LIC Jeevan Mitra Plan Review

LIC (Life Insurance Corporation) is known for it’s user friendly and profitable insurance plans. There are numerous insurance plans issued by LIC and most of them are very renowned and demanding in market. One of such plan is Jeevan Mitra. LIC Jeevan Mitra Plan is a very profitable plan for those who really concern for their family and want to leave huge amount for their loved ones after his or her death. LIC Jeevan Mitra is simple endowment insurance plan as normally issued by LIC time to time. Jeevan Mitra is presented in market with two variants, Double Cover Endowment Plan and Triple Cover Endowment Plan. These two variants of Jeevan Mitra offers double or triple amount of Sum Assured to the nominee in case of death of insured person. LIC Children Plan Review

Key Features of Jeevan Mitra –

1. One of the major features is double or triple sum assured in addition with accrued bonus as death benefit.
2.  Two additional riders are allowed as optional feature of this plan.
3. Tax benefit is allowed as per IT act.

Benefits of Jeevan Mitra –

On Death – In case of death of insured person, his or her nominee gets the double or triple of the sum assured as per plan variant chosen. In addition to this, he or she also gets the accrued bonus.

On Maturity – In case of insured person survives till the maturity period, then he or she will get the proposed sum assured along with accrued bonus.

On Income Tax – The premium paid are completely exempted from tax under section 80C where as the maturity amount is also exempted from tax under section 10 (10D).

Eligibility Criteria for Jeevan Mitra –

Sum Assured – Rs. 50,000 (min) to No limit (max)

Policy Term – 15 years (min) to 30 years (max)

Entry Age – 18 years (min) to 50 years (max)

Premium Mode – Yearly, Half Yearly, Quarterly, Monthly and SSS

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