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Overview
LIC Jeevan Saathi is an endowment assurance policy that can secure the lives of both husband and wife. It offers the required financial protection to the insured's life. Under this policy, the insured lives will be able to get the maturity amount at the end of the policy term.
It is a unit-linked insurance plan under which a couple can get the required insurance coverage within a single policy. In this policy, the proposer will be called the Principal Life Assured (P.L.A.), and the other life (husband/wife) will be called the Spouse Life Assured (S.L.A.). Recently, this plan has gained popularity due to its unique features. The plan allows the P.L.A. to choose the sum assured amount, under which both lives will be insured. The sum assured may also vary if you opt for a single premium or regular premium contract, as well as your age and the amount of premium agreed to pay.
When it comes to regular premium policies, in case of the demise of the P.L.A. during the policy's tenure, the plan will help his/her spouse with a waiver of all future premiums, including outstanding premiums.
Key Benefits of LIC Jeevan Saathi Plan
- Maturity benefits
- Bonuses
- Partial withdrawals
- Switching
- Death benefits
Key Features
How to Buy LIC Jeevan Saathi Plan Online
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Jeevan Saathi Plan
There are various benefits to buying the LIC Jeevan Saathi Plan. Let’s understand each of them in detail:
- Death Benefit: On death during the first five policy years, a benefit is payable in case of the death of an insured person before the maturity time. Before the date of commencement of risk: Refund of premium(s) paid without interest will be payable.
- Maturity Benefits: In the case where the insured survives till the end of the policy period, provided all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition will be payable.
- Partial Withdrawals: P.L.A. can encash the units partially after completing three years of the plan. This partial amount can be a fixed amount or a fixed number of units.
- Switching: During the policy term, the insured person can switch between available fund options. In each policy year, up to 4 switches are allowed free of cost. If you make more than 4 switches in the same year, a charge of ₹100 will be deducted for every additional switch.
Additional Features
Increase / Decrease of Risk Covers
No increase of covers will be allowed under the plan. The P.L.A. can, however, decrease the risk covers for self, spouse, or for both once a year during the policy term.
Choice to Continue the Cover After the Revival Period
After completion of three successful years of the policy, the P.L.A. can opt for cover beyond the revival period by reviving the policy and paying any further premiums.
Discontinuance of Premiums
In cases where premiums are payable on a yearly, half-yearly, quarterly, or monthly (ECS) basis and have not been paid on time or within the grace period, the policy will lapse.
Tax Benefits
LIC Jeevan Saathi Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Jeevan Saathi Plan
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Saathi Plan'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Jeevan Saathi Plan
Here is the list of documents required to buy the LIC Jeevan Saathi Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| Bonuses | Auto cover continuance |
| Partial Withdrawals | Top-up premium |
In a Nutshell
If you are looking for an endowment plan that offers dual benefits of protection as well as saving, you should buy the LIC Jeevan Saathi Plan. If you are still confused about whether buying this plan is right for you or not, then you can contact us at PolicyX.com.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
