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.
Key Features
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
There are 2 Additional Riders available:
- Accidental Death Benefit Rider
- Critical Illness Rider
Benefits
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
At the maturity of the policy, the insured will get Sum Assured + accrued Bonus
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)
Eligibility
| 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 | |
FAQs
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.
What 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
What happens if You want a loan against your policy?Loan facility is available under this policy
