New Jeevan Sathi - Limited Premium

What this product is

A joint-life savings plan for married couples with limited premium payment (5, 10 or 15 years) that waives future premiums and continues cover for the survivor after the first spouse's death.

You might need this if…

• You might need this if you and your spouse want a single policy covering both lives instead of buying two separate plans.
• You might need this if you want future premiums waived automatically for the survivor after the first death, so savings for the family keep growing.
• You might need this if you want to finish paying premiums well before the policy matures (terms as short as 5 years).
• You might need this if you also want to add critical illness cover for up to 40 major illnesses.

How it actually works

• Entry age 18+ for both spouses; premium payment terms of 5, 10 or 15 years; policy terms of 10, 15, 20 or 25 years.
• Minimum sum assured ₹3,00,000 in multiples of ₹10,000.
• Choose Option I (death benefit = higher of 7x annual tabular premium or Basic Sum Assured) or Option II (10.5x multiple).
• On the first spouse's death, the Sum Assured on Death is paid to/held for the survivor and all further premiums are waived; on the second death, the benefit plus guaranteed additions goes to the beneficiary.
• Guaranteed Additions accrue at 7% of total tabular annual premium each year.
• Optional riders: accident benefit, term assurance, and a critical illness health rider (15- or 40-illness versions).

Worked example

Worth knowing before you decide

• Non-participating: guaranteed additions are fixed, no bonus upside.
• Guaranteed surrender value applies only from year 2 onward, with factors from 30-90%.
• Policy loan available after year 1, capped at 75% of surrender value for in-force policies (50% if paid-up).

Official source

⌟ Official product brochure

Learn about this category

Read the full traditional life insurance explainer → · See all traditional savings products →