Different types of life insurance policies are available in the market. While some offer only life coverage, others offer the dual benefit of savings and insurance. The latter types are known as the endowment policy. LIC jeevan Mitra triple Cover Life is an example of endowment plans that offer guaranteed additional bonuses as well.
Key Features and Benefits of LIC Jeevan Mitra Triple Cover Death Benefit –
Death benefit refers to the guaranteed amount of money payable to the nominee in case of your untimely demise before the completion of the policy term. The death benefit, in this plan, is 3 times the basic sum assured.Moreover, simple reversionarybonuses are also paid out along with the death benefit.
Maturity Benefit –
If you survive the policy term, you will receive the basic sum assured as the death benefit. Vested simple reversionary bonus and final additional bonuses (if any) will also be paid out along with the maturity benefit.
As itis a participating plan,Jeevan Mitra Triple Cover offers additional accrued bonuses along with the death benefit as well as the maturity benefit.
The policy offers additional rider options to strengthen your protection. The riders include accidental death benefit rider and critical illness rider. You can buy these riders, any time during the policy tenure, by paying additional premium. The cover provided by the riders is available only as long as the policy is in force.
Income Tax Benefits
- Section 10(10D) and section 80C of the Income Tax Act offer income tax benefits on the claims received and on the premiums paid respectively.
Rebates are offered based on the premium paying mode and on the amount of sum assured chosen.
The following table shows the rebates available on different premium payment modes:
Half - Yearly
1.5% of tabular premium
3% of tabular premium
The following table shows the rebates available on the Sum Assured:
30 days for Quarterly/Half-Yearly/Yearly mode of payment
Within 2 years from date of first unpaid premium
Application form with your recent photo
Medical Reports (if any)
Policy ExclusionsOver to You! LIC policics by visiting the LIC homepage or you can opt for any other policy that offers similar benefits. Please Note: This LIC policy has been withdrawn. It is no longer available for Sale. For more updated information, please visit the official website of LIC India.
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