Life Insurance Corporation of India (LIC), India’s largest public sector insurance company, has launched two new joint life insurance savings plans for couples.
These plans are designed for husband and wife who want financial protection and long-term savings under a single policy. The two plans are New Jeevan Sathi Single Premium and New Jeevan Sathi Limited Premium.
Both plans are non-par and non-linked, which means they are not affected by stock market ups and downs. The benefits are fixed and guaranteed, with no bonuses or dividends, only assured returns through guaranteed additions.
What Makes These LIC Joint Plans Special
These plans are specially made for couples who want both insurance cover and savings in one policy. Since they are non-participating plans, the maturity and death benefits are already fixed in advance.
This provides safety and stability, making them suitable for people who prefer low-risk financial products. The focus of these plans is on guaranteed returns instead of market-linked gains.
New Jeevan Sathi Single Premium Plan Features
In this plan, the policyholder has to pay the premium only once, which removes the need for regular payments in the future. Both husband and wife get life insurance coverage under a single policy.
A guaranteed addition of ₹70 per year per ₹1,000 basic sum assured is provided throughout the policy term.
The death benefit options include either 1.25 times the total single premium or 10 times the premium, whichever is higher.
The plan also offers loan facilities, the option to receive maturity or death benefits in installments, and special discounts for existing LIC policyholders or nominees.
New Jeevan Sathi Limited Premium Plan Features
This plan is designed for those who prefer to pay premiums for a fixed number of years instead of a one-time payment.
If either the husband or wife dies during the premium-paying period, the remaining premiums are waived and the policy continues without interruption.
The plan offers a guaranteed addition of 7% of the total annual premiums paid during the policy term. The death benefit options include either 7 times the annual premium or 10 times the basic sum assured, whichever is higher.
Common Benefits in Both Plans
Both plans come with flexible loan options that allow policyholders to meet urgent financial needs.
Customers can also add extra protection by choosing optional riders such as accidental death or disability cover by paying an additional premium.
Higher sum assured options may also come with attractive discounts and incentives from LIC.
