Jeevan Saathi
Table No. 89
(Double
Cover Joint Life Plan - With Profits)
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
Ø Maturity
Benefits:
ü
Basic Sum Assured + Bonus
Ø Death Benefits:
ü The sum
assured is immediately payable to the surviving partner.
ü
The surviving partner will continue to earn bonuses
declared on the basis of yearly
valuations.
ü
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.
ü
If both partners survive the selected term, the basic
sum assured with bonus is paid on the date of maturity
Ø Mode Benefit:
ü
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
|
Ø Sum Assured Benefit:
ü
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
|
Re. 1 Per Thousand
|
Rs. 1,00,001 And Above
|
Re. 2 Per Thousand
|
Features
Ø Ideal
insurance for earning couple
Ø Both
insured in single plan
Ø Insurance
of surviving partner continued
Ø 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.
Ø The sum
assured is immediately payable in the event of the death of the one of the
partners. Premium waived for surviving partner
Ø Minimum
sum assured Rs. 50,000/-
Ø No
maximum limit.
Ø Minimum
age at entry - 20 years
Ø Maximum
age at entry - 50 years
Ø Maximum
maturity age - 70 years
Ø Minimum
Term - 15 years
Ø Maximum
Term - 30 years
Ø Modes
allowed - Yearly, Half Yearly, Quarterly, Monthly
Ø Standard
age proof Compulsory
Ø 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
Ø For the
calculation of premium etc, joint age is considered.
Ø Policy Loan
available
Ø
Non Medical Special scheme will be
entertained with restrictions