LIC Jeevan Mitra Double/ Tripple Cover Table No 88 & 133.
| Term | Age | Sum Assured | |
| Minimum | 15 | 18 | 50000 |
| Maximum | 30 | 50 | No Limits |
Premium Ceasing Age : 70 Premium Ceasing Term : 0
Premium Ceasing Age : 70 Premium Ceasing Term : 0
Plan Highlights
Features
LIC’s Jeevan Mitra Tripple Cover Life Insurance Plan Policy benefits of this policy can be considered only for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates.
Special Features
This policy covers the risk for triple the sum assured.
Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover two times the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is thrice the basic sum assured.
Benefits
Survival Benefits:
Basic Sum assured along with vested bonuses will be payable on the life assured surviving till the end of the term.
Bonus additions will be reckoned on the basic sum assured at rates applicable to endowment assurance and will be payable at the end of the selected term or at death if it occurs earlier. Accident Benefit equivalent to the basic sum assured would also be available as pre existing rules. This would however, be subject to overall limit of Rs.5,00,000 in the aggregate including existing policies and also the payment of appropriate additional premiums in that behalf at the existing rate.
Bonus additions will be reckoned on the basic sum assured at rates applicable to endowment assurance and will be payable at the end of the selected term or at death if it occurs earlier. Accident Benefit equivalent to the basic sum assured would also be available as pre existing rules. This would however, be subject to overall limit of Rs.5,00,000 in the aggregate including existing policies and also the payment of appropriate additional premiums in that behalf at the existing rate.
Death Benefits:
Three times the basic sum assured together with vested bonuses if any, will be payable on death of the life assured during the term of assurance.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
Under Section 10(10D) death claim is completely tax free.
Suitable for:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
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