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A loved one’s death is the most painful thing that a person has to go through. If the person who dies is the breadwinner of the family, it is even more taxing. The financial needs of the family is left unmet and they accumulate a lot of debt as well.
Life Insurance Corporation of India has designed the LIC Jeevan Mitra Double Cover Endowment Plan to help families and individuals across the country keep their loved ones financially safe in case of an eventuality.
As the name suggest, LIC Jeevan Mitra Double Cover Endowment Plan is an endowment plan under which is the insured person dies during the term of the policy, the insurance coverage will double immediately. If the policyholder survives till the end of the policy, upon maturity of the plan, the sum assured plus any accumulated bonuses will become payable.
Eligibility – Who is the LIC Jeevan Mitra Double Cover Endowment Plan for?
To buy the LIC Jeevan Mitra Double Cover Endowment Plan, one has to meet the eligibility criteria set by the insurer.
|Plan Type||Double cover endowment plan|
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maturity age||70 years|
Sum Assured and Premium Range – What you get and what it costs
Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the LIC Jeevan Mitra Double Cover Endowment Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.
|Minimum Sum Assured||Rs.50,000|
|Maximum Sum Assured||No limit on the maximum sum assured under this plan.|
|Minimum Policy Term||15 years|
|Maximum Policy Term||30 years|
|Premium Payment Frequency||Yearly, half-yearly, quarterly,monthly, and SSS|
Plan Coverage – What the LIC Jeevan Mitra Double Cover Endowment Plan covers
The following are the benefits under the LIC Jeevan Mitra Double Cover Endowment Plan:
|Maturity Benefit||Under the LIC Jeevan Mitra Double Cover Endowment Plan, a maturity benefit is available. If the policyholder survives till the end of the policy, upon maturity, the sum assured plus any bonuses accrued will be paid by the insurer. Also, an additional bonus will be given to the policyholder when the policy matures.|
|Death Maturity||In case of the unfortunate death of the insured, the death benefit payable will be doubled and will be paid immediately with any bonuses accrued during the term of the policy.|
|Guaranteed Surrender Value||The surrender value will be accumulated on the policy if the plan has been active for more than 3 years. The guaranteed surrender value will be 30% of the basic premium paid minus the premium paid towards the first year.|
|Rebates||The plan also offers rebates from time to time based on the mode of payment. The rebates available based on the mode of payment are as follows:
|Simple Reversionary Bonus||A Simple Reversionary Bonus will be given when the policy matures or with the death benefit, whichever occurs earlier.|
Riders/Add-on Plans – Additional coverage under the LIC Jeevan Mitra Double Cover Endowment Plan
A rider or an add-on can be purchased by a policyholder by paying an additional amount for extra protection. A rider will cover those expenses which are usually not covered under the base plan. Under the LIC Jeevan Mitra Double Cover Endowment Plan, one can add accidental death benefit or critical illness rider.
Exclusions – What the LIC Jeevan Mitra Double Cover Endowment Plan does not cover
There is a suicide clause under this plan. There are certain drawbacks if a policyholder commits suicide, in sane or insane mind within one year from the policy commencement date. Please check with the insurer or refer to your policy document for more details about the exclusions under this plan.
Other Key Features
|Grace Period||Under the LIC Jeevan Mitra Double Cover Endowment Plan, the policyholder will get grace period to make the premium payment. A grace period of 15 days will be given for monthly premium payment modes and a grace period of 30 days will be given for quarterly, half-yearly, and yearly premium payment modes.|
|Revival||A LIC Jeevan Mitra Double Cover Endowment Plan will lapse if the premium is not paid within the grace period. A lapsed policy can be reinstated by paying the total outstanding amount plus interest if any within 2 years from the date of the first missed payment.|
Tax Benefits – How you can save under the LIC Jeevan Mitra Double Cover Endowment Plan
Under this plan, tax benefits are available under Section 80C and Section 10(10D) of The Income Tax Act, 1961.
Why you should buy the LIC Jeevan Mitra Double Cover Endowment Plan from LIC
Life Insurance Corporation of India is one of the leading insurance provider in India. Headquartered in Mumbai, this state-owned insurance company is one of the largest insurance provider in the country. Founded in the year 1956, over 245 insurance bodies were merged to make it LIC. From group insurance plans to individual life insurance plans, LIC offers it all. It is one of the most trusted brand in the insurance industry in India.
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