Jeevan Mitra(Triple Cover Endowment Plan)

 Jeevan Mitra(Triple Cover Endowment Plan)

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.

Endowment Insurance Plans are what traditional insurance plans are all about. It provides an insurance cover to the policy holder during the term of the policy and at the end of the term returns a handsome sum of money back to the policy holder. Endowment plans are for investors who are not looking for very high returns but want guaranteed returns at the end of the policy term. They are good long term investment tools which provide bulk amounts on maturity.

Endowment Plans work best if taken for 15 to 20 years as the accumulation period is then substantial which results in a high maturity amount at the end of the policy term. The maturity amount can be used to fund some large expenses like child's higher education or marriage or even an amount which will be useful when you are close to retirement.

Endowment Plans offer Guaranteed Additions and Bonuses in addition the Sum Assured which get added to the policy holder's account every year. These benefits along with the Tax Savings make this life insurance policy a very attractive investment tool.

 Jeevan Mitra – Triple Riskcover plan (Table No.133) is a refined version of endowment plan. Jeevan Mitra – Triple Riskcover is ideal for the persons who require high risk cover and at the same time want provision for certain needs. This plan is also good for persons availing housing loans etc.
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:
You can pay your insurance Premiums yearly, half-yearly, quarterly, monthly or through Salary deductions.
Bonuses:
Jeevan Mitra – Triple Riskcover is a with-profit insurance plan that participates in the profits of the LIC’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:
3 times of Sum Assured + Bonus is payable in a lump sum upon the death of the life assured.
Accident Benefit:
4 times of SA + Bonus is given on accidental death provided policy was covered for accidental benefit.
Maturity Benefit:
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.
Tax Benefit:
Tax Benefit is available on Premiums u/s 80C
Whereas Maturity/Death Claim u/s 10D
Loan Facility:
Loan is allowed after 3 years
Housing Loan Collateral: Thrice Basic sum assured.
General Conditions and requirements for Jeevan Mitra Triple cover
Min. age at entry: 18 years
Max. age at entry: 50 years
Max. Maturity age: 70 years.
Min. S.A.: Rs. 50,000/-
Max. SA.: Any amount
SA in multiples: Rs. 5,000
Accident benefit per 1000 SA: Re. 1 extra.
Min Term: 15 years.
Max Term: 30 years.
Surrender of Policy: Yes
Revival: Yes
Housing Loan: Yes
Assignment: Yes
Survival Benefits: No
Permanent Disability Benefit: Available
Surrender Value :
Buying a life insurance contract is a long-term commitment. However, surrender value will be available under the plan on earlier termination of the contract.
Surrender:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.