LIC Jeevan Mitra Triple Cover Plan

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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:

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. 
  • Additional Bonuses- As itis a participating plan,Jeevan Mitra Triple Cover offers additional accrued bonuses along with the death benefit as well as the maturity benefit. 
  • Riders –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 – 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: 

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.

Eligibility Criteria of LIC Jeevan Mitra Double Cover Policy (Table no. 88)

 

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–

  • Application form with your recent photo
  • Age Proof
  • Address Proof
  • Medical Reports (if any)

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.

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.