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.Read more
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.
If the life assured dies during the policy term, the life insurance cover double folds itself. If the life assured survives the policy term, the Basic Sum Assured with all accrued bonuses is paid out to the policyholder.
Let’s check out just some of the many benefits provided by this plan.
As per the terms stipulated by the policy, the policyholder or the nominee is entitled to receive the basic sum assured as well as the simple reversionary bonuses on the maturity of the policy. Furthermore, a final additional bonus is also paid.
If the life assured meets with an untimely death during the policy term, then the nominee is liable to receive 2 times the basic sum assured. Additionally, the nominee will also be provided with a final annual bonus as well as the vested simple reversionary bonuses.
If the policyholder survives the term of the policy, they receive the basic sum assured in addition to the accrued bonuses.
Those purchasing this policy can also opt for accidental death benefit rider and Critical Illness rider within the premium paying term. This can be done by paying an additional premium. The cover provided by these riders is available throughout the policy term. However, it is available only till the policy is in effect.
The policy offers a rebate on the selected mode of premium payment and on the sum assured.
Here’s a table of rebates available on the mode of premium payment:
|Yearly||3% of tabular premium|
|Half - Yearly||1.5% of tabular premium|
Here’s a table of rebates available on the Sum Assured:
|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|
After benefits, it is time to get acquainted with the eligibility conditions of this amazing double benefit LIC policy.
Eligibility Terms of LIC Jeevan Mitra Double Cover Policy (Table no. 88)
|Sum Assured||Rs 50,000||No Limit|
|Policy Term||15 years||30 years|
|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 the LIC Jeevan Mitra Cover Policy (Table no. 88)
|Survival Benefit||Basic Sum Assured + Accrued Bonuses|
|Death Benefit||If policyholder dies within policy term, nominee receives 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)|
Here is the list of documents that are required to buy this LIC policy:
Proposal/Application form with photo
Medical Reports (if required)
If the life assured commits suicide (whether sane or insane) within one year of the date of risk commencement.
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.
Note: This policy has been withdrawn. It is no more available for sale. For more and updated information, please visit LIC’s official website.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ