Life Insurance Corporation of India has introduced two new joint life insurance savings plans LIC’s New Jeevan Sathi Single Premium and LIC’s New Jeevan Sathi Limited Premium.
The plans are designed for couples looking for both financial protection and long-term savings under a single policy.
These plans are non-par, non-market linked and come with guaranteed additions and fixed benefits, offering policyholders certainty on returns and payouts. Here are the key features of both plans.
LIC’s New Jeevan Sathi (Single Premium)
LIC’s New Jeevan Sathi single premium is a non-par, non-linked, life, individual and savings plan. This is a joint life single premium endowment plan with guaranteed addition. This plan offers a combination of saving and protection.
This is a non-par product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence, the policy is not entitled to any discretionary benefits like bonus, or share in surplus.
LIC’s New Jeevan Sathi (Limited Premium)
LIC’s New Jeevan Sathi limited premium is a non-par, non-linked, life, individual, savings plan. This is a joint life limited premium endowment plan with guaranteed addition.
This plan offers a combination of saving and protection.
This is a non-par product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence, the policy is not entitled to any discretionary benefits like bonus, etc., or share in surplus.
Key features of LIC’s New Jeevan Sathi (single premium)
One-time premium payment as it is a single premium plan
Joint life insurance, which provides coverage for a married person and their spouse under one policy.
Guaranteed addition for the duration of the policy at the rate of Rs 70 every Rs 1,000 basic sum assured.
Flexibility to choose risk cover from two ‘Death Benefit Options’
Choose the policy term.
Opt for a payment of maturity, death benefit in instalments
Benefit of attractive high sum assured rebate
Rebate for existing policyholder and nominee, beneficiary of deceased policyholder
Takes care of liquidity needs through loan facility
Option to enhance coverage by opting for rider benefits on payment of additional premium for rider benefits.
Death benefits
The plan offers two options for ‘Sum Assured on Death’. The primary life assured must choose one of the following options at the proposal stage, subject to eligibility conditions.
Option I: Higher of 1.25 times the tabular single premium, or basic sum assured
Option II: 10 times the tabular single premium
Key features of LIC’s New Jeevan Sathi (Limited Premium)
- The joint life plan covers the married individual with his/her spouse in a single policy.
- Premium waiver on first death during the premium paying term.
- Guaranteed additions at the rate of 7% of the total tabular annual premium in respect of premium paid throughout the policy term.
- Flexibility to:
- Choose risk cover from two death benefit options
- Choose the premium payment term and the policy term
- Opt for the payment of maturity/ death benefit in instalments
- Benefit of attractive incentives for high basic sum assured
- Rebate for existing policyholder and nominee/beneficiary of the deceased policyholder
- Takes care of liquidity needs through loan facility.
- Option to enhance coverage by opting for rider benefits on the payment of additional premium for rider benefits.
The plan offers two options for ‘Sum assured on death’. The proposer (primary life assured) must choose one of these options at the time of purchasing the policy, subject to the eligibility conditions.
Option I: Higher of 7 times the tabular annual premium or the basic sum assured
Option II: 10 times of tabular single premium
