LIC Jeevan Saathi is a special plan from the Life Insurance Corporation of India (LIC) designed for married couples it is said Best LIC Policy for Husband and Wife as per user reviews. This plan is like a joint savings and protection policy that covers both the husband and wife under one policy. It provides financial security by offering benefits in case of maturity or unfortunate events like death. So, it’s a life insurance plan that also helps you save for the future.

This policy looks out for both husband and wife, making sure their family is financially secure if something unexpected happens. You get to pick how you want to pay the premium – all at once, for a limited time, or regularly. With LIC Jeevan Saathi, if either or both of the policyholders pass away during the policy term, the nominee gets a payout. But, just so you know, this plan isn’t up for grabs anymore because the company stopped offering it. Keep reading to get all the info on LIC Jeevan Saathi Plan.
Note: LIC Jeevan Saathi (discontinued – Plan No. 89, UIN : 512N081V01)

LIC Jeevan Saathi Double Cover Joint Life Plan

The best LIC policy for husband and wife is the one that best meets their individual needs and financial goals. There are a number of factors to consider when choosing a policy, such as the age and health of the couple, their income and expenses, and their desired level of coverage.

One of the most popular LIC plans for husband and wife is the LIC Jeevan Saathi Plus (Plan No. 197). This is a unit-linked joint life insurance plan that provides coverage to both the husband and wife under a single policy. It offers a number of benefits, including:

• Financial protection for both the husband and wife: In case of the death of either or both of the policyholders during the policy term, the nominee receives a death benefit.
• Flexibility in premium payment options: Policyholders can choose to pay the premium in a single lump sum, over a limited period of time, or on a regular basis.
• Maturity benefits: Upon maturity of the policy, policyholders receive a maturity benefit, which is the sum of the fund value and the guaranteed addition.

However, it is important to note that the LIC Jeevan Saathi Plus plan is no longer available for new purchase. LIC has discontinued this plan, but there are a number of other LIC plans that can be considered by couples.

Here are some other LIC policies that can be considered by husband and wife:

• LIC New Jeevan Anand Plan (Plan No. 915)
• LIC Jeevan Labh Plan (Plan No. 936)
• LIC Jeevan Lakshya Plan (Plan No. 933)
• LIC Jeevan Umang Plan (Plan No. 945)
• LIC Aadhaar Stambh Plan (Plan No. 943)

It is important to consult with a financial advisor to determine the best LIC policy for your individual needs and financial goals.

Best LIC Policy for Husband and Wife in 2024

The best LIC policy for husband and wife in 2023 will depend on the specific needs and circumstances of the couple. However, some of the most popular LIC plans for husband and wife include:

• LIC New Jeevan Anand Plan (Plan No. 915): This is a traditional endowment plan that offers a combination of life insurance and savings. It provides a guaranteed death benefit and maturity benefit, as well as bonuses.
• LIC Jeevan Labh Plan (Plan No. 936): This is another traditional endowment plan that offers a combination of life insurance and savings. It provides a guaranteed death benefit and maturity benefit, as well as loyalty additions.
• LIC Jeevan Lakshya Plan (Plan No. 933): This is a unit-linked insurance plan (ULIP) that offers a combination of life insurance and investment. It provides a guaranteed death benefit and maturity benefit, as well as the potential for investment returns.
• LIC Jeevan Umang Plan (Plan No. 945): This is a whole life insurance plan that provides lifelong coverage and guaranteed benefits. It provides a guaranteed death benefit and maturity benefit, as well as bonuses.
• LIC Aadhaar Stambh Plan (Plan No. 943): This is a term insurance plan that offers affordable life insurance coverage. It provides a guaranteed death benefit in case of the policyholder’s death during the policy term.

Couples should consult with a financial advisor to determine the best LIC policy for their individual needs and financial goals.

Eligibility Criteria of LIC Jeevan Saathi

Benefits of LIC Jeevan Saathi Policy

Tax Benefits:

You get a break on taxes! The premiums you pay for this plan are tax-exempt under Section 80 C of the Indian Income Tax Act. Even the maturity amount is tax-free. Just keep in mind, tax rules can change.

*Standard T&C Apply.

Maturity Benefits:

When the policy matures, the promised amount along with any bonuses you’ve earned is handed over to you. It’s like a savings reward for sticking with the plan. If one person survives the policy term, they still get the benefits.

Death Benefits:

If one partner sadly passes away during the policy term, the guaranteed amount is given to the surviving partner. Plus, they don’t have to worry about paying future premiums. If the surviving partner also passes away, the assured amount and any earned bonuses go to the nominees. Any extra financial perks are included too.

Optional Benefits:

Want more coverage? LIC Jeevan Saathi lets you add extra protection with optional riders. Just pay a bit more in premiums for that added peace of mind.

• Bonuses :
• This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Such bonuses are to be added till date of maturity or the second death of the lives covered, whichever is earlier. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Premium Payment Structure for LIC Jeevan Saathi Plan

Regular Premium Payment:

You’ve got options! Pay your premium every year, every quarter, every half-year, or every month (only through ECS – Electronic Clearing System). Choose what works for you.

Single Premium Payment:

Keep it simple with a one-time payment. For those who prefer to settle things in one go.

Minimum Premium Amounts:

For Regular Premium Payment:

• Policy term of fifteen to twenty years: Rs. 10,000 per annum
• Policy term of ten years: Rs. 15,000 per annum

For Monthly ECS Mode:

• Policy term of fifteen to twenty years: Rs. 1,000 per month
• Policy term of ten years: Rs. 1,500 per month

For Single Premium Payment:

• A minimum of Rs. 40,000 is all it takes.

Documents Required

Every insurance plan comes with specific document requirements. For LIC Jeevan Saathi, the following standard Documents are necessary when purchasing a life insurance plan:

• ID proof
• Address proof
• Income proof
• Passport size photo of the policyholder

For raising a claim, specific documents under LIC Jeevan Saathi include:

• Claim form 3783
• Death certificate
• Policy documents
• FIR copy (if applicable)
• Post-mortem report (if applicable)
• Coroner’s report (if applicable)
• Proof of title (if applicable)

For claiming maturity, necessary documents include:

• Claim discharge voucher
• Identity proof
• Bank details

The Process to Buy Online

You can still buy this policy till Dec. 2023 as the LIC has issued a Date of Withdrawal on : 01.01.2014

Key Exclusions of the Plan

Explore specific exclusions mentioned for the LIC Jeevan Saathi policy. Notably, in cases of suicide within one year, the Corporation will not provide any claim, except for the Policyholder’s Fund Value upon death.

FAQs: Your Queries Answered

Q1: Can I buy LIC Jeevan Saathi if I’m not married?
Absolutely! While it’s designed for couples, single individuals can also avail of this plan.

Q2: What happens if both spouses pass away simultaneously?
In such a scenario, the sum assured is paid to the nominee, ensuring that your loved ones are financially secure.

Q3: Can I surrender my LIC Jeevan Saathi policy?
Yes, you can surrender your policy, but it’s advisable to consult with LIC for a better understanding of the surrender value and implications.

Q4: How are the bonuses calculated?
Bonuses are calculated based on the sum assured and the policy’s performance. LIC announces these bonuses annually.

Q5: Can I change the nominee of my policy?
Yes, you can change the nominee at any time during the policy term by contacting LIC and filling out the necessary forms.

In conclusion, LIC Jeevan Saathi is not just an insurance policy; it’s a promise of financial security and stability for you and your loved ones. With its unique features, flexibility, and tax benefits, it’s a smart choice for those who want the best of both worlds – protection and savings. So, why wait? Secure your future today with LIC Jeevan Saathi!

LIC Resources

In today’s fast-paced world, financial security is a top priority for everyone, especially working women who juggle multiple responsibilities. Life Insurance Corporation of India (LIC) offers a range of policies designed to cater to the unique needs of working ladies. The best LIC policy for working ladies provide financial protection, investment opportunities, and peace of mind to women in the workforce.

Understanding the Needs of Working Ladies

Financial Independence

One of the primary concerns for working women is achieving financial independence. LIC policies offer a solid foundation for building financial security. This is one of the most important point which is available in LIC policy for working ladies.

Life Coverage

Life is uncertain, and ensuring that your loved ones are financially secure in your absence is crucial. LIC policies provide substantial life coverage benefits.

Tax Benefits

LIC policies come with tax advantages under Section 80C and 10(10D) of the Income Tax Act, making them an attractive investment option.

Investment Opportunities

Working women often seek investment avenues that offer potential returns. LIC policies combine insurance with investment opportunities.

The Best LIC Policies for Working Ladies

Now, let’s delve into the specific LIC policies that are most suitable for working women:

LIC Jeevan Labh

LIC Jeevan Labh is a popular choice, offering a blend of savings and protection. It provides a lump sum amount at maturity, making it ideal for long-term financial goals.

LIC New Money Back Plan

This plan offers periodic money-back benefits while ensuring life coverage. It suits working women looking for regular returns.

LIC Jeevan Anand

LIC Jeevan Anand is a whole-life insurance plan with an attractive bonus feature. It provides financial support throughout your life.

LIC Jeevan Kiran

For insurance minded females, LIC Jeevan Kiran is the pure term plan with return of premium. Whatever premium will be paid in this plan throughout the term, it will be returned at the end of term.

LIC Jeevan Umang

This is one of the best LIC policy for working ladies. The policyholder keep on getting a regular income life long tax free with whole life insurance cover. Pay Rs 2 lac for 15 years and get Rs Rs 2lac life long tax free.

Factors to Consider

Premium Affordability
Evaluate your financial situation and select a policy that matches your budgetary constraints.

Coverage Amount
Determine the appropriate coverage amount based on your financial responsibilities and future needs.

Policy Term
Consider the policy term carefully; it should coincide with your financial goals, such as retirement or your child’s education.

Riders
Explore optional riders like critical illness or accidental death benefit to enhance your coverage.

Conclusion
In conclusion, securing your financial future as a working lady is essential, and LIC offers a range of policies tailored to your needs. Whether you prioritize financial independence, life coverage, or investment opportunities, there’s a LIC policy for you. Evaluate your requirements, choose wisely, and take a step towards a more secure tomorrow.

Frequently Asked Questions

FAQ 1: Can I purchase LIC policies online?
Yes, LIC offers several policies that can be conveniently purchased online, catering to the tech-savvy working woman.

FAQ 2: Are LIC policies tax-efficient?
Absolutely! LIC policies provide tax benefits under Section 80C and 10(10D) of the Income Tax Act, helping you save on taxes.

FAQ 3: What is the key advantage of LIC Jeevan Anand?
LIC Jeevan Anand provides coverage for your entire life, ensuring lifelong financial support.

FAQ 4: Can I customize my LIC policy with additional riders?
Yes, LIC policies allow you to enhance your coverage with optional riders, such as critical illness or accidental death benefits.

FAQ 5: How do I determine the right coverage amount?
To determine the right coverage amount, consider your financial responsibilities and future goals, such as education and retirement, and choose accordingly.

In this comprehensive guide, we’ve highlighted the best LIC policies for working ladies, helping you take a step towards a financially secure future. Remember, choosing the right policy depends on your individual needs and goals, so make an informed decision to safeguard your financial well-being.

LIC Resources

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