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LIC Jeevan Saathi is basically an endowment assurance policy that is there to ensure the lives of husband and wife. It offers the required financial protection to the insured's life. Under the same, the insured lives will be able to get the maturity amount and 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 Principal Life Assured (P.L.A.) and the other life (husband/wife) will be called Spouse Life Assured (S.L.A.). Recently, this plan has gained so much popularity just because of its unique features. The plan allows the P.L.A. to choose the sum assured amount, under which both lives will be insured. It 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 for waiver of all future premiums including outstanding premiums as well.
LIC Jeevan Saathi Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 55 years
Maximum Maturity Age - 70 years
Minimum term - 10 years Maximum term - 20 years
10 to 20 years
Annual, half-yearly, quarterly & monthly
Rs 10,000 to No limit
Let's understand how the LIC Jeevan Saathi Plan works with a simple premium illustration.
Mr. Verma is looking for a life plan that offers him dual benefits of protection as well as saving.
His financial advisor advised him to buy the LIC Jeevan Saathi Plan. He visited PolicyX.com
Let's understand how the LIC Jeevan Saathi Plan works for him with a premium illustration table.
Age of policyholder | Policy Term | Premium Term | Basic sum assured | Total Premiums | Maturity Benefits |
35 years | 25 years | 25 years | Rs 1 lakh | Rs 1,31,528 | Rs 2,89,500 |
Here are some features of LIC Jeevan Saathi:
No increase of covers will be allowed under the plan. The P.L.A. can, however, decrease the risk covers for the self, spouse or for both once a year during the Policy term.
After completion of three successful years of the policy, the P.L.A can opt for cover beyond the revival period reviving the policy and paying any premiums further.
In the case where premiums are payable on yearly, half-yearly, quarterly or monthly (ECS) basis and the same have not been paid on time or within the grace period, the Policy will lapse.
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.
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There are various benefits to buying the LIC Jeevan Saathi Plan. Let’s understand each of them in detail:
Here is the list of documents required to buy the LIC Jeevan Saathi Plan:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records of the policyholder if requested.
Income Proof ( either of one) - bank statement, last three months' salary slips (if you are salaried).
You can buy the LIC Jeevan Saathi official website or one of their nearest branch offices.
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.
Visit the official website of Life Insurance Corporation of India.
Hover over the 'Wealth Creation'.
Click on the '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.
You can buy the LIC Jeevan Saathi Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
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 |
If you are looking for an endowment plan that 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.
If a person opts for Regular premium then it is 10, 15 to 20 years and in case of Single premium, the option if from 10 to 20 years.
Yes, you can go for Accidental Death Benefit Rider at Rs 2 per Rs 1000 of Sum Assured. It is an effective rider that you must add with your plan.
A person can make the payment with the following options Yearly Half - Yearly Quarterly Monthly
The minimum premium is Rs 1500 but it varies according to different options like the single premium plan and regular premium plan.
The minimum entry age is 18 years and the maximum is 55 years. So you can insure yourself easily.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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February 5, 2023
Asia/Kolkata
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