In the absence of one spouse, another is paid 5 lakhs immediately. All future premiums will be waived which used to be around Rs 3600 a month. At the time of maturity on 25 years, a spouse will also get 27 lakh rupees.
If there is a policy in which insurance of both husband and wife is covered under one plan, then what to say. LIC offers such a facility and runs a policy in which both the spouses are covered simultaneously. The name of this policy is Jeevan Saathi. The most important thing about this policy is that even if neither of the two is there, the premium of the other partner is forgiven forever.
Both of them get different maturity at the same premium when the spouse lives. On the other hand, if there is no one, the other does not have to pay the premium and at the end of the policy two or two maturities are received. When neither of the two remain, a Lamsam amount is immediately given by LIC. After that, you get some money for some important expenses throughout life..
Beneficial for husband and wife
In India, the policy of women is rarely seen. People also do not take it because they are afraid of who will pay the premium if they are not there. Due to this, women are deprived of life insurance. In view of this, Jeevan Saathi policy is very effective because if one spouse is not there, the other does not have to pay premium while both get maturity.
Understand in easy language
You can understand this with an example. Suppose Saket, 25, took a Jeevansathi policy for his 23-year-old wife Rama. Both these spouses took this policy for a term plan of 25 years. According to the policy, they will have to pay premium for 22 years while they will get maturity of 25 years. Suppose the sum assured of both is 5 lakh rupees. If both spouses make a premium payment every month, then they will have to pay Rs 3,648 while it will be Rs 42,841 annually. If you look at the monthly price of Rs 3,648, then it will be a little more than 100 rupees every day. This amount is not very big.
Three main benefits of the policy
After 25 years, the policy will be matured but for this only 22 years will have to be paid. Saket will get Rs 13.50 lakh on the policy maturity. His wife Rama will also get the same amount i.e. Rs 13.50 lakh. Both will get a maturity of 27 lakhs in total. If after taking the policy, either Saket or Rama both go unnoticed and neither of them is able to live, then the other partner gets three main benefits. Due to these benefits, it has been considered the most special among all the policies of LIC and people consider it very effective.
How much money will be received on death of one person
The first is in this benefit, if one spouse is not there, the second one is paid 5 lakhs immediately. Second, all future premiums will be waived which used to be around Rs 3600 a month. Also, on behalf of LIC, every year the second spouse will get about 50 thousand rupees. Third benefit, at 25 years of maturity, a spouse will also get 27 lakh rupees. People can take this policy for 18 years. Maximum 50 years of age can take this policy. The minimum term for taking this policy is 13 years while the maximum is 25 years. The premium will have to be paid for three years less than the number of years you take this policy.
