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  • LIC Jeevan Mitra (Double Cover Endowment Plan)

    LIC Life Insurance

    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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