JEEVAN SATHI PLAN table 19
JEEVAN SATHI PLAN.under these plan policies are issued on the 2 lives and simultaneously cover the risk on the lives of both for the sum assured.
JEEVAN SATHI PLAN premium is payable till the end of the specified term or tells death of either of the assured persons, if earlier. the benefits under this plan are as follow.
1-on the death of the first life,
the sum assured will be paid to the survivor. further premium under the policy will be waived, but the insurance protection on the 2nd life will continue. also, the policy will continue to participate in the profits of the corporation.
2-on the death of the 2nd life,
again the sum assured will be paid to the nominee together with the attaching bonuses. in this event, the policy will terminate.
3-if the 2nd life survives the term of the policy,
he/she will be paid the sum assured together with the attaching bonuses, even though the sum assured has been paid once, on the death of first life.
4-if both lives, survive the term of the policy, the sum assured will be paid to them jointly, on the only once together with the attaching bonuses.
two separate proposal forms are required to be filled in by each of the lives.
both the lives shall have to undergo the required medical examination etc separately.
the basic rates of the premium given are based on the equal ages of both lives.
if their ages differ the equal ages will have to be determined as per the uniform seniority table is given below.
Uniform seniority table
|When difference between the age of two lives||Deduct from the age of the older life|
|0 to 1 years||Nill|
|2 to 3 years||1 years|
|4to 6 years||2 years|
|7 t0 9 years||3 years|
|10 to 13 years||4 years|
|14 to 17 years||5 years|
|18 to 24 years||6 years|
|25 to 33 year||7 years|