Jeevan Saathi Summary:
LIC Jeevan Saathi (Table No.89) is specially designed for married couples. It is for husband and wife who want a single policy for joint life risk cover.
Key features:
- Unique Joint Life Insurance Policy from India’s No.1 Insurance company
- Tax benefit
- You can pay monthly, quarterly, half-yearly, or yearly premiums.
Maturity Benefits:
The sum assured plus bonuses are given if husband and wife are alive up to the maturity period.
Death Benefits:
(a) Future premiums are waived and the survivor gets Sum Assured immediately on the death of husband/wife.
(b) He/She gets Sum Assured again with a full bonus if the survivor (husband/wife) survives till maturity.
(c) Sum Assured plus Bonus is paid till that time to the nominee if the survivor also dies before maturity.
Jeevan Saathi Highlights:
(a) Housewives: Max. Sum Assured is 15 lakhs for graduates having a driving license or passport or credit card or medical insurance. You need to submit Proof.
(b) Females can take this plan without any extra premium who has undergone sterilization lives with 2 cesarean operations.
(c) Females can take this plan without any extra premium, who attained menopause and hasn’t undergone sterilization and lives with 2 cesarean operations.
(d) Maximum SA of 50 lakhs for Female category II and Max. SA of Rs. 2 lakhs is allowed under the plan to self-employed females or housewives live in category III.
(e) Pregnant ladies are not allowed in this plan. The wife need not be an earning person for SA 2 lakhs or less.
(f) Jeevan Saathi is issued only to a working couple or wife should be an income tax assesses.
(g) Female has to pay 3% extra premium if she is with 1/2 cesarean operation.
(h) For females lives with 3 or more cesarean operation, this plan is NOT allowed.
(i) To grant insurance cover on Husband’s life, wife’s income is also considered but subjected to certain restrictions. (1) Based on his own income, the husband should have been insured fully. (2) The proposer should be the wife. (3) The wife should belong to the female category I/II.
LIC Jeevan Saathi Conditions and Requirement:
- Min. age at entry: 20 yrs
- Max. age at entry: 50 yrs
- Max. Maturity age : 70 years
- Min. Term : 15 years
- Max. Term : 30 years
- Accident benefits per 1000 SA Rs. 2 extra
- Min. S.A. : Rs 50000
- Max. S.A. : No Limit
- Modes allowed : All
- SA in multiples : Rs 5000
- Revival: Yes
- Surrender of Policy: Yes
- Housing Loan : Yes
Example:
Mr. Jeevan and Mrs. Puja are husband and wife. They buy a Jeevan Saathi joint life insurance policy for 20 years term for Rs. 1 Lakh sum assured.
Scenario 1: (a) Unfortunately if one of either Mr. Jeevan or Mrs. Puja expires after some time, the survivor will get Rs. 1lakh (without bonus) immediately and there will be no need for the survivor to pay future premiums. Again. if he or she survives till the maturity period then He/She will get Rs 1,88,000/- as maturity amount (Rs 1 lakh sum assured + Rs 88,000/- being estimated bonus for the full term. (b) In case if both died due to some accident and, if they die within 180 days from the date of the accident of the first person then the nominee will get 4 times SA plus bonus accrued till the death. (c) If the survivor dies before the maturity term, then-nominee will receive the SA + bonus till that period.
Scenario 2: If Mr.Jeevan and Mrs. Puja survive till maturity then they together will get the maturity benefits of Rs 1,88,000 (Rs 1 lakh SA + Rs.88,000/- bonus at an estimated Rs 44 per 1000 per annum.
Update: LIC Jeevan Saathi Plan No.89 Has Been Discontinued.
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
