Jeevan Sathi is an Endowment Assurance Plan from LIC and it is issued on the lives of husband and wife. Jeevan Sathi 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 modes for Jeevan Sathi :
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.
Bonuses available with Jeevan Sathi:
Jeevan Sathi is a with profit plan and participates in the profits of the Corporation’s life insurance business. Jeevan Sathi 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.
Death Benefit on Jeevan Sathi:
On first death the Sum assured is payable in a lumpsum. If the survivor of the two lives dies thereafter during the remaining policy term, Sum Assured along with the all bonuses is payable again in a lumpsum.
Maturity Benefit on Jeevan Sathi:
If one or both the lives survive till the end of the policy term, Sum Assured along with all bonuses declared up to maturity date is payable in a lump sum.
Extra Benefits with Jeevan Sathi:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Survival benefits with Jeevan Sathi:
If one or both the lives survive to the maturity date, the sum assured, along with the accumulated bonus, is payable.
Death Benefits with Jeevan Sathi:
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.
Surrender Value on Jeevan Sathi:
Buying a life insurance contract is a long-term commitment. However, surrender values are available under the Jeevan Sathi plan on earlier termination of the contract.
Guaranteed Surrender Value on Jeevan Sathi:
Jeevan Sathi policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.
About akhilendra
[…] Jeevan Sathi Review […]