Jeevan Mitr (Double Cover Table 88) & (Triple Cover Table 133)

Double Cover(Table 133) = W.e.f. 01-07-1985

Triple Cover  (Table 133) = W.e.f 01-11-1999

General Conditions:

Min. age at entry:  18 year.

Max. age at entry:  50 years.

Min. S.A.: Rs. 50,000.

Max. SA.: Any amount.

SA in multiples: Rs. 5,000

Max. Maturity age: 70 years.

Modes Allowed: ALL

Accident benefit per 1000 SA: Re. 1 extra.

Min Term: 15 years.

Max Term: 30 years.

Requirements in writing:

Female lives category: I/II

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Age proof: Std.
See NSAP Article for details: NSAP-I(WR 5 lacs)

Form Number:  300

Dating Back @ 8%: Allowed

Risk Coverage:  Refer below table

Actual Sum assured: Twice the SA for T-88,
Thrice the SA T-133.

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: Yes.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Survival Benefits: No.

Key-Man Insurance: No

Including existing policies, accidental benefit is subject to a maximum of Rs 50 lakhs basic SA.

Maturity Benefit and Death Benefit:

Table 88 Table 133
Double risk cover Endowment policy Triple Risk cover Endowment policy
On maturity, Basic Sum Assured
+ Accrued Bonus is given		 On maturity, Basic Sum Assured
+ Accrued Bonus is given
2 times of SA + Bonus is given on death 3 times of SA + Bonus is given on death
3 times of SA + Bonus is given on
accidental death provided policy
was covered for accidental benefit.		 4 times of SA + Bonus is given on
accidental death provided policy
was covered for accidental benefit.

.

This plan is best suitable for people who are insurance oriented and also want to provide a big sum insurance protection to their family, in case of their unfortunate death. It is mostly preferred by traveling persons like Marketing executives, Medical representatives, Sales representative, etc…

This plan is NOT allowed for non-earning majors including students. (b) When occupational extra is chargeable (c) Pregnant ladies.

Example:

1. Mrs. Amanda takes Jeevan Mitr policy for Rs 1 Lakh for 16 years term under table 88. She dies of natural death due to heart attack after 3 years. Her nominee gets Rs 213200 (Rs 200000 SA being Double Cover Policy + Rs 13200 being bonus at an estimated Rs 44 per thousand pa for 3 years).

In case, Mrs Amanda dies in an accident, her nominee will receive Rs 300000 being 3 times the SA + accumulated Bonus till her death.

2. If Mrs Amanda takes the same policy but with for Rs 1 lakh but for 20 years and she survives till maturity. Then, Mrs. Amanda gets Rs. 188000 (Rs. 100000 SA + Rs 88000 being bonus at an estimated Rs 44 per thousand pa).

3. Under Table 133 if the above two examples are taken, the maturity amount remains same. However, the death benefit will be 3 times the SA + accumulated bonus and in case of death due to accident the benefit will be 4 times the SA + accumulated bonus.

  • Share/Bookmark

Related posts:

  1. LIC Jeevan Saathi. Table 89 ===========Jeevan Saathi. Table 89=========== W.e.f. 01-07-1985 ……….General Policy Condition………. Min....
  2. LIC Limited Payment Endowment W.e.f 15-12-1956 Table – 48 Age At entry Min.                                      0 yrs Max. (plan 41/50)          17/14...
  3. LIC Children’s Defered Endowment Assurance (CDA)- Table 41 & Table 50 General policy Conditions Age At entry Min. Max. (plan 41/50)...
  4. LIC Children’s Defered Endowment Assurance (CDA) -Table number 41 & 50 General Conditions: Min. age at entry:  0 years. Max. age...
  5. LIC New Janaraksha Policy Table 91 LIC New Janaraksha Policy Table 91 W.e.f. 01-07-1985 General Conditions:...

Related posts brought to you by Yet Another Related Posts Plugin.