LIC Jeevan Saathi
What are the features of this policy?
LIC Jeevan Saathi is unique endowment assurance scheme which is a double cover joint life policy for the couples with dual benefits. While all the other joint life policies end up upon the death of any one of the partner, this policy would provide financial security against the death of either of the partner as well as provide a lump sum of maturity amount upon the survival of either or both of the partners till the end of the term of policy.
What are the terms and the conditions of this policy?
Under the unfortunate event of any one of the partner, the entire policy amount i.e. the assured sum will be paid to the partner who survives. There would also be no impact on the continuity of the plan. Also the partner who survives can continue the LIC Jeevan Saathi policy in order to be protected.
They can continue for his or her lifetime or till the maturity of the policy period. Applicable for which ever is possible and no further premiums are needed to be paid. In case, when the second partner also fails to survive before the maturity of the LIC Jeevan Saathi policy, then the entire assured sum is payable to the person nominated by the policy holder, along with all the vested bonuses.
What are the benefits of this policy?
The benefits under this LIC Jeevan Saathi policy are as listed below.
Supplementary or extra benefits
Guaranteed surrender value.
After the policy has been in force of 3 year or more, it might be surrendered. Thus, about thirty percent of the basic premium amount excluding the first year premium will be paid as the guaranteed surrender value.