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.
Death Benefit – In case of death of one of the Life Insured, i.e. the husband or the wife, the other survivor receives
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)
|
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 |
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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.
Riders – There is 1 Additional Rider available - Accidental Death Benefit Rider at Rs 2 per Rs 1000 of Sum Assured
And 1 in-built rider - Premium Waiver Rider
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.