LIC Jeevan Mitra (Triple Cover Endowment Plan) is a unique plan which offers superior financial protection against death for the complete term of the plan. At the end of the policy term on survival, one can expect to be paid the maturity amount. For a comparatively lower cost, this policy provides a high risk cover. For a small additional cost, the policy offers a risk cover of up to 3 times the basic sum assured. Up to four times will be offered in the case of accidents.
Eligibility Conditions for LIC Jeevan Mitra (Triple Cover Endowment Plan)
|Minimum age at entry||18 years|
|Maximum age at entry||50 years|
|Maximum Maturity age at entry||70 years|
Key Features of LIC Jeevan Mitra (Triple Cover Endowment Plan)
|Plan type||Endowment Assurance plan|
|Premiums||Payable through salary deductions, monthly, quarterly, half-yearly or yearly (according to what the policy holder opts for). The premium is payable throughout the term of the policy or until the premature death of the policy holder.|
|Term||Minimum 15 yrs, Maximum 30 yrs|
Benefits of LIC Jeevan Mitra (Triple Cover Endowment Plan)
- On Maturity: Provided that the policy holder has paid all the premiums, he/ she will receive the basic sum assured with vested bonus.
- On Death: Provided that the policy is in full force as on the date of the death, the company will be paying three times the sum assured with vested bonus.
- Accident Benefit: Up to four times the sum assured will be offered in the case of accidents.
- Surrender Value: Even though buying a life insurance policy is a long-term commitment, it is possible to get surrender values under the plan in case he/ she would like to terminate the contract earlier.
- Guaranteed Surrender Value: Customers do have the option of surrendering the policy once it is in force for 3 years or more. The value of the guaranteed surrender is 30% of the basic premiums paid. This does not however include the first year's premium in case no survival benefit payment has already fallen due. In the event that one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.
- Corporation's policy on Surrenders: A Special Surrender Value, which is either equal to or more than the Guaranteed Surrender Value, will be paid by the Corporation. The value will depend on the duration at which surrender value is calculated and the number of premiums paid. In the instance that the policy was terminated early, the surrender value payable may be less than the total premium paid.
If the customer chooses to, he/ she can pay an additional premium and avail optional benefits which will be added to the basic LIC endowment plan. This will provide extra protection.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017