LIC Jeevan Mitra Double Cover Plan 2023 benefits, Feature, details, Reviews

LIC Jeevan Mitra Double Cover Plan 2023 – A straightforward endowment policy with two options is the LIC Jeevan Mitra. Jeevan Mitra (Double Cover Endowment Plan No-88 Introduced on 01/07/1985 WITHDRAWN ON-) and Jeevan Mitra (Triple Cover Endowment Plan N0-133 INTRODUCED ON-01/11/1999 WITHDRAWN ON-) are two variations. Jeevan Mitra provides additional insurance cover equal to plan 88’s sum assured and twice plan 133’s sum assured.

The main feature of this Jeevan Mitra plan is that if the Life Insured passes away during the policy’s term, his heirs will receive the accrued Bonus and double or triple the Sum Assured, depending on the option chosen. Now, the Life Insured would receive the basic Sum Assured plus any Bonus accumulated if he survived the entire term.

LIC Jeevan Mitra Double Cover Plan 2023

The most difficult thing a person can go through is losing a loved one. It is even more stressful when the person who dies is the family’s breadwinner. The family’s financial needs are not met, and they also rack up a lot of debt. The LIC Jeevan Mitra Double Cover Endowment Plan was developed by the Life Insurance Corporation of India to assist individuals and families across the country in ensuring the financial security of their loved ones in the event of an emergency.

The LIC Jeevan Mitra Double Cover Endowment Plan, as the name suggests, is an endowment plan in which the insurance coverage will immediately double if the insured person passes away during the policy’s term. The sum assured and any bonuses accrued will become payable at plan maturity if the policyholder survives the policy’s end.

LIC Jeevan Mitra Double Cover Plan

LIC Jeevan Mitra Double Cover Plan 2023 Overview

Name Of Article LIC Jeevan Mitra Double Cover Plan
LIC Jeevan Mitra Double Cover Plan Click Here
Category Insurance
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Who is the target audience for the LIC Jeevan Mitra Double Cover Plan?

Looking for a affordable but comprehensive health insurance plan? Look no further than the LIC Jeevan Mitra Double Cover Plan! This plan is perfect for individuals who want to cover both basic and long-term expenses, and it comes with a range of benefits that are sure to meet your needs. Plus, it’s available at a great price point that makes it an affordable option for everyone. So why wait? Get in touch with us today to learn more!

To purchase the LIC Jeevan Mitra Twofold Cover Blessing Plan, one needs to meet the qualification rules set by the guarantor.

Parameter Details
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?

Are you looking for a high-quality assurance service that comes with a premium price tag? Sum Assured may be the assurance service for you. Offering quality assurance services to businesses of all sizes, Sum Assured is known for its rigorous standards and uncompromising customer service. With years of experience working with businesses of all types, Sum Assured has the expertise and resources to help your business achieve the level of assurance you need. Let us help you achieve the assurance you deserve!

Aggregate Guaranteed – the sum is gotten by the protected individual at the hour of development. The insured’s legal heir or a nominee designated by the insured receives the sum assured in the event of the insured’s death while the LIC Jeevan Mitra Double Cover Endowment Plan is in effect.

Parameter Details
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 Plan covers?

If you’re looking for comprehensive insurance cover for your business, look no further than the LIC Jeevan Mitra Double Cover Plan. This plan covers everything from property damage to business interruption, and it’s perfect for businesses of all sizes. Plus, it comes with a host of other benefits that will make it easier for you to manage your business. So if you’re in need of comprehensive insurance coverage, be sure to check out the LIC Jeevan Mitra Double Cover Plan!

The benefits of the LIC Jeevan Mitra Double Cover Endowment Plan are as follows:

Maturity Benefit A maturity benefit is available under the LIC Jeevan Mitra Double Cover Endowment Plan. The insurer will pay out the assured amount and any accrued bonuses upon maturity if the policyholder lives to the end. Additionally, when the policy comes to an end, the policyholder will receive an additional bonus.
Death Maturity In the event of the insured’s untimely death, the death benefit will be doubled and paid out immediately, along with any bonuses earned during the policy’s term.
Guaranteed Surrender Value If the plan has been in use for more than three years, the surrender value will accumulate on the policy. The reliable acquiescence worth will be 30% of the fundamental premium paid short the premium paid towards the principal year.
Rebates In addition, the plan occasionally provides rebates based on the method of payment. The following are the rebates that are available based on the method of payment:

Mode of payment Rebate
Yearly 3% of premium(tabular)
Half-yearly 1.5% of premium(tabular)
Quarterly Nil

The refund will be applied to the guaranteed amount. For the exact amount, see the table below:

Sum Assured Rebate
Up to Rs.50,000 Nil
Rs.50,001 to Rs.1 lakh Rs.1 for every thousand rupees
Rs.1 lakh and above Rs.2 for every thousand rupees
Simple Reversionary Bonus When the policy comes to an end or when the death benefit is paid out, whichever comes first, you will receive a Simple Reversionary Bonus.

Riders/Add-on Plans – Additional coverage under the LIC Jeevan Mitra Double Cover Plan

A policyholder can purchase additional protection by paying an additional amount for a rider or add-on. Expenses typically not covered by the base plan can be covered by a rider. One is able to include a critical illness rider or accidental death benefit in the LIC Jeevan Mitra Double Cover Endowment Scheme.

Exclusions – What the LIC Jeevan Mitra Double Cover Scheme does not cover?

This Scheme includes a suicide provision. If a policyholder, whether sane or insane, kills themselves within a year of the policy’s start date, there are some drawbacks. For additional information regarding this plan’s exclusions, please consult the insurer or your policy document.

Other Key Features

Grace Period This Scheme includes a suicide provision. If a policyholder, whether sane or insane, kills themselves within a year of the policy’s start date, there are some drawbacks. For additional information regarding this plan’s exclusions, please consult the insurer or your policy document.
Revival In the event that the premium is not paid within the grace period, the LIC Jeevan Mitra Double Cover Endowment Scheme will cease to exist. Within two years of the first missed payment, a lapsed policy can be reinstated by paying the entire balance, plus any applicable interest.
Documents Required
  • Duly-filled application form
  • Address proof
  • Age proof
  • Medical reports, if required

Tax Benefits – How you can save under the LIC Jeevan Mitra Double Cover Scheme?

The Income Tax Act of 1961’s Sections 80C and 10(10) provide for tax benefits under this plan.

Other benefits

  • LIC has a dedicated 24-hour customer service center. An insurance agent can be contacted at any time and from any location.
    Any time, policyholders can submit a claim online.
  • Using the official LIC website, one can renew their policy online.
  • Using the website, customers can also get a free quote in a matter of seconds.
  • On the insurer’s website, you can find all the information you need to understand the insurance policy. The individuals can also learn about and compare a wide range of financial products and services.
  • Contributions can be made by policyholders in a variety of ways, including cash, check, wire transfer, and credit/debit cards.
  • Depending on the type of insurance or policy, policyholders can pay in quarterly, monthly, half-yearly, one-time, or periodic cycles.
  • Customers and policyholders can access a wide range of services designed specifically for them by logging onto the website.
  • The insurance company focuses on providing customers with individualized plans that meet their needs and adhere to their budgets.

Why you should buy the LIC Jeevan Mitra Double Cover Scheme from LIC?

One of India’s leading insurance companies is Life Insurance Corporation of India. This insurance provider, which is owned by the state and has its headquarters in Mumbai, is one of the largest in the nation. Over 245 insurance companies were merged into LIC, which was founded in 1956. LIC provides individual life insurance as well as group insurance. In India, the insurance industry regards it as one of the most dependable brands.

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