LIC New Jeevan Sathi Single Premium Plan 888 Calculator

What is LIC New Jeevan Sathi Single Premium Plan 888 Calculator?

The LIC New Jeevan Sathi Single Premium Plan 888 calculator is an online tool that helps determine the value of the LIC New Jeevan Sathi Single Premium Plan 888 and its associated benefits. Under this newly launched plan by LIC of India, both the husband and the wife can be protected under a single policy with a single premium payment. The user just needs to enter basic details such as the ages of the life assured, the basic sum assured, the policy duration, and the death benefit options. The premium calculations are based on LIC’s premium rates and will vary for each policy. The calculator is available on the official LIC website.

How LIC New Jeevan Sathi Single Premium Plan 888 Calculator Works?

The LIC Jeevan Sathi Single Premium Plan 888 Calculator generally requires the following details:

• Age of the Primary Life Assured

• Age of the Secondary Life Assured

• Basic Sum Assured

• Policy Term

• Death Benefit Option (Option I or Option II)

• Online or Offline Purchase Mode

• Rider Selection, if applicable

• Existing Policyholder or Nominee Rebate, if eligible

Based on these inputs, the calculator estimates:

• Single Premium Payable

• Annual Guaranteed Additions

• Total Guaranteed Additions

• Maturity Benefit

• Death Benefit

How to Use LIC Jeevan Sathi Single Premium Plan 888 Calculator?

Using LIC Jeevan Sathi Plan 888 calculator is easy with the following steps:

Step 1: Go to the official LIC website.

Step 2: Click on "Calculate Premium" in the "How much you need" section.

Step 3: Provide your name, date of birth, gender, and phone number. Click "Next," then click "Quick Quote."

Step 4: From the list, pick the LIC Jeevan Sathi Single Premium Plan (888) and then click "Coverage."

Step 5: Enter information like the Sum Assured and the Policy term. When you enter the policy term, the system will automatically choose the premium payment term that goes with it.

When you fill in all the information, the results should show the correct amount of the premium and the death/maturity benefit.

LIC New Jeevan Sathi Single Premium Plan 888 Sample Illustration

Premium Illustration Using LIC Jeevan Sathi Plan 888 Premium Calculator

The sample illustrative Single Premium (in Rs.) for Basic Sum Assured (BSA) of Rs 3 lakhs:

Benefits Illustration Using LIC Jeevan Sathi Plan 888 Maturity Calculator

The LIC New Jeevan Sathi Plan 888 Calculator estimates maturity benefits using the fixed Guaranteed Addition rate of Rs 70 per Rs 1,000 of Basic Sum Assured (BSA) for each policy year.

Guaranteed Additions = Basic Sum Assured × 70/1000 × Policy Term

Maturity Benefit = Basic Sum Assured + Guaranteed Additions

For example, if the Basic Sum Assured is Rs 3,00,000 and the policy term is 10 years:

Guaranteed Additions: Rs 3,00,000 × (70 ÷ 1,000) × 10 = Rs 2,10,000

Maturity Benefit: Rs 3,00,000 + Rs 2,10,000 = Rs 5,10,000

Similarly, for a 15-year policy term:

Guaranteed Additions: Rs 3,00,000 × (70 ÷ 1,000) × 15 = Rs 3,15,000

Maturity Benefit: Rs 3,00,000 + Rs 3,15,000 = Rs 6,15,000

Note: The above figures are illustrative and intended to explain how the calculator estimates policy benefits. Actual premiums and benefits may vary based on the ages of both lives assured, policy term, selected option, applicable rebates, and LIC's prevailing rates.

Benefits of Using a LIC New Jeevan Sathi Single Premium Plan 888 Calculator

There are several advantages to using the calculator:

• It helps you to figure out your total out-of-pocket for your policy based on features of that policy.

• It displays the sum of guaranteed additions which can be expected to be accumulated at the end of each policy term.

• It is a decision-making tool when it comes to choosing policy term and taking the right insurance amount to protect the family.

• It illustrates the impact of the different options on the policy value and the duration of coverage in case of the policyholder's death.

• It is a handy tool for a quick check on possible policy returns without going through any laborious math.

• It is couple-oriented financial planning as it depicts the returns and protection the policy can provide them.

• It is a time saver and a source of transparency as it presents different options clearly and simply, raising the comparability of these options.

• The calculator brings a glimpse to the potential policyholders about various scenarios and enables comparisons of the different benefits of the LIC New Jeevan Sathi Plan 888.

Summing Up

The LIC New Jeevan Sathi Single Premium Plan 888 Calculator is an online tool that gives prospective buyers a better awareness of how the joint life insurance works. The calculator provides you with an estimate for the monthly premium based upon your needs, guaranteed addition rates, the total accumulation at maturity, and the amount of death benefit. The calculator will therefore assist couples in choosing an appropriate insurance policy.