LIC Jeevan Mitra Plan

Sample Premiums for this plan
The below illustration is for a healthy Male (non-tobacco user) opting for Triple | Double
1 Lakhs Cover
1 Lakhs Cover
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Death Benefit
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Maturity Benefit
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Optional higher cover

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.

Compare this plan with other Investment Plans

LIC Jeevan Mitra Plan - Key Features

Death Benefit
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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...

Maturity Benefit
unlimited-automatic-recharge icon

Maturity Benefit is basic Sum Assured + accrued Bonus

Optional higher cover
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Optional higher cover through 2 additional riders

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There are 2 Additional Riders available:

  • Accidental Death Benefit Rider
  • Critical Illness Rider

LIC Jeevan Mitra Plan - Benefits

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...

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 (10...

Eligibility conditions and other restrictions in LIC Jeevan Mitra Plan

  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

LIC Jeevan Mitra Plan - FAQs

angle right iconWhat happens if 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.

angle right iconWhat happens if 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

angle right iconWhat happens if You want a loan against your policy?

Loan facility is available under this policy