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LIC Jeevan Saathi (Joint Life Plan)


Jeevan Saathi (Table 89) is an Endowment Assurance Plan issued on the lives of husband and wife. The plan provides financial protection against death of both the lives.
In this plan, if any one of the husband or the wife dies within the policy tenure, the Sum Assured is paid in a lumpsum but the policy continues but the future premiums are waived and paid by the insurance company.
If the last survivor also dies within the policy tenure, then the Sum Assured is paid along with the accrued Bonus and the policy is terminated.
If one or both of the husband and wife outlives the policy tenure, then the Sum Assured along with the accrued Bonus is paid in a lumpsum and then policy is terminated.


Features of LIC Jeevan Saathi :


•   This is a double cover joint life plan as Sum Assured is paid on the death of either the husband or the wife
•   If only 1 of the 2 dies and the other one is living, then Sum Assured is paid but the policy continues by waiving off the future premiums. So no premium needs to paid after that. The Sum Assured + Accrued Bonus is paid at the end of the policy tenure.
•   If the last survivor of the husband and wife dies within the policy term, then the Sum assured with Bonus will be paid as Death Benefit and the policy is terminated.
•   If both of the life insured lives till the end of the policy term, Sum assured with bonus will be given at the end of policy term.

LIC Jeevan Saathi Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 15 30
Premium Payment Term(in years) 15 30
Entry Age of Policyholder 20 50
Age at Maturity - 70
Payment modes Yearly, Half-yearly, Quarterly, SSS

Benefits of LIC Jeevan Saathi :


Maturity Benefit – At the maturity of the policy, if both or anyone of the 2 life insured are alive, then Sum Assured with accrued Bonus is paid as Maturity Benefit.

Death Benefit – In case of death of one of the Life Insured, i.e. the husband or the wife, the other survivor receives

· Sum Assured and the policy continues
· The future premiums are waived.


If the other survivor also die within the policy tenure, then the Sum Assured + Accrued Bonus is paid as Death Benefit and the policy is terminated.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available
Housing Loan Surity- Available