LIC Jeevan Saathi Plan

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LIC Jeevan Saathi Plan

 

LIC Jeevan Saathi Plan is a joint life endowment policy. This plan pays for the Death Benefit during the policy term for both husband and wife but the Maturity Benefit is paid even if both or anyone are alive till the end of the policy term. Hence it is a double death benefit plan.

 

In this plan, if any one of the husband or the wife dies within the policy tenure, the Sum Assured is paid in a lumpsum but the policy continues but the future premiums are waived and paid by the insurance company. If the last survivor also dies within the policy tenure, then the Sum Assured is paid along with the accrued Bonus and the policy is terminated. However, if one or both of the husband and wife outlives the policy tenure, then the Sum Assured along with the accrued Bonus is paid in a lumpsum and then policy is terminated.

  

 

Key Features of LIC Jeevan Saathi Plan

 

§  This plan an endowment plan with guaranteed returns

§  This is a double cover joint life death benefit plan as Sum Assured is paid on the death of BOTH the husband and the wife.

§  If only 1 of the 2 dies and the other one is living then Sum Assured is paid but the policy continues by waiving off the future premiums

§  If the last survivor of the husband and wife dies within the policy tenure, then the Sum assured + accrued Bonus paid as Death Benefit and the policy is terminated.

§  The Sum Assured + accrued Bonus is paid if anyone or both the husband and the wife survives till the end of the policy tenure.

 

 

Benefits you get from LIC Jeevan Saathi Plan

 

Death Benefit – In case of death of one of the Life Insured, i.e. the husband or the wife, the other survivor receives

·         Sum Assured and the policy continues

·         The future premiums are waived.

If the last of the 2 survivors also die within the policy tenure, then the Sum Assured + accrued Bonus is paid as Death Benefit and the policy is terminated.

 

Maturity Benefit – At the maturity of the policy, if both or anyone of the 2 life insured are alive, then Sum Assured + accrued Bonus is paid as Maturity Benefit.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 

Eligibility conditions and other restrictions in LIC Jeevan Saathi Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

15

30

Premium Payment Term (in years)

15

30

Entry Age of Policyholder

20

50

Age at Maturity

-

70

Single Premium (in Rs.)

NA

NA

Payment modes

Yearly, Half-Yearly, Quarterly, Monthly, Salary Saving Scheme

 

 

Sample illustration of premium of LIC Jeevan Saathi Plan

 

The below illustration is for a healthy Male (non-tobacco user) and his wife a healthy Female opting for a Sum Assured = Rs 1,00,000 and Policy Term = 25 years with a Premium Paying Term= 25 years respectively. The premium depends on both their ages.

LIC Jeevan Saathi Sample Premium Values

 

Additional Features and Benefits of LIC Jeevan Saathi Plan

 

Riders – There are 1 Additional Riders available:

·         Accidental Death Benefit rider at Rs 2 per Rs 1000 of Sum Assured

And 1 in built rider:

·         Premium Waiver Rider

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after paying first years’ premium in full, the policy acquires a Paid Up Value for a Reduced Sum Assured.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

There is also a Special Surrender Value, which is the discounted value of Paid-up Sum Assured

 

You want a loan against your policy – Loan facility is available under this policy. The rate of interest at present is 9% p.a.

 

 

Alternate endowment plans from different insurance companies

 

1.     Kotak Surakshit Jeevan

2.     HDFC Life Sampoorn Samridhi Insurance Plan

3.     IDBI Federal Bondsurance

 

 

Other endowment insurance plans from Life Insurance Corporation of India

 

1.     LIC Jeevan Anand

2.     LIC Jeevan Amrit

3.     New Janaraksha Plan

4.     LIC Endowment Assurance

5.     LIC Endowment Assurance (Limited payment)

6.     LIC Jeevan Mitra

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Saathi Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Saathi Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

I would like to have LIC Jeevan Saathi plan, I am 49 yrs having an income of 3 lacs Plus but my spouse is a house wife and have completed her education up to 8th std. Can we have the plan, if yes pl.let me know the details etc..... sir.

By Navin Verma on Aug 21, 2014 Reply

If you are 49 years old and your wife is dependent on you then I would not suggest the Jeevan Saathi plan. It is slightly expensive and the benefits are limited.
You need to –

1) Buy a term plan for yourself and keep your wife the nominee. A term plan is a pure protection plan, wherein if the policyholder (customer) dies then the insurance company pays a huge amount (sum assured) to the nominee. This is to secure the financial status of the dependents / family members of the policyholder. You can visit this page and look at some of the popular term plans in the market today -

http://www.myinsuranceclub.com/life-insurance/term-insurance

2) Start saving money regularly so you both can use this money (+ interest) after you retire. You can do this by way of Bank Fixed Deposits, PPF or Pension Plans. In case you decide to buy Pension Plans then you can choose the option where even if you die, the insurance company will continue to pay pension amount to your wife. 
 

Replied By Manoj Aswani (MIC Staff) on Aug 21, 2014 Reply

hi,i want to ask you husband have a job ,he is enginier & wife is a housewife & her adducation is s.y.b.com ..how much sum assured thay can get?for jeevan sathi plan...plyz ans.me as soon as you can sir...

By Tiku Chokshi on Jul 13, 2013 Reply

Dear Tiku, insurance companies usually provide cover of upto 10 to 15 times the annual income of the person paying for the plan. In your case that would be the primary criteria for knowing the amount of cover that can be given. Then comes the premium amount and the ability to pay it.

Replied By Admin (MIC Staff) on Jul 17, 2013 Reply

If proposer is unable to pay premium due to fetal accident than premium waiver benefit will available to him?

By Mukesh Sharma on Jun 11, 2013 Reply

Hi Mukesh, such a benefit is not available under this plan. The premium waiver is applicable to one of the surviving insured, who does not have to pay premiums after the other insured dies. The cover for the surviving member continues till the end of the policy term.

I hope this clarifies the doubt. Do write back if further clarity is required. 

Replied By Admin (MIC Staff) on Jun 14, 2013 Reply

Dear sir,
please details for jeevan satthi plan
Pramod Kumar Singh

By Pramod Kumar Singh on Apr 06, 2013 Reply

Dear Pramod, we assume you are now looking for some more detailed information than what is mentioned here. Would you be interested in meeting with a member of the LIC Direct team. They will come and explain the plan in complete detail. If yes, pls send your phone number to "contact@myinsuranceclub.com" and we will have it arranged.

Replied By Admin (MIC Staff) on Apr 13, 2013 Reply

if a earning husband will die , can LIC waiv the balance premium of his housewife ? Because that lady dont have any incomesource.

Replied By Dilip Kumar Nayak on Aug 11, 2013 Reply

Hi Dilip, in case any one of the members (husband or wife) die, the sum assured is paid out the survivor immediately. The policy continues and the person surviving does not have to pay any premiums for the cover which is continuing.

When the policy term ends, the surviving member again receives the sum assured + accrued bonus amount.

Hope this is useful to you.

Replied By Admin (MIC Staff) on Aug 26, 2013

My spouse is the poilcy holder for Jeevan Sathi insurance policy. In this case, can I claim the tax benefit for it?

By Harry Xavier on Apr 04, 2013 Reply

If you are paying for the premiums you can claim benefits for the cover being availed by your spouse.

Replied By Admin (MIC Staff) on Apr 04, 2013 Reply

The website is very useful and descriptive details provided

Thankyou

By Shiv on Jul 05, 2012 Reply

i want a jeevan sathi policy my age is 29 year and my wife's age 18year. am i eligible to purchase the "LIC Jeevan Saathi Plan" if yes so tell me yearly payment amount and tell me benefit. call me 09350829271 Reply me....

By Syed Sarfaraz Husain on May 04, 2012 Reply

i want a jeevan sathi policy my age 34year and my wife age 28year so tell me yearly payment amount and tell me benefit. call me 08126409989 i live in muzaffarnagar ,uttar pradesh

By Kuldeep Sharma on Apr 16, 2012 Reply

i want to know maturity value of the policy no 451331420 on due date

By Dipak De on Feb 24, 2012 Reply

we have this plan for 25 years

By Mohd Ibrahim Shaikh on Jan 18, 2012 Reply

i want to know the present surrender value of the policy no 553984614 dop 15.07.2003

By Anil Kumar Mishra on Nov 15, 2011 Reply

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