Jeevan Mitra

Jeevan Mitra

Jeevan Mitra Double Cover Endowment Plan

Summary:
Jeevan Mitra Double Cover (Table No.88) is for people who need a big sum assured / financial protection to his/her family in case of unfortunate death during the policy period. If you are looking for Jeevan Mitra Triple Cover Endowment Plan Go to this page:

Jeevan Mitra’s plan is not allowed for non-earning majors including students.
(i) When occupational extra is chargeable (ii) Pregnant ladies.

Premiums:
You can pay Jeevan Mitra insurance Premiums yearly, half-yearly, quarterly, monthly (ECS), or through Salary deductions.

Bonuses:
Jeevan Mitra – Double Cover participates in profit. Bonuses are declared every year. Once declared, a bonus forms 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:
Twice the Sum Assured plus all bonuses on the basic sum assured to date is payable in a lump sum upon the death of the life assured.

Accident Benefit:
3 times of Sum Assured plus all the 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: Twice Basic sum assured.

Conditions and Requirements:

  • 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: Available
  • Assignment: Available
  • Survival Benefits: No
  • Permanent Disability Benefit: Available

Surrender:
Buying an Insurance policy is a long-term commitment but the Jeevan Mitra’s 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:
1. Mrs. Geeta takes Jeevan Mitra policy for Rs 1 Lakh for 16 years term under Jeevan Mitra Double cover table no. 88. She dies of natural death due to a heart attack after 3 years. Her nominee gets Rs. 2,13,200/- (Rs. 2,00,000/- SA being Double Cover Policy + Rs 13200 being bonus at an estimated Rs 44 per thousand pa for 3 years).

In case, Mrs. Geeta dies in an accident, her nominee will receive Rs. 3,00,000/- being 3 times the SA + accumulated Bonus till her death.

2. If Mrs. Geeta takes the same policy but with Rs 1 lakh but for 20 years and she survives till maturity. Then, Mrs. Geeta gets Rs. 1,88,000/- (Rs. 100000 SA + Rs. 88,000/- being bonus at an estimated Rs 44 per thousand per annum).


Update: Jeevan Mitra Double Cover Table No.88 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.

2 thoughts on “Jeevan Mitra”

  1. Dear Sir,
    I have Jeevanmitra (Double cover) policy likely to mature in
    the next month (July 2012).I am also holding a loan of Rs 52,000
    on this policy which is taken one year back.

    Please clarify whether my bonuses and and other benifits are effected due to this ?

    regards,
    muga 9866520805

    1. Venkteswarlu ellapu

      Sir I have jeevanmitra double cover policy 15 years ihave paid yearly 3420 likely next year July meture iam also holding loan 52000 total how much profit I will get please tell me sir my no 9744793693

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