LIC’s Jeevan Saathi Plus is under its unit-linked insurance plan (ULIP), specifically for couples. The policy enables partners to maintain coverage under one unified policy by offering single premium payment as well as installment-based premium payment throughout the policy duration. A Principal Life Assured (PLA) chooses this scheme through the proposer role while their Spouse Life Assured (SLA) functions as the policy beneficiary. The policy allows investors to select between four investment fund options together with a capability for extra premium deposits through top-up payments.
Eligibility & Policy Terms:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 55 years
- Maximum Maturity Age: 70 years
Policy Term:
Regular Premium: 10, 15, or 20 years
Single Premium: 10 to 20 years
Premium Payment Options & Minimum Premium
Regular Premium (except monthly ECS mode):
Rs 10,000 annually for 15-20 years
Rs 15,000 annually for a 10-year term
Monthly ECS Mode:
Rs 1,000 per month (15-20 years)
Rs 1,500 per month (10 years)
Single Premium is Rs 40,000
Minimum Sum Assured:
Regular Premium: Minimum coverage of five times the annualized premium for both PLA and SLA.
Single Premium: Minimum coverage of 1.2 times the premium for both partners.
Maximum Sum Assured: This is inclusive of SLA plus PLA plus the minimum sum assured condition.
Key Features & Benefits:
Investment Fund Choices: Four different fund options.
This policy allows premium top-ups through provisions of Rs 5,000.
Partial Withdrawals: Available after three policy years.
Fund switching operations allow four no-cost transitions annually but multiple switches throughout the year cost Rs 100 each.
Clients can only reduce their coverage amount once (yearly basis this reduction will stay permanent). The policyholder has the option to transfer their sum assured into their policy fund rather than receiving immediate payment at death. Premium Waiver is available when PLA passes away while the policy remains active. The policyholder has the option to receive matured funds through five annual payments.
Charges & Deductions
Allocation Charge:
Single Premium: 4.25% (up to Rs15 lakh), 4% (above Rs 15 lakh)
The initial premium under regular payments amounts to 29% of the total value before it decreases over time.
Policy Administration Charges: Rs 60 for the first year, Rs 20 from the second year onward.
The fund management fees amount to 0.50%-0.80% based on the selected fund for each policy year.
The charge for switching policies increases to Rs 100 starting from switch number five onwards. Each initial four changes are fee-free.
Surrender & Miscellaneous Charges: Rs 50 per transaction.
The insurance death benefit under this condition goes to SLA while the policyholder receives a waiver of all future premium payments. PLA will receive the stated sum assured if SLA passes away before him. When both partners perish within the same period the insurance plan provides full payment of the sum assured along with fund value. The policyholder can collect all accumulated policy fund value at maturity. The surrender benefit allows payment of fund value starting from the third policy year.
The policy provides only fund-value benefits to both PLA and SLA in cases of suicide occurring within one year. The policy lacks any option to obtain loans from its funds. A policy that lapses becomes eligible for revival through payment within two years of non-payment.
Under the Jeevan Saathi Plus policy, LIC enables couples to insure their financial future through a unified insurance solution. Policyholders receive coverage through flexible premiums and investment opportunities alongside risk benefits under this policy which aims to match their different needs.
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