LIC Jeevan Saathi Plan is a joint life endowment policy. This plan pays for the Death Benefit during the policy term for both husband and wife but the Maturity Benefit is paid even if both or anyone are alive till the end of the policy term. Hence it is a double death benefit plan.
In this plan, if any one of the husband or the wife dies within the policy tenure, the Sum Assured is paid in a lumpsum but the policy continues but the future premiums are waived and paid by the insurance company.
If the last survivor also dies within the policy tenure, then the Sum Assured is paid along with the accrued Bonus and the policy is terminated. However, if one or both of the husband and wife outlives the policy tenure, then the Sum Assured along with the accrued Bonus is paid in a lumpsum and then policy is terminated.
Apart from the convenience try LIC Merchant Portal to purchase this plan at cheap price than the offline version as online rebate is also available.