Jeevan Saathi

Jeevan Saathi

Table No. 89

(Double Cover Joint Life Plan - With Profits)

Introduction

Marriage is a sacred bond that unites a man and a woman. It makes each one of them responsible for their mutual

welfare and for the welfare of their children. Traditionally, it was a man’s responsibility to protect his wife and children. But now economic constraints and necessity to maintain a better standard of living. Thus today in many families, both husband and  wife assume the role of bread winner.

The loss of income of any one of the partners,  economically affects the family and their standard of living. It is offset this loss that the corporation has brought  out JEEVAN SAATHI,  a novel joint life plan which covers  both husband and wife under one policy. This is a joint life plan with a difference. The plan is designed to give total protection to families.

Under the old joint Life Plan, two persons lives can be jointly covered and the sum assured becomes payable on the death of one of the partners . If both survive, the sum assured is paid on the maturity of the policy at the end of the selected term.

Family gets  a lump sum immediately if one of the partners dies, to help the surviving partner maintain a certain level of economic stability. Once again, the basic sum assured is paid to the surviving partner on maturity or in the event of his/her death earlier, to the nominee. Thus, this plan gives total and complete  insurance protection to the whole family.

Eligibility

Policies under this plan will be on the lives of husband and wife, provided both partners are earning members as specified by the corporation for the purpose of underwriting. However , in  case  of housewives Jeevan Saathi can be purchased jointly with their earning husbands, up to a  limited   amount.

Benefits

Maturity Benefits:

Basic Sum Assured + Bonus

Death Benefits:

       I.            The sum assured is immediately payable to the surviving partner.

     II.            The surviving partner will continue to earn bonuses declared  on the basis of yearly valuations.

  III.            The basic sum assured with bonuses is payable to the surviving partner  on the date of maturity or to the nominee in the event of death of surviving partner before the date of maturity.

  IV.            If both partners survive the selected term, the basic sum assured with bonus is paid on the date of maturity

Mode Benefit:

The following table shows the rebate available on the mode of premium payment.

Mode	Rebate
Yearly	3% of tabular premium
Half – Yearly	1.5% of tabular premium
Quarterly	Nil

Sum Assured Benefit:

The following table shows the rebate available on the sum assured.

Sum Assured	Rebate
Up to Rs.50,000	Nil
Rs.50,001 to Rs.1,00,000	Rs. 1 Per Thousand
Rs.1,00,001 and Above	Rs. 2 Per Thousand

Features

  ü Ideal insurance for earning couple

  ü Both insured in single plan

  ü Insurance of surviving partner continued

  ü Instead of taking two Endowment Policies on the lives of husband and wife, one Jeevan Saathi can be taken. The premium payable is much lesser.

  ü The sum assured is immediately payable in the event of the death of the one of the partners. Premium waived for surviving partner

  ü Minimum sum assured Rs. 50,000/-

  ü No maximum limit.

  ü Minimum age at entry - 20 years

  ü Maximum age at entry - 50 years

  ü Maximum maturity age - 70 years

  ü Minimum Term - 15 years

  ü Maximum Term - 30 years

  ü Modes allowed - Yearly, Half Yearly, Quarterly, Monthly

  ü Standard age proof  Compulsory

  ü Both partners should be earning members. How ever incase of house wives Jeevan Saathi can be purchased jointly with their earning husbands, up to a limited amount

  ü For the calculation of premium etc, joint age is considered.

  ü Policy Loan available

  ü Non Medical Special scheme will be entertained  with restrictions