Jeevan Mitra (Double Cover Endowment Plan)
Jeevan Mitra – Double Cover (Table No.88) is for people who need a big sum assured / financial protection to his/her family in case of unfortunate death during policy period.
Jeevan Mitra plan is not allowed for non-earning majors including students.
(i) When occupational extra is chargeable (ii) Pregnant ladies.
You can pay Jeevan Mitra insurance Premiums yearly, half-yearly, quarterly, monthly (ECS) or through Salary deductions.
Jeevan Mitra – Double Cover participates in LIC’s profit. Bonuses are declared every year. Once declared, bonus form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.
Twice the Sum Assured plus all bonuses on the basic sum assured to date is payable in a lump sum upon the death of the life assured.
3 times of Sum Assured plus all the Bonus is given on accidental death provided policy was covered for accidental benefit.
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.
Tax Benefit is available on Premiums u/s 80C
Whereas Maturity/Death Claim u/s 10D
Loan is allowed after 3 years
Housing Loan Collateral: Twice Basic sum assured.
Conditions and Requirements:
Min. age at entry: 18 years
Max. age at entry: 50 years
Max. Maturity age: 70 years.
Min. S.A.: Rs. 50,000/-
Max. SA.: Any amount
SA in multiples: Rs. 5,000
Accident benefit per 1000 SA: Re. 1 extra.
Min Term: 15 years.
Max Term: 30 years.
Surrender of Policy: Yes
Housing Loan: Available
Survival Benefits: No
Permanent Disability Benefit: Available
Buying Insurance policy is a long term commitment but Jeevan Mitra policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.
1. Mrs. Geeta takes Jeevan Mitra policy for Rs 1 Lakh for 16 years term under Jeevan Mitra Double cover table no. 88. She dies of natural death due to heart attack after 3 years. Her nominee gets Rs. 2,13,200/- (Rs. 2,00,000/- SA being Double Cover Policy + Rs 13200 being bonus at an estimated Rs 44 per thousand pa for 3 years).
In case, Mrs Geeta dies in an accident, her nominee will receive Rs. 3,00,000/- being 3 times the SA + accumulated Bonus till her death.
2. If Mrs Geeta takes the same policy but with for Rs 1 lakh but for 20 years and she survives till maturity. Then, Mrs. Geeta gets Rs. 1,88,000/- (Rs. 100000 SA + Rs. 88,000/- being bonus at an estimated Rs 44 per thousand per annum).
How to Apply for LIC Of India’s Jeevan Mitra Policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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