LIC Jeevan Sathi | Benefits | Features | Illustration

LIC Jeevan Saathi
This is a joint life endowment assurance plan issued on the lives of husband and wife.

How it works – It is a triple benefit plan.

Benefit no. 1 – In case you or your spouse dies, the survivor will receive sum assured and future premiums will be waived off and the policy will continue. If the surviving spouse also dies during the policy term, the sum assured along with all vested bonuses will be paid again.
Benefit no.2 – It is a ‘with profits’ plan, thus, the policyholder will be entitled to receive additional reversionary and terminal bonuses (if any).
Benefit no. 3 – If one or both the lives survive to the maturity date, the sum assured, along with the accumulated bonus, is payable.

Premium

Premium could be paid on yearly, half-yearly, quarterly or monthly basis. Premium needs to be paid till policy term or till the first death of the lives covered, whichever is earlier.

Illustration:

Age at entry : 35 years (Equivalent age)
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 5361 /-

End of year	Total premiums paid till end of year	Benefit payable on first death of lives covered	Benefit payable on second death of lives covered during the policy term or on survival of one or both the lives till the date of maturity
		Guaranteed	Guaranteed	Variable		Total
		Guaranteed	Guaranteed	Scenario 1	Scenario 2	Scenario 1	Scenario 2
1	5,361	100000	100000	2,100	5,700	102,100	105,700
2	10,722	100000	100000	4,200	11,400	104,200	111,400
3	16,083	100000	100000	6,300	17,100	106,300	117,100
4	21,444	100000	100000	8,400	22,800	108,400	122,800
5	26,805	100000	100000	10,500	28,500	110,500	128,500
6	32,166	100000	100000	12,600	34,200	112,600	134,200
7	37,527	100000	100000	14,700	39,900	114,700	139,900
8	42,888	100000	100000	16,800	57,000	116,800	145,600
9	48,249	100000	100000	18,900	57,000	118,900	151,300
10	53,610	100000	100000	21,000	57,000	121,000	151,300
15	80,415	100000	100000	31,500	85,500	131,500	185,500
20	107,220	100000	100000	56,000	152,000	156,000	252,000
25	134,025	100000	100000	69,500	189,500	169,500	289,500

i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LIC will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

iv) 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, the bonus so added is guaranteed.

v) The Maturity Benefit is the amounts shown at the end of the policy term.

vi) Equivalent age for premium calculation is worked out by referring to actual ages of the lives covered.

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