LIC Jeevan Mitra (Double Cover Endowment Plan)

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

Listed below are the benefits of this LIC Endowment Plan

1. 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.
2. 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.
3. 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.
4. Tax Benefits- The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961.
5. Bonuses-The policy participates in the profits of Corporate's life insurance business and gets a share of the profits as bonuses.
6. The plan can easily be purchased online without any hassles
7. 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.

1. Critical illness benefit rider
2. Accidental death benefit rider