Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
Contact DetailsDifferent contact numbers and customer care email id's for each zonal office.
Product Overview of LIC - Jeevan Mitra PlanLIC Jeevan Mitra is a simple endowment policy having an additional variant called (Triple Cover Endowment Plan). In this plan, if the Life Insured dies within the policy tenure then his nominee would receive Triple the Sum Assured + accrued Bonus. Now, if the Life Insured survives the entire term, then he would receive basic Sum Assured + accrued Bonus.
Product Description of LIC - Jeevan Mitra PlanJeevan Mitra is a traditional endowment plan with bonus facility
The plan has 2 variants-Jeevan Mitra (Double Cover Endowment Plan) and Jeevan Mitra (Triple Cover Endowment Plan)
In this plan, if the Life Insured dies within the policy tenure then his nominee would receive Double or Triple the Sum Assured (according to the variant opted for) + accrued Bonus.
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Sum Assured (in Rs.) | 50,000 | No Limit | |||
| Policy Term (in years) | 15 | 30 | |||
| Premium Payment Term (in years) | 15 | 30 | |||
| Entry Age of Policyholder | 18 | 50 | |||
| Age at Maturity | - | 70 | |||
| Single Premium (in Rs.) | NA | NA | |||
| Payment modes | Yearly, Half-yearly, Quarterly, Monthly and SSS | ||||
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Death Benefit | In case of death of the Life Insured, the nominee receives | |||||
| 2 times the Sum Assured + accrued Bonus for Double Cover Endowment Plan | ||||||
| 3 times the Sum Assured + accrued Bonus for Triple Cover Endowment Plan | ||||||
| Maturity Benefit | At the maturity of the policy, the insured will get Sum Assured + accrued Bonus | |||||
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Income Tax Benefit | Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D) | |||||
| Paying the premium | If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. | |||||
| To surrender the policy | There is a Guaranteed Surrender Value after 3 policy years Guaranteed Surrender Value = 30% of all premiums paid – 1st year’ s premium | |||||
In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee.
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
