LIC Jeevan Saathi Plus Plan

LIC Jeevan Saathi Plus Plan- An Overview

LIC Jeevan Saathi Plus is a ULIP plan that protects a couple under a single policy. The plan offered by the LIC of India offers life protection and helps in wealth creation. The proposer decides the Sum assured for the couple depending on the age, the premium payable, and the premium-paying term (single/regular). In the case of the PLA's death during the policy term, the future outstanding premiums are waived. 

Eligibility for LIC Jeevan Saathi Plus Policy

Benefits of the LIC Jeevan Saathi Plus Policy

The key benefits of this LIC Plan are as follows:

• Maturity Benefit: Upon the survival of either the Principal Life Assured or the Spouse Life Assured till the date of maturity, an amount equal to the Policyholder’s Fund Value becomes payable. This ensures that the accumulated fund value at maturity provides financial security to the surviving insured party.

• Death Benefit: If the Principal Life Assured passes away during the policy term while the Spouse Life Assured is alive and the cover is active, the Sum Assured applicable to the Principal Life Assured is paid to the Spouse Life Assured. 

Additionally, all future premiums due under the policy are waived, and units equivalent to the premium amounts are credited to the policyholder’s fund, ensuring continued financial support for the surviving spouse.

• Top-up Premium: A PLA can pay the top-up premium (in multiples of Rs.1000) during the Policy term without the Sum assured increasing.

• Partial Withdrawal: A PLA can withdraw a partial amount by encashing the units after the third Policy year.

• Tax Benefits: The premium paid is exempt from income tax under Section 80C; similarly, maturity benefits are tax-free under Section 10(10D) of the IT Act, 1961.

The Premium for LIC Jeevan Saathi Plus insurance

Under the LIC Jeevan Saathi Plus Insurance premium, the policyholder can pay it annually, half-yearly, Quarterly, or Monthly (only through ECS mode).

The premium payment term (for minimum premium) is:

Regular premium (other than Monthly ECS mode) –

• Rs. 10,000 per/ annum – for 15 to 20 years Policy term

• Rs. 15,000 per/ annum – for 10 years Policy term

Regular Premium for Monthly ECS mode –

• Rs.1000 per month - for 15 to 20 years Policy term

• Rs.1500 per month - for 10 years Policy term

Single premium – Rs. 40,000

To determine the premium amount payable for the desired sum assured at maturity, a policyholder can use the LIC premium calculator

What are the Documents required to Buy this Plan?

A policyholder has to produce the following documents to buy the LIC Jeevan Saathi Plus plan.

• Proof of Identity: PAN card, Aadhar card, Passport

• Address proof: Ration card, Utility bills

• Age proof: Municipality certificate

• Photos and income proof

How to Buy this Plan Online?

To buy the LIC Jeevan Saathi Plus plan online, an applicant has to follow the simple steps given underneath:

Step 1: Visit the LIC website and select the premium and the policy term

Step 2: After filling in the details of the application form, submit it with other required documents

Step 3: Pay the premium amount through any payment mode permissible

Exclusions of the LIC Jeevan Saathi Plus policy

Suicide is excluded under the policy. If the PLA commits suicide within one year of the policy inception date, then the SLA will be eligible to get the fund value available on the policyholder's death. However, in SLA's case of committing suicide within one year of policy inception, the company will not entertain the claim.