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Endowment PlansPlan 888NRI Eligible

LIC New Jeevan Sathi (Single Premium)

One-time premium, joint life cover for husband and wife with guaranteed additions

What is LIC New Jeevan Sathi (Single Premium)?

LIC New Jeevan Sathi (Single Premium) (Plan 888, UIN 512N393V01) 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.

You pay the entire premium once at purchase, with nothing more to pay after that. If the policyholder dies during the term, the nominee receives: On first death: Death Sum Assured as per option chosen. 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 lump sum investment. NRIs can buy this plan too.

Key Highlights

Pay once, joint cover for both lives
Guaranteed Additions of Rs.70 per Rs.1,000 BSA per year
Higher sum assured earns a higher premium rebate
Loan facility available

Benefits Explained Simply

If Something Happens to You (Death Benefit)

On first death: Death Sum Assured as per option chosen. 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 Age60 years
Minimum Sum Assured₹3,00,000
Policy Term10, 15, 20, 25 years
Premium Paying TermSingle premium
Bonus Typeguaranteed
Risk Levellow
NRI EligibleYes

Tax Benefits

  • Section 80C deduction (up to 1.5L)
  • Maturity tax-free under 10(10D)
New Jeevan Sathi (Single Premium)

Plan 888 · 512N393V01

Joint life
Guaranteed Additions of Rs.70 per Rs.1,000 Basic Sum Assured per year, throughout the policy term.

Maturity value

₹5,10,000

Single premium

₹2,97,375

Guaranteed additions

₹2,10,000

Return (XIRR)

5.54%

Illustrative figures from the LIC brochure, shown for the tabulated inputs only. Total premium ₹2,97,375. Maturity inclusive of existing-policyholder incentive. LIC's New Jeevan Sathi 888 sales brochure (agents' training material). Example: husband 30, wife 25. Maturity inclusive of existing-policyholder incentive. PolicyBros is not affiliated with LIC.

A Worked Example

Husband 30, wife 25, BSA 10 lakh, 20-year term, single premium

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

You pay

Single premium

Total over Single premium years: ₹7,74,700

You get back

₹24,00,000

Net gain: ₹16,25,300 over 20 years

Guaranteed maturity: ₹24,00,000

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

Joint life (husband 30, wife 25). GA Rs.70 per Rs.1,000 BSA per year. Maturity inclusive of existing-policyholder incentive.

Source: LIC's New Jeevan Sathi 888 sales brochure. Premium, payouts, and maturity are illustrative; actual values depend on age, underwriting, and bonus declarations.

Who is This Plan Best For?

couplesjoint protectionlump sum investment

Frequently Asked Questions

What is LIC New Jeevan Sathi (Single Premium) (Plan 888)?

LIC New Jeevan Sathi (Single Premium) is a endowment plans plan from Life Insurance Corporation of India. One-time premium, joint life cover for husband and wife with guaranteed additions.

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

Entry age is between 18 and 60 years. Policy term: 10 to 25 years. Premium paying term: Single premium.

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

Minimum sum assured is ₹3,00,000. There is no upper limit on sum assured.

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

Section 80C deduction (up to 1.5L). Maturity tax-free under 10(10D).

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

Yes. LIC New Jeevan Sathi (Single 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 (Single 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.

Interested in New Jeevan Sathi (Single Premium)?

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