Lic jeevan sathi 89


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Lic jeevan sathi 89

  1. 1. LICpresentsJeevan Saathi,the only trueJoint Lifeinsurance policy
  2. 2. LIC presents Jeevan Saathi –the only true Joint-Life insurance policyattractionsattractionsRisk cover to both husband & wife through a singlepolicy.Premium marginally higher than premium for riskcover on a single life.Both husband and wife can avail of accident cover.Guaranteed sum assured in case of unfortunate deathof one of the lives before maturity and risk cover on theother life continues. Second sum assured paid onsurvival of second life till maturity or death, if earlier.Intro Features Benefits Illustrations
  3. 3. LIC presents Jeevan Saathi –the only true Joint-Life insurance policyattractionsattractionsPremium Waiver in case of unfortunate death of one lifebefore maturity – all premiums waived.Policy is a with profit policy and vested bonusescalculated on the basic sum assured are paid on date ofmaturity or along with sum assured on death of secondlife, if earlier.Bonus continues to accrue even during premium waiverperiod.Intro Features Benefits Illustrations
  4. 4. LIC presents Jeevan Saathi –the only true Joint-Life insurance policyfeaturesfeaturesWho can avail of this plan?This policy is issued on the lives of husband and wife withminimum age nearer birthday of both lives being 20 years andmaximum age nearer birthday of both lives being 50 years.For how many years is risk cover provided?Choice of policy terms available is between 15 to 30 years withmaximum age at maturity allowed being 70 years on older life.For how long is premium payable ?Upto date of maturity or unfortunate death of first life, if earlier.Intro Features Benefits Illustrations
  5. 5. LIC presents Jeevan Saathi –the only true Joint-Life insurance policyfeaturesfeaturesFor what sums assured can the policy be issued ?The minimum sum assured is Rs. 50,000.If female life is Category I, the sum assured depends on income.If female life is Category II, maximum sum assured is Rs. 50 lakhs.For housewives, maximum sum assured is Rs. 10 lakhs subject tomaximum of husband’s insurance, provided she is a graduate andholds a driving license, credit card, passport etc.For other Category III female lives, maximum sum assured is Rs.1,00,000.Intro Features Benefits Illustrations
  6. 6. LIC presents Jeevan Saathi –the only true Joint-Life insurance policyfeaturesfeaturesIs accident cover available to both lives?Yes, for a small additional premium subject to specified overalllimit on both lives. Accident benefit equal to basic sum assured ispaid in case of accidental death of first life.Accident benefit on second life is payable on accidental death ofsecond life, either simultaneously or separately from first life.Is loan available under the plan?Yes, loan is available under the plan.Intro Features Benefits Illustrations
  7. 7. LIC presents Jeevan Saathi –the only true Joint-Life insurance policybenefitsbenefitsMaturity Benefit:If one or both lives survive till date of maturity, the sum assuredalong with the vested bonuses will be payable.Death Cover :Sum assured is paid on the first death and again on the death ofthe survivor during the term of the policy. Vested bonuses wouldalso be paid along with the sum assured or on second death, if itoccurs earlier.Intro Features Benefits Illustrations
  8. 8. End ofyearTotalpremiumspaid till endof yearBenefit payable onfirst death of livescoveredBenefit payable on second death of lives covered during the policy term or onsurvival of one or both the lives till the date of maturityGuaranteed Guaranteed Variable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 5,361 1,00,000 1,00,000 2,100 5,700 102,100 105,7002 10,722 1,00,000 1,00,000 4,200 11,400 104,200 111,4003 16,083 1,00,000 1,00,000 6,300 17,100 106,300 117,1004 21,444 1,00,000 1,00,000 8,400 22,800 108,400 122,8005 26,805 1,00,000 1,00,000 10,500 28,500 110,500 128,5006 32,166 1,00,000 1,00,000 12,600 34,200 112,600 134,2007 37,527 1,00,000 1,00,000 14,700 39,900 114,700 139,9008 42,888 1,00,000 1,00,000 16,800 45,600 116,800 145,6009 48,249 1,00,000 1,00,000 18,900 51,300 118,900 151,30010 53,610 1,00,000 1,00,000 21,000 57,000 121,000 157,00015 80,415 1,00,000 1,00,000 31,500 85,500 131,500 185,50020 107,220 1,00,000 1,00,000 56,000 152,000 156,000 252,00025 134,025 1,00,000 1,00,000 69,500 189,500 169,500 289,500Illustration 1 (Table 89) : Age at entry : 35 years (Equivalent age) Policy Term : 25 YearsMode : Yearly Sum Assured : Rs. 1,00,000 /- Annual Premium : Rs. 5361 /-illustrationsillustrationsLIC presents Jeevan SaathiIntro Features Benefits Illustrations
  9. 9.  This illustration is applicable to a non-smoker male/female standard (frommedical, life style and occupation point of view) life. The non-guaranteed benefits (1) and (2) in above illustration are calculated sothat they are consistent with the Projected Investment Rate of Returnassumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. Inother words, in preparing this benefit illustration, it is assumed that theProjected Investment Rate of Return that LICI will be able to earnthroughout the term of the policy will be 6% p.a. or 10% p.a., as the case maybe. The Projected Investment Rate of Return is not guaranteed. The main objective of the illustration is that the client is able to appreciatethe features of the product and the flow of benefits in different circumstanceswith some level of quantification.  Future bonus will depend on future profits and as such is not guaranteed.However, once bonus is declared in any year and added to the policy, thebonus so added is guaranteed. The Maturity Benefit is the amounts shown at the end of the policy term.  Equivalent age for premium calculation is worked out by referring to actualages of the lives covered.Illustrations : assumptions andIllustrations : assumptions anddisclaimerdisclaimerLIC presents Jeevan SaathiLIC presents Jeevan SaathiIntro Features Benefits Illustrations