LIC Jeevan Mitra Triple cover (Table No 133)

LIC Jeevan Mitra Triple cover (Table No 133) 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 3 times the basic Sum Assured.
• Higher bonus as compared to endowment plans.
• In the case of Accidents, the risk cover goes up to 4 times.
• It provides high-risk cover for a comparatively lower cost.

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

For how long is the 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 this plan available to ladies?
Yes.

Is everyone allowed to take LIC Jeevan Mitra Triple cover?
No. Non-earning majors including students, when occupational extra is chargeable, pregnant ladies are not allowed to opt for this plan.

SUITABILITY

Best suitable for people who are insurance oriented and also want to provide a big sum insurance protection to their family, in case of their unfortunate death. Most preferred by traveling personals like sales representatives, marketing representatives, medical representatives, etc.

FEATURES

The benefits of this policy can be considered only for standard and substandard lives in 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.

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 equal to three 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 trice 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.3,00,000 plus the accrued bonus on Rs 1,00,000 the basic Sum Assured. If the policyholder 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 Triple 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:
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.

Death Benefits:
NATURAL: Three times the basic Sum assured along with vested bonuses if any, 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: Four times of Sum Assured + Bonus is given, provided the policy was covered for accident benefit. Accident Benefits equivalent to the basic sum assured would also be available as pre-existing rules. This would however, be subject to an overall limit of Rs.50,00,000 in the aggregate including existing policies and also the payment of appropriate additional premiums in that behalf at the existing rate.

Being an endowment assurance policy, this plan is apt for people 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.