LIC’s Jeevan Saathi Plus (ULIP Plan)

Jeevan Saathi Plus Summary: (Table No.197)

LIC Jeevan Saathi Plus plan no. 197 is a unit-linked plan (ULIP) wherein a couple can take the insurance cover on their lives under a single policy. The proposer under the plan shall be called Principal Life Assured (P.L.A.) and the other life (wife/husband) shall be called Spouse Life Assured (S.L.A.). The premiums can be paid either in a lump sum (single premium) or regularly throughout the policy term. The P.L.A. can choose the level of cover (Sum Assured) for both lives within the limits, which will depend on whether the policy is a Single premium or Regular premium contract, age and the amount of premium agreed to pay. For regular premium policies, in case of death of the P.L.A. during the term of the policy, the plan also provides for waiver of all future premiums including outstanding premiums, if any, provided life cover is in force.

Features:

Switching of funds:
The policyholder (SLA) can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.

Partial Withdrawals:
P.L.A. may encash the units partially after the third policy anniversary subject to certain conditions.

Top-Up Premium: (Additional Premium)
P.L.A. can pay a Top-up premium in multiples of Rs.1,000/- at any time during the term of the policy without increasing the sum assured.

Payment of Premiums:
P.L.A. may pay premiums regularly at yearly, half-yearly, quarterly, or monthly (ECS) intervals over the term of the policy. The minimum annualized premium (other than monthly through ECS) will be Rs.10,000/- increasing thereafter in multiples of Rs.1,000/-. The minimum monthly (ECS) premium will be Rs. 1000/- increasing thereafter in multiples of Rs. 250/-.

Single-Premium:
The single premium can be paid subject to a minimum of Rs. 40,000/-.

Investment Options:
The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return. The Policyholder will have the option to choose any ONE of the above 4 Funds.

Discontinuance of premiums:
If premiums are payable either yearly, half-yearly, quarterly, or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of the first unpaid premium.

BENEFITS:

A) Death Benefit:
On the death of P.L.A. while S.L.A. is alive Sum Assured as applicable to P.L.A. shall be payable to the S.L.A.
Also, in the case of regular premium policy, when the cover is in full force, payment of all future premiums due under the policy shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy. The policy shall continue.

On death of P.L.A. after the death of S.L.A.
Sum Assured as applicable to P.L.A. plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be payable and the policy shall terminate.

On the death of S.L.A. while P.L.A. is alive
Sum Assured as applicable to S.L.A. shall be payable to P.L.A.

On death of S.L.A. after the death of P.L.A.
Sum Assured as applicable to S.L.A. plus policyholder’s fund value shall be payable and the policy shall terminate.

On Simultaneous death of P.L.A. and S.L.A.
Sum Assured as applicable to both P.L.A. and S.L.A. plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be payable and the policy shall terminate.

B) Maturity Benefit:
On both P.L.A and/or S.L.A. surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

Eligibility Conditions and Restrictions for Jeevan Saathi Plus:

(a) Minimum Age at entry: 18 years (completed)
(b) Maximum Age at entry: 55 years (age nearer birthday)
(c) Maximum Maturity Age: 70 years (age nearer birthday)
(d) Policy Term: 10 to 20 years
(e) Minimum Sum Assured:
Regular Premium: 5 times the annualized premium for each of P.L.A and S.L.A.
Single-Premium: 1.25 times the single premium for each of P.L.A and S.L.A.
(f) Maximum Sum assured:
Inclusive of both Principal Life Assured and Spouse Life assured, subject to the minimum sum assured condition as e) above.
Regular Premium:
30 times the annualized premium if age at entry for both the lives is upto 40 years
20 times the annualized premium if age at entry for any one of the lives is 41 years and above
Single-Premium:
5 times the Single premium if age at entry for both the lives is up to 40 years
2.5 times the single premium if age at entry for any one of the lives is 41 years and above
Further, the sum assured for the spouse shall be less than or equal to the Principal Assured subject to the minimum sum assured condition.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

There are at least three distinct advantages with a Joint Life plan like this. 1.) It Cost less 2.) It helps in estate planning, particularly for a couple who also happen to be an owner of a family-run business, and 3.) It can be used to set off mortgage loans without causing any major discomfort to the surviving partner.

In short, LIC Of India’s new policy, Jeevan Saathi Plus is a good plan for couples especially for working or professionals, offering financial security for both lives.

The Unique Identification Number (UIN) for LICs Jeevan Saathi Plus plan is 512L255V01.


Update: Jeevan Saathi Plus Table No. 197 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.

25 thoughts on “LIC’s Jeevan Saathi Plus (ULIP Plan)”

  1. Hi Tebraj,

    I wan to avail the Jeevan saathi plus plan. My age is 28yrs and my spouse age is 30yrs. I want to opt this plan for 15yrs or 20yrs with sum assured 3lac or 5lac. Can you please me to know the yrly premium for the same. Thanks Much in advance!

  2. dr niyaz ahmad buch

    i have got two policies of jeevan sathi plus of rs 100,000 each and i have alredy completed 3 years i july 2012.now i want to surrender these policies.i would like to know the amount i will receive for each policy when the unit value is 8759.25 for each one.

  3. dear sir
    hi happy holi to all
    i wan good plan for son master mayur is b.th date 26/12/2008
    i am mukta my b.th date 02/12/1983
    pls send me good plan for son
    Thank

  4. Sir,

    I want to take a policy named Jeevan Bharati-1 for my wife. She is 35 yrs and SA will be Rs. 500000 for 20 years plan. Please tell me yearly premium.

  5. Sir,
    I am 65 years . 7/9/2010
    My wife is 55 years.
    I want to make a policy in my wife’s name so that after she reahes 60 years, she will get a monthly pension of Rs.10,000/-p.m. for her life.

    kindly advise.

Comments are closed.