LIC Jeevan Sathi Policy is for working couple which covers the life of both husband and wife. This Policy can only be taken by a married couple only and can not be taken by any other relation such as father and sister.
If both the partners survive the term, the sum assured along with bonuses are paid out. If one of the partners dies, the sum assured is paid to the survivor and all future premiums on the policy are waived.The life cover on the surviving partner continues and the policy earns bonuses even after the first claim is honored. If the survivor lives the term, he/she gets the sum assured and bonuses. If he/she too dies during the policy term, the sum assured is paid to the survivors.
The policy is suitable for working couples who will get a cheaper policy covering both the lives instead of two independent insurance policies.
The Policy is only suitable for working couples only. Otherwise if only husband is working but wife is not working than the policy is not useful.
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