LIC’s Jeevan Saathi Plus (Plan 197): This is a unit linked Joint Life plan wherein a couple can take insurance cover on their lives under a single policy. The proposer 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.).
| Term | Age | Sum Assured | |
| Minimum | 10 | 18 | 50000 |
| Maximum | 20 | 55 | No Limits |
Benefits:
· Custom Individual Risk Cover: Option to choose separate amount of risk cover for your self & your spouse
· Combined Risk Cover up to 30 times of the annualized premium can be opted.
· Premium payment modes: Single, Yearly, Half yearly, Quarterly or Monthly (ECS).
· Top-up premium option available.
· Choose your investment risk by investing in any of the 4 funds – BOND, SECURED, BALANCED or GROWTH
· 4 FREE fund switches in a year & there after with nominal charges.
· Liquidity: Partial Withdrawal option available.
· Premium Waiver Benefit: In event of Proposer’s (PLA) death, future premiums are waived & an amount equal to all future premiums is added to fund.
· Auto Cover option available after 3 years
· Settlement option: Maturity benefit can be taken in lump sum or in installments (Half-yearly or Yearly).
Terms and condition:
Minimum Premium:
Regular Premium Policies:
o Rs.10, 000 p.a. (other than monthly (ECS) mode), increasing thereafter in multiples of Rs. 1, 000.
o Rs.1, 000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250.
Single Premium Policies: Rs. 40,000, increasing thereafter in multiples of Rs. 1,000.
No Limit for Maximum premium
Minimum Sum Assured:
Regular premium policies: 5 times the annualized premium for each of Principal Life Assured and Spouse Life assured.
Single premium policies: 1.25 times the single premium for each of Principal Life assured and Spouse Life assured.
Maximum Sum Assured:
· Inclusive of both Principal Life Assured and Spouse Life assured
Regular premium policies:
o 30 times the annualized premium if age at entry for both the lives is upto 40 years
o 20 times the annualized premium if age at entry for any one of the lives is 41 years and above
· Single premium policies:
o 5 times the single premium if age at entry for both the lives is upto 40 years
o 2.5 times the single premium if age at entry for any one of the lives is 41 years and above
Further the sum assured for the spouse shall be less than or equal to the sum assured of P.L.A. subject to the minimum sum assured condition.
The Sum Assured shall be available in multiples of Rs. 5,000. Where the minimum Sum
Assured is not in the multiples of Rs. 5,000 it will be rounded off to the next multiple of Rs. 5,000. To the extent of rounding off, the maximum Sum Assured condition shall not be applicable. Flexibility to increase/ decrease premium & withdraw money according to your needs. Save Tax upto Rs.33390.
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