Premiums are payable until the end of the specified term or until the death of either of the insured persons, whichever occurs earlier.

In the event of the first insured person's death, the sum insured will be paid to the surviving insured person. Additionally, the premiums under the policy will be waived for the survivor. The insurance protection for the second insured person will continue, and the policy will continue to participate in the profits of the insurance corporation. If the second insured person passes away, the sum insured, along with any attached bonuses, will be paid, and the policy will terminate. If the second insured person survives the term of the policy, they will be paid the sum insured, along with the attached bonuses, even though the sum insured has been paid once upon the death of the first insured person. If both insured persons survive the term of the policy, the sum insured will be paid to them jointly, only once, along with the attached bonuses.

Policyholders have the option to add supplementary covers or riders to increase the coverage under the policy. These additional riders can enhance the overall protection provided by the policy.

The Jeevan Saathi Assurance plan is well-suited for married couples who want to enjoy insurance coverage for a relatively lower premium. It is also beneficial for housewives who might not otherwise be insurable but can access the benefits of an insurance policy through this plan.

Insurance companies typically offer tools or calculators to help individuals estimate the premium they would pay for a Jeevan Saathi Assurance policy. Premiums are based on factors such as the age of the insured individuals, sum insured, and the chosen policy term.

In summary, Jeevan Saathi Assurance is a joint life insurance plan designed for married couples to provide insurance coverage for both partners in a single policy. It offers financial protection, waiver of premiums for the surviving partner, and the flexibility to add supplementary covers for enhanced coverage. This plan is ideal for couples seeking insurance protection at a more affordable premium and provides a way for housewives to access the benefits of insurance coverage.

State Life distributes its profits among it policyholders every year in the form of bonuses. Bonuses are credited to the account of the policyholders and paid at the time of maturity or at the time of death (if earlier) . Bonus is declared as a certain amount per thousand of sum assured.

Life insurance is normally offered after a medical examination of the life to be insured. However, to facilitate greater spread of insurance and also as a measure of relaxation, State Life has been extending insurance cover without any medical examination, subject to certain conditions. This facility is called Non-medical Scheme.

Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.

The amount payable by State Life on termination of the policy contract at the desire of the policyholder before the expiry of policy term is known as the surrender value of the policy. 

It is not possible to raise money against your life insurance policy. However, there is a provision available by way of assignment or mortgaging the policy provided the policy has been in force for a minimum stipulated period.

The calculation of life insurance premiums is primarily based on age of the person to be insured, sum insured and term of the policy.

The policyholder has to apply for loan in a prescribed form and submit the policy document with the form duly completed.

A policyholder can repay the loan amount either in part or in full anytime during the term of the policy.

If the policy has acquired a surrender value and a premium has remained unpaid beyond the grace period, the policyholder will entitled to benefits under one of the following two options given hereinafter, depending on the option exercised (if any) in his Proposal for this policy: 

A – Automatic paid-up Option

This policy will be converted into a paid-up policy. The paid-up Sum Insured will be specially calculated to allow for the clearance of all outstanding dues of State Life against the policy. 

B – Automatic Premium Loan Option

So long as the net surrender value of the policy equals or exceeds any due premium remaining unpaid beyond its grace period, State Life will continue to keep this policy in full force, and treat the said premium as paid by creating an automatic premium loan against the net surrender value of the policy.

Death claim is usually payable to the nominee/ assignee or the legal successor, as the case may be. However, if the deceased policyholder has not nominated/ assigned the policy or not made a will, the claim is payable to the holder of a succession certificate or such evidence of title from a Court of Law.

State Life distributes its profits among it policyholders every year in the form of bonuses. Bonuses are credited to the account of the policyholders and paid at the time of maturity or at the time of death (if earlier) . Bonus is declared as a certain amount per thousand of sum assured.

Life insurance is normally offered after a medical examination of the life to be insured. However, to facilitate greater spread of insurance and also as a measure of relaxation, State Life has been extending insurance cover without any medical examination, subject to certain conditions. This facility is called Non-medical Scheme.

Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.

The amount payable by State Life on termination of the policy contract at the desire of the policyholder before the expiry of policy term is known as the surrender value of the policy. 

It is not possible to raise money against your life insurance policy. However, there is a provision available by way of assignment or mortgaging the policy provided the policy has been in force for a minimum stipulated period.

The calculation of life insurance premiums is primarily based on age of the person to be insured, sum insured and term of the policy.

The policyholder has to apply for loan in a prescribed form and submit the policy document with the form duly completed.

A policyholder can repay the loan amount either in part or in full anytime during the term of the policy.

If the policy has acquired a surrender value and a premium has remained unpaid beyond the grace period, the policyholder will entitled to benefits under one of the following two options given hereinafter, depending on the option exercised (if any) in his Proposal for this policy: 

A – Automatic paid-up Option

This policy will be converted into a paid-up policy. The paid-up Sum Insured will be specially calculated to allow for the clearance of all outstanding dues of State Life against the policy. 

B – Automatic Premium Loan Option

So long as the net surrender value of the policy equals or exceeds any due premium remaining unpaid beyond its grace period, State Life will continue to keep this policy in full force, and treat the said premium as paid by creating an automatic premium loan against the net surrender value of the policy.