The Life Insurance Corporation of India (LIC) has launched two new life insurance policies namely the New Jeevan Sathi Single Premium and New Jeevan Sathi Limited Premium. Both these plans are non-par, non-linked joint life single- premium endowment plans with guaranteed benefits and fixed returns.
Here’s a look at LIC’s newly launched New Jeevan Sathi Single Premium and New Jeevan Sathi Limited Premium policy.
LIC’s New Jeevan Sathi – Single Premium
This is a single premium plan with a one-time premium payment which covers a married individual with his/her spouse in a single policy. Under this joint life plan a married individual (primary life assured) can take the policy with his/her spouse (secondary life assured). The primary life assured shall be the policyholder under the policy and after the death of the primary life assured the secondary life assured shall be the policyholder.
Key features LIC’s New Jeevan Sathi – Single Premium policy
This is a non-par product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence, the policy is not entitled to any discretionary benefits like bonus, etc. or a share in the surplus.
This plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms as well as online directly through the website www.licindia.in.
The plan offers guaranteed addition at the rate of Rs 70 per Rs 1000 basic sum assured throughout the policy term and has the option to enhance coverage by opting for rider benefits on payment of additional premium for the rider benefits.
Rebates are available for existing policyholder and nominees/beneficiaries of deceased policyholders.
The policy takes care of liquidity needs through a loan facility.
The policy has flexibility to choose risk cover from two death benefit options, choose the policy term and opt for payment of maturity/death benefit in installments.
The options for sum assured on death are Option I: Higher of 1.25 times of the tabular single premium or basic sum assured. Option II: 10 times of tabular single premium.
A settlement option is an option to receive a maturity benefit in installments over a period of 5, 10 or 15 years instead of a lump sum amount. Monthly is Rs 5,000, quarterly is Rs 15,000, half-yearly is Rs 25,000 and yearly is Rs 50,000.
The policy term is 10, 15, 20 and 25 years for options I and 10 and 15 years for option II
The premium payment term is single premium
The minimum basic sum assured is Rs 3,00,000
The maximum basic sum assured has no limits. However, the maximum basic sum assured allowed to each individual will be subject to a board-approved underwriting policy.
The basic sum assured shall be in multiples of Rs 25,000.
LIC’s New Jeevan Sathi – Limited Premium policy
A limited premium plan, it offers a joint life plan which covers the married individual with his/her spouse in a single policy. This joint life limited premium endowment plan offers a combination of savings and protection.
LIC’s New Jeevan Sathi – Limited Premium policy key features
A married individual (primary life assured) can take the policy with his/her spouse (secondary life assured). The primary life assured shall be the policyholder under the policy. After the death of the primary life assured, the secondary life assured shall be the policyholder.
This is a non-par product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or a share in the surplus.
This plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms as well as online directly through website www.licindia.in.
The plan provides guaranteed additions at the rate of 7 percent of total tabular annual premium in respect of premium paid throughout the policy term.
Rebates are available for existing policyholder and nominees/beneficiaries of deceased policyholders.
The plan takes care of liquidity needs through a loan facility.
The policy has flexibility to choose risk cover from two death benefit options, choose the premium payment term and the policy term, opt for payment of maturity/death benefit in installments.
Options for sum assured on death: Option I: Higher of 7 times of tabular annual premium or basic sum assured Option II: Higher of 10.5 times of tabular annual premium or basic sum assured
Settlement is an option to receive maturity benefit in installments over a period of 5, 10 or 15 years instead
of a lump sum amount. Monthly is Rs 5,000, quarterly is Rs 15,000, half-yearly is Rs 25,000 and yearly is Rs 50,000.
The policy term is 10, 15, 20 and 25 years for both Options I and II
The premium payment terms are 5, 10 and 15 years
The minimum basic sum assured is Rs 3,00,000
The maximum basic sum assured has no limits. However, the maximum basic sum assured allowed to each individual will be subject to a board-approved underwriting policy.
The basic sum assured shall be in multiples of Rs 10,000.
