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Endowment PlansPlan 889NRI Eligible

LIC New Jeevan Sathi (Limited Premium)

Joint life cover for husband and wife under one policy, with guaranteed additions

What is LIC New Jeevan Sathi (Limited Premium)?

LIC New Jeevan Sathi (Limited Premium) (Plan 889, UIN 512N394V01) is an endowment (savings plus protection) plan from Life Insurance Corporation of India. It is a non-participating plan with Guaranteed Additions: the additions accrue at rates fixed when you buy, so what you receive does not depend on LIC's yearly bonus declarations.

Premiums are paid for a shorter period than the policy runs, so the cover continues after you have finished paying. If the policyholder dies during the term, the nominee receives: On first death: Death Sum Assured as per option chosen + waiver of future premiums. On second death: Death Sum Assured + accrued Guaranteed Additions till year of death. On surviving the full term, the policyholder gets: Basic Sum Assured + accrued Guaranteed Additions.

It suits people looking for couples, joint protection and savings. NRIs can buy this plan too.

Key Highlights

One policy covers both husband and wife
Premium waiver on first death keeps the cover going
Guaranteed Additions of 7% on annual premium, fixed from day one
High sum-assured incentive raises the GA up to 1%

Benefits Explained Simply

If Something Happens to You (Death Benefit)

On first death: Death Sum Assured as per option chosen + waiver of future premiums. On second death: Death Sum Assured + accrued Guaranteed Additions till year of death.

When the Plan Matures (Maturity Benefit)

Basic Sum Assured + accrued Guaranteed Additions

Eligibility & Details

Minimum Entry Age18 years (completed)
Maximum Entry Age50 years
Minimum Sum Assured₹5,00,000
Policy Term10, 15, 20, 25 years
Premium Paying Term5, 10, 15 years
Bonus Typeguaranteed
Risk Levellow
NRI EligibleYes

Tax Benefits

  • Section 80C deduction on premiums
  • Maturity tax-free under 10(10D)
New Jeevan Sathi (Limited Premium)

Plan 889 · 512N394V01

Joint life
Guaranteed Additions of 7% on total annual premium paid for the entire policy term, plus a high sum-assured incentive that raises the GA by up to 1%.

Maturity value

₹11,99,134

Yearly premium

₹34,525

Guaranteed additions

₹6,99,134

Return (XIRR)

4.66%

Illustrative figures from the LIC brochure, shown for the tabulated inputs only. Total premium ₹5,17,875. Maturity inclusive of existing-policyholder incentive. LIC's New Jeevan Sathi 889 sales brochure (agents' training material). Premium exclusive of riders. Maturity inclusive of existing-policyholder incentive. PolicyBros is not affiliated with LIC.

A Worked Example

Husband 30, wife 25, BSA 5 lakh, 25-year term, 15-year premium term

Here is exactly what a 30-year-old buyer of LIC New Jeevan Sathi (Limited Premium) would pay and receive, based on the official LIC sales material.

You pay

₹36,675/year

Total over 15 years: ₹5,50,125

You get back

₹12,42,667

Net gain: ₹6,92,542 over 25 years

Guaranteed maturity: ₹12,42,667

100% tax-free under Section 10(10D)

Joint life (husband 30, wife 25). Maturity inclusive of existing-policyholder incentive. Premium exclusive of riders and tax.

Source: LIC's New Jeevan Sathi 889 sales brochure. Premium, payouts, and maturity are illustrative; actual values depend on age, underwriting, and bonus declarations.

Who is This Plan Best For?

couplesjoint protectionsavings

Frequently Asked Questions

What is LIC New Jeevan Sathi (Limited Premium) (Plan 889)?

LIC New Jeevan Sathi (Limited Premium) is a endowment plans plan from Life Insurance Corporation of India. Joint life cover for husband and wife under one policy, with guaranteed additions.

What is the eligibility age for LIC New Jeevan Sathi (Limited Premium)?

Entry age is between 18 and 50 years. Policy term: 10 to 25 years. Premium paying term: 5 to 15 years.

What is the minimum sum assured for LIC New Jeevan Sathi (Limited Premium)?

Minimum sum assured is ₹5,00,000. There is no upper limit on sum assured.

What are the tax benefits of LIC New Jeevan Sathi (Limited Premium)?

Section 80C deduction on premiums. Maturity tax-free under 10(10D).

Is LIC New Jeevan Sathi (Limited Premium) available for NRIs?

Yes. LIC New Jeevan Sathi (Limited Premium) is available to Non-Resident Indians. NRIs can buy this plan during a visit to India or through power of attorney.

What happens if I stop paying premiums on LIC New Jeevan Sathi (Limited Premium)?

If you stop paying premiums before 3 years, the policy lapses and you lose all benefits. After 3 years of premium payments, the policy acquires a paid-up value and you receive a reduced sum assured. You can also revive a lapsed policy within 5 years by paying outstanding premiums plus interest.

The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.

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