LIC Jeevan Saathi Plus Plan is a unit linked plan that allows a couple to take life covers under a single policy. Under this plan, the proposer under this plan is called Principal Life Assured (P.L.A.) and the other life is called as Spouse Life Assured (S.L.A.). The couple can choose to buy this plan with a single premium of Rs.40,000 or a regular premium for the entire duration of the policy term. Under this plan, the premium is based on the policy term and premium payment mode. In the event of P.L.A.'s unfortunate death during the policy term of a regular premium scheme, all future premiums will be waived.
In order to be eligible for the LIC Jeevan Saathi Plus Plan from Life Insurance Corporation Insurance Company, the couple will need to meet the following eligibility criteria:
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
|Maximum age at maturity||70 years|
|Minimum sum assured||
|Maximum sum assured||Regular premium -
|Policy term||Regular premium - 10, 15, and 20 years Single premium - 10 and 20 years|
|Minimum premium||Regular premium (other than monthly (ECS) mode) -
The age is based on the last birthday of the customer.
|Death benefit||The sum assured will be payable on the death of one or both of the life insured based on the following factors -
|Maturity benefit||If both the P.L.A and S.L.A. survive till the end of the policy term, they will be entitled to total fund value inclusive of units.|
|Investment fund options||Depending on the risk appetite and financial goals, the couple is required to choose one of the four following investment fund options -
|Nomination||The customer can get in touch with Life Insurance Corporation Insurance Company at any time during the policy term to amend the details of the nominee.|
There is no add-on or rider available for LIC Jeevan Saathi Plus Plan.
Suicide exclusion – If the P.L.A. commits suicide within one year from the policy inception date, the insurer will not entertain any claim except to the extent of the policyholder’s fund value on death. If the S.L.A. commits suicide at any time within one year, the insurer will not entertain any claim by virtue under the policy.
|Free-look period||If the P.L.A. and S.L.A. do not agree with any of the terms and conditions of the policy, they can utilize the 15 days free-look (cool-off) period to return/cancel the policy in order to receive the refund. In this case, the original policy document along with a statement of objection will need to be sent to Life Insurance Corporation Insurance Company. The insurer will refund the premiums paid by the customer after the deduction of proportionate risk premium for the period on the cover, stamp duty charges, and medical examination fee, if any.|
|Surrender values||The policy acquires surrender value after the completion of the 3rd policy year. If the policy is surrendered before the completion of 3 years from the policy inception date, the funds will be moved to a discontinuance fund where it will earn a basic interest till it is paid to the customer after the completion of the 3rd policy year. A surrendered policy can never be reinstated.|
|Revival of the policy||If the due premium is not paid within the days of grace, the policy will lapse. A lapsed policy can be revived within 2 years from the date of first due premium provided all the due payments are paid.|
|Top-up (additional premium)||The P.L.A. is allowed to pay a top-up premium in multiples of Rs.1,000 which will not affect the sum assured. The top-ups can be paid anytime during the policy term provided the P.L.A. is alive.|
|Partial withdrawal||In case of an emergency situation, the P.L.A. can opt for partial withdrawal through encashment of units. The policy allows partial withdrawal only after the completion of 3 policy years.|
|Fund switching||At any time during the policy term, the fund type can be switched from one investment fund to another. Each policy year, 4 switches are given to the customer. If the customer switches fund more than 4 times in a year, he/she will need pay the additional switching charges of Rs.100 per switch.|
|Settlement option||At maturity, the customer can either opt for lump sum payment of benefits or spread the benefits in equal installments for not more than 5 years.|
The plan provides tax benefits under the Section 80C and Section 10(10D) of the Income Tax Act,1961. The tax benefits are subject to change from time to time. Customers are advised to speak with a qualified tax advisor before purchasing the plan.
The LIC Jeevan Saathi Plus Plan offers various types of benefits and features for the buyer. Additionally, the following factors are also important and worth consideration when you are planning to invest in a plan -
Why you should buy the LIC Jeevan Saathi Plus Plan from LIC Insurance Company?
The LIC Jeevan Saathi Plus Plan offers dual benefits of market linked units and life cover to both the P.L.A and S.L.A. Depending on the financial goals and the level or risk appetite, the customers can choose from four different investment fund that makes it easy to control the growth and risk exposure. Moreover, the customers can switch between fund options to determine the best performing fund for themselves. Under this plan, the sum assured is payable either as the maturity benefit or as the death benefit. By using this plan, the customers can increase their earning potentials while being protected with a life cover.
Known as the leading life insurance company in India, Life Insurance Corporation Insurance Company caters to over 250 million customers with the highest standard of insurance services. The insurer's customer service team is fully trained on insurance products and they can be reached by telephone, email, website, or the branch for any queries related to any of the policies.