Jeevan Mitra (Triple Cover Endowment Plan)

Features

The benefits of this policy can be considered only for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates.

Suitable For:

Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. 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.

Special Features:

This policy covers the risk for triple the sum assured. Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover two times 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 thrice the basic sum assured. For instance, if a person insured for Rs.1,000 under this policy were to die before its maturity, the death claim payable would be Rs.3,000 plus the accrued bonus on Rs.1,000, the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.1,000 plus the accumulated bonus.