LIC to launch Jeevan Saathi Plus

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LIC is launching Jeevan Saathi Plus from 29th June 2009.

This is an extension of LIC’s one of the popular policy “Jeevan Saathi” with an ULIP features.

Those who are aware about Jeevan Saathi needs to only know that here return is not guaranteed like ULIP plan.

Joint Life Plan:

This is a joint life policy where both husband and wife are covered under a single plan.

Death Benefit:

1) In case PLA (primary life insured) dies S.A is paid to SLA (secondary life insured) and no future premium required to be paid, the same will be paid by insurer and appropriate unit will be added to policy account.

2) In case SLA dies, S.A is paid to PLA and policy continues.

3) In case PLA dies after SLA , SA + future premium + fund value is paid to nominee.

4) In case SLA dies after PLA then SA + fund value is paid to nominee.

5) In case both die simultaneously then SA of SLA and PLA + future premium + fund value is paid to nominee.

As far as risk cover is concerned this policy is quite promising.

Maturity Benefit:

Fund value is paid.

Allocation charge:

For regular premium policy AC is very high and it ranges from 29% to 27.5% in first year (see table).

Premium

1st year

2nd & 3rd year

4th year-

Upto 1,50,000

29%

5%

2.5%

1,50,001 – 2,50,000

28%

5%

2.5%

2,50,001 -

27.5%

5%

2.5%

Single premium up to 15 lakhs - 4.25%
Single premium above 15lakhs - 4.00%

Top-Up premium -1.25%.

  • Partial withdrawal is allowed after 3 years.
  • Surrender is allowed after 3 years with no surrender charge.
  • Mortality charge is deducted for both PLA and SLA.
  • For types of funds with different amount of equity exposure.
  • One different and interesting feature of this policy compared to Jeevan Saathi is PLA and SLA’s risk cover can be decreased any time during policy term allowing a good level of flexibility.

Keep visiting this place to for review and to know more about this plan.

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