What is Jeevan Mitra policy?
LIC Jeevan Mitra (Triple Cover Endowment Plan) is a unique plan which offers superior financial protection against death for the complete term of the plan. At the end of the policy term on survival, one can expect to be paid the maturity amount. For a comparatively lower cost, this policy provides a high risk cover.
How maturity is calculated in LIC Jeevan Anand?
Details of your Plan:
- Sum Assured (A): = Rs. 5,00,000.
- Total Bonus Amount on Maturity (B): * = Rs. 1000.
- Maturity Amount (A+B): = Rs. 35,000.
- Period of Maturity = Dec, 2021.
What is pure endowment plan?
A pure endowment plan is a type of life insurance policy wherein the insurance company agrees to pay the sum assured to the policyholder if they survive the polity term. The amount is paid on maturity of the policy in a single instalment as a lump sum.
Is there a limit on LIC Jeevan vriddhi?
The insurance cover would be 5 times of the premium amount. (Review of LIC Jeevan Ankur) Person between age group of 8-50 years can apply for this plan. There’s no cap on maximum premium payment. Policy term is 10 years , but this policy can be surrendered after 1 year.
What are the benefits of Jeevan vriddhi plan?
A few of the benefits of Jeevan Vriddhi are mentioned below: On the policy’s maturity, a guaranteed maturity sum assured with loyalty additions, as applicable according to the policy, are paid to the policyholder. On death of the policyholder, his nominee will receive the basic sum assured which is five times the single premium.
What is the surrender value of Jeevan vriddhi?
The policy also comes with a surrender value. Around 90% of the premium amount will be returned, given the policy has completed a one year tenure. The premiums paid under Jeevan Vriddhi are exempted from tax under Section 80 (C). Maturity amount also has tax exemptions under Section 10 (10D).
How are premiums paid under Jeevan vriddhi taxed?
The premiums paid under Jeevan Vriddhi are exempted from tax under Section 80 (C). Maturity amount also has tax exemptions under Section 10 (10D). For Jeevan Vriddhi, the premium should be paid as single mode on a yearly basis.
