The Life Insurance Corporation of India (LIC) has introduced two new joint life insurance savings plans for married couples - LIC's New Jeevan Sathi Single Premium and LIC's New Jeevan Sathi Limited Premium. These plans are designed for couples who want both financial security and long-term savings under a single policy. These are "non-par" and "non-linked" plans, meaning they have no connection to the stock market, and their returns and benefits are pre-determined.
LIC's New Jeevan Sathi (Single Premium)
This is a 'one-time investment' plan, meaning you pay the premium only once.
Features of LIC's New Jeevan Sathi (Single Premium)
- Single Premium: The money must be deposited only once.
- Joint Life Cover: Both husband and wife are covered under a single policy.
- Guaranteed Addition: Guaranteed addition @ Rs 70 per Rs 1,000 of Basic Sum Assured during the policy term.
2 Death Benefit Options
You can choose the risk cover as per your requirement
- Option 1: 1.25 times the single premium or basic sum assured (whichever is higher).
- Option 2: 10 times the single premium.
Essential Benefits
Loan facility, option to take the maturity/death benefit in instalments, and a rebate on a higher sum assured.
LIC's New Jeevan Sathi (Limited Premium)
In this, you pay a premium only for a fixed number of years (such as 5, 10, or 15 years) instead of the entire policy tenure.
Features of LIC's New Jeevan Sathi (Limited Premium)
- Premium Waiver: If one of the partners dies while paying the premium, all future premiums will be waived.
- Guaranteed Addition: 7% of the annual premium will be added as Guaranteed Addition throughout the policy term.
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Flexibility: You can choose the premium payment term and policy term as per your convenience.
2 Death Benefit Option
- Option 1: 7 times the annualised premium or Basic Sum Assured (whichever is higher).
- Option 2: 10 times the single premium.
Important terms and conditions (for both plans)
- Minimum Sum Assured: Rs 3,00,000 (No maximum limit).
- Policy Term: 10, 15, 20 and 25 years.
- Premium Payment Term (for Limited Plan): 5, 10 and 15 years.
- Maturity Age: Minimum 28 years and maximum 60 to 75 years (depending on the option you choose).
- Instalment facility: You can avail the maturity or death benefit in monthly (min Rs 5000), quarterly (min Rs 15000), half-yearly (min Rs 25000) or yearly (min Rs 50000) instalments.
These LIC plans are ideal for those who seek a fixed and secure return rather than bonuses or market fluctuations. They also offer features like loans and riders (at an additional premium) that enhance your liquidity and coverage.
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