Jeevan sathi Plus From LIC

LIC is launching Jeevan sathi Plus plan no 197 with effect from 29th june 2009.

Features

1. This is a Unit linked plan wherein Husband and wife can take insurance cover on their lives under a single Policy.
   
2. Age range to take this policy is 18 to 55 years and the Policy term choice is for 10 and 20 years.
   
3. Principal Life assured (PLA) and spouse life assured (SLA) can opt for seperate amount of risk cover.
   
4. Principal life assured can decrease risk cover of self and spouse anytime once duirng the policy year.
   
5. The policy can be surrrendered after three years. The policy fund will be paid as the surrender value and There is NO Surrender charge
   
6. Partial withdrawl permitted after 3 years . But 10% in case of single premium and 2 annual premiums in case of regual premium to be maintained in the fund.
   
7. Reinvestment of claim amount available (on Death of Principal life assured) with partial withdrawl facility without any restriction.
   
8. Option to continue risk cover without paying premiums after three years.
   
9. Four funds that are available with equity
   
   exposure. One fund is to be chosen while taking the policy.
   
10. Switching from one fund to another is permitted. Four switches in a year are FREE and additional switches done in a year carry a charge of Rs100 per switch.
    
11. Top up premiums can be paid in multiples of Rs 1000 and carry an allocation charge of 1.25% . The maximum total top up premium which can be paid is 25% of total premiums paid.
    
12. Lapsed Policy can be revived in a span of 2 years from date of last unpaid premium.

Maturity Benefit
The fund value of the policy will be paid to the PLA or SLA as the case is.
There is an option to recieve the maturity proceed in a settlement option.

Death Benefits

Death of P.L.A while S.L.A is alive	Sum assured is paide to S.L.A. and Future premiums to be paid are waived and is also credited to the policy fund as units and policy continues.
Death of S.L.A while P.L.A is alive	Sum assured is paid to P.L.A and policy continues
Death of P.L.A after S.L.A 's death.	sum assured of PLA + all future premiums to be paid + fund value of the policy is paid to the nominee or legal heir.
Death of S.L.A after P.L.A's death	sum assured of SLA + fund value of the policy is paid to the nominee or legal heir.
Simultaneous death of S.L.A and P.L.A	Both the sum assured's of SLA and PLA + All future premiums to be paid + fund value of the policy is paid to the nominee or legal heir.

Premium
Premiums can be paid in ECS-monthly, quarterly, halfyearly, yearly and in single mode.
Regular premium minimum 10,000 and multiples of 1000 annual for ECS minimum 1.000 and thereafter multiples of 250 No maximum limit for premium
Single premium minimum 40000 and multiples of 1000

Sum assured
Regular premium 5 times of annual premium is minimum and Maximum of 30 times for age below 40 and 20 times for age above 40 in multiples of 5000
Single premium 1.5 times of premium is minimum and maximum of 5 times for age below 40 and 20 times for age above 40 in multiples of 5000

Types of Fund
Bond fund - Secured fund - Balanced fund - Growth fund

Allocation Charges
single premium upto 15 lakhs - 4.25%
single premium above 15lakhs - 4.00%

Regular premium

Premium	First year	2 & 3 year	Thereafter
10,000 to 1,50,000	29%	5%	2.5%
1,50,0001 to 2,50,000	28%	5%	2.5%
Above 2,50,001	27.5%	5%	2.5%

Top up premium allocation charge is 1.25%

Mortality Charges
Life cover charges for Principal life assured and spouse life assured
Premium waiver benefit charge (for regular premium policy only)

Policy administration charge
First year Rs.60 per month.
Second and third year Rs 20 per month
Thereafter Rs 20 per month escalating at 3% Per Year.