LIC New Jeevan Sathi Limited Premium Plan 889

LIC New Jeevan Sathi Limited Premium can be purchased offline by LIC agents or online through the official LIC website.

LIC New Jeevan Sathi Limited Premium Plan 889: An Overview

LIC New Jeevan Sathi Limited Premium (UIN: 512N394V01) is a Non-Par, Non-Linked, Individual Savings Plan by LIC of India. This is a Joint Life Limited Premium Endowment Plan with Guaranteed Additions which provides insurance protection and long term savings benefits to married couples under one policy.

As per this policy, a married person becomes the Primary Life Assured and policyholder, while the spouse is covered as the Secondary Life Assured. If the Primary Life Assured unfortunately passes away, the Secondary Life Assured automatically becomes the policyholder, ensuring the continued benefits of the policy and uninterrupted financial protection for the family.

A primary benefit of LIC New Jeevan Sathi Limited Premium is that the plan provides guaranteed benefits, no matter how the market performs. As this one of the non-participating LIC endowment plans, in which the policy does not earn any bonuses or share in the surplus of LIC but the maturity and death benefits are fixed and guaranteed for the entire policy term.

Let us understand the plan in detail through its features, benefits, riders, and policy provisions.

What are the Key Features of LIC New Jeevan Sathi Limited Premium?

• LIC New Jeevan Sathi Limited Premium 889 plan provides joint life coverage, allowing married couples to receive life insurance protection under a single policy.

• The plan offers limited premium payment options, helping policyholders complete premium payments within a selected premium-paying term while enjoying coverage for a longer duration.

• In case of the first death during the premium paying term, the future premiums under the policy are waived, helping the surviving spouse continue the policy without financial burden.

• Policyholders receive Guaranteed Additions at the rate of 7% of Total Tabular Annual Premium in respect of premium paid during the policy term.

• The plan offers flexibility to choose between two different death benefit options based on the family’s financial protection requirements.

• Customers can choose suitable policy terms and premium payment terms according to their long-term financial goals.

• The policyholder also gets the option to receive maturity or death benefits in instalments instead of a lump sum amount.

• LIC provides attractive incentives in the form of enhanced Guaranteed Additions for higher Basic Sum Assured values.

• Existing LIC policyholders and nominees or beneficiaries of deceased policyholders can avail additional incentive benefits under the policy.

• The plan includes a loan facility, helping policyholders manage liquidity needs during the policy term.

• Policyholders can further enhance their coverage through optional rider benefits by paying additional rider premiums.

• Premiums under LIC New Jeevan Sathi Limited Premium can be paid regularly through yearly, half-yearly, quarterly, or monthly modes.

• Monthly premiums can be paid through NACH facility only. Premium payment through salary deduction is also available.

Eligibility Criteria of LIC New Jeevan Sathi Single Premium Plan 889

Benefits of LIC New Jeevan Sathi Limited Premium Plan 889

Death Benefit

Two options for “Sum Assured on Death” are available under the policy. The Primary Life Assured is required to select one of the available death benefit options at the proposal stage itself based on individual financial protection requirements.

The death benefit payable under the policy remains guaranteed and fixed, subject to the terms and conditions of the selected option.

Option to Take Death Benefit in Instalments

The policyholder has the flexibility to receive the death benefit in instalments over a period of 5, 10, or 15 years instead of taking the entire amount as a lump sum.

This option can be exercised during the lifetime of the policyholder for either full or partial death benefit proceeds. Instalment payouts can be received on a monthly, quarterly, half-yearly, or yearly basis, subject to LIC’s minimum instalment amount conditions.

Maturity Benefit

On survival of at least one of the lives assured till the date of maturity, provided the policy remains in-force, the “Sum Assured on Maturity” along with accrued Guaranteed Additions shall be payable.

The Sum Assured on Maturity is equal to the Basic Sum Assured selected under the policy. Policyholders can also choose to receive maturity benefits in instalments under the settlement option instead of taking a lump sum payout.

Guaranteed Additions

Under an in-force policy where all due premiums have been paid, Guaranteed Additions accrue annually at the rate of 7% of the Total Tabular Annual Premium in respect of premium paid during the policy term.

If the policy qualifies for incentives such as higher Basic Sum Assured incentive, online sale incentive, or existing policyholder incentive, the rate of Guaranteed Addition may increase further. In case of second death during the policy term, the Guaranteed Additions for the entire policy year shall still be payable.

Under a fully paid-up policy, Guaranteed Additions continue to accrue till the end of the policy term at the applicable rate.

LIC New Jeevan Sathi Limited Premium Sample Illustration

Here is an example showing the yearly premium (Rs. ) for a Basic Sum Assured (BSA) of Rs 3 lakhs and calculated for standard lives considering the same age for both lives, for policies sold through Offline sales are given below:

Policyholders can also use the LIC Endowment Plan Calculator to estimate premium amounts, maturity benefits, and overall policy returns based on your preferred sum assured and policy term.

Additional Riders with LIC New Jeevan Sathi Limited Premium Plan 889

The following optional riders are available under the plan for both lives assured on payment of additional rider premium.

• LIC’s Accident Benefit Rider

  The LIC's Accidental Death and Disability Benefit Rider can be opted for during the premium paying term provided the outstanding premium paying term is at least five years. If accidental death occurs during the rider term, the Accident Benefit Sum Assured is payable in lump sum along with the death benefit under the base policy.

• LIC’s New Term Assurance Rider

  The LIC's New Term Assurance Rider is available only at the inception of the policy. If the life assured dies during the rider term, an additional amount equal to the Term Rider Sum Assured shall be payable along with the base policy death benefit.

• LIC’s Critical Illness Health Rider

  LIC’s Critical Illness Health Rider is available at policy inception and provides financial protection against specified critical illnesses.

  Two rider options are available under this rider:

  • Option I: 15 Major Critical Illnesses

  • Option II: 40 Major Critical Illnesses including Assisted Living Benefit

  If the insured person is diagnosed with any covered critical illness as specified under the rider conditions, the Critical Illness Sum Assured shall be payable.

LIC New Jeevan Sathi Limited Premium Plan Details

Grace Period: A grace period of 30 days is allowed for yearly, half-yearly, and quarterly premium payment modes, while 15 days are allowed for monthly premium payments.

During the grace period, the policy remains in-force with uninterrupted risk coverage. If the premium remains unpaid even after the grace period, the policy lapses.

Free Look Period: If the policyholder is not satisfied with the terms and conditions of the policy, the policy can be returned within 30 days from the date of receipt of the policy document, whether received electronically or physically.

Upon cancellation, LIC shall refund the premium amount after deducting proportionate risk premium, medical examination expenses, and applicable stamp duty charges.

Revival of Policy: A lapsed policy can be revived within five consecutive years from the date of the first unpaid premium but before the end of the policy term, subject to payment of all due premiums along with applicable interest. The revival is subject to underwriting approval and satisfactory evidence of continued insurability for both lives assured.

Paid-Up Value: If at least one full year’s premium has been paid and subsequent premiums are not paid, the policy does not become completely void. Instead, it continues as a paid-up policy with reduced benefits.

The Death Paid-Up Sum Assured shall be reduced proportionately based on the number of premiums paid compared to the total premiums originally payable.

Surrender Value: The policy can be surrendered after completion of the first policy year, provided at least one full year’s premium has been paid.

On surrender, LIC shall pay the higher of:

• Guaranteed Surrender Value (GSV) along with surrender value of accrued Guaranteed Additions, or

• Special Surrender Value (SSV)

Policy Loan: Loan facility is available under the policy within the surrender value during the policy term.

The maximum loan allowed under the policy is:

• In-force Policy: 75%

• Paid-up Policy: 50%

For loans sanctioned between 1st May 2025 and 30th April 2026, the applicable interest rate is 9.50% per annum compounded half-yearly.

Incentives under LIC New Jeevan Sathi Limited Premium

Incentive for High Basic Sum Assured: Policyholders opting for higher Basic Sum Assured values are eligible for increased Guaranteed Addition rates under the policy.

The increase in Guaranteed Addition depends upon the selected Basic Sum Assured and policy term.

Incentive under Online Sale: Policies purchased completely online without assistance from agents or intermediaries are eligible for additional incentives in the form of enhanced Guaranteed Additions.

Exclusion

Suicide. In case either one or both lives assured die due to suicide within 12 months from the date of risk commencement or policy revival, the nominee or beneficiary shall receive 80% of the total premiums paid or the surrender value available on the date of death, whichever is higher, provided the policy is in-force. Taxes, extra premiums, and rider premiums (except Term Assurance Rider premium) are excluded from the premium calculation. No benefit shall be payable if the policy has lapsed without acquiring paid-up value.

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