Jeevan Saathi Plus - Joint Life Plan
This is an assurance plan issued on the lives of husband and wife.It provides financial protection against death of both of them .
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you.
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.
Benefits of Jeevan Saathi:
Death Benefits: Sum Assured will be applicable in lump sum if the survivor of the two lives dies during the policy term. 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 be 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.
Maturity Benefit: Sum Assured along with bonuses will be payable in a lump sum, if both lives survive to the end of the policy term.
Supplementary or Extra Benefit: These optional benefits are added to your basic plan and an additional premium is needed to be paid for these benefits.
Surrender Value: On early termination of the LIC contract surrender values are allocated. These values will be greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.
Survival Benefit: Sum Assured along with bonuses will be payable in a lump sum, if both lives survive to the Maturity date of the policy.
Guaranteed Surrender Value: if policy has been in force for at least three full years then the policy can be surrendered. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Corporation’s policy on surrenders: A unique surrender value will be paid by company which is either equal to or more than Guaranteed Surrender value. In case of death or maturity the profit allocated on surrender reflects the discounted value at the time of claim amount. The surrender value payable may be fewer than the overall premium paid, if the policy will be terminated at an early stage.
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