Endowment Plans
LIC's New Jeevan Sathi - Single Premium (888)
One-time premium joint life plan for married couples with Guaranteed Additions
- Entry age
- 18 years (completed) for both lives; maximum 60 years (nearer birthday) under Option I and 35 years (nearer birthday) under Option II
- Policy term
- Option I: 10, 15, 20 or 25 years; Option II: 10 or 15 years
- Premium paying term
- Single premium
- Min. sum assured
- ₹3,00,000
Plan overview
LIC's New Jeevan Sathi - Single Premium is a joint life endowment plan where a married person and their spouse are covered under one policy for a single, one-time premium. It pays a death benefit on each death during the term and a maturity amount with Guaranteed Additions if at least one spouse survives. It suits couples who have a lump sum to invest and want fixed, known benefits with life cover for both partners.
New to endowment plans? Read our simple guide: What Is an Endowment Plan? A Simple Guide →Key benefits
- Covers husband and wife together in a single policy
- Pay just once: single premium plan
- Guaranteed Additions of ₹70 per ₹1,000 Basic Sum Assured every policy year
- Death benefit is paid on the first death and again on the second death during the term
- Choice of two death cover options: 1.25 times or 10 times the single premium
- Rebates for high sum assured, online purchase and existing LIC policyholders
- Loan available from 3 months after policy issue (or after free-look, if later)
Eligibility at a glance
- Plan number
- 888
- UIN
- 512N393V01
- Plan type
- Non-Par, Non-Linked, Life, Individual, Savings Plan
- Entry age
- 18 years (completed) for both lives; maximum 60 years (nearer birthday) under Option I and 35 years (nearer birthday) under Option II
- Maximum maturity age
- 75 years (Option I) / 50 years (Option II), nearer birthday
- Policy term
- Option I: 10, 15, 20 or 25 years; Option II: 10 or 15 years
- Premium paying term
- Single premium
- Minimum sum assured
- ₹3,00,000
- Maximum sum assured
- No limit (subject to Board approved underwriting policy)
- Premium payment modes
- Single premium
How the plan works
LIC's New Jeevan Sathi - Single Premium (Plan 888) is a non-participating, non-linked joint life endowment plan. A married individual (the Primary Life Assured and policyholder) takes the policy along with his or her spouse (the Secondary Life Assured). The entire premium is paid once at the start. If the primary life assured dies, the spouse becomes the policyholder.
As a non-par plan, benefits are fixed and there are no bonuses. Instead, Guaranteed Additions of ₹70 per ₹1,000 Basic Sum Assured accrue at the end of every policy year.
| Eligibility (both lives) | Option I | Option II |
|---|---|---|
| Minimum entry age | 18 years (completed) | 18 years (completed) |
| Maximum entry age | 60 years (nearer birthday) | 35 years (nearer birthday) |
| Policy term | 10, 15, 20 or 25 years | 10 or 15 years |
| Minimum maturity age | 28 years (completed) | 28 years (completed) |
| Maximum maturity age | 75 years (nearer birthday) | 50 years (nearer birthday) |
- Minimum Basic Sum Assured: ₹3,00,000, in multiples of ₹25,000. No upper limit, subject to underwriting.
- Risk cover starts immediately on acceptance of risk.
- Sold offline through agents and intermediaries and online at licindia.in; not available 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 1.25 times the Tabular Single Premium or Basic Sum Assured |
| Option II | 10 times the Tabular Single Premium |
- First death during the term: Sum Assured on Death is paid, and the policy continues on the surviving spouse.
- Second death during the term: Sum Assured on Death plus accrued Guaranteed Additions is paid, and the policy ends. The Guaranteed Addition for the year of death counts for the full year.
- Simultaneous death of both: The sum of both the above benefits is paid.
Death benefit 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, LIC pays the Basic Sum Assured (Sum Assured on Maturity) plus accrued Guaranteed Additions.
Optional riders
Available for both lives at inception, on payment of extra premium (charged separately for each life):
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC's New Term Assurance Rider (UIN: 512B210V02)
Rider premiums together cannot exceed 30% of the base premium, and each rider sum assured cannot exceed the Basic Sum Assured.
Loan, surrender & revival
Loan: Available during the term any time after 3 months from policy issue or after the free-look period ends, whichever is later, within the surrender value.
| Policy year | Maximum loan (% of surrender value) |
|---|---|
| 1st to 2nd | 50% |
| 3rd to 5th | 60% |
| 6th to 9th | 65% |
| 10th onwards | 70% |
Loan interest for loans sanctioned from 1 May 2025 to 30 April 2026 is 9.50% p.a., compounded half-yearly.
Surrender: The policy can be surrendered at any time during the term. LIC pays the higher of the Guaranteed Surrender Value (plus surrender value of accrued Guaranteed Additions) or the Special Surrender Value. The GSV is 75% of the single premium in the first three policy years and 90% thereafter.
Revival: Not applicable, as the premium is paid in full at the start.
Other key terms
- 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 rebate (per ₹1,000 Basic Sum Assured):
| Basic Sum Assured | 10 yrs | 15 yrs | 20 yrs | 25 yrs |
|---|---|---|---|---|
| ₹3,00,000 to below ₹5,00,000 | Nil | Nil | Nil | Nil |
| ₹5,00,000 to below ₹10,00,000 | ₹11 | ₹13 | ₹15 | ₹16 |
| ₹10,00,000 to below ₹15,00,000 | ₹21 | ₹26 | ₹29 | ₹32 |
| ₹15,00,000 and above | ₹25 | ₹30 | ₹33 | ₹35 |
- Online purchase rebate: 2% of the Tabular Single Premium when bought online without an agent.
- Existing policyholder / nominee rebate: ₹3.00 (10 yrs), ₹3.50 (15 yrs), ₹3.80 (20 yrs) or ₹4.00 (25 yrs) per ₹1,000 Basic Sum Assured.
- Suicide exclusion: Within 12 months of risk commencement, the higher of 80% of the single premium or the surrender value is paid and the policy ends.
Who should buy LIC's New Jeevan Sathi - Single Premium?
- Married couples who want both spouses covered under one policy
- People with a lump sum (bonus, sale proceeds, maturity money) to put into a fixed-benefit plan
- Couples who prefer known Guaranteed Additions instead of bonus-based returns
- Young couples (up to age 35) wanting high cover of 10 times the single premium under Option II
- Existing LIC policyholders or nominees who can benefit from the premium rebate
Frequently asked questions
Who can be covered under LIC New Jeevan Sathi Single Premium 888?
A married individual (Primary Life Assured) along with his or her spouse (Secondary Life Assured), both in a single policy.
What happens if one spouse dies during the policy term?
The Sum Assured on Death is paid on the first death and the policy continues on the surviving spouse. On the second death, Sum Assured on Death plus accrued Guaranteed Additions is paid and the policy ends.
How much are the Guaranteed Additions?
₹70 per ₹1,000 Basic Sum Assured accrues at the end of each policy year throughout the policy term.
What are the entry ages and policy terms?
Minimum entry age is 18 years for both lives. Under Option I the maximum entry age is 60 with terms of 10, 15, 20 or 25 years; under Option II it is 35 with terms of 10 or 15 years.
What is the minimum sum assured?
₹3,00,000, in multiples of ₹25,000. There is no upper limit, subject to underwriting.
Can I surrender or take a loan?
Yes. The policy can be surrendered any time during the term. A loan is available after 3 months from issue or after the free-look period, whichever is later, up to 50% to 70% of surrender value depending on the policy year.