In any family, financial planning is always essential. If you are married or have a spouse and children ,it is essential to be insured. Everybody faces a situation in life where they want to protect their family in the face of calamities. LIC Jeevan Saathi Plus is a good plan for all married couples as it offers policy for both wife and husband. As it is a ULIP, it provides you with insurance and at the same time your money is invested in shares for returns. Well as the name says the both partners are insured by this policy. The person who is planning to take insurance is called PLA (principal life insured) and his/her spouse to be insured is called SLA (spouse life assured). As with most of the LIC plans , this policy also offers the option of paying premium in lump sum or can pay in regular intervals. In case of regular premiums, if the primary policy holder dies then all the future premiums are waived provided that all the previous premiums have paid on time.
Features of LIC Jeevan Saathi
1. Partial Withdrawals: Primary life assured may en cash the units partially after paying the premium for three years and still in force. If premium is paid in lump sum that is in single premium then 10% of the premium can be withdrawn.
2. PLA and SLA’s risk cover can be decreased any time during policy term allowing a good level of flexibility.
3. Death benefits:
In case of death of PLA while SLA is alive: Sum assured by PLA will be paid to SLA with waiver of future premiums.
In case of death of SLA while PLA is alive: Sum assured as applicable to SLA shall be paid to PLA and policy will continue.
If death benefit sum assured is transferred to the Policyholder’s Fund on death of either of the policy holders (P.L.A. or S.L.A.) then the same shall be allowed to be withdrawn from the fund without any restriction of three years waiting period.
4. Maturity Benefits: An amount equal to the fund value of the units held in the fund holder’s account will be payable.
5. Surrender Value: The surrender value will be the units held in the policy holder’s fund account at the time of submission. No deduction of charges will be done. If premium is paid for three years and the policy lapsed due to any reason and not revived before the given time or on maturity the policy will be terminated.
6. Risk cover can be selected depending upon the investment needs
7. If you are a single premium payer can opted for 5times flexi cover facility and is tax free.
Jeevan saathi allows investing in four types of fund, they are:
- Bond Fund
- Secured Fund
- Balanced Fund
- Growth Fund
Different kind of charges applied on Jeevan Saathi Plus policy is:
- Fund management Charges
- Policy Administrative charges
- Mortality Charges
- Premium waiver benefit charges
- Premium allocation charges
Documents required for Jeevan Saathi are:
- Identity proof
- Residence Proof
- Income proof
- 1 photograph
- A cheque in favor of “ LIC of India “
While opting for Jeevan Saathi, few things to remember:
- Under regular premium policies where premiums have been paid for less than 3 years’ and further premiums are not paid, the partial withdrawal shall not be allowed.
- If premiums are not duly paid within the grace period then the policy will lapse. A lapsed policy can be revived anytime in the two years from the due date of first unpaid premium.
- Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions