LIC – Jeevan Saathi Plus



“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

LIC’s Jeevan Saathi Plus is a unit linked plan wherein a couple can take the insurance cover on their lives under a single policy.  The proposer under the plan shall be called Principal Life Assured (P.L.A.) and the other life (wife/husband) shall be called Spouse Life Assured (S.L.A.). The premiums can be paid either in lump sum (single premium) or regularly throughout policy term. The P.L.A. can choose the level of cover (Sum Assured) for both lives within the limits, which will depend on whether the policy is a Single premium or Regular premium contract, age and the amount of premium agreed to pay. For regular premium policies, in case of death of the P.L.A. during the term of the policy, the plan also provides for waiver of all future premiums including outstanding premiums, if any, provided life cover is in force.

P.L.A. will also have an option to make additional investments under the policy through Top-up premiums.

Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

1. Payment of Premiums: P.L.A. may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.

2. Eligibility Conditions and Other Restrictions:
(a) Minimum Age at entry          –           18 years (completed)
(b) Maximum Age at entry         –           55 years (age nearer birthday)
(c) Maximum Maturity Age         –           70 years (age nearer birthday)
(d) Policy Term                         –
Regular premium:    [10, 15 to 20] years
Single premium:       [10 to 20] years
(e) Minimum Premium               –
Regular premium (other than monthly (ECS) mode):
Rs. [10,000] p.a.  for policy term 15 to 20 years
Rs. [15,000] p.a.  for policy term 10 years

Regular premium (for monthly (ECS) mode):
Rs. [1,000] p.m.  for policy term 15 to 20 years
Rs. [1,500] p.m.  for policy term 10 years

Single premium: Rs. [40,000]

(f) Minimum Sum Assured         –
Regular Premium: 5 times the annualized premium for each of P.L.A and S.L.A.
Single Premium: 1.25 times the single premium for each of P.L.A and S.L.A.
(g) Maximum Sum assured       –
Inclusive of both Principal Life Assured and Spouse Life assured, subject to the minimum sum assured condition as e) above.
Regular Premium:
30 times the annualized premium if age at entry for both the lives is upto 40 years
20 times the annualized premium if age at entry for any one of the lives is 41 years and above
Single Premium:
5 times the single premium if age at entry for both the lives is upto 40 years
2.5 times the single premium if age at entry for any one of the lives is 41 years and above
Further the sum assured for the spouse shall be less than or equal to the Principal Assured subject to the minimum sum assured condition.

Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

3. Other Features:

  • Top-up (Additional Premium): P.L.A. can pay Top-up premium in multiples of Rs.1,000/- at anytime during the term of the policy without increasing the sum assured. In case of yearly, half-yearly, quarterly or monthly (ECS) mode of premium payment such Top-up can be paid only if all due premiums have been paid under the policy. At any point of time, the total of top-up premiums cannot exceed 25% of total amount of regular premiums paid upto that date or 25% of single premium paid.

Top-up premium shall not be allowed to be paid after the death of P.L.A.

  • Partial Withdrawals: P.L.A.may encash the units partially after the third policy anniversary subject to the following:
    Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
  1. 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.
  2. Under regular premium policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.
  3. Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/- in the Policyholder’s Fund or 10% of single premium, whichever is higher.
  4. Partial withdrawal from Policyholder’s Fund pertaining to top-up premiums shall be allowed only after completion of three years from the date of allocation of that top-up premium. This condition will not apply if the top-up premiums are paid during the last three years of the policy term.
  5. If death benefit sum assured is transferred to the Policyholder’s Fund on death of either P.L.A. or S.L.A., the same shall be allowed to be withdrawn from the fund without any restriction of three years waiting period.
  6. After the death of P.L.A. during the policy term, the S.L.A. can partially withdraw the units subject to the conditions (i) to (vi) mentioned above.
  • Switching: The policyholder (i.e. P.L.A. or if P.L.A. is not alive, then S.L.A.) can switch between any fund types during the policy term. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.
  • Increase / Decrease of risk covers: No increase of covers will be allowed under the plan. The P.L.A. can, however, decrease the risk covers for the self, spouse or for both once in a year during the Policy term, provided all the premiums due under the Policy have been paid. The reduced levels of cover will be available within the limits specified in para 3 above. Further, once the risk cover has been reduced, the same cannot be subsequently increased/ restored.
  • Option to transfer the Death Benefit sum assured to the Policyholder’s Fund: On the death of either the P.L.A. or S.L.A., the surviving life shall have an option of not taking the death benefit (Sum Assured) immediately but can transfer the same to the Policyholder’s Fund. This option has to be exercised along with death intimation. This amount may be withdrawn in full or partially from the Policyholder’s fund by way of Partial withdrawals at any time in future without any restriction of three years waiting period.
  • Option to continue the cover after the revival period: If atleast three years’ premiums have been paid under the policy, P.L.A. may opt for continuation of cover beyond the revival period without reviving the policy and paying any further premiums. This option shall be required to be exercised atleast one month before the completion of the revival period. If this option is availed, the cover under the policy shall continue by deduction of relevant charges out of policy fund. This option shall be continued till the Policyholder’s Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.
  • Discontinuance of premiums: If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.

Where atleast 3 years’ premiums have been paid, and the policy lapses, the Life Cover and Premium Waiver Benefit cover shall continue during the revival period.

During this period, the mortality charges shall be taken, as usual, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for:

      1. two years from the due date of first unpaid premium, or
      2. till the date of maturity, or
      3. till such period that the Policyholder’s Fund Value reduces to one annualized premium,

whichever is earlier.

Further, the P.L.A. may opt for continuation of cover beyond the revival period without reviving the policy. This option shall be required to be exercised atleast one month before the completion of the revival period. If this option is availed, the life cover and cover for waiver of premiums under the policy shall continue by deduction of relevant charges out of policy fund. This option shall continue till the Policyholder’s Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.

The benefits payable under the policy in different contingencies during the above said period shall be as under:

  1. In case of death of P.L.A. while S.L.A. is alive:  Sum Assured as applicable to P.L.A. shall be payable to the S.L.A. and payment of all future premiums due under the policy shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy. The policy shall continue.
  2. In case of death of P.L.A. after the death of S.L.A.: Sum Assured as applicable to P.L.A. plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be payable and the policy shall terminate.
  3. In case of death of S.L.A. while P.L.A. is alive: Sum Assured as applicable to S.L.A. shall be payable to P.L.A.
  4. In case of death of S.L.A. after the death of P.L.A.: Sum Assured as applicable to S.L.A. plus policyholder’s fund value shall be payable and the policy shall terminate.
  5. On Simultaneous death of P.L.A. and S.L.A.: Sum Assureds as applicable to both P.L.A. and S.L.A. plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, shall be payable and the policy shall terminate.
  6. On maturity: The Policyholder’s Fund Value.
  7. In case of Surrender (including Compulsory Surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.
  8. In case of Partial Withdrawals: Partial withdrawals shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.
  9. Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover and Premium Waiver Benefit cover shall cease and no charges for these benefits shall be deducted. However, deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:
  10. In case of death of P.L.A. while S.L.A. is alive: Policyholder’s Fund Value is payable and the policy will terminate.
  11. In case of death of P.L.A. after the death of S.L.A.: Policyholder’s Fund Value is payable and the policy will terminate.
  12. In case of death of S.L.A. while P.L.A. is alive: Nil.
  13. On Simultaneous death of P.L.A. and S.L.A.: Policyholder’s Fund Value is payable and the policy will terminate.
  14. In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value of units, as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.
  15. In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.
  • Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived by P.L.A. during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.

If premiums have not been paid for atleast 3 full years, the policy may be revived within two years from the due date of first unpaid premium. The revival shall be made on submission of proof of continued insurability on both the lives to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.

If atleast 3 full years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity, if earlier. No proof of continued insurability shall be required and all arrears of premium without interest shall be required to be paid.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the  P.L.A.

Irrespective of what is stated above, if less than 3 years’ premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall terminate and thereafter revival will not be entertained. If 3 years’ or more than 3 years’ premiums have been paid and the Policyholder’s Fund Value reduces to one annualized premium, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the P.L.A. or if P.L.A. is not alive, then S.L.A. and thereafter revival will not be allowed.

  • Settlement Option: When the policy comes for maturity, the policyholder (i.e. P.L.A. or if P.L.A. is not alive, then S.L.A.) may exercise “Settlement Option” and may receive the policy money in instalments spread over a period of not more than five years from the date of maturity. During the Settlement Option period no charges other than the Fund Management Charge shall be deducted. There shall not be any life cover during this period. The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.

4. Reinstatement:
A policy once surrendered cannot be reinstated.

5. Risks borne by the Policyholder:

  1. LIC’s Jeevan Saathi Plus Plan is a Unit Linked Joint Life Insurance product which is different from the traditional insurance products and is subject to the risk factors.
  2. The premium paid in 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.
  3. Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Jeevan Saathi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
  4. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
  5. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
  6. All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

6. Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:
Value of units in the Policyholder’s Fund
Plus  unallocated premium.
Plus PolicyAdministration charge deducted
Less charges @ Rs.0.20per thousand Sum Assured of P.L.A. and S.L.A. taken together
Less Actual cost of medical examination and special reports, if any, for both the lives.

7. Loan:
No loan will be available under this plan.

8. Assignment:
Assignment will be allowed under this plan.

9. Exclusions:
In case the P.L.A. commits suicide at any time within one year, the Corporation will not entertain any claim by virtue of the policy except to the extent of the Policyholder’s Fund Value on death and in case S.L.A. commits suicide at any time within one year, the Corporation will not entertain any claim by virtue under the policy.

A) Death Benefit:
On death of P.L.A. while S.L.A. is alive
Sum Assured as applicable to P.L.A. shall be payable to the S.L.A.
Also, in case of regular premium policy, when the cover is in full force, payment of all future premiums due under the policy shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy. The policy shall continue.

On death of P.L.A. after the death of S.L.A.
Sum Assured as applicable to P.L.A. plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be payable and the policy shall terminate.

On death of S.L.A. while P.L.A. is alive
Sum Assured as applicable to S.L.A. shall be payable to P.L.A.

On death of S.L.A. after the death of P.L.A.
Sum Assured as applicable to S.L.A. plus policyholder’s fund value shall be payable and the policy shall terminate.

On Simultaneous death of P.L.A. and S.L.A.
Sum Assureds as applicable to both P.L.A. and S.L.A. plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy less total premiums paid under the policy) shall be payable and the policy shall terminate.

B) Maturity Benefit:
On both P.L.A and/or S.L.A. surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

1. Investment of Funds: The premiums allocated to purchase units will be strictly invested according to the investment pattern committed in various fund types.  Various types of fund and their investment pattern will be as under:

Fund Type Investment in Government / Government Guaranteed Securities / Corporate Debt Short-term investments such as money market instruments Investment in Listed Equity Shares Details and objective of the fund for risk /return

Bond Fund

Secured Fund

Balanced Fund

Growth Fund

Not less than 60%

Not less than 45%

Not less than 30%

Not less than 20%

Not more than 40%

Not more than 40%

Not more than 40%

Not more than 40%

Nil

Not less than 15% &
Not more than 55%

Not less than 30% &
Not more than 70%

Not less than 40% &
Not more than 80%

Low risk

Steady Income –Lower to Medium risk

Balanced Income and growth – Medium risk

Long term Capital growth – High risk

The Policyholder has the option to choose any ONE of the above 4 funds.

2. Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment.  There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV).  The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under:

Appropriation price is applied (when fund is expanding):
Market value of investment held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated).

Expropriation price is applied (when fund is contracting):
Market value of investment held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed).

Applicability of Net Asset Value (NAV ):
The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.



Similarly, in respect of the valid applications received for surrender, partial withdrawal, death claim, switches etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim, switches etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable.

In respect of maturity claim, NAV of the date of maturity shall be applicable.

The timing given is as per the existing guidelines and changes in this regard shall be as per the instructions from IRDA.

3. Charges under the Plan:
A) Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:

Single premium:
  

Premium Band

Allocation Charge

Up to 15,00,000

4.25%

15,00,001 and above

4.00%

Regular Premium

Premium Band
(per annum)

Allocation charge

First year

2nd & 3rd year

thereafter

10,000 to 1,50,000

29.00%

5.00%

2.50%

1,50,001 to 2,50,000

28.00%

5.00%

2.50%

2,50,001 and above

27.50%

5.00%

2.50%

Allocation charge for Top-up:      1.25%

B) Charges for Risk Covers:
Mortality Charge –
a) Life Cover Charge: It is the charge to meet the cost of life assurance cover for each of the lives assured (i.e. P.L.A. and S.L.A.).
b) Premium Waiver Benefit Charge (applicable in case of regular premium policies only): It is the charge to meet the cost of waiver of all future premiums including outstanding premiums, if any, on the death of P.L.A.
This charge is age specific and will be deducted every month on the life of both P.L.A. and S.L.A. till they are alive. However the charge to cover the cost of waiver of future premiums will be deducted till P.L.A. is alive and will be based on the age of the P.L.A. and shall cease on the death of P.L.A.
The charges per Rs. 1000/- cover (sum of life cover and cover for waiver of future premiums including outstanding premiums, if any) for some of the ages in respect of a healthy life are as under:

Age 25 35 45 55
Rs. 1.42 1.73 3.89 10.76

C) Other Charges: The following charges shall be deducted during the term of the policy:

    1. Policy Administration charge  – Rs. 60/- per month during the first policy year, Rs 20/- per month during the second year and thereafter, from the third year on wards till the end of the policy term Rs. 20/- per month escalating at 3% p.a. shall be levied.
    2. Fund Management Charge –It is a charge levied as a percentage of the value of units at following rates:

         0.50% p.a. of Unit Fund for “Bond” Fund
0.60% p.a. of Unit Fund for “Secured” Fund
0.70% p.a. of Unit Fund for “Balanced” Fund
0.80% p.a. of Unit Fund for “Growth” Fund

  1. Switching Charge – This is a charge levied on switching of monies from one fund to another. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.
  2. Bid/Offer Spread – Nil.
  3. Surrender Charge – Nil.
  4. Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as change in premium mode, etc. An alteration may be allowed subject to a charge of Rs. 50/-.
  5. Service Tax Charge – A service tax charge, if any, shall be levied on the following charges

a)Policy Administration charge, Mortality charge (as mentioned in para 6.B) by canceling appropriate number of units out of the Policyholder’s Fund Value on a monthly basis as and when the corresponding Policy Administration and Mortality charges are deducted.
b) Premium allocation charge – at the time of allocation of premium.
c)  Fund Management charge– at the time of deduction of Fund Management Charge.
d)  Switching charge – at the time of effecting switch
e) Alteration (as provided under Miscellaneous charge) – on the date of alteration in the
policy.
The level of this charge will be as per the rate of service tax as applicable from time to time. Presently, the rate of Service Tax is 10% with an educational cess at the rate of 3% thereon and hence effective rate is 10.30%.

D)  Right to revise charges: The Corporation reserves the right to revise all or any of the above charges except the Premium Allocation charge and Mortality charge. The modification in charges will be done with prospective effect with the prior approval of IRDA.

Although the charges are reviewable, they will be subject to the following maximum limit exclusive of service tax:

– Policy Administration Charge

Rs. 150/- per month during the first policy year, Rs. 50/- per month during the second year and thereafter, from the third year on wards till the end of the policy term Rs. 50/- per month escalating at 3% p.a.

– Fund Management Charge: The Maximum for each Fund will be as follows:

      1. Bond Fund:           1.00% p.a. of Unit Fund
      2. Secured Fund:       1.10% p.a. of Unit Fund
      3. Balanced Fund:      1.20% p.a. of Unit Fund
      4. Growth Fund:         1.30% p.a. of Unit Fund

 –   Switching Charge shall not exceed Rs. 200/- per switch.

 – Miscellaneous Charge shall not exceed Rs. 100/- each time when an alteration is requested.
In case the policyholder does not agree with the revision of charges the policyholder shall have the option to terminate the contract and withdraw the Policyholder’s Fund Value.

4. Surrender:
The Surrender value, if any, is payable only after completion of the third policy anniversary both under Single and Regular Premium contracts. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge.
The policy can be surrendered by P.L.A.. After the death of P.L.A. during the policy term, the policy can be surrendered by the S.L.A.

 If P.L.A./S.L.A. applies for surrender of the policy within 3 years from the date of commencement of policy, then the Policyholder’s Fund Value shall be converted into monetary terms. No charges shall be made thereafter and this monetary amount shall be paid on completion of 3 years from the date of commencement of policy.

In case of death of the policyholder after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on completion of 3 years shall be payable.

Compulsory Surrender:
The policy shall be surrendered compulsorily in following cases:
i)  where the policy is not revived during the period of revival or the P.L.A. has not opted for continuing the cover after the revival period (where atleast 3 years premium have been paid), the policy shall be terminated after completion of 3 years from the date of commencement of the policy or on expiry of revival period, whichever is later. However, if the date of maturity falls before the expiry of revival period, then the policy shall be terminated on the date of maturity.
ii)  in case of single premium policy or regular premium policy where premiums have been paid for less than 3 years and the balance in policyholder’s fund value is not sufficient to recover the relevant charges;
iii) in case of regular premium policy where premiums have been paid for at least 3 years and the balance in policyholder’s fund value falls below a minimum balance of one annualized premium.

Policyholder’s Fund Value shall be converted into monetary value as under:
The NAV on the date of application for surrender or on the date when revival period is over (in case of compulsory surrender), as the case may be, multiplied by the number of units in the Policyholder’s Fund as on that date will be the monetary amount.

Statutory warning

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns.  These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”

PRODUCT FEATURES :
Name of the Product: LIC’s Jeevan Saathi Plus
Unique Identification No.512L255V02
Number of lives covered: Two Lives
Policy Term : 20Years
Amount of Instalment Premium: 40000
Premium Paying Term: 1 Year
Age PLA: 35
Mode of Premium Payment : Single
Age SLA: 30
Funds opted for: Growth Fund
Sum Assured for PLA: 100000
Service Tax rate: 10.30%p.a
Sum Assured for SLA: 100000

PLA Principal Life assured
SLA Spouse Life assured

Statement of Various charges alongwith growth of the fund expected over the duration of the policy with assumed rate of interest as mentioned

Gross Yield: 10.00%
Net Yield: 8.42%

(All charges are in Rupees)

Death Benefit
Policy
Year
Single
Premium
Premium
Allocation Charge
Amount Available
for investment
( out of premium )
Mortality
Charge
Service tax Policy Admin
Charge
Guarantee Charge Other Charges Addition to
Fund (if any)
Fund before FMC FMC Fund at End Surrender
Value
(i)On Death of PLA while SLA is alive (ii)On Death of PLA after the death of SLA (iii)On Death of SLA while PLA is alive (iv)On Death of SLA after the death of PLA
1 40000 1700 38300 319 314 720 0 0 3736 40682 314 40369 0 100000 140369 100000 140369
2 0 0 0 331 93 240 0 0 3987 43691 335 43357 0 100000 143357 100000 143357
3 0 0 0 349 98 247 0 0 4283 46945 360 46585 46585 100000 146585 100000 146585
4 0 0 0 371 104 255 0 0 4603 50458 386 50072 50072 100000 150072 100000 150072
5 0 0 0 397 111 262 0 0 4948 54250 415 53834 53834 100000 153834 100000 153834
6 0 0 0 430 118 270 0 0 5320 58336 447 57890 57890 100000 157890 100000 157890
7 0 0 0 466 126 278 0 0 5722 62741 480 62260 62260 100000 162260 100000 162260
8 0 0 0 501 134 287 0 0 6154 67493 517 66976 66976 100000 166976 100000 166976
9 0 0 0 540 143 295 0 0 6621 72619 556 72063 72063 100000 172063 100000 172063
10 0 0 0 587 153 304 0 0 7125 78143 598 77545 77545 100000 177545 100000 177545
11 0 0 0 646 165 313 0 0 7666 84087 644 83443 83443 100000 183443 100000 183443
12 0 0 0 711 178 323 0 0 8250 90482 693 89789 89789 100000 189789 100000 189789
13 0 0 0 779 191 332 0 0 8877 97363 745 96618 96618 100000 196618 100000 196618
14 0 0 0 855 206 342 0 0 9552 104767 802 103965 103965 100000 203965 100000 203965
15 0 0 0 944 222 352 0 0 10278 112724 863 111861 111861 100000 211861 100000 211861
16 0 0 0 1045 241 363 0 0 11058 121270 928 120342 120342 100000 220342 100000 220342
17 0 0 0 1157 261 374 0 0 11895 130445 999 129447 129447 100000 229447 100000 229447
18 0 0 0 1282 282 385 0 0 12794 140291 1074 139217 139217 100000 239217 100000 239217
19 0 0 0 1420 306 397 0 0 13758 150852 1155 149697 149697 100000 249697 100000 249697
20 0 0 0 1570 332 409 0 0 14792 162179 1242 160937 160937 100000 260937 100000 260937

Gross Yield: 6%

(All charges are in Rupees)

Death Benefit
Policy
Year
Single
Premium
Premium
Allocation Charge
Amount Available
for investment
( out of premium )
Mortality
Charge
Service tax Policy Admin
Charge
Guarantee Charge Other Charges Addition to
Fund (if any)
Fund before FMC FMC Fund at End Surrender
Value
(i)On Death of PLA while SLA is alive (ii)On Death of PLA after the death of SLA (iii)On Death of SLA while PLA is alive (iv)On Death of SLA after the death of PLA
1 40000 1700 38300 319 314 720 0 0 2241 39189 307 38881 0 100000 138881 100000 138881
2 0 0 0 331 91 240 0 0 2303 40522 316 40206 0 100000 140206 100000 140206
3 0 0 0 349 95 247 0 0 2381 41896 327 41570 41570 100000 141570 100000 141570
4 0 0 0 371 99 255 0 0 2462 43307 338 42969 42969 100000 142969 100000 142969
5 0 0 0 397 104 262 0 0 2544 44751 349 44402 44402 100000 144402 100000 144402
6 0 0 0 430 109 270 0 0 2628 46221 360 45860 45860 100000 145860 100000 145860
7 0 0 0 466 115 278 0 0 2714 47715 372 47343 47343 100000 147343 100000 147343
8 0 0 0 501 121 287 0 0 2801 49236 384 48852 48852 100000 148852 100000 148852
9 0 0 0 540 127 295 0 0 2890 50780 396 50383 50383 100000 150383 100000 150383
10 0 0 0 587 134 304 0 0 2979 52338 409 51929 51929 100000 151929 100000 151929
11 0 0 0 646 142 313 0 0 3069 53897 421 53476 53476 100000 153476 100000 153476
12 0 0 0 711 151 323 0 0 3159 55450 433 55017 55017 100000 155017 100000 155017
13 0 0 0 779 160 332 0 0 3248 56994 445 56548 56548 100000 156548 100000 156548
14 0 0 0 855 170 342 0 0 3337 58517 458 58060 58060 100000 158060 100000 158060
15 0 0 0 944 182 352 0 0 3424 60005 469 59536 59536 100000 159536 100000 159536
16 0 0 0 1045 195 363 0 0 3508 61441 481 60960 60960 100000 160960 100000 160960
17 0 0 0 1157 208 374 0 0 3588 62809 492 62317 62317 100000 162317 100000 162317
18 0 0 0 1282 223 385 0 0 3665 64091 503 63589 63589 100000 163589 100000 163589
19 0 0 0 1420 240 397 0 0 3735 65267 512 64755 64755 100000 164755 100000 164755
20 0 0 0 1570 257 409 0 0 3799 66319 521 65798 65798 100000 165798 100000 165798

IN THIS POLICY, THE INVESTMENT RISK IS BORNE BY THE POLICY HOLDER AND THE ABOVE INTEREST RATES ARE ONLY FOR ILLUSTRATION PURPOSE. PRODUCT FEATURES :
Name of the Product: LIC’s Jeevan Saathi Plus
Unique Identification No. 512L255V02
Number of lives covered: Two Lives
Policy Term : 20Years
Amount of Instalment Premium: 10000
Premium Paying Term: 20 Years
Age PLA: 35
Mode of Premium Payment: Yearly
Age SLA: 30
Funds opted for: Growth Fund
Sum Assured for PLA: 150000
Service Tax rate: 10.30%p.a
Sum Assured for SLA: 150000

Statement of Various charges alongwith growth of the fund expected over the duration of the policy with assumed rate of interest as mentioned

PLA Principal Life assured
SLA Spouse Life assured

Gross Yield: 10.00%
Net Yield: 8.36%

(All charges are in Rupees)

Death Benefit
Policy
Year
Annualised
Premium
Premium
Allocation Charge
Amount Available
for investment
( out of premium )
Mortality
Charge
Service tax Policy Admin
Charge
Guarantee Charge Other Charges Addition to
Fund (if any)
Fund before FMC FMC Fund at End Surrender
Value
(i)On Death of PLA while SLA is alive (ii)On Death of PLA after the death of SLA (iii)On Death of SLA while PLA is alive (iv)On Death of SLA after the death of PLA
1 10000 2900 7100 807 461 720 0 0 588 5699 49 5650 0 340000 345650 150000 155650
2 10000 500 9500 830 174 240 0 0 1441 15347 121 15226 0 330000 345226 150000 165226
3 10000 500 9500 862 186 247 0 0 2392 25823 201 25622 25622 320000 345622 150000 175622
4 10000 250 9750 900 175 255 0 0 3452 37495 290 37205 37205 310000 347205 150000 187205
5 10000 250 9750 945 190 262 0 0 4603 50161 386 49774 49774 300000 349774 150000 199774
6 10000 250 9750 1005 208 270 0 0 5851 63892 491 63401 63401 290000 353401 150000 213401
7 10000 250 9750 1064 226 278 0 0 7204 78786 605 78181 78181 280000 358181 150000 228181
8 10000 250 9750 1114 245 287 0 0 8672 94958 728 94230 94230 270000 364230 150000 244230
9 10000 250 9750 1168 265 295 0 0 10267 112519 862 111657 111657 260000 371657 150000 261657
10 10000 250 9750 1235 288 304 0 0 11998 131579 1007 130572 130572 250000 380572 150000 280572
11 10000 250 9750 1319 314 313 0 0 13876 152252 1165 151087 151087 240000 391087 150000 301087
12 10000 250 9750 1410 342 323 0 0 15914 174675 1336 173339 173339 230000 403339 150000 323339
13 10000 250 9750 1502 371 332 0 0 18124 199007 1522 197485 197485 220000 417485 150000 347485
14 10000 250 9750 1601 403 342 0 0 20522 225411 1723 223688 223688 210000 433688 150000 373688
15 10000 250 9750 1711 438 352 0 0 23125 254061 1942 252120 252120 200000 452120 150000 402120
16 10000 250 9750 1830 476 363 0 0 25949 285149 2179 282970 282970 190000 472970 150000 432970
17 10000 250 9750 1954 516 374 0 0 29013 318890 2436 316454 316454 180000 496454 150000 466454
18 10000 250 9750 2084 560 385 0 0 32339 355514 2715 352799 352799 170000 522799 150000 502799
19 10000 250 9750 2219 606 397 0 0 35951 395278 3019 392259 392259 160000 552259 150000 542259
20 10000 250 9750 2355 655 409 0 0 39872 438462 3348 435114 435114 150000 585114 150000 585114

Gross Yield: 6%

(All charges are in Rupees)

Death Benefit
Policy
Year
Annualised
Premium
Premium
Allocation Charge
Amount Available
for investment
( out of premium )
Mortality
Charge
Service tax Policy Admin
Charge
Guarantee Charge Other Charges Addition to
Fund (if any)
Fund before FMC FMC Fund at End Surrender
Value
(i)On Death of PLA while SLA is alive (ii)On Death of PLA after the death of SLA (iii)On Death of SLA while PLA is alive (iv)On Death of SLA after the death of PLA
1 10000 2900 7100 807 461 720 0 0 352 5464 48 5416 0 340000 345416 150000 155416
2 10000 500 9500 830 174 240 0 0 850 14523 117 14406 0 330000 344406 150000 164406
3 10000 500 9500 862 185 247 0 0 1386 23998 190 23808 23808 320000 343808 150000 173808
4 10000 250 9750 900 172 255 0 0 1963 34193 269 33924 33924 310000 343924 150000 183924
5 10000 250 9750 945 186 262 0 0 2566 44846 352 44494 44494 300000 344494 150000 194494
6 10000 250 9750 1005 202 270 0 0 3195 55962 438 55524 55524 290000 345524 150000 205524
7 10000 250 9750 1064 218 278 0 0 3851 67564 528 67036 67036 280000 347036 150000 217036
8 10000 250 9750 1114 234 287 0 0 4537 79689 622 79067 79067 270000 349067 150000 229067
9 10000 250 9750 1168 251 295 0 0 5254 92358 720 91637 91637 260000 351637 150000 241637
10 10000 250 9750 1235 269 304 0 0 6002 105582 823 104759 104759 250000 354759 150000 254759
11 10000 250 9750 1319 290 313 0 0 6783 119370 930 118440 118440 240000 358440 150000 268440
12 10000 250 9750 1410 312 323 0 0 7597 133743 1042 132701 132701 230000 362701 150000 282701
13 10000 250 9750 1502 334 332 0 0 8446 148728 1158 147570 147570 220000 367570 150000 297570
14 10000 250 9750 1601 358 342 0 0 9330 164350 1279 163071 163071 210000 373071 150000 313071
15 10000 250 9750 1711 383 352 0 0 10252 180627 1406 179221 179221 200000 379221 150000 329221
16 10000 250 9750 1830 410 363 0 0 11213 197581 1538 196043 196043 190000 386043 150000 346043
17 10000 250 9750 1954 438 374 0 0 12213 215241 1675 213566 213566 180000 393566 150000 363566
18 10000 250 9750 2084 467 385 0 0 13256 233636 1818 231818 231818 170000 401818 150000 381818
19 10000 250 9750 2219 498 397 0 0 14341 252795 1967 250829 250829 160000 410829 150000 400829
20 10000 250 9750 2355 529 409 0 0 15472 272758 2122 270637 270637 150000 420637 150000 420637

IN THIS POLICY, THE INVESTMENT RISK IS BORNE BY THE POLICY HOLDER AND THE ABOVE INTEREST RATES ARE ONLY FOR ILLUSTRATION PURPOSE. 

LIC – Jeevan Saathi Plus
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