|
Jeevan Saathi Plus
Jeevan Saathi Plus
Table No. 197
Unique Identification No. 512L255V01
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, 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. To offset this loss the corporation has brought out Jeevan Saathi Plus, 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.
The loss of income of any one of the partners, economically affects the family and their standard of living. To offset this loss the corporation has brought out Jeevan Saathi Plus, 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.
How
is this Jeevan Saathi Plus plan different from Jeevan Saathi plan for couples?
Jeevan Saathi plan (Table
- 89), is a conventional Insurance plan. Jeevan Saathi Plus (Table No -197), is
a Unit Linked Plan. Under thsi plan policyholder can choose separate amount of
risk cover for himself/herself and his/her spouse.
What
are the features of Jeevan Saathi Plus Plan?
Jeevan Saathi Plus is a
single for husband and wife in which the proposer (who pays the premium) is
called the Principal Life Assuerd (PLA) and the spouse is called Spouse Life
Assured (SLA). Policyholder can choose separate insurance for himself/herself
and his/her spouse. However the sum assured taken by the Spouse Life Assured
should be less than or equal to that taken by the Principal Life Assured.
What
is the amount of Sum Assured that you can opt for?
The sum assured will
depend on Annualized premium. The minimum Sum Assured that can be opted for
under a regular plan is Annualized Premium multiplied by 5(Five). For Single
Premium mode it is 1.25 times the single premium.
What
is the Maximum Sum Assured that one can opt for?
The Maximum Sum Assured
depends on age. If both the lives assured are aged upto 40 years, then together
they can take Sum Assured upto five times the Single Premium or upto 30 times
the Annualized Premium under the regular premium mode.
Similarly, if age of any
one of the life assured is above 41 years, then the maximum Sum Assured under
mode for both the lives put together is 2.5 times the Single Premium and under
regular mode it is 20 times the Annualized Premium.
What
are the modes allowed under Jeevan Saathi Plus plan?
Yearly, Hal-Yearly,
Quarterly, Monthly(ECS) & Single Premium mode is allowed under this plan.
What
if I am not able to pay premiums on the due dates?
For some reasons you are
unable to pay the premiums and the policy lapses, you can revive the policy
within the Revival Period. The Revival period is upto 2 years from the date of
unpaid premium.
Does
it mean that Risk is not covered if policy lapses?
No, not so in all cases.
In case premiums are paid under the policy for 3 years, charges like Mortality
Charge and other charges will be deducted from the available fun. The good part
about this deduction is that all your risks are covered. In case funds are
insufficient, it may lead to compulsory termination of the policy.
What
if premiums are not paid for 3 years?
If premiums are paid for
less than 3 years, then risk cover will cease. Charges like FMC etc., will
continue to be deducted till funds are sufficient.
Is
Top-Up allowed?
Yes, you can invest small
amount in multiple of Rs. 1000/- as Top-Up premium.
What
are the funds allowed under Jeevan Saathi Plus plan?
You can choose any of
four funds namely, Bond Fund, Secured Fund, Balanced Fund and Growth Fund.
How
the premium amount is invested in the fund?
A small part of the
premium is deducted towards premium allocation charge and the balance amount is
used to purchase units. The units will be allotted based on the Net Asset Value
of the fund on the date of allocation. Thereafter charges are deducted for
mortality, premium waiver benefit, FMC and service Tax by cancelling
appropriate number of units.
Can
I change the fund type during the course of the policy?
Yes, policyholder can
switch over from one fund to another during the policy term. He/she can have 4
switches every year. Subsequent switches shall be subject to a switching charge
of Rs. 100 per switch.
Is
loan available under the policy?
No, Loan is not available
under this policy.
What
if I am in need of money during the policy term?
Jeevan Saathi Plus plan
offers Partial Withdrawal facility if the policy has run for 3 years from the
date of commencement and a minimum of 3 years premiums have been paid.
What
are the Maturity benefit under Jeevan Saathi Plus plan?
On completion of the
policy an amount equal to the fund value is paid.
Is
Settlement Option allowed?
Yes, policy holder can
opt for Settlement Option to receive the Maturiy amount in installments. This
Claim amount is spread over a period of not more than 5 years. Amount can be
received in Yearly or Hal-Yearly mode.
What
happens if I do not survive upto the date of Maturity?
On the unfortunate death
of the policy holder, spouse will be paid the sum assured for which Principal
Sum Assured have been insured (PLA-SA). All future premiums under the policy
are waived and units equivalent to future premiums are credited to the policy
holders fund. The policy shall continue till the date of Maturity.
What
if Principal Life Assured is no more and Spouse also expires before the date of
maturity?
If both dies before the
maturity then the benefits aer paid to the nominee. The nominee gets the Sum
Assured for which spous has been insured (SLA-SA) along with the policy holders
fund value and the policy terminates.
What
if Spouse expires before the Principal Life Assured?
In case spouse expires
and Principal Life Assured is alive, the sum assured as as applicable to the
spouse will be paid to the Principal Life Assured & policy will continue.
Premiums will have to be
paid as before since the premium waiver benefit is applicable only to the
Principal Life Assured.
What
if spouse is no more and Principal Life Assured also expires before the date of
maturity?
In the event of unfortunate
death of both husband and wife, the sum assured as applicable to Principal Life
Assured with policyholder's fund value and an amount equal to all outstanding
future premiums will be paid to the nominee.
What
if Principal Life Assured and spouse expire simultaneously?
Then the nominee will be
paid the sum assured as applicable to Pirncipal Life Assured (PLA-SA) alongwith
the sum assured applicable to Spouse (SLA-SA). Policy holder's fund value and
an amount qual to all your future premiums is alos paid.
