LIC Launches New Jeevan Sathi Plan 889 for Married Couples
The Life Insurance Corporation of India (LIC) has introduced LIC New Jeevan Sathi – Limited Premium Plan 889, a specially designed Joint Life Savings and Protection Plan for married couples. This plan combines life insurance coverage for both husband and wife with guaranteed wealth creation, making it an attractive option for families looking for long-term financial security.
Whether you are newly married, raising children, or planning for retirement, LIC New Jeevan Sathi offers a combination of protection, savings, tax benefits, and guaranteed maturity benefits under a single policy.
What is LIC New Jeevan Sathi Plan 889?
LIC New Jeevan Sathi Plan 889 is a Non-Linked, Non-Participating, Individual Savings Joint Life Insurance Plan.
Under this plan:
Husband and wife are covered under one policy.
The surviving spouse continues to enjoy benefits even after the first death.
Guaranteed Additions accumulate throughout the policy term.
A guaranteed maturity amount is payable on survival till maturity.
Limited premium payment allows you to stop paying premiums early while continuing to enjoy policy benefits.
Key Features of LIC New Jeevan Sathi Plan 889
Joint Life Protection
One policy covers both husband and wife, simplifying financial planning and providing comprehensive family protection.
Limited Premium Payment
Pay premiums for a limited period while enjoying coverage for a longer duration.
Guaranteed Additions
Guaranteed Additions accrue every year and increase the maturity value of the policy.
Maturity Benefit
On survival till the end of the policy term, the policyholder receives:
Basic Sum Assured + Guaranteed Additions
Tax Benefits
Premiums may qualify for tax deduction under Section 80C and benefits may be eligible under Section 10(10D), subject to prevailing tax laws.
Loan Facility
Policy loans are available after payment of one full year’s premium.
Surrender Facility
The policy acquires surrender value after payment of one full year’s premium.
Real Illustration Example
To understand how the plan works, let’s consider an actual illustration.
Client Profile
Particulars | Details |
Husband Age | 35 Years |
Wife Age | 30 Years |
Basic Sum Assured | ₹15,00,000 |
Policy Term | 25 Years |
Premium Paying Term | 15 Years |
Annual Premium | ₹1,20,975 |
Accident Benefit Rider | ₹15,00,000 |
How Much Premium Is Paid?
Annual Premium: ₹1,20,975
Monthly Equivalent: ₹10,411
Approximate Daily Cost: ₹331
Total Premium Paid Over 15 Years:
₹18,14,625
Guaranteed Maturity Benefit
At the end of 25 years:
Benefit Component | Amount |
Basic Sum Assured | ₹15,00,000 |
Guaranteed Additions | ₹26,12,918 |
Total Maturity Benefit | ₹41,12,918 |
Total Guaranteed Maturity Amount: ₹41.12 Lakh
Investment Growth Analysis
Total Premium Paid
₹18,14,625
Maturity Benefit
₹41,12,918
Total Gain
₹22,98,293
Death Benefit Structure
One of the most powerful features of LIC New Jeevan Sathi is its unique Joint Life Protection.
First Death Benefit
If either spouse dies during the policy term:
Death benefit is paid immediately.
Policy continues for the surviving spouse.
Future benefits remain protected.
Second Death Benefit
Upon death of the surviving spouse:
Sum Assured
Accrued Guaranteed Additions
are paid to the nominee.
Simultaneous Death Benefit
If both lives are lost in the same event, the nominee receives the applicable combined death benefit.
Example of Death Cover
In the 15th policy year:
Scenario | Benefit |
First Death | ₹15,00,000 |
Second Death | ₹26,61,296 |
Simultaneous Death | ₹41,61,296 |