Jeevan Mitra
Table No. 88
(Double
Cover Endowment Plan With Profits)
Introduction
Considering
the tensions and uncertainties of modern life, it becomes necessary for a
person to provide adequate life insurance security for his family. If the bread
winner is snatched away from the family prematurely, the dreams of the family
are shattered, The earning capacity of a person makes his life very valuable
for his dependants and therefore one should provide adequately for them.
JEEVAN
MITRA, a double cover plan, ideally meets the risks of
contemporary society. This double benefit plan provides a new dimension to the
concept of insurance security. This Plan is substantially different from the
conventional Endowment plans . Under this plan if the life assured survives the
term , then the basic sum assured along with bonuses is paid.
In the
event of the death of the life assured during the term of the policy, the life
insurance protection becomes double. The basic sum assured is doubled and the
accrued bonus is also paid. For example, if
a person is insured for Rs.10,000 under this plan, in the event of death
before the maturity of the policy,
Rs.20,000 plus bonus accrued on the basic sum assured of Rs.10,000 becomes
payable. If the policy holder survives the full term, the maturity benefits
will be Rs.10,000 plus bonus.
Benefits
ü Maturity
Benefits:
v Basic
Sum Assured + Bonus
ü Death
Benefits:
v 2 times
Basic Sum Assured + Bonus
ü Accident
Benefit:
v By
paying a small extra premium of Re.1/- per thousand sum assured per year,
the accident risk cover becomes 3 times sum assured plus bonus.
v The accident
benefit would be subject to the overall limit of Rs. 5 lakh basic sum assured
on all the policies on the same life put together
ü Mode
Benefit:
v The
following table shows the rebate available on the mode of premium payment.
Mode
|
Rebate
|
Yearly
|
3% of tabular premium
|
Half - Yearly
|
1.5% of tabular premium
|
Quarterly
|
Nil
|
ü
Sum Assured
Benefit:
v
The following table shows the rebate 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
|
Re. 2 Per Thousand
|
Features
Ø
A double risk cover endowment policy with fixed term.
Ø
Minimum sum assured - Rs. 50,000/
Ø
No Maximum Limit
Ø
Minimum age at entry - 18 years
Ø
Maximum age at entry- 50 years
Ø
Maximum age at maturity- 70 years
Ø
Minimum Term - 15 years
Ø
Maximum Term - 30 years
Ø
Modes Allowed -
All Modes
Ø
Policy loan
available.
Ø Non
Medical Special allowed with restriction.