Jeevan Saathi

 w.e.f. 01-07-1985

Table 89

General Policy Conditions

Underwriting Requirements

Policy Servicing

Min. age at entry

20 years

Female lives category

I/II/III

Policy Loan @ 9%

Yes

Max. age at entry

50 years

Age Proof (for both lives) **

Standard/NSAP-I(WR 5 lacs)

Housing Loan

Yes

Max. maturity age

70 years

Form No. 3237A

300 & 400

Assignment

Yes

Min. Term

15 years

Dating Back @ 8%

Allowed

Revival

Yes

Max. Term

30 years

Non-Medical General ***

Not Allowed

Surrender of Policy

Yes

Min. S.A.

Rs. 50,000

Non-Medical (Professionals) ***

Allowed

Survival Benefits

No

Max. S.A.

Any amount

Non-Medical (Special) ***

Allowed

Term Rider Option

No

S.A. in multiples

Rs. 5,000

Risk Coverage

S.A. + Bonus

Critical Illness Rider

No

Modes allowed

All

Actual Sum Assured (ASA)

Basic S.A.

Accident Benefit per 1000 S.A.

Re. 2 extra

 **

See NSAP Article for details

***

 For limits see NMS Article

* Suitability

:

For husband & wife who wants joint life risk cover under a single policy.

* Other details

:

(a)

Issued only to working couple or wife should be an Income-Tax Assessee. For S.A. 2 Lakh and less, wife need not be a earning person. Not Allowed to Pregnant Ladies.

(b)

Wife’s income is also considered to grant insurance cover on Husband’s life subject to certain restrictions:

(1)     Wife should belong to Female Category I/II.

(2)     Wife should be the Proposer.

(3)     Husband should have been fully based on his own income.

(c)

Plan is not allowed for Female lives who have undergone 3 or more caesarean operations. For female with one/two caesarian is allowed to take plan with 3% extra premium.

(d)

However, Female Lives, who have undergone sterilization after 2 caesarean operations, can take this plan without any extra premium.

(e)

Similarly, Female Lives with 2 caesarean operation, though not undergone sterilization, but attained memopause can take this plan without any extra premium.

(f)

Maximum S.A. allowed under the plan to housewives & self-employed female lives category III, is Rs. 1 lakh with standard age proof.

(g)

Housewives:Graduates having mediclaim policy or Credit card or driving license or passport – MAX S.A. is 15 lakhs. Proof to be produced.

Maturity Benefit

:

If both husband and wife are alive upto maturity, S.A. + Bonus is given.

Death Benefit

:

(a)

On death of either husbanbd/wife, survivor gets S.A. immediately & future premiums are waived.

(b)

If the survivor (husband/wife) survives till maturity, he/she gets S.A. again with full bonus.

(c)

If the survivor also dies before maturity, S.A. + Bonus till that time, is paid to the nominee.

Example

:

Mr. Gonsalvez and Mrs. Helen are husband and wife. They take a Jeevan Sathi Policy for 20 years term for Rs. 1 Lakh Sum Assured.

Possibility 1

:

If Mr. Gonsalvez and Mrs. Helen survives till maturity, then, they together get Rs. 1,92,000 as maturity benefit (Rs. 1,00,000 S.A. + Rs. 92,000 being bonus at an estimated Rs. 46 per thousand p.a.)

Possibility 2 (a)

:

Unfortunately, if one of them i.e., either Mr. Gonsalvez or Mrs. Helen expires after some time, the survivor gets Rs. 1 Lakh (without bonus) immediately & need not pay future premiums. Again, the survivor gets Rs. 1,92,000 at maturity (Rs. 1,00,000 S.A. + Rs. 92,000 being estimated bonus for full term) if he/she survives till the end of term.

Possibility 2 (b)

:

If the survivor dies before the maturity term, the nominee will receive the S.A. + Bonus til that period.

Possibility 2 (c)

:

In case both expire due to same accident & if they die within 180 days from the date of accident, then the nominee will receive four times the S.A. + Bonus accrued till their death.

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RushatiINDIA & Associates

60(24/16) Vivekananda Road, Sukantapally

PO: Sheoraphuli, Dist: Hooghly, Pin: 712 223

Phone: +91- 9433235073

Email: [email protected]

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