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One way of letting your spouse know how much you love and care is to shower her with gifts. Keeping this view in mind, an insurance policy could be an ideal gift that will last forever. The Life Insurance Corporation of India offers a joint policy, 'Jeevan Saathi' that is one of its kind and is exclusively meant for couples.

Joint life policies are similar to endowment policies, which offers maturity benefits to the policyholders, apart form covering the risks as all life insurance policies do. Since it involves larger risks, it is only LIC that has taken the initiative to offer such a plan.

The policy provides a joint life risk cover under a single policy for both husband and wife. If one or both the lives survive till the maturity date, the sum assured, along with the accumulated bonus, is paid to the policyholder. On the death of either husband or wife, the survivor gets the sum assured immediately and future premiums are waived. If the survivor (husband/wife) survives till maturity he/she gets sum assured with full bonus. If the survivor also dies before the maturity term, sum assured along with bonus is paid to the nominee, which are usually children of the couple. The policy also covers accident benefit.

It is available for a minimum term of 15 years and maximum for 30 years. The minimum sum assured is Rs 50,000 with no limit on maximum amount. In case the couple opts for a divorce, the policy does offers a unique option wherein the joint policy can be converted into an endowment policy under one of the partner's name or else the policy can be surrendered and get the sum assured to the extent of the premiums that have been paid.

For example if Mr. Rao has purchased 'Jeevan Saathi' for a term of 20 years at the age of 35 years and his wife is aged 30 years, then he would have to pay a premium of Rs 12,009 that includes an additional amount of Rs 200 per person if he opts for double accident benefit of Rs 2 lakh. At the completion of term, the policyholder will receive a total of Rs 4,16,000. Since he has opted for the accident benefit, he will be covered for it in case an accident occurs.

So grab a policy and gift it to your spouse and make a special beginning of the New Year.