LIC Jeevan Mitra Triple Cover / Double Cover
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
A Money Back Plan that assures periodic payment of basic Sum Assured in installments on survival with increasing life cover. Added attractive features like Guaranteed and Loyalty Addition. No additional premium for accident cover, as it is a part of the policy.
Product Description
- 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
COMPARE & BUY SIMILAR PLANS
Unique Features
Death Benefit is double the Sum Assured + accumulated Bonus for Double Cover Endowment Plan and it is triple the Sum Assured + accumulated Bonus for Triple Cover Endowment Plan
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 18 years | ||||
| Age at Entry (Max) | 50 years | ||||
| Max age of Maturity | 70 years | ||||
| Min Sum Assured | Rs. 50,000 | ||||
| Max Sum Assured | No limit subject to medical and financial underwriting | ||||
| Mode Available | Annual, Semi Annual, Quarterly, Monthly, payroll savings program | ||||
| Terms | |||||
| Policy Term | Min | 15 years | |||
| Max | 30 years | ||||
| Premium Paying Term | Regular pay | ||||
OneInsure App Benefits
Product 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 - Death Benefit:
- Triple Cover - 3 times the Sum Assured + accrued Bonus
- Double Cover - 2 times the Sum Assured + accrued Bonus
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus Types | Reversionary Bonus(RB) | 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. Bonuses will be added during the selected term or till death, if it occurs earlier. | ||||
| Final Additional Bonus(FAB) | Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period. | |||||
| Premium Dis-continuance | ||||||
| Reduced paid-up | 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. | |||||
| Surrender | Under any of these options, the policy acquires a Guaranteed Surrender value from the end of the 3rd policy year onwards. Guaranteed Surrender Value will be 30% of all premiums paid – 1st year’s premium | |||||
| Corporation’s Policy On Surrenders | In practice, the company will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. | |||||
| The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. | ||||||
| in case of early termination of the policy, the surrender value payable may be less than the total premiums paid. | ||||||
| Supplementary/Extra Benefits | These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits. | |||||
Add-ons
- Accidental Death Benefit(In built):
An additional Sum Assured (subject to a limit of Rs.5 lakh) is paid if death is due to accident till 70 years of age.
- Critical Illness(optional):
Provides payment of an additional amount on diagnosis of any of the 10 critical conditions specified.
Exclusions
LIC Jeevan Mitra Triple Cover/Double Cover 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
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC jeevan mitra triple cover / Double Cover Plan
Company Overview
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.
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