LIC Jeevan Mitra Double Cover(Table No.88)

LIC Jeevan Mitra Double Cover (Table No 88) helps to make provision for the family of the Life Assured in the event of his early death but also assures a lump sum at a desired age.

For a small extra cost

• it provides a risk cover of 2 times the basic Sum Assured.
• Higher bonus as compared to endowment plans.
• In the case of Accidents, the risk cover goes up to 3 times.
• It provides high-risk cover for a comparatively lower cost.

Who can avail this plan?
Individuals age between 18 years (last birthday) and 50 years (nearer birthday)

For how long is premium payable?
Throughout the term of the policy or early death.

What is the minimum and maximum sum assured available under the plan?
Minimum Sum Assured : Rs. 50,000/-
Maximum Sum Assured : No limit

What are the permissible premium payment modes?
Premiums can be paid in Quarterly, Half-Yearly, Yearly and Monthly or through Salary deduction.

Is LIC Jeevan Mitra Double Cover plan available to ladies?
Yes.

FEATURES

The benefits of this policy are considered normally for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Female lives under Category I & II allowed. Non-medical special is allowed only if the Sum Assured does not exceed Rs.1,00,000/-

Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover equal to 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 twice the basic sum assured.

The survival claim, on the other hand, is the basic sum assured, plus the accrued bonuses. Bonus is, similarly, calculated only on the basic sum assured at rates applicable to endowment policies.

For instance, if a person insured for Rs.1,00,000 under this policy were to die before its maturity, the death claim payable would be Rs.2,00,000 plus the accrued bonus on Rs 1,00,000 the basic Sum Assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.1,00,000 plus the accumulated bonus.

BENEFITS OF LIC Jeevan Mitra Double Cover

Maturity Benefits: Sum Assured + Vested Bonus on the Basic Sum Assured + Final Additional Bonus, if any, is payable in a lump sum on survival to the policy term.

Bonuses:
Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.
Final ( Additional ) Bonus may also be payable provided a policy has run for certain minimum period

Death Benefits:

NATURAL : Twice the basic Sum assured along with bonus will be paid if the policyholder dies during the term of the policy, provided the policy is in full force as on the date of death.

ACCIDENTAL : Three times of Sum Assured + Bonus is given, provided policy was covered for accident benefit.

Being a high-risk endowment assurance policy, this plan is suitable for people of young ages who wish to protect their families from a financial setback that may occur owing to their premature death. 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.