LIC Jeevan Mitra Tirple Cover Plan – The unique LIC Jeevan Mitra (Triple Cover Endowment Plan) provides superior financial protection against death throughout the plan’s term. One can anticipate receiving the maturity amount at the conclusion of the survival policy’s term. This policy offers protection against high risk at a price that is comparatively lower. The policy provides risk coverage of up to three times the basic sum assured for a small additional fee. In the event of mishaps, up to four chances will be provided.
If you’re looking for a comprehensive LIC Jeevan Mitra Tirple cover plan, look no further than our website. We offer a range of LIC Jeevan Mitra Tirple cover plans that are tailored to meet your specific needs. Our team of experts will take the time to understand your business and help you create a plan that maximizes coverage and provides the best possible value. Don’t wait – contact us today to get started!
LIC Jeevan Mitra Tirple Cover Plan 2024
There are a variety of life insurance policies on the market. Some provide only life insurance, while others provide both savings and insurance. The last kind is called an endowment policy. An illustration of an endowment plan with guaranteed additional bonuses is the LIC Jeevan Mitra triple Cover Life. The guaranteed sum of money that will be paid to the nominee in the event that you pass away before the end of the policy’s term is referred to as the death benefit. In this plan, the death benefit is three times the basic sum assured. In addition, simple reversionary bonuses are distributed in addition to the death benefit.
Tirple Cover is a one-time payment plan for LIC Jeevan Mitra. The plan provides insurance cover of Rs 2 lakhs per family member against accidental death, Rs 3 lakhs per family member against medical expenses, and Rs 1 lakh per family member as accidental damage cover. The plan is available to families who are residents of India and have an LIC policy with minimum premium of Rs 10,000. Policy can be cancelled anytime without any penalty. You can visit lic.co.in to get more details or contact your nearest LIC branch for more information.
LIC Jeevan Mitra Tirple Cover Plan Overview
| Name Of Article | LIC Jeevan Mitra Tirple Cover Plan |
| LIC Jeevan Mitra Tirple Cover Plan | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Product Description
Concerning model, assuming an individual is guaranteed for guaranteed amount of rupees under this strategy and on the off chance that he/she passes on before the development, the total that would be paid is multiple times the genuine total guaranteed. In addition, the policyholder would receive the bonus amount and the full term money if they lived to see the policy’s maturity.
Benefits of LIC Jeevan Mitra (Triple Cover Endowment Plan)
Are you looking to save money on your insurance premiums? If so, LIC Jeevan Mitra could be the perfect policy for you. LIC Jeevan Mitra is a Triple Cover Endowment Plan, which means that it offers a variety of benefits not available with other policies. In this blog post, we’ll explore some of the key benefits of LIC Jeevan Mitra and explain why it could be the right policy for you.
- Regarding Aging: The policyholder will receive the basic sum assured with vested bonus as long as all premiums have been paid.
- About Death: The company will pay three times the amount assured with vested bonus if the policy was in effect on the day of the death.
- Accident Benefit: In the event of an accident, up to four times the amount insured will be provided.
- Value of Giving Up: Even though purchasing life insurance is a long-term commitment, a person can get surrender values under the plan if they want to cancel the policy sooner.
- Value of Guaranteed Surrender: After the policy has been in effect for at least three years, customers can surrender it. The worth of the reliable acquiescence is 30% of the fundamental expenses paid. However, the first year’s premium is not included if no survival benefit payment has yet been made. The guaranteed surrender value will be thirty percent of the premiums paid on or after the due date of payment for the most recent survival benefit in the event that one or more benefits fall due.
- The surrender policy of the company: An Exceptional Acquiescence Worth, which is either equivalent to or more than the Reliable Acquiescence Worth, will be paid by the Enterprise. The surrender value will be determined by the number of premiums paid and the duration at which it is calculated. The surrender value due may be lower than the total premium paid if the policy was terminated early.
Eligibility Conditions for LIC Jeevan Mitra (Triple Cover Endowment Plan)
LIC Jeevan Mitra (Triple Cover Endowment Plan) is an insurance product offered by LIC to its policyholders. The product offers insurance cover for a predetermined period of time, after which the policyholder can either continue the cover or opt for a cash surrender option. The product is available to individuals who are resident India and between the ages of 18 and 55 years. Policyholders must also be Indian citizens and must have an active insurance policy with LIC.
| Minimum age at entry | 18 years |
| Maximum age at entry | 50 years |
| Maximum Maturity age at entry | 70 years |
Key Features of LIC Jeevan Mitra (Triple Cover Endowment Plan)
LIC Jeevan Mitra is one of the most popular and comprehensive life insurance products in the market today. Here, we’ll take a look at the key features of this product, and explain why it’s such a good option for individuals and businesses.
| Plan type | Endowment Assurance plan |
| Premiums | payable on a monthly, quarterly, half-yearly, or annual basis (depending on the policyholder’s preference). The premium is due at the beginning of the policy’s term or until the policyholder dies suddenly. |
| Term | Minimum 15 yrs, Maximum 30 yrs |
Maturity Benefit –
- The basic sum assured will be your death benefit if you survive the policy term.
- In addition to the maturity benefit, the vested simple reversionary bonus and any final additional bonuses, if any, will be paid out.
Additional Bonuses-
- Jeevan Mitra Triple Cover is a participating plan with a death and maturity benefit as well as additional accrued bonuses.
Riders –
- The arrangement offers extra rider choices to fortify your assurance. The riders incorporate incidental demise benefit riders and basic disease riders. You can purchase these riders, whenever during the approach residency, by paying an extra premium. The cover given by the riders is accessible just the same length as the arrangement is in force.
Income Tax Benefits
- Segment 10(10D) and area 80C of the Personal Assessment Act offer annual tax breaks on the cases got and on the charges paid individually.
Rebates –
Discounts are offered in view of the exceptional paying mode and on how much aggregate guaranteed picked.
The following table shows the rebates available on different premium payment modes:
Mode | Rebate |
Quarterly | NIL |
Half – Yearly | 1.5% of tabular premium |
Yearly | 3% of tabular premium |
The following table shows the rebates available on the Sum Assured:
Sum Assured | Rebate |
Up To Rs. 50,000 | Nil |
Rs. 50,001 To Rs. 1,00,000 | Re. 1 Per Thousand |
Rs. 1,00,001 And Above | Rs. 2 Per Thousand |
Eligibility Criteria of LIC Jeevan Mitra Double Cover Policy
| Minimum | Maximum |
Entry Age | 18 years | 50 years |
Policy Term | 15 years | 30 years |
Sum Assured | Rs. 50,000 | Subject to underwriting |
Cover Ceasing Age | 70 years | |
Payment modes | Yearly, Half-yearly, Quarterly, Monthly and SSS | |
Grace Period | 15 days for Monthly mode of payment 30 days for Quarterly | |
Policy Revival | Within 2 years from date of first unpaid premium | |
Documents Required
- Application form with your recent photo
- Age Proof
- Address Proof
- Medical Reports (if any)
Policy Exclusions Over to You!
LIC arrangements by visiting the LIC landing page or you can settle on whatever other approach that offers comparable advantages. This LIC strategy has been removed. It is at this point not ready to move. For more refreshed data, if it’s not too much trouble, visit the authority site of LIC India.
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