Jeevan Mitra (Triple Cover Endowment Plan)

Jeevan Mitra Summary:

Jeevan Mitra Triple cover plan (Table No.133) is a refined version of the endowment plan. Jeevan Mitra – Triple Risk cover is ideal for the persons who require high-risk cover and at the same time want to provide for certain needs. This plan is also good for people availing of housing loans etc.

This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of the plan. It pays the maturity amount on survival to the end of the policy term. If you are looking for a Double Cover, Please go to this page:

Premiums:
You can pay your insurance Premiums yearly, half-yearly, quarterly, monthly, or through Salary deductions.

Bonuses:
Jeevan Mitra – Triple Risk cover is a with-profit insurance plan that participates in the profits of the LIC’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for a certain minimum period.

Death Benefit:
3 times of Sum Assured + Bonus is payable in a lump sum upon the death of the life assured.

Accident Benefit:
4 times of SA + Bonus is given on accidental death provided the policy was covered for accidental benefit.

Maturity Benefit:
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.

Tax Benefit:
Tax Benefit is available on Premiums u/s 80C, Whereas Maturity/Death Claim u/s 10D

Loan Facility:
The loan is allowed after 3 years
Housing Loan Collateral: Thrice Basic sum assured.

General Conditions and requirements for Jeevan Mitra Triple cover

• Min. age at entry: 18 years
• Max. age at entry: 50 years
• Max. Maturity age: 70 years.
• Min. S.A.: Rs. 50,000/-
• Max. SA.: Any amount
• SA in multiples: Rs. 5,000
• Accident benefit per 1000 SA: Re. 1 extra.
• Min Term: 15 years.
• Max Term: 30 years.
• Surrender of Policy: Yes
• Revival: Yes
• Housing Loan: Yes
• Assignment: Yes
• Survival Benefits: No
• Permanent Disability Benefit: Available

Surrender Value :
Buying a life insurance contract is a long-term commitment. However, the surrender value will be available under the plan on earlier termination of the contract.

Surrender:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.

Example:
If Mr. Amit takes Jeevan Mitra Policy for 1 lakh sum assured with 21 years term:
On maturity He will receive Rs.1 lakh + Rs.136500 (Bonus) + Rs.16000 (Terminal Bonus) Total: Rs. 2,52,500/-

In case of Natural Death after 5 years : Triple SA + Bonus for number of years premium paid + Terminal bonus if any. Rs.3 lakh + Rs.32500 (100x65x17) + 4000 (100×40)

Update: Jeevan Mitra Triple Cover Endowment Plan no.133 Has Been Discontinued.

Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.