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Features of Plan:
This policy is issued on the lives of the husband and
wife provided the female life belongs to category I
or is actively engaged in her spouse's business.
In case of death of the policyholder the surviving partner
gets the S.A. the premium is stopped and on death or
maturity full S.A. along with bonus is paid back. This
policy protect the incomes of both husband and wife,
also grants equivalent benefits to their survives the
policy term period.
Plan parameters
Age at Entry: Min.20 yrs, Max.50 yrs.
Maturity age: Max.70 yrs.
Sum Assured: Min. 50,000, Max. No. Limit
Term: Min. 15 yrs, Max. 30 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Rs.2 Extra per
(Max. 50lacs inclusive 1000 S.A.
All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.
Under writing
Form no.: 300/400,
Age proof: std./NSAP-1
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical: (special): Allowed
Actual sum assured: basic SA
Dating back @ 8%: Allowed
To calculate the mean age, the difference between the
ages of the two lives is calculated by subtracting the
ages of the two lives. For example, husband's age is
27 yrs. And wife's age is 22 yrs., then the Difference
between ages will be 27__22=5 yrs. From the above chart
we will see addition to younger age below 5 yrs. Which
come out to be 3. by adding this number to younger age
i.e.22 yrs the joint life age is 22+3=25 yrs. On this
age the premium will be charged.
Benefit:
Maturity benefit: payment of S.A. + bonus + FAB,
if any.
Death benefit:
On death of either husband or wife, S.A. is payable
to the survivor and future premium are waived. If the
survivor survives till maturity, he/ she gets S.A. again
+ bonus.
If the survivor also dies before maturity S.A.+ Accrued
bonus is given to the nominee.
Example: Mrs. Katrina Kaif aged 30 and 25 take
a Jeevan Saathi (with profits) policy term being 20
years with premium paying period 20 years and S.A. Rs.2lac.
they Rs.1140/- as annual premium.
If both survive till maturity, they will get Rs.3,84,000
(Rs.2,00,000 S.A.+Rs.1,84,000 being bonus as per bonus
rate of 2005).
In case Mr. Kaif dies after 9 years, his wife named
as his beneficiary will receive the S.A. i.e. 2,00,000
and future premium are waived. If Mrs. Katrina Kaif
survives till maturity she will get S.A. again + bonus
i.e. 2,00,000/+1,84,000 (bonus as per2005 rate) i.e.
3,84,000/-
In case Mrs. Katrina Kaif dies after 2 years later,
the nominee named by them will get the S.A. + vested
bonus and the policy will be terminated.
The future premium will also be waived.
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