In happiness or sadness, in health or in sickness a married couple stays together LIC (International)’s Double Cover Joint Life Plan is a perfect way to show how much you care for each other. Double Cover Joint Life Plan is unique in the fact that it gives insurance protection to both the husband and wife, apart from offering a host of other benefits, under the same policy.
The basic sum assured with bonus is paid on the date of maturity, if both the partners survive the selected term.
The sum assured is immediately payable in the event of death of one of the partners, to the surviving partner. The surviving partner need not pay further premiums but the policy is kept in force and will continue to earn bonuses declared on the basis of valuations.
Once again, the basic sum assured with bonuses is payable to surviving partner on the date of maturity or to the nominee in the event of the death of the surviving partner before the date of maturity.
From the benefits available it can be seen that a family that is used to certain comforts, get a lump sum immediately if one of the partners dies, to help the surviving partner maintain a certain level of economic stability. Once again, the basic sum assured is paid to the surviving partner on maturity or in the event of his/her death earlier, to the nominee/beneficiary. Thus, this plan gives total and complete insurance protection to the whole family.
Another feature of Joint Life Plan is Accident Benefit that is available for both the partners during the term of the policy or up to the age of 70, whichever is earlier. In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installments spread over for 10 years. In the case of unfortunate death of one of the partners due to an accident, in addition to the basic sum assured, an amount equal to the accident benefit sum assured is paid to the surviving partner. In case of unfortunate death of both the partners in the same accident, or another accident in the same policy anniversary, this benefit is payable on both the lives.
Choice of flexible premium payments, either throughout the term of the policy (Full Term Option) or for a limited term of five years is available.
Policy holders can raise a loan on the security of the policy after the policy has acquired paid-up value by payment of premium at least for three years from the date of commencement (two years in case of limited premium paying terms).
If premium have been paid for a period of three years (two years in case of limited term payment) and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced sum assured, payable on the date of maturity or in the event of unfortunate death, if earlier.
All future premium payable for the remaining period can be made in lump sum at a special discounted rate.
One can pay premium in advance up to a period of 5 years in lump sum at a discounted rate. Unutilized portion of lump sum amount, if any, is refundable.
Policy can be transferred to LIC of India on repatriation of the policy holder to India. The transfer will be effected only if full first year’s premium is paid and on completion of one year from the date of acceptance, provided the policy is in force for the full sum assured and on receipt of a written request from the policy holder. The sum assured and attached bonus, if any, shall stand altered to the equivalent Indian rupee amount at the rate of exchange, current on the date on which the request for transfer is received by the Company and subject to the instruction current on that date of Reserve Bank of India.
