Marriage; may be the death of hope’ for someone like Woody Allen – the noted Academy award winning American film director. But for Life Insurance Corporation of India (LIC), marriage is the beginning of life-long financial commitment wherein the well-being of both the spouses is of utmost consideration. Its ‘Jeevan Sathi’ insurance plan, a joint life policy for couples, definitely ensures the same.
A double cover
joint life plan, Jeevan Sathi is an endowment assurance policy, but with dual benefits. Unlike many other joint life plans that terminate upon the death of any one partner, Jeevan Sathi not only provides financial security against the death of either partner, but also ensures a lump-sum maturity amount on survival of either or both the partners at the end of the policy term.
Thus, in the unfortunate event of death of any of the partners, the entire sum assured (policy amount) will be paid to the surviving partner and there would be no impact on the continuity of the policy. The surviving partner shall continue to be protected under the policy during his/her lifetime or till the maturity of the policy, whichever is earlier, without having to pay further premiums. The cover is thus virtually free for the surviving partner, who shall also be entitled to receive the entire sum assured with vested bonuses, if any, once again upon maturity. In case of an untoward incident wherein the second partner also fails to survive till the maturity of the policy, the entire sum assured, along with vested bonuses, shall be payable to the nominee of the deceased.
Categories: Personal Finance