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Double Accident Benefit

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Jeevan Mitra Plan


LIC Jeevan Mitra (Table 88 & 133) is a simple endowment policy. It is of 2 types: 1) Double Cover Endowment Plan and 2) Triple Cover Endowment Plan. In this plan, if the Life Insured dies within the policy tenure then his nominee would receive Double or Triple the Sum Assured (according to the type of plan opted) + Accrued Bonus. Now, if the Life Insured survives the entire term, then he would receive basic Sum Assured + Accrued Bonus


Features of Jeevan Mitra Plan :


•   Death Benefit is double the Sum Assured + accrued Bonus for Double Cover Endowment Plan and it is triple the Sum Assured + accrued Bonus for Triple Cover Endowment Plan
•   Maturity Benefit is basic Sum Assured + accrued Bonus
•   Optional higher cover through 2 additional riders



Jeevan Mitra Plan Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 15 30
Premium Payment Term(in years) 15 30
Entry Age of Policyholder 18 50
Age at Maturity - 70
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

Benefits of Jeevan Mitra Plan :


Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus

Death Benefit – In case of death of the Life Insured, the nominee receives

· 2 times the Sum Assured + accrued Bonus for Double Cover Endowment Plan and
· 3 times the Sum Assured + accrued Bonus for Triple Cover Endowment Plan



Income Tax Benefit – Available under Section 80 C for Premiums paid and under Section 10 (10D) for returns
Loan on Policy - Available
Housing Loan Surity- Available