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LIC Jeevan Mitra Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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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Key Features of LIC Jeevan Mitra Plan

 

  • 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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Benefits you get from LIC Jeevan Mitra Plan

 

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

 

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

 

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Sample illustration of premium of LIC Jeevan Mitra Plan

 

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.

LIC Jeevan Mitra Policy Sample Premium Values

 

Additional Features and Benefits of LIC Jeevan Mitra Plan

 

Riders – There are 2 Additional Riders available:

·         Accidental Death Benefit Rider

·         Critical Illness Rider

 

What 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.

 

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

 

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