (Double Cover Endowment Plan) and Jeevan Mitra (Triple Cover Endowment Plan). In this plan, if the Life Insured dies within the policy tenure then his nominee would receive Double or Triple the Sum Assured (according to the variant opted for) + accrued Bonus. Now, if the Life Insured survives the entire term, then he would receive basic Sum Assured + accrued Bonus.

 

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• Death Benefit is double the Sum Assured + accrued Bonus for Double Cover Endowment Plan and it is triple the Sum Assured + accrued Bonus for Triple Cover Endowment Plan
• Maturity Benefit is basic Sum Assured + accrued Bonus
• Optional higher cover through 2 additional riders

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Death Benefit – In case of death of the Life Insured, the nominee receives

·         2 times the Sum Assured + accrued Bonus for Double Cover Endowment Plan and

·         3 times the Sum Assured + accrued Bonus for Triple Cover Endowment Plan

 

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)


Check the Bonus rates of LIC Jeevan Mitra (Double Cover) Plan 88

Check the Bonus rates of LIC Jeevan Mitra (Triple Cover) Plan 133

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	50,000	No Limit
Policy Term (in years)	15	30
Premium Payment Term (in years)	15	30
Entry Age of Policyholder	18	50
Age at Maturity	-	70
Single Premium (in Rs.)	NA	NA
Payment modes	Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 
 

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years respectively.

 

 

Riders – There are 2 Additional Riders available:

·         Accidental Death Benefit Rider

·         Critical Illness Rider

 

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy