LIC Jeevan Saathi plan, essentially a joint-life endowment plan, is offered by the Life Insurance Corporation of India (LIC) for married couples. The key feature of this plan is to offer financial protection for both the married members under one policy, i.e., it provides insurance cover for both the husband and wife. It is a life insurance policy with an orientation towards savings and offers maturity benefits and death benefits.Read more
Guaranteed Tax SavingsUnder sec 80C & 10(10D)
₹ 1 CroreInvest 10k Per Month*
Zero LTCG TaxUnlike 10% in Mutual Funds
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The LIC Jeevan Saathi policy also allows the customers to avail of simple reversionary bonuses along with its benefits. The policy will continue to run its term even after the demise of one of the policy members. The primary policyholder of the plan is referred to as the Principal Life Assured (PLA), and the other insured life will be referred to as the Spouse Life Assured (SLA). The PLA is given a choice to select the sum to be assured for both lives. This depends on the mode of premium payments, age, and the premium amount, which has to be paid.
Eligibility Criteria of LIC Jeevan Saathi
The eligibility criteria for theLIC Jeevan Saathi policy is briefed below-
Minimum entry age required- 18 years old (completed)
Maximum entry age required- 55 years old (age close to birthday)
Maximum age required at the time of maturity- 70 years old (age close to birthday)
Benefits of LIC Jeevan Saathi Policy
The benefits offered by the LIC Jeevan Saathi plan is discussed in brief below-
This plan is exempted from tax for the premiums paid under the Indian Income Tax Act, Section 80 C. Maturity is also exempted from tax.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply.
The amount that has been assured, in addition to the accrued vested bonuses, is paid to the members of the policy at the time of maturity. The assured sum is paid to the members upon their survival after the policy term. Even in the case of one member being alive, the other would receive the maturity benefits.
In the case of an unexpected death of one married member of the policy, then the amount that has been assured would be refunded to the surviving member, and the plan goes on with the future premiums to be paid being relinquished. If the surviving married member also passes away, the amount assured and the vesting bonuses that have been accumulated are paid to the nominees of the policy. Any additional financial benefits are added when applicable.
The LIC Jeevan Saathi planalso offers its policyholders to have a supplementary optional rider. To avail of this additional benefit, the policyholder has to pay additional premiums.
The Premium Structure of the Plan
The premium payment structure for this joint life endowment plan is similar to several other insurance plans offered by LIC. The policyholder can make the payments of the premium for every year, quarter year, half-year, or for every month (only through an ECS - Electronic Clearing System - mode).
Alternate to these modes, the policyholder can also make a single payment of the premium.
For premiums paid regularly (other than the monthly ECS mode), the minimum amount of premium is Rs. 10,000 per annum for a policy term of fifteen to twenty years and Rs. 15,000 per annum for a policy term of ten years.
For premiums paid monthly through the ECS mode, the minimum amount of premium required is Rs. 1,000 per month for a policy term of fifteen to twenty years and Rs. 1,500 per month for a policy term of ten years.
For policyholders selecting to make a single payment of premium, the minimum amount required is Rs. 40,000.
Each and every insurance plan has its own requirements of documents and forms. Few plans need specific documentation records, while some need general records. The following is a list of standard and general documents necessary when purchasing a life insurance plan -
The following is a list of specific documents required for raising a claim under the LIC Jeevan Saathi plan-
The following are the list of documents required for claiming the maturity-
The Process to Buy Online
Life insurance covers can now be purchased online, thanks to the growing digital platforms. The following are some standard steps that allow the customer to purchase an insurance cover online-
Step 1:From the website of the selected insurance provider, select the plan that is best suitable.
Step 2:Once the plan has been selected, select the option that leads to the purchasing option of the plan.
Step 3:For purchasing a plan, the customer is asked to enter in their personal and lifestyle details. Once the necessary information is filled in, the customer can go ahead and purchase the plan.
Step 4:The purchasing process is completed when the customer makes the payment through a debit card, credit card, or through any other secured payment gateways offered by the website.
Key Exclusions of the Plan
The following are specific exclusions that are mentioned for theLIC Jeevan Saathi policy-
A1. No, there is no provision of availing for a loan under this plan.
A2. Yes, a cooling-off period of fifteen days wherein the customer can return the policy to the Corporation if they are unsatisfied with the terms and conditions accompanied by the policy. Once the policy is returned to the insurance company within the cooling-off period, the amount to be returned would be determined as below-
A3. Yes, there is an option for the surviving member of the plan to transfer the death benefits (assured sum) into the Policyholder's Fund. This process has to be put into exercise along with the intimation of the occurred death. This transferred sum of money can be withdrawn entirely or in parts from the Policyholder's Fund at any point in time in the future without any three-year waiting period restrictions imposed.
A4. Yes, the revival of the policy is possible by the Principal Life Assured two years after the last date of the premiums that have been left unpaid or before the maturity period, depending on which period comes earlier. The time within which the policy has a window to be revived is called the "revival period" or the "period of revival."
For reviving a policy with at least three full years' worth of premiums unpaid, the revival of the policy within two years from the last date of the first premium that has not been paid. In such cases, the Corporation might ask for proofs that act as a surety for policy continuation.
When a minimum of three full years of premiums have been paid with the following premiums left unpaid, the policy can be brought back within two years from the date of the first premium that has not been paid and before the maturity period.
The customer is advised to note that the Corporation has the right to make revisions regarding the revival of policies from time to time. It holds the right to accept or reject policies for reviving.
A5. No, the policy, once surrendered, cannot be reinstated.
A6. Yes, the plan allows for an assignment.
A7. The minimum sum to be assured under this plan differs for regularly paid premiums and single premium payment.
For premiums paid regularly, the minimum amount to be assured is equal to five times the annual rate of premium for each of the PLA and SLA.
For a single payment premium, the minimum amount to be assured is equal to one and quarter times the single premium of each of the members of the policy.
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Standard T&C apply.