LIC Jeevan Mitra Plan Review, LIC (Life Insurance Corporation) is known for its user-friendly and profitable insurance plans. There are numerous insurance plans issued by LIC and most of them are very renowned and demanding in the market. One such plan is Jeevan Mitra. LIC Jeevan Mitra Plan is a very profitable plan for those who really concern about their family and want to leave a huge amount for their loved ones after his or her death. LIC Jeevan Mitra is a simple endowment insurance plan as normally issued by LIC from time to time. Jeevan Mitra is presented in a market with two variants, Double Cover Endowment Plan and Triple Cover Endowment Plan. These two variants of Jeevan Mitra offers the double or triple amount of Sum Assured to the nominee in case of death of an insured person.
Key Features of Jeevan Mitra –
1. One of the major features is the double or triple sum assured in addition with an accrued bonuses as a death benefits.
2. Two additional riders are allowed as an optional features of this plan.
3. The tax benefit is allowed as per IT act.
Benefits of Jeevan Mitra –
On Death – In case of death of an insured person, his or her nominee gets the double or triple of the sum assured as per plan variant was chosen. In addition to this, he or she also gets the accrued bonus.
On Maturity – In case of an 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 is completely exempted from tax under section 80C whereas 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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