Jeevan Mitra-Double Policy
The benefits of this policy are considered normally for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Female lives under Category I & II allowed. Non-medical special is allowed only if the Sum Assured does not exceed Rs.1,00,000/-
Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover equal to the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is twice the basic sum assured.
The survival claim, on the other hand, is the basic sum assured, plus the accrued bonuses. Bonus is, similarly, calculated only on the basic sum assured at rates applicable to endowment policies.
For instance, if a person insured for Rs.10,000 under this policy were to die before its maturity, the death claim payable would be Rs.20,000 plus the accrued bonus on Rs 10,000, the basic Sum Assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.10,000 plus the accumulated bonus.
Sum Assured plus vested Bonus on the basic Sum Assured
Double the Sum Assured plus vested bonus on the basic Sum Assured
Or Double Accident benefits, if taken and paid for will treble the amount of Sum Assured
Entry Age Min 18 Max 50
Sum Assured Min 50000 Max No limit
Term Min 15 Max 30
Mode of Payment : Yearly, Half Yearly, Quarterly, Monthly, Salary Saving Scheme
Policy loan available : Yes
Max Maturity Age : 70 Years
Suitable For Being a high-risk endowment assurance policy, this plan is suitable for people of young ages who wish to protect their families from a financial setback that may occur owing to their premature death. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
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