LIC Jeevan Saathi

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
Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • ₹ 1 Crore

    Invest 10k Per Month*
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Grow Your Wealth !
Best Plans with High Returns available on one platform
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

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- 

Tax Benefits*-

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.

Maturity Benefits-

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.

Death 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.

Optional Benefits-  

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.

Documents Required

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 -

  • ID proof
  • Address proof
  • Income proof
  • Passport size photo of the policyholder

The following is a list of specific documents required for raising a claim under the LIC Jeevan Saathi plan-

  • Claim form 3783
  • Death certificate
  • Policy documents
  • FIR copy (if and when applicable)
  • Post-mortem report (if and when applicable)
  • Coroner’s report (if and when applicable)
  • Proof of title (if and when applicable)

The following are the list of documents required for claiming the maturity-

  • Claim discharge voucher
  • Identity proof
  • Bank details

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-

  • Suppose the Principal Life Assured passes away by committing suicide within one year. In that case, the Corporation will not be providing any claim based on the virtue of the plan, except for the Policyholder's Fund Value upon death.
  • In the case of the Spouse Life Assured passing away by committing suicide, the Corporation will not be providing any kind of claims related to the plan.


  • Q1.Can one avail for a loan under the LIC Jeevan Saathi plan?

    A1. No, there is no provision of availing for a loan under this plan.

  • Q2. Will there be any cooling-off period for the LIC Jeevan Saathi policy?

    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-

    • Value of units in the customer's Policyholder's Fund in addition to the premium unallocated and the deducted policy administration charge.
    • Fewer charges at the rate of Rs. 0.20 for every thousand of the amount that has been assured of both the Principal Life Assured and the Spouse Life Assured would be taken together.
  • Q3. Will there be an option to transfer the death benefit's assured sum to the Policyholder's Fund in the LIC Jeevan Saathi plan?

    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.

  • Q4. Can one revive the LIC Jeevan Saathi policy?

    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.

  • Q5. Can the LIC Jeevan Saathi policy be reinstated after surrendering?

    A5. No, the policy, once surrendered, cannot be reinstated.

  • Q6. Does the LIC Jeevan Saathi plan allow for an assignment?

    A6. Yes, the plan allows for an assignment.

  • Q7. What is the required sum assured for the LIC Jeevan Saathi policy?

    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. 

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Standard T&C apply.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 26 Reviews)
Sign up for newsletter
Sign up our newsletter and get email about health plans.

Ulip plans articles

Recent Articles
Popular Articles
Bajaj Allianz ULIP Plan Calculator

18 Jan 2022

Bajaj Allianz ULIP calculator is a specifically developed tool...
Read more
LIC ULIP Plan Calculator

18 Jan 2022

This LIC ULIP calculator is a specifically developed tool which...
Read more
Axis ULIP Calculator

18 Jan 2022

This Axis ULIP calculator is a specifically developed tool which...
Read more
SBI ULIP Plan Calculator

18 Jan 2022

This SBI ULIP calculator is a specifically developed tool that...
Read more
Bajaj Future Gain

24 Nov 2021

The Bajaj Future Gain plan is a unit-linked insurance plan that...
Read more
ULIP Calculator
A ULIP calculator is a specifically developed tool which helps the insurance buyers to calculate the premium...
Read more
SBI Life Smart Privilege Plan - All You Need to Know About Benefits & Features
One of the most trusted life insurance companies in India, SBI Life has recently come up with a new SBI Life...
Read more
ULIP Fund Returns
ULIP or Unit Linked Insurance plan  provides a combined benefit of investment and life cover. According to the...
Read more
11 ULIP Charges You Should Know About
Unit-Linked Insurance plan (ULIP) offers dual benefits of insurance and investment. Unlike traditional insurance...
Read more
7 Things to Know About the Tax Benefits of ULIPs
Nowadays, Unit Linked Insurance Plan i.e., ULIPs have evolved as a popular investment instrument in India that...
Read more

LIC Jeevan Saathi Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Jaipur, July 19, 2016
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Ahmednagar, March 09, 2016
help me, plane choose
Noida, January 02, 2016
life insurance
Download the Policybazaar app
to manage all your insurance needs.