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Money Back Policy-25 year

JEEVAN MITRA LIFE INSURANCE POLICY BY LIC

(Plan No. 88)

Features of Jeevan Mitra

Product summary

This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.

Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.

Bonuses : This is a with-profit plan and participates in the profits of the Corporation’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 certain minimum period.

•   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



Jeevan Mitra Plan Eligibility Conditions :


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
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

Benefits of Jeevan Mitra Plan :


Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus

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 and
· 3 times the Sum Assured + accrued Bonus for Triple Cover Endowment Plan



Income Tax Benefit – Available under Section 80 C for Premiums paid and under Section 10 (10D) for returns
Loan on Policy - Available
Housing Loan Surity- Available

 


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