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| Estimated Death Benefit Basis | Applicable Sum Assured / policy death-benefit terms plus fund/benefit components, subject to the original policy conditions. |
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LIC Jeevan Saathi Plus Plan 197 was a joint-life insurance product introduced by the Life Insurance Corporation of India (LIC) on 29 June 2009. It was designed especially for married couples, allowing both partners to receive life insurance protection under a single policy.
LIC later withdrew the plan from sale on 1 September 2010. Therefore, it is no longer available for new customers, although existing policyholders can continue their policies according to the original terms and conditions.
Introduction to LIC Jeevan Saathi Plus Plan 197
LIC Jeevan Saathi Plus Plan 197 was developed to provide financial protection to two individuals, generally a husband and wife, through one insurance policy. The plan combined insurance protection with investment opportunities through a unit-linked structure.
This allowed policyholders to build a fund through market-linked investments while also receiving life cover for the insured members.
Key Features of LIC Jeevan Saathi Plus Plan
Joint Life Insurance
The policy provided coverage for two lives, generally spouses, under a single plan. This was intended to provide financial support to the family if either or both insured persons faced an unfortunate event.
Flexible Premium Payment
Premiums could be paid through different modes, including:
- Yearly
- Half-yearly
- Quarterly
- Monthly through ECS
A single-premium option was also available.
Top-Up Premium Facility
Policyholders could make additional top-up payments in multiples of ₹1,000 during the policy term. These additional contributions could increase the policy fund without increasing the Sum Assured.
Partial Withdrawals
Partial withdrawals were permitted after completion of three policy years, subject to the applicable conditions and minimum fund-balance requirements.
Fund Switching
The plan allowed policyholders to switch between available investment funds depending on their investment preferences, market conditions, and risk appetite.
Tax Benefits
Premiums paid under the plan were eligible for tax deductions under Section 80C, while maturity proceeds were stated to qualify for exemption under Section 10(10D), subject to the applicable tax provisions.
Entry Age
The entry age for the insured persons was structured within the prescribed limits, with the maximum maturity age extending up to 70 years.
Policy Term
The plan offered policy terms generally ranging from 10 to 20 years.
Minimum Premium
For regular-premium policies, the minimum premium generally started at ₹10,000 per year, while the monthly mode had a minimum of ₹1,000 per month. The minimum single premium was ₹40,000.
Eligibility Criteria
| Eligibility Parameter | Details |
|---|---|
| Entry Age – Life Assured 1 | 18 to 55 years |
| Entry Age – Life Assured 2 | 18 to 45 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 10 to 20 years |
Benefits of LIC Jeevan Saathi Plus Plan
Maturity Benefit
If either the principal life assured or the spouse survived until the completion of the policy term, the accumulated fund value became payable.
The fund value represented the amount accumulated through the premiums and investment performance of the unit-linked funds selected under the policy.
Death Benefit
The plan provided protection in the event of the death of either insured person during the policy term.
- If one spouse died, the applicable assured benefit was payable to the surviving spouse, while future premiums could be waived according to the policy conditions.
- If the second insured person also died during the remaining policy period, the applicable Sum Assured and fund-related benefit would be payable to the nominee as per the plan terms.
This structure was intended to provide continued financial protection to the family even after the death of one insured member.
Revival and Surrender
The policy included provisions for reviving a lapsed policy within the permitted period, subject to applicable conditions.
Other important provisions included:
- The policy fund value could become payable on surrender after completion of three policy years.
- Partial withdrawals were permitted after the third policy anniversary, subject to the required minimum balance.
- Revival was allowed within the prescribed period after the first unpaid premium, subject to the applicable rules.
LIC Jeevan Saathi Plus Plan 197 Calculator
The LIC Jeevan Saathi Plus Plan 197 Calculator is intended to help policyholders estimate premiums, fund values, and other potential benefits associated with the policy.
It can be useful for both existing policyholders and people studying the structure of this withdrawn LIC plan.
How the Calculator Works
The calculator generally requires details such as:
- Age of both insured persons
- Policy term
- Premium amount
- Premium payment mode
- Single or regular premium structure
- Other relevant policy details
After entering the information, the calculator can provide estimates such as:
- Annual or total premium payable
- Estimated fund value
- Potential maturity amount
- Death benefit projections
- Estimated surrender value
These calculations can help policyholders understand how their policy may perform over its duration.
Important Dates
- Launch Date: 29 June 2009
- Withdrawal Date: 1 September 2010
The plan therefore remained available for new sales for a relatively short period. Existing policies, however, continue according to the terms and conditions applicable when they were issued.
Who Was LIC Jeevan Saathi Plus Plan Suitable For?
The plan was primarily intended for married couples who wanted to combine insurance protection and investment opportunities under one policy.
It could be useful for:
- Couples seeking joint financial protection.
- People wanting flexible premium payment options.
- Investors interested in unit-linked insurance products.
- Couples who preferred covering both lives under one policy.
- Policyholders looking for investment flexibility through fund-switching facilities.
Since the plan has been withdrawn, individuals looking for similar features would need to consider currently available LIC or other insurers’ joint-life and unit-linked products.
Alternatives After Withdrawal
After the withdrawal of Jeevan Saathi Plus Plan 197, customers interested in similar features can explore:
- Other LIC unit-linked insurance products.
- Joint-life insurance products offered by LIC and other insurers.
- Endowment and money-back plans that provide savings and insurance benefits.
Before choosing an alternative, compare the premium, coverage, investment features, policy term, charges, and benefits with your financial requirements.
Where to Get More Information
For information about existing Jeevan Saathi Plus policies, users can refer to:
- LIC’s official website and policy documents.
- LIC customer service for existing policy-related queries.
- Relevant IRDAI information regarding insurance products.
- A trusted insurance advisor or financial planner for personalised guidance.
Frequently Asked Questions
What is LIC Jeevan Saathi Plus Plan 197?
LIC Jeevan Saathi Plus Plan 197 was a joint-life insurance product designed primarily for married couples. It combined life insurance protection with unit-linked investment benefits under a single policy.
When was LIC Jeevan Saathi Plus Plan 197 launched?
The plan was introduced by LIC on 29 June 2009.
Is LIC Jeevan Saathi Plus Plan 197 still available?
No. LIC withdrew the plan from sale on 1 September 2010. Existing policyholders can continue according to their original policy conditions.
Who could take this plan?
The plan was designed for two insured lives, generally spouses. The stated entry-age limits were 18 to 55 years for Life Assured 1 and 18 to 45 years for Life Assured 2.
What were the premium payment options?
Premiums could be paid yearly, half-yearly, quarterly, or monthly through ECS. A single-premium option was also available.
What benefits did the plan provide?
The plan included maturity benefits based on the accumulated fund value, death benefits, partial withdrawals, top-up premiums, and fund-switching facilities.
Conclusion
LIC Jeevan Saathi Plus Plan 197 was a distinctive joint-life insurance product that combined protection for two lives with unit-linked investment features. Launched on 29 June 2009, it offered flexible premium payment options, fund switching, top-up contributions, and partial withdrawals.
Although LIC withdrew the plan on 1 September 2010, existing policyholders can continue to receive benefits according to their policy terms. The LIC Jeevan Saathi Plus Plan 197 Calculator can also help existing policyholders understand premium requirements, potential fund values, maturity benefits, and other policy-related calculations.
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