Jeevan Saathi Plus Summary: (Table No.197)

LIC’s Jeevan Saathi Plus plan no. 197 is a unit linked plan (ULIP) 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.

Features:

Switching of funds:
The policyholder (SLA) can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. 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.

Partial Withdrawals:
P.L.A. may encash the units partially after the third policy anniversary subject to certain conditions.

Top Up Premium: (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.

Payment of Premiums:
P.L.A. may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the term of the policy. The minimum annualised premium (other than monthly through ECS) will be Rs.10,000/- increasing thereafter in multiples of Rs.1,000/-. The minimum monthly (ECS) premium will be Rs. 1000/- increasing thereafter in multiples of Rs. 250/-.

Single Premium:
Single premium can be paid subject to a minimum of Rs. 40,000/-.

Investment Options:
The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return. The Policyholder will have the option to choose any ONE of the above 4 Funds.

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.
BENEFITS:

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.

Eligibility Conditions and Restrictions for Jeevan Saathi Plus:
(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: 10 to 20 years
(e) 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.
(f) 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.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

There are at least three distinct advantages with Joint Life plan like this. 1.) It Cost less 2.) It helps in estate planning, particularly for a couple who also happen to be a owner of a family run business and 3.) It can be used to set off mortgage loans without causing any major discomfort to the surviving partner.

In short, LIC Of India’s new policy, Jeevan Saathi Plus is a good plan for couples especially for working or professionals, offering financial security for both the lives.

The Unique Identification Number (UIN) for LICs Jeevan Saathi Plus plan is 512L255V01.

How to Apply for LIC Of India’s Jeevan Saathi Plus policy?
Contact your nearest Life Insurance Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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Child Fortune Plus Plan No.194 Summary:

All of us wish to ensure the best possible future for our children. With the cost of education sky rocketing, it is all the more important that an early provision is made to ensure that your sweet child get a good head start in this competitive life.  LIC’s Child Fortune Plus is a total solution to your child’s education and other needs. The plan is a unit linked (ULIP) one offering the prospects of long term capital appreciation.

Who is Eligible?

LIC of India’s Child Fortune Plus Plan No.194 is a unit linked plan (ULIP) which will be allowed to the parents who have a child upto the age of 17 years last birthday. The risk cover under the plan will be on the life of the parent who will be the life assured. There will be no insurance coverage on the life of the child, but the policy will be allowed based on the age of the child. The policy will continue till the child attains the age of 25 years last birthday or till the life assured attains the age of 75 years nearest birthday, whichever is earlier. The purpose of the plan is to meet the educational and other needs of the child named as nominee in the policy.

Features:

Switching of funds:

The policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. 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.

Partial Withdrawals:

The policyholder can partially withdraw the units at any time after the third policy anniversary subject to the following:

1. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
2. 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.
3. 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.
4. 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.
5. 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..
6. After the death of life assured during the policy term, partial withdrawal may be made by the child named in the policy if he/she is major i.e. after completion of 18 years of age or by the appointee if the child is a minor subject to an undertaking by the appointee that the partial withdrawal is solely for the benefit of the named child.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments. The minimum Annualized Premium (other than monthly through ECS) will be Rs. 10,000/-increasing thereafter in multiples of Rs. 1,000/-. In case of monthly (ECS) the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.

Single premium:

Single premium can be paid subject to a minimum of Rs. 25,000 and thereafter in multiples of Rs.1,000.

Investment Options:

The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return. The Policyholder will have the option to choose any ONE of the above 4 Funds.

BENEFITS:
a) Benefits payable on death:
On death of Life Assured, if the child is alive. In case of death of the Life Assured within the policy term, when the cover is in full force and the child is alive, Sum Assured shall be payable to the nominee. 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 – 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 on the date of notification of death. The policy shall continue. If less than 3 years’ premiums have been paid and the policy is in lapsed condition, then the Policyholder’s Fund Value shall become payable to the nominee and the policy will terminate.

On death of the Life Assured, after the death of the child:

In case of death of the Life Assured during the policy term, after the death of the child, Sum Assured 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 – total premiums paid under the policy) shall be payable to the nominee/ legal heir, as the case may be, at that time and the policy shall terminate. This shall also be applicable in case of simultaneous death of life assured and the child nominee.

On death of child before life assured’s death: The policy will continue till maturity or till the life assured survives, whichever is earlier.

On death of child after life assured’s death: An amount equal to the Fund Value of units shall be payable to the legal heir of life assured and the policy shall terminate.

b) Benefits payable on maturity: On the life assured or the child nominee surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

Eligibility Conditions And Restrictions for Child Fortune Plus:

1. Minimum Age at entry for child: 0 (age last birthday)
2. Maximum Age at entry for child: 17 years (last birthday)
3. Minimum Age at entry for Life Assured: 18 years (last birthday)
4. Maximum Age at entry for Life Assured: 55 years (nearest birthday)
5. Policy Term: (25 – age last birthday at entry of life assured’s child) or (75 -age nearest birthday at entry of life assured), whichever is lower Maximum Policy Term: 30 years
6. Maximum Maturity Age: [25] last birthday of child or [75] nearest birthday of life assured, whichever is earlier.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The Unique Identification Number (UIN) for LICs Child Fortune Plus plan is 512L251V01.

How to Apply for Child Fortune Plus policy?
Contact your nearest Life Insurance Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

Receive LIC Of India Policy updates on your Mobile .  Click here: MyLICindia SMS Alert

Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Enter Your Email Address Here To Receive FREE Updates:

Popularity: 2% [?]