A life insurance policy promises to take care of your loved ones financially, even in your absence. So, a life insurance plan is a must have especially if you are the only breadwinner of your family.
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.
Let us check the key features and the major benefits of the plan:
The following table shows the rebates available on different premium payment modes:
|
Mode |
Rebate |
|
Quarterly |
NIL |
|
Half - Yearly |
1.5% of tabular premium |
|
Yearly |
3% of tabular premium |
The following table shows the 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 |
Rs. 2 Per Thousand |
If the features and benefits discussed above make you want to purchase this plan, check out whether you are eligible to buy it or not.
|
|
Minimum |
Maximum |
|
Entry Age |
18 years |
50 years |
|
Policy Term |
15 years |
30 years |
|
Sum Assured |
Rs. 50,000 |
Subject to underwriting |
|
Cover Ceasing Age |
70 years |
|
|
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly and SSS |
|
|
Grace Period |
15 days for Monthly mode of payment 30 days for Quarterly/Half-Yearly/Yearly mode of payment |
|
|
Policy Revival |
Within 2 years from date of first unpaid premium |
|
Documents Required
The documents required to buy this LIC policy are listed below–
Policy Exclusions
The guaranteed death benefit is not payable in case the life insured (whether sane or insane) commits suicide within 12 months from the date of policy commencement.
| You may also Like to Read: How to Check LIC Policy Status online & by SMS |
Over to You!
Life Insurance Corporation of India has recently withdrawn Jeevan Mitra Triple Cover Endowment Plan. You can find similar best 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Please Note: This LIC policy has been withdrawn.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.
