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Jeevan Saathi LIC Insurance Policy
This is an Endowment Assurance Plan issued on the lives of husband and wife.
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.
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions
as opted by you throughout the term of the policy or till the first death of the
lives covered, whichever is earlier.
This is a with-profit plan and participates in the profits of the Corporation’s
life insurance business. It gets a share of the profits in the form of bonuses.
Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the
end of each financial year. Once declared, they form part of the guaranteed benefits
of the plan. Such bonuses are to be added till date of maturity or the second death
of the lives covered, whichever is earlier. Final (Additional) Bonus may also be
payable provided policy has run for certain minimum period.
Features
LIC's Jeevan Saathi/ sathi Couple/ Joint Life Insurance Product .This policy
is issued on the lives of the husband and wife provided the female’s life belongs
to
Category I or is actively engaged in her spouse’s business.
Special Features
In case of death of any one of the policyholder the surviving partner gets
the sum assured, the premium is stopped and on death or maturity full Sum Assured
along with bonus is paid back.
Benefits
Survival Benefits:
If one or both the lives survive to the maturity date, the sum assured, along
with the accumulated bonus, is payable.
Death Benefits:
In case either of the couple dies during the policy’s term, two things
happen. One, LIC pays to the surviving spouse the full Sum Assured. And, two, the
policy continues on the life of the surviving partner without him/her having to
pay any further premiums, i.e. the life cover on the survivor continues free of
cost.
The Sum Assured is again payable on the death of the other partner in case both
the husband and wife were to die during the term of the policy. Vested bonus would
also be paid along with the Sum Assured on the second death. In such a case, the
death benefit is double the Sum Assured, which is why the policy is called Jeevan
Saathi ‘Double Cover’ Joint Life Plan.
Suitable For:
This policy protects the incomes of both husband and wife Join Life Married
Couple, also grants equivalent benefits to the survivor in case neither survive
the policy term period.
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