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Jeevan Mitra (Triple Cover Endowment Plan With Profits)
Jeevan Mitra
Table No. 133
(Triple
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 TRIPLE 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.1,00,000 under this plan, in the event of
death before the maturity of the policy,
Rs.3,00,000 plus bonus accrued on the basic sum assured of Rs.1,00,000 becomes
payable. If the policy holder survives the full term, the maturity benefits
will be Rs.1,00,000 plus bonus.
Benefits
Ø Maturity Benefits:
ü Basic
Sum Assured + Bonus
Ø Death Benefits:
ü
3 times Basic Sum Assured + Bonus
Ø Accident Benefit:
ü
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
Accident Cover plus bonus.
Ø Mode Benefit:
ü
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
|
Ø
Sum Assured
Benefit:
ü
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 triple
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.
