Posted by New Delhi: The Life Insurance Corp of India’s (LIC) Jeevan Saathi Scheme is only available for married individuals. This scheme requires the couple to become co-beneficiaries since it is a life scheme that pays out a certain amount in the event that one of the two dies. According to the scheme document, LIC Jeevan Saathi scheme is an endowment assurance plan. It is offered on the lives of husband and wife.
Advantages of Jeevan Saathi Scheme
LIC cancels all future premium payments in the event of your spouse’s death. LIC will pay the premium on your behalf and credit the maturity amount into your account.
As part of the scheme, LIC pays up to Rs 50,000 per annum to the partner based on the plan selected.
The minimum age for a subscription is 18 years.
The ceiling age for subscription to LIC Jivan Saathi Scheme is 50 years.
The minimum scheme tenure is 13 years. The maximum maturity tenure is 25 years.
LIC provides a premium waiver for 3 months on the total scheme tenure.
LIC Jeevan Sathi carries a premium of 6 per cent and 10 per cent per annum based on the investment scheme chosen.
The premium payouts are monthly, quarterly, half-yearly or annual basis.
A bonus is added to the annual payout based on the profits earned by LIC.
If one or both spouses survive until maturity, they are paid the entire sum payable accompanied by all declared bonuses.
Extra benefits may be availed of as part of the scheme by paying an extra premium.
How much will you get after 25 years?
With an annual premium of Rs 5,261 a subscriber or their spouse is likely to earn a sum assured of Rs 1 lakh.
End of year
Total
premium
paid
Benefit
payable on
first death
of lives
covered
Benefits payable on second death of the lives covered during the policy term or on survival of one or both the lives till the date of maturity
Guaranteed
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
5,261
100,000
100,000
2,100
5,700
102,100
105,700
2
10,522
100,000
100,000
4,200
11,400
104,200
111,400
3
15,783
100,000
100,000
6,300
17,100
106,300
117,100
4
21,044
100,000
100,000
8,400
22,800
108,400
122,800
5
26,306
100,000
100,000
10,500
28,500
110,500
128,500
6
31,567
100,000
100,000
12,600
34,200
112,600
134,200
7
36,828
100,000
100,000
14,700
39,900
114,700
139,900
8
42,089
100,000
100,000
16,800
45,600
116,800
145,600
9
47,350
100,000
100,000
18,900
51,300
118,900
151,300
10
52,611
100,000
100,000
21,000
57,000
121,000
157,000
15
78,917
100,000
100,000
31,500
85,500
131,500
185,500
20
105,222
100,000
100,000
56,000
152,000
156,000
252,000
25
131,528
100,000
100,000
69,500
189,500
169,500
289,500