Lic s table no 89 jeevan saathi
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LIC’S TABLE NO 89 JEEVAN SAATHI. Features. Risk cover to both husband & wife through a single policy Premium marginally higher than premium for risk cover on a single life Both husband and wife can avail of accident cover Guaranteed sum assured in case of unfortunate

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Lic s table no 89 jeevan saathi

LIC’S TABLE NO 89JEEVAN SAATHI


Features
Features

  • Risk cover to both husband & wife through a single

  • policy

  • Premium marginally higher than premium for risk

  • cover on a single life

  • Both husband and wife can avail of accident cover

  • Guaranteed sum assured in case of unfortunate

  • death of one of the lives before maturity and risk

  • cover on the other life continues

  • Second sum assured paid on survival of second life

  • till maturity or death if earlier


Features contd
Features contd..

  • Premium Waiver in case of unfortunate death of one

  • life before maturity – all premiums waived

  • Policy is a with profit policy and vested bonuses

  • calculated on the basic sum assured are paid on date

  • of maturity or along with sum assured on death of

  • second life if earlier

  • Bonus continues to accrue even during premium

  • waiver period


Eligibility
Eligibility

  • Who can avail of this plan?

    • This policy is issued on the lives of husband and wife with minimum age nearer birthday of both lives being 20 years and maximum 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 with maximum age at maturity allowed being 70 years on older life

  • For how long is premium payable ?

    • Up to date of maturity or unfortunate death of first life if earlier


Eligibility1
Eligibility

  • For 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 to maximum of husband’s insurance, provided she is a graduate and holds a driving license, credit card, passport etc

  • For other Category III female lives, maximum sum assured is Rs.2,00,000


Benefits
Benefits

  • Is accident cover available to both lives?

    • Yes, for a small additional premium subject to specified overall limit on both lives Accident benefit equal to basic sum assured is paid in case of accidental death of first life

    • Accident benefit on second life is payable on accidental death of second life, either simultaneously or separately from first life

  • Is loan available under the plan?

    • Yes, loan is available under the plan


Benefits1

Maturity Benefit

If one or both lives survive till date of maturity the sum assured along with the vested bonuses will be payable

Benefits


Benefits2
Benefits

  • Death benefit :

    • In case either of the couple dies during the policy’s term two things happen

    • One, LIC pays to the surviving spouse the full sum assured And

    • Two, the policy continues on the life of the surviving partner without him/her having to pay any further premiums, i.e. the life cover on the survivor continues free of cost

    • The sum assured is again be payable on the death of the other partner in case both the husband and wife were to die during the term of the policy

    • Vested bonus would also be paid along with the sum assured on the second death


Additional features
Additional Features

  • Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the first death of the lives covered, whichever is earlier

  • The policy may be surrendered after it has been in force for 3 years or more The (GSV) is 30% of the basic premiums paid excluding the first year’s premium


Other benefits available
Other Benefits Available

  • Loan Facility :

    • Loan facility is available after payments of three full premium

  • Double Accident Benefits:

    • On death of Life Assured in accidental condition during the term amount equal to Double Accident sum assured is payable. The rider can be availed of by payment of a small additional premium

    • For example if Basic S.A. is Rs.100000/- and Double Accident S.A. is Rs.100000/- on accidental death nominee of policy holder will get Basic S.A. + Double Accident S.A. i.e. Rs.100000 + Rs.100000 =Rs. 200000

    • Maximum DAB limit is allowed upto Rs. 50,00,000/- for all policies hold by one person


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