New Jeevan Sathi

Times are changing and so are the needs. LIC, as an insurer, has always been sensitive to the changing needs of the people and introduced products to suit these from time to time. While we have a wide array or products to suit every Indian, we keep on adding variety to take care of the emerging needs like Health, Pension, and Mortgage etc. The innovation and the restructuring of the product portfolio are done with a view to match people’s expectations. Our latest offering is Jeevan Saathi Plus which is the first of its kind in the industry. Unlike our earlier Joint Life plan Jeevan Saathi, which was on Conventional platform, this one is on ULIP platform and offers the insured the benefits of market-linked return.

Jeevan Saathi Plus is a plan wherein the 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.).

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/-. Alternatively, a Single premium can be paid subject to a minimum of Rs. 40,000/- . P.L.A. will also have an option to make additional investments under the policy through Top-up premiums.

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 all future premiums including outstanding premiums, if any, are waived and units equivalent to an amount equal to all future premiums, including outstanding premiums, if any, shall be credited to the policyholder’s fund provided life cover is in force. The policy, however, continues even thereafter and the risk cover on the life of S.L.A. remains intact.

In case of the death of either the P.L.A. or S.L.A. the surviving life shall have an option of not taking the death benefit but can transfer the same to the policyholder’s fund and same may be withdrawn anytime.

On both P.L.A and S.L.A. surviving or either of P.L.A or S.L.A. surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable. When the policy comes for maturity, the policyholder (i.e. P.L.A. or if P.L.A. is not alive, then S.L.A.) may exercise “Settlement Option” and may receive the policy money in instalments spread over a period of not more than five years from the date of maturity.