Jeevan Saathi Plus
Introduction
Benefits
Eligibility Conditions and Features
Additional Features
Introduction
It has been decided to introduce LIC's Jeevan Saathi Plus Plan (Plan No. 197) with effect from 29th June, 2009. This is a UNIT LINKED JOINT LIFE PLAN wherein a couple can take insurance cover on their lives under a single policy. The proposal under this plan shall be called Principal Life Assured (P.L.A.) and the other life (wife/husband) shall be called Spouse Life Assured (S.L.A.).
The premiums can be paid by P.L.A. either in lump sum (single premium) or regularly throughout the policy term. The P.L.A. can choose the level of life cover for the self as well as for the spouse within the limits, which will depend on the amount and mode of premium payable. In addition, for regular premium policies, in case of death of the P.L.A. during the term of the policy, the plan also provides for waiver of all future premiums including outstanding premiums, if any, provided life cover is in force. Units equivalent to the amount of premiums waived shall be credited to the policyholder's fund if the S.L.A. is surviving otherwise the amount of premiums waived shall be payable as death benefit.
Benefits
a) Benefits payable on maturity:
On P.L.A and/or S.L.A. surviving the date of maturity an amount equal to the Policyholder's Fund Value shall be payable.
b) Benefits payable on death:
On the death of P.L.A. while S.L.A. is alive:
In case of death of P.L.A. during the policy term and while S.L.A. is alive when the cover is in full force, Sum Assured as applicable to P.L.A. shall be payable to the S.L.A.
c) Discontinuance of Premiums:
If premiums are payable yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace under the Policy, the Policy will lapse.
The P.L.A. shall have an option to revive the policy within the specified period
Where at least 3 years' premiums have been paid, the Life Cover and Premium Waiver Benefit cover shall continue during the revival period.
During the “revival period”, the Mortality Charges shall be taken, as usual, in addition to other charges, by canceling an appropriate number of units out of the Policyholder's Fund Value every month. This will continue to provide relevant risk covers for:
- Two years from the due date of first unpaid premium, or
- Till the date of maturity, or
- Till such period that the Policyholder's Fund Value reduces to one annualized premium, whichever is earlier.
The P.L.A. may opt for continuation of cover beyond the revival period without reviving the policy. This option shall be required to be exercised at least one month before the completion of the revival period. If this option is availed, the life cover and premium waiver benefit cover under the policy shall continue by deduction of relevant charges out of policy fund. This option shall continue till the Policyholder's Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.
Eligibility Conditions and Features
a) Minimum Premium: Regular Premium Policies: - Other than monthly ECS mode:
Rs.10,000 p.a. for terms 15 to 20 yrs.
Rs. 15,000 p.a. for terms 10 yrs. Monthly ECS mode: - Rs. 1,000 p.m. for policy terms 15 to 20 yrs.
- Rs. 1,500 p.m. for policy term 10 yrs
| b) Maximum Premium: | No Limit | | c) Premium paying term: | Single premium or same as policy term | | d) Minimum Age at entry: | [18] Years last birthday | | e) Maximum Age at entry: | [55] Years nearest birthday | | f) Maximum Maturity Age: | [70] Years nearest birthday | | g) Policy Term: |
[10 Years & 15 to 20 years] |
Age at entry for the lives assured is to be taken as age nearest birthday except for the minimum age at entry i.e. 18 years.
Additional Features
a)Switching:
The policyholder (i.e. P.L.A. or if P.L.A. is not alive, then S.L.A.) can switch between any fund types during the policy term. On switching the entire amount is switched to the new Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.
Switching shall not be allowed under a lapsed policy.
b)Top-up:
The P.L.A. can pay Top-up in multiples of Rs.1, 000/- at anytime during the term of the policy without increasing the sum assured. In case of yearly, half-yearly, quarterly or monthly (ECS) mode of premium payment such Top-up can be paid only if all due premiums have been paid under the policy. At any point of time, the total of top-up premiums cannot exceed 25% of total regular premiums paid upto that date or 25% of single premium paid.
Top-up premium shall not be allowed to be paid after the death of P.L.A.
c)Increase / Decrease in Benefits:
No increase in benefits will be allowed under the plan. The P.L.A. can, however, decrease the risk covers for the self, spouse or for both once in a year during the Policy term, provided all due premiums under the Policy have been paid. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased/ restored.
Modes of Premium Payment:
Premiums are payable as long as P.L.A is alive, during the term of the policy. Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments. The minimum Annualized Premium (other than monthly through ECS) will be Rs. 10,000/- increasing thereafter in multiples of Rs. 1,000/-. In case of monthly (ECS) the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.
Single premium can be paid subject to a minimum of Rs. 40,000 and thereafter in multiples of Rs.1, 000.
There will be no mode specific charges/ rebates.
Loans:
No loan shall be granted under this plan.
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