• LIC Jeevan Saathi Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Jeevan Saathi Plan is an endowment assurance plan that provides financial protection against the lives of both, the husband and the wife. The maturity amount is paid on the completion of the policy term if both or either one of the two survive.


    Policyholders are expected to meet the eligibility criteria as set by the insurer. The parameters generally include the minimum and maximum age for entry and minimum and maximum age at maturity of the policyholder.

    Sum Assured and Premium

    Sum assured

    On the death of the policyholder, the insurer is liable to pay a lump sum amount to the beneficiary called the sum assured. Policyholders should ideally choose plans with a sum assured that would help his/her dependents in times of need.


    The policyholder pays a nominal amount to the insurance company at regular intervals, which is known as the premium. The premium for this plan is paid until the completion of the policy term or until the death of one of the policyholders.

    Mode of payment
    • Yearly
    • Half-yearly
    • Quarterly
    • Monthly
    • Salary Deductions

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the Jeevan Saathi Plan covers

    Death Benefit
    • On the death of one of the policyholders, the sum assured is paid as a lump sum to the beneficiary.
    • On the death of the second policyholder, the lump sum along with the bonuses are provided to the beneficiary.
    • In the event of the first death, future premiums are waived off. The survivor enjoys life cover for the rest of the policy term.
    Maturity Benefit If either one of the two or both the policyholders survive the policy term, the sum assured plus the bonuses up to the date of maturity are provided as a lump sum.
    Survival Benefit The sum assured along with accrued bonuses are payable if one or both the policyholders survive the policy term.
    Supplementary Benefits With the payment of an additional premium, extra benefits can be availed for extra protection.

    Other Key Features

    Surrender Benefit
    • The policyholder may choose to surrender the policy after completion of at least 3 years of the policy term. The guaranteed surrender value is equal to 30% of the premiums paid. The premiums paid in the first year are excluded.
    • In most cases, the insurance company offers a special surrender value that is calculated based on the duration for which the policy was in force and the premiums paid. The special surrender value will be paid only if it is equal to or higher than the guaranteed surrender value.
    Simple Reversionary Bonus At the end of each financial year, the simple reversionary bonus is declared per thousand of the sum assured annually.
    Final Bonus If the policy has been in force for a certain period, a final bonus may be payable.

    Other Benefits

    Phone Services LIC customers can make enquiries regarding policies through the phone helpline or the special SMS feature.
    Online Registration Policyholders can register themselves online on the LIC website to view details about their policies.
    Premium Payment Channels Customers can choose from online and offline methods based on their convenience to pay the premiums.

    Tax Benefits

    The policyholders can avail tax benefits under Section 80C of the Income Tax Act, 1961.

    Why you should buy Jeevan Saathi from LIC

    LIC has been in the life insurance market for over 60 years now. They have always topped the charts when it comes to the best customer service. The claim settlement ratio and grievances solved ratio were found to be 98.31% and 100% respectively in the year 2016-2017. It is hence one of the most preferred insurers in the country. Communication with the LIC officials has been made easy by setting up several branches throughout the country.

    Note: This plan has been withdrawn by LIC.

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