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LIC Jeevan Mitra Triple Cover Plan
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.
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
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Key Features and Benefits of LIC Jeevan Mitra Triple Cover Death Benefit –
The following table shows the rebates available on the Sum Assured:
- 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 reversionary bonuses are also paid out along with the death 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 it is 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 riders and critical illness riders. You can buy these riders, at any time during the policy tenure, by paying an additional premium. The cover provided by the riders is available only as long as the policy is in force.
- - 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.
|
Mode |
Rebate |
|
Quarterly |
NIL |
|
Half - Yearly |
1.5% of tabular premium |
|
Yearly |
3% of tabular premium |
|
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 |
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
- Application form with your recent photo
- Age Proof
- Address Proof
- Medical Reports (if any)
Policy Exclusions Over to You!
LIC policies 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.
LIC Resources
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Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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