LIC Jeevan Mitra Double Cover Plan

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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:

  • Maturity Benefit – 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. 
  •  Death Benefit – 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. 
  • Survival Benefits – If the policyholder survives the term of the policy, they receive the basic sum assured in addition to the accrued bonuses. 
  • Riders –Those purchasing this policycan also opt for accidental death benefit rider and Critical Illness rider, at any point in time, 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. 
  • Rebates – The policy offers 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: 

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

  • Simple reversionary bonus payable on maturity or earlier death
  • Large sum assured
  • Accidental death benefit and critical illness riders are available

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 –

  • Proposal/Application form with photo
  • Address Proof
  • Age Proof
  • Medical Reports (if required)

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 2017

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.