Jeevan Saathi
Jeevan Saathi (THIS PLAN IS NO LONGER AVAILABLE)
Please choose from other LIC plans below:
| Other LIC Plans | |||
|---|---|---|---|
| Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
| Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
| Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
| Jeevan Lakshya | |||
| Jeevan Rakshak | |||
| Limited Premium Endowment | |||
Jeevan Saathi (THIS PLAN IS NO LONGER AVAILABLE)
Jeevan Saathi (Plan No. 89)
This is a joint life insurance plan for married couples. The plan provides financial protection against death of both the lives. It pays the maturity amount on survival of one or both the lives to the end of the policy term.
The premiums under this policy is calculated on the mean age of Husband and Wife. Mean age is calculated as per the chart provided by LIC. Premium waiver benefit is inbuilt in this policy.
Features
- Joint life insurance policy for husband and wife
- Additional accidental sum assured
- Double tax benefit (either husband or wife can avail the tax benefit)
- Premium waiver benefit on death of any one
- Loan available against the policy
Eligibility Conditions
Minimum age at entry
|
20 years
|
Maximum age at entry
|
50 years
|
Minimum Term
|
15 years
|
Maximum Term
|
30 years
|
Maximum age at maturity
|
70 years
|
Minimum sum assured
|
Rs 50,000.00
|
Maximum sum assured
|
No higher limit
|
Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Possible Events during policy duration
On Death of any one
If either of the policy holder dies during the policy term, his/her spouse will receive:
1. Sum assured
2. All future premiums will be waiver off but the policy will continue on spouse's life
3. On maturity, the spouse will receive the sum assured along with the accrued bonuses after which the policy will terminate
If either of the policy holder dies during the policy term, his/her spouse will receive:
1. Sum assured
2. All future premiums will be waiver off but the policy will continue on spouse's life
3. On maturity, the spouse will receive the sum assured along with the accrued bonuses after which the policy will terminate
On subsequent death of another
On subsequent death of another life partner, the nominee will receive the sum assured along with the accrued bonuses
On Accidental Death of any one
In case, either of the policy holder dies due to an accident, his/her spouse will receive:
1. Sum assured + Additional accidental sum assured
2. All future premiums will be waiver off but the policy will continue on spouse's life
3. On maturity, the spouse will receive the sum assured along with the accrued bonuses after which the policy will terminate
On accidental death of both
In case husband and wife, both die due to an accident, their nominee will receive:
1. Double sum assured
2. Double additional accidental sum assured
3. Accrued bonuses
On Maturity
The policy holders will get the Sum Assured along with the accrued bonuses. The policy will terminate after that.
Mr. and Mrs. Patel plan to take LIC Jeevan Saathi policy for the term of 25 years and Sum Assured of Rs 2,00,000.00 (Rupees Two Lakhs only).
Mean Age Calculation
Mr. Patel is 35 years old
Mrs Patel is 32 years old
Difference between both in years = 3 years
Therefore as per the chart provided by LIC, if difference between the age of husband and wife is 3 years, the mean age = younger person's age + 2.
Therefore mean age = 34 years (32 + 2)
Hence the premium will be calculated as per 34 years of age, which is Rs 11,844.00 (Rupees Eleven Thousand Eight Hundred and Forty Four only)
On subsequent death of Mrs. Patel
If subsequently Mrs. Patel dies, the nominee will receive the sum assured along with the accrued bonuses.
On Accidental Death of Mr. Patel
During the policy term, if Mr. Patel dies due to an accident, Mrs. Patel will receive:
1. Sum assured (Rs 2 Lakhs) + Additional accidental sum assured (Rs 2 Lakhs)
On accidental death of both
In case Mr. and Mrs. Patel, both die due to an accident, their nominee will receive:
1. Double sum assured (Rs 4 Lakhs)
2. Double additional accidental sum assured (Rs 4 Lakhs)
3. Accrued bonuses
On Maturity
Understand LIC Jeevan Saathi plan with an example
Mr. and Mrs. Patel plan to take LIC Jeevan Saathi policy for the term of 25 years and Sum Assured of Rs 2,00,000.00 (Rupees Two Lakhs only).
Mean Age Calculation
Mr. Patel is 35 years old
Mrs Patel is 32 years old
Difference between both in years = 3 years
Therefore as per the chart provided by LIC, if difference between the age of husband and wife is 3 years, the mean age = younger person's age + 2.
Therefore mean age = 34 years (32 + 2)
Hence the premium will be calculated as per 34 years of age, which is Rs 11,844.00 (Rupees Eleven Thousand Eight Hundred and Forty Four only)
Possible Events
On Death of Mr Patel
If Mr. Patel dies during the policy term, Mrs. Patel will receive:
1. Sum assured (i.e. Rs 2 Lakhs)
2. All future premiums will be waiver off but the policy will continue on Mrs. Patel's life
3. On maturity, Mrs. Patel will receive the sum assured along with the accrued bonuses after which the policy will terminate.
If Mr. Patel dies during the policy term, Mrs. Patel will receive:
1. Sum assured (i.e. Rs 2 Lakhs)
2. All future premiums will be waiver off but the policy will continue on Mrs. Patel's life
3. On maturity, Mrs. Patel will receive the sum assured along with the accrued bonuses after which the policy will terminate.
On subsequent death of Mrs. Patel
If subsequently Mrs. Patel dies, the nominee will receive the sum assured along with the accrued bonuses.
On Accidental Death of Mr. Patel
During the policy term, if Mr. Patel dies due to an accident, Mrs. Patel will receive:
1. Sum assured (Rs 2 Lakhs) + Additional accidental sum assured (Rs 2 Lakhs)
2. All future premiums will be waiver off but the policy will continue on Mrs. Patel's life
3. On maturity, Mr's Patel will receive the sum assured along with the accrued bonuses after which the policy will terminate.
3. On maturity, Mr's Patel will receive the sum assured along with the accrued bonuses after which the policy will terminate.
On accidental death of both
In case Mr. and Mrs. Patel, both die due to an accident, their nominee will receive:
1. Double sum assured (Rs 4 Lakhs)
2. Double additional accidental sum assured (Rs 4 Lakhs)
3. Accrued bonuses
On Maturity
Mr. and Mrs. Patel will get the Sum Assured along with the accrued bonuses. The policy will terminate after that.
| Other LIC Plans | |||
|---|---|---|---|
| Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
| Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
| Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
| Jeevan Lakshya | |||
| Jeevan Rakshak | |||
| Limited Premium Endowment | |||
