LIC - Jeevan Mitra Plan
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
Different contact numbers and customer care email id's for each zonal office.
LIC Jeevan Mitra is a simple endowment policy having an additional variant called (Triple Cover Endowment Plan). In this plan, if the Life Insured dies within the policy tenure then his nominee would receive Triple the Sum Assured + accrued Bonus. Now, if the Life Insured survives the entire term, then he would receive basic Sum Assured + accrued Bonus.
- 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
Unique Features of LIC - Jeevan Mitra Plan
Jeevan Mitra is a traditional endowment plan with bonus facility
The plan has 2 variants-Jeevan Mitra (Double Cover Endowment Plan) and Jeevan Mitra (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 variant opted for) + accrued Bonus.
Eligibility Criteria for LIC - Jeevan Mitra Plan
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| 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 | |||
| Single Premium (in Rs.) | NA | NA | |||
| Payment modes | Yearly, Half-yearly, Quarterly, Monthly and SSS | ||||
Product Benefits of LIC - Jeevan Mitra Plan
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| 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 | ||||||
| 3 times the Sum Assured + accrued Bonus for Triple Cover Endowment Plan | ||||||
| Maturity Benefit | At the maturity of the policy, the insured will get Sum Assured + accrued Bonus | |||||
Other Policy Features of LIC - Jeevan Mitra Plan
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Income Tax Benefit | Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D) | |||||
| Paying the premium | If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. | |||||
| To surrender the policy | There is a Guaranteed Surrender Value after 3 policy years Guaranteed Surrender Value = 30% of all premiums paid – 1st year’ s premium |
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Add-ons for LIC - Jeevan Mitra Plan
Exclusion in LIC - Jeevan Mitra Plan
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits of LIC - Jeevan Mitra Plan
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process for LIC - Jeevan Mitra Plan
Know Claim ProcessBonuses for LIC - Jeevan Mitra Plan
Not Available