Jeevan Mitra is an endowment assurance plan that offers financial protection throughout the policy term. The policy participates in the profits declared by the insurer. The policyholder receives bonuses as a share of the profits made. Tax benefits can be availed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
The sum assured is the total amount payable by the insurer to the beneficiaries of the policy on the death of the policyholder.
A nominal amount called the Premium needs to be paid towards the sum assured of the policy.
|Mode of payment||
*Premiums vary based on age, location, plan term and other factors
|Maturity Benefit||The sum assured along with bonuses is paid as a lump sum if the policyholder survives up to the end of the policy term.|
|Final Bonus||On surviving the policy term, the insurer may offer an additional final bonus.|
|Simple Reversionary Bonus||A sum, termed the simple reversionary bonus, per thousand of the sum assured is calculated at the end of every financial year.|
|Range of Policies||LIC offers an array of products from insurance and unit plans to pension plans and micro insurance plans.|
|Phone Helpline||LIC hosts a phone help line service that is available all day for 6 days of the week. Customers can avail personalised service through this mode by contacting the nearest customer zone. Customer zones are spread out throughout the country.|
|SMS Services||SMS services are also available. Just a simple text message can help you learn the details about your policy. It could be for premiums, loans, revival, etc.|
|Online Facility||The policy status can also be checked through the online portal. The customer will have to simply register himself/herself on the website and login using the credentials to view details about the policy.|
|Premium Collection Channels||Offline and online channels are available for premium payment.
With the Jeevan Mitra Plan from the Life Insurance Corporation of India (LIC), not only will the policyholder receive the survival or maturity benefit, he/she will also receive the profits of the company in the form of bonuses. LIC renders good customer care services and has a reputation of solving 100% of the grievances. The company is chosen by many citizens across the country. Note: This product has been withdrawn by LIC.