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LIC Jeevan Mitra (Double Cover Endowment Plan)

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LIC Jeevan Mitra(Double Cover Endowment Plan) as the name suggests is an endowment plan which offers life cover. The plan lets the policyholder participate in the company's profits thus earning bonuses.

Eligibility Criteria for LIC Jeevan Mitra(Double Cover Endowment Plan)

Minimum age at entry 18 years
Maximum age at entry 50 years
Minimum age at maturity Not available
Maximum age at maturity 70 years
Minimum policy term 15 years
Maximum policy term 30 years
Minimum sum assured Rs. 50,000
Maximum sum assured No limit on the maximum sum assured

Key Features of LIC Jeevan Mitra(Double Cover Endowment Plan)

Type Endowment plan
Basis Individual
Policy terms 15 to 30 years
Premium payment terms Same as the policy term
Premium payment mode Annually, bi-annually, quarterly and monthly
Death benefit In case of death of the insured during the policy term, twice the sum assured along with all bonuses on basic sum assured till that date will be paid as death benefit to the nominee/ beneficiary
Maturity benefit The sum assured amount along with all bonuses till maturity date is payable as the maturity benefit on survival at the end of the policy term
Free look period 15 days
Grace period One month (30 days)
Surrender value Surrender value is available for the plan given that the contract is terminated early
Policy cover Death benefit, maturity benefit along with bonus
Loan facility Loan facility is available under the policy after three years
Policy revival The policy can be revived within the first 12 months from the date of the first unpaid premium in case of lapse of the policy
Tax benefits The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961
Riders The plan offers two types of additional riders

Benefits Offered by LIC Jeevan Mitra(Double Cover Endowment Plan)

Listed below are the benefits of this LIC Endowment Plan

  • Death Benefit- In case of unfortunate death of the insured during the policy term, the nominee will be paid twice the basic sum assured along with bonuses as death benefit.
  • Maturity Benefit-In case of survival at the end of the policy, the basic sum assured amount along with all the bonuses until the date of maturity will be paid as maturity benefit.
  • Guaranteed Surrender Value- A guaranteed surrender value of 30% of the basic premiums paid(excluding the first year) is paid given that the policy is surrendered after completing three years.
  • Tax Benefits- The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961.
  • Bonuses-The policy participates in the profits of Corporate's life insurance business and gets a share of the profits as bonuses.
  • The plan can easily be purchased online without any hassles
  • Offers life cover as well as bonuses

How does the Plan Work?

Consider the case of Mr. Arun who purchases LIC Jeevan Mitra(Double Cover Endowment Plan) for Rs.1 lakh for a premium payment term of 16 years. Now let's assume that he dies after the completion of three years of the policy, in this case his nominee will get Rs. 2,13,200 as the death benefit which also includes the bonuses.

Riders

The plan comes with two additional riders for which you have to pay additional premiums. Listed below are the two riders.

  • Critical illness benefit rider
  • Accidental death benefit rider

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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