We’re sure you’ll agree that there is nothing more painful than the death of a family member. It gets even painful if the deceased is the breadwinner of a family. Given the uncertainties of life, it’s important than ever for anyone to ensure adequate life insurance cover.
Jeevan Mitra Double Cover Life (Table No. 88) has been carefully conceptualized by LIC to meets the risks of modern day life. This double benefit endowment plan redefines the conventional concept of insurance plans and is different from all other traditional endowment plans available in the market.
Under this plan, if the life assured is deceased during the term of the policy, the life insurance cover double folds itself. In the event of the life assured surviving the policy term, the basic Sum Assured with all accrued bonuses is paid out to the policy holder.
Let’s check out just some of the many benefits provided by this plan.
Key Features and Benefits:
Here’s a table of rebates available on the mode of premium payment:
|
Mode |
Rebate |
|
Yearly |
3% of tabular premium |
|
Half - Yearly |
1.5% of tabular premium |
|
Quarterly |
Nil |
Here’s a table of rebates available on the Sum Assured:
|
Sum Assured |
Rebate |
|
Up To Rs. 50,000 |
Nil |
|
Rs. 50,001 To Rs. 1,00,000 |
Re. 1 Per Thousand |
|
Rs. 1,00,001 And Above |
Re. 2 Per Thousand |
Now that you know the benefits of this plan, it’s time to get acquainted to the eligibility conditions of this amazing double benefit LIC policy.
Eligibility Terms of LIC Jeevan Mitra Double Cover Policy (Table no. 88)
|
|
Minimum |
Maximum |
|
Sum Assured |
Rs. 50,000 |
No Limit |
|
Policy Term |
15 years |
30 years |
|
Entry Age |
18 |
50 |
|
Cover Ceasing Age |
N/A |
70 |
|
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly and SSS |
|
|
Grace Period |
Monthly mode of payment – 15 days Quarterly/Half-Yearly/Yearly mode of payment – 30 Days |
|
|
Policy Revival |
Within 2 years from date of first unpaid premium |
|
Check out the table below for the key features of LIC Jeevan Mitra Cover Policy (Table no. 88)
|
Survival Benefit |
Basic Sum Assured + Accrued Bonuses |
|
Special Features |
|
|
Death Benefit |
If policyholder dies within policy term, then nominee is given death benefit 2 X sum assured + vested bonus |
|
Tax Benefit |
Premiums are exempt under Section 80 C and Maturity payout is exempt under Section 10 (10D) |
Documents Required
Here is the list of documents that are required to buy this LIC policy –
Policy Exclusions
If the life assured commits suicide (whether sane or insane) within one year of the date of risk commencement.
You may also like to read : Best LIC Policies in 2018
Over to You!
Jeevan Mitra Double Cover Endowment Plan (Table No-88) has been withdrawn by LIC. But you may easily use this learning and find a similar LIC policy that promises benefits galore.
Please Note: This policy has been withdrawn. It is no more available for Sale. For more and updated information, please visit LIC’s official website.
