Life Insurance Corporation of India (LIC) has introduced a new joint life insurance plan named 'Jeevan Sathi' specifically designed for married couples. This plan offers financial protection and savings benefits to both partners under a single policy.
Key Features of LIC Jeevan Sathi Plan
The Jeevan Sathi plan is a non-linked, participating joint life insurance plan that provides coverage to both spouses. It offers a lump sum payment on the death of either spouse during the policy term, and a maturity benefit if both survive the term.
Coverage and Benefits
Under this plan, on the death of either spouse during the policy term, the sum assured along with bonuses is paid to the surviving spouse. The policy continues with the same benefits for the surviving spouse, and the sum assured remains unchanged. On maturity, the sum assured plus accrued bonuses are paid to both spouses if they are alive.
Premium Payment Options
Policyholders can choose from regular premium payment, limited premium payment, or single premium payment modes. The policy term ranges from 10 to 30 years, and the sum assured can be selected based on the couple's needs.
Additional Riders
The plan also offers optional riders such as accidental death benefit rider and waiver of premium rider for added protection.
Eligibility and Benefits
Both spouses must be between 18 and 55 years of age at the time of policy issuance. The plan provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
LIC's Jeevan Sathi plan aims to provide comprehensive financial security to couples, ensuring that the surviving spouse is protected in case of an unfortunate event. The plan also offers a savings component through bonuses declared by LIC.
For more details, interested couples can visit the official LIC website or contact their nearest LIC branch.
