Jeevan Mitra 3

JEEVAN MITRA 3 LIFE INSURANCE POLICY BY LIC

Features of plan
This plan is suitable for those who want to provide a big S.A. to protect their family in case of unfortunate death. It is persons by marketing executive, sales representatives and traveling person. It cannot be allowed for people engaged in hazardous occupation. This plan is not allowed to non-earning majors including students.

Besides the usual benefits offered by any endowment insurance plan, this policy provides an additional insurance cover equal to the S.A. in the event of a policyholder’s death during the term of the policy. In other words, the death claim under this policy is twice the basic S.A.

Plan parameters
Age Entry : Min. 18 yrs L0BD, Max. 50yrs
Maturity age: At entryMax.70 yrs.
in multiples:: Min. 50,000, Max. No Limit
Term: Min.15 yrs, Max.30 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1 extra per
(Max. 50Lacs 1000 S.A.
Inclusive all plan)
Policy lone: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: N.A.
Term rider: N.A.
CIR: Yes

Under writing condition

Form no: 300
Age proof: std./NSAP-1
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Twice of SA
Risk coverage: SA+ bonus
Dating back@ 8%: Allowed

BENEFIT

Maturity benefit: S.A.+ bonus + FAB, if any

Death benefit: Triple the S.A. +bonus on the basic SA+FAB, if any

Accident benefit: 3 times of the S.A.+ Bonus + FAB, if any.

Example: Mr. Salman Khan, aged 40 invests Rs.2lac in a annual premium. (T. No-88 with profit) for a term of 20 years, He pays Rs.12332/- as annual premium. On maturity he will get Rs.3,84,000/- [basic S. A . i. e. Rs.2lac+ (accrued bonus i. e. Rs.46 per thousand for 20lac years i.e. 46 x 200 x 20=1,84,000)].

Related Material  Eligibility for Agent

In case he dies due to heart attack after 5 years his nominee will get Rs.6,46,000 (3 time basic S. A. i. e. 6,00,000 + bonus @ 46 per thousand per. As per bonus rate of 2005 i.e. 46 x 200 x 5 = 46,000)

In case he dies to accident after 5 years his nominee will get Rs.6,46,000/- (3 time basic S.A. i.e. 6,00,000 + bonus @ 46 per thousand S.A. p.a. as per bonus rate of 2005 i.e. 46 x 200 x 5 = 46,000.

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