LIC Jeevan Saathi- An Overview

The LIC Jeevan Saathi policy offered by the LIC of India is a joint life insurance policy that provides coverage to two individuals. The policy offers financial protection to both the husband and wife, ensuring their family's security in case of any unforeseen event. The policyholder can choose from different premium payment options, including single premium, limited premium payment term, and regular premium payment. The benefits of the LIC Jeevan Saathi policy include a death benefit payable to the nominee in case of any one or both of the policyholders' death during the term of the policy.

However, the plan is no longer available for sales as it was withdrawn by the company.

Continue reading to explore all the policy details of LIC Jeevan Saathi Plan.

Eligibility Criteria of LIC Jeevan Saathi

Benefits of LIC Jeevan Saathi Policy

The benefits offered by the LIC Jeevan Saathi plan are discussed in brief below- 

Tax Benefits*-

This plan is exempted from tax for the premiums paid under the Indian Income Tax Act, Section 80 C. Maturity is also exempted from tax.

*Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Maturity Benefits-

The amount that has been assured, in addition to the accrued vested bonuses, is paid to the members of the policy at the time of maturity. The assured sum is paid to the members upon their survival after the policy term. Even in the case of one member being alive, the other would receive the maturity benefits.

Death Benefits-

In the case of an unexpected death of one married member of the policy, then the amount that has been assured would be refunded to the surviving member, and the plan goes on with the future premiums to be paid being relinquished. If the surviving married member also passes away, the amount assured and the vesting bonuses that have been accumulated are paid to the nominees of the policy. Any additional financial benefits are added when applicable.

Optional Benefits-  

The LIC Jeevan Saathi planalso offers its policyholders to have a supplementary optional rider. To avail of this additional benefit, the policyholder has to pay additional premiums.

The Premium Structure of the Plan

The premium payment structure for this joint life endowment plan is similar to several other insurance plans offered by LIC. The policyholder can make the payments of the premium for every year, quarter year, half-year, or for every month (only through an ECS - Electronic Clearing System - mode).

Alternate to these modes, the policyholder can also make a single payment of the premium.

For premiums paid regularly (other than the monthly ECS mode), the minimum amount of premium is Rs. 10,000 per annum for a policy term of fifteen to twenty years and Rs. 15,000 per annum for a policy term of ten years.

For premiums paid monthly through the ECS mode, the minimum amount of premium required is Rs. 1,000 per month for a policy term of fifteen to twenty years and Rs. 1,500 per month for a policy term of ten years.

For policyholders selecting to make a single payment of premium, the minimum amount required is Rs. 40,000.