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Jeevan Mitra Double Cover

Jeevan Mitra (Double Cover) (THIS PLAN IS NO LONGER AVAILABLE)

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*** To buy a new LIC plan call Vikas 99111-70785 ***

Jeevan Mitra (Double Cover) (THIS PLAN IS NO LONGER AVAILABLE)




Jeevan Mitra (Double Cover Plan No. 88)


This is an Endowment Assurance Plan that provides double financial protection against death throughout the term of plan. This means that in case of death of the policy holder during policy term, double sum assured is paid to the nominee. It pays the maturity amount on survival at end of the policy term.

Features


  • Double sum assured on death
  • Additional accidental sum assured
  • High rate of bonus
  • Loan can be taken against the policy
  • Double Tax benefit

Eligibility Conditions



Minimum age at entry
18 years
Maximum age at entry
50 years
Minimum Term  
15 years
Maximum Term 
30 years
Maximum age at maturity
70 years
Minimum sum assured
Rs 50,000.00
Maximum sum assured
No higher limit




Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)




Possible Events during policy duration


On Death
If the policy holder dies during the policy term, his/her nominee will be paid double sum assured along with the accrued bonuses after which policy will terminate.

On Accidental Death
In case, the policy holder dies due to an accident, nominee will get the double sum assured + additional accidental sum assured + Accrued bonuses and the policy will terminate after that.

On Maturity
The policy holder will get the Sum Assured along with the accrued bonuses. The policy will terminate after that.





Understand Jeevan Mitra (Double Cover) Plan with an example


Mr. Karthik aged 30 years, plans to take Jeevan Mitra (Double Cover) Plan for the Term of 21 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only). 

He is required to pay an annual premium of Rs 10,053.00 (Rupees Ten Thousand and Fifty Three only).


Possible Events


On Death
If Mr Karthik dies during the policy term, his nominee will receive the Double Sum Assured i.e. Rs 4,00,000.00 (Rupees Four Lakhs) + Accrued Bonuses. After this, the policy will terminate.

On Accidental Death 
If during the policy term, Mr. Karthik dies due to an accident, his nominee will receive the Double Sum Assured (Rs 4,00,000.00) + Additional Accidental Sum Assured (Rs 2,00,000.00) + Accrued Bonuses. The policy will terminate after this event.

On Survival till maturity
If Mr. Karthik survives till the end of policy term, he will get the Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. The policy will terminate thereafter.



*** To buy a new LIC plan call Vikas 99111-70785 ***

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