Endowment Plans
LIC's New Jeevan Sathi - Limited Premium (889)
Joint life savings plan for couples with premium waiver on first death
- Entry age
- 18 years (completed) for both lives; maximum 45-50 years under Option I and 35-40 years under Option II (nearer birthday), depending on PPT and term
- Policy term
- 10, 15, 20 or 25 years (depending on PPT)
- Premium paying term
- Limited: 5 years (term 10-25), 10 years (term 15-25) or 15 years (term 20-25)
- Min. sum assured
- ₹3,00,000
Plan overview
LIC's New Jeevan Sathi - Limited Premium is a joint life endowment plan that covers a married person and their spouse in one policy, with premiums paid for 5, 10 or 15 years. If one spouse dies during the term, a death benefit is paid and further premiums are waived, while the policy continues for the survivor. It suits couples who want shared life cover and a fixed maturity amount with yearly Guaranteed Additions.
New to endowment plans? Read our simple guide: What Is an Endowment Plan? A Simple Guide →Key benefits
- Husband and wife covered together under one policy
- Future premiums waived after the first death during the premium paying term
- Guaranteed Additions of 7% of Total Tabular Annual Premium paid, added every policy year
- Death benefit paid on first death and again on second death during the term
- Pay premiums for 5, 10 or 15 years; policy term of 10 to 25 years
- Two death cover options: higher of Basic Sum Assured or 7 / 10.5 times the annual premium
- Extra Guaranteed Additions for high sum assured, online purchase and existing LIC customers
Eligibility at a glance
- Plan number
- 889
- UIN
- 512N394V01
- Plan type
- Non-Par, Non-Linked, Life, Individual, Savings Plan
- Entry age
- 18 years (completed) for both lives; maximum 45-50 years under Option I and 35-40 years under Option II (nearer birthday), depending on PPT and term
- Maximum maturity age
- 75 years (Option I) / 60 years (Option II), nearer birthday
- Policy term
- 10, 15, 20 or 25 years (depending on PPT)
- Premium paying term
- Limited: 5 years (term 10-25), 10 years (term 15-25) or 15 years (term 20-25)
- Minimum sum assured
- ₹3,00,000
- Maximum sum assured
- No limit (subject to Board approved underwriting policy)
- Premium payment modes
- Yearly, Half-yearly, Quarterly, Monthly (NACH only), Salary deduction
How the plan works
LIC's New Jeevan Sathi - Limited Premium (Plan 889) is a non-participating, non-linked joint life endowment plan. A married individual (the Primary Life Assured and policyholder) takes the policy with his or her spouse (the Secondary Life Assured). Premiums are paid for a limited term while cover runs for the full policy term. If the primary life assured dies, the spouse becomes the policyholder.
Benefits are fixed at the start; the plan does not receive bonuses. Guaranteed Additions of 7% of the Total Tabular Annual Premium paid accrue at the end of every policy year, enhanced by any incentives you qualify for.
Eligibility
Minimum entry age is 18 years (completed) for both lives. Maximum entry age (nearer birthday) depends on PPT, term and death benefit option:
| PPT | Policy term | Max entry age - Option I | Max entry age - Option II |
|---|---|---|---|
| 5 | 10, 15, 20 | 45 | 40 |
| 5 | 25 | 45 | 35 |
| 10 | 15, 20 | 50 | 40 |
| 10 | 25 | 50 | 35 |
| 15 | 20 | 50 | 40 |
| 15 | 25 | 50 | 35 |
- Minimum maturity age: 28 years (completed). Maximum maturity age: 75 years (Option I) or 60 years (Option II), nearer birthday.
- Minimum Basic Sum Assured: ₹3,00,000, in multiples of ₹10,000. No upper limit, subject to underwriting.
- Risk cover starts immediately on acceptance. Not sold through POSP-LI/CPSC-SPV.
Death benefit
The death cover option is chosen at the proposal stage and cannot be changed later.
| Option | Sum Assured on Death |
|---|---|
| Option I | Higher of 7 times the Tabular Annual Premium or Basic Sum Assured |
| Option II | Higher of 10.5 times the Tabular Annual Premium or Basic Sum Assured |
- First death during the term: Sum Assured on Death is paid to the surviving spouse. The policy continues, and all base premiums from the next policy anniversary are waived (rider premiums for the survivor continue).
- Second death during the term: Sum Assured on Death plus accrued Guaranteed Additions is paid to the beneficiaries and the policy ends.
- Simultaneous death: The sum of both benefits is paid.
The death benefit will not be less than 105% of total premiums paid up to the date of death. It can be taken as a lump sum or in instalments.
Maturity benefit
If at least one of the two lives survives to the maturity date and the policy is in force, LIC pays the Basic Sum Assured (Sum Assured on Maturity) plus accrued Guaranteed Additions.
Optional riders
Available for one or both lives on payment of extra premium:
- LIC's Accident Benefit Rider (UIN: 512B203V03)
- LIC's New Term Assurance Rider (UIN: 512B210V02) - at inception only
- LIC's Critical Illness Health Rider (UIN: 512B227V01) - at inception only; Option 1 covers 15 major critical illnesses, Option 2 covers 40 critical illnesses with an Assisted Living Benefit
Total rider premiums cannot exceed 30% of the base premium. The secondary life's rider sum assured cannot exceed that of the primary life.
Loan, surrender & revival
Loan: Available after the first policy year once at least one full year's premium is paid: up to 75% of surrender value for in-force policies and 50% for paid-up policies. Loan interest for loans sanctioned from 1 May 2025 to 30 April 2026 is 9.50% p.a., compounded half-yearly.
Surrender: Allowed after the first policy year if one full year's premium is paid (Special Surrender Value). Guaranteed Surrender Value is acquired after two full years' premiums. LIC pays the higher of GSV (plus surrender value of accrued Guaranteed Additions) or SSV.
Paid-up: If premiums stop after at least one full year's premium, the policy continues as paid-up with proportionately reduced sum assured and Guaranteed Additions.
Revival: A lapsed policy can be revived during the lifetime of both lives, within 5 consecutive years from the first unpaid premium and before the end of the term, with arrears plus interest and proof of continued insurability of both lives. The revival interest rate for 1 May 2025 to 30 April 2026 is 9.5% p.a., compounded half-yearly.
Other key terms
- Grace period: 30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly.
- Free-look period: 30 days from receipt of the policy document.
- Settlement option: Maturity benefit can be taken in instalments over 5, 10 or 15 years (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly).
- Death benefit in instalments: Can be chosen by the policyholder over 5, 10 or 15 years.
- High sum assured incentive (extra Guaranteed Addition rate):
| Basic Sum Assured | 10 yrs | 15 yrs | 20 yrs | 25 yrs |
|---|---|---|---|---|
| ₹3,00,000 to below ₹5,00,000 | 0.00% | 0.00% | 0.00% | 0.00% |
| ₹5,00,000 to below ₹10,00,000 | 0.15% | 0.15% | 0.20% | 0.40% |
| ₹10,00,000 to below ₹15,00,000 | 0.30% | 0.30% | 0.45% | 0.80% |
| ₹15,00,000 and above | 0.35% | 0.35% | 0.55% | 1.00% |
- Online purchase incentive: Extra 0.75% (PPT 5), 0.95% (PPT 10) or 1.25% (PPT 15).
- Existing policyholder / nominee incentive: Extra 0.05% (PPT 5) or 0.10% (PPT 10 and 15).
- Suicide exclusion: Within 12 months of risk commencement or revival, the higher of 80% of premiums paid or the surrender value is payable.
Who should buy LIC's New Jeevan Sathi - Limited Premium?
- Married couples who want both spouses insured under a single policy
- Families that want premiums to stop if one earning partner dies
- Couples who prefer fixed Guaranteed Additions instead of bonus-based benefits
- Those who want to finish paying premiums in 5, 10 or 15 years
- Couples looking for optional critical illness or accident cover through riders
Frequently asked questions
Who can buy LIC New Jeevan Sathi Limited Premium 889?
A married individual can take this policy along with his or her spouse. Both lives must be at least 18 years old (completed) at entry.
What happens to premiums if one spouse dies?
On the first death during the term, the Sum Assured on Death is paid to the surviving spouse and all further base premiums from the next policy anniversary are waived. The policy continues for the survivor.
What are the premium paying term options?
You can pay for 5 years (policy term 10, 15, 20 or 25), 10 years (term 15, 20 or 25) or 15 years (term 20 or 25).
What Guaranteed Additions does this plan offer?
Guaranteed Additions accrue at 7% of the Total Tabular Annual Premium paid at the end of each policy year, with extra rates for high sum assured, online purchase and existing LIC policyholders.
What is the minimum sum assured?
₹3,00,000, in multiples of ₹10,000, with no upper limit subject to underwriting.
How much loan can I take?
After the first policy year (with at least one full year's premium paid), up to 75% of surrender value for an in-force policy and 50% for a paid-up policy.