LIC New Jeevan Sathi Limited Premium Plan 889: Complete Overview
LIC New Jeevan Sathi Limited Premium Plan 889 (UIN: 512N394V01) is a Non-Linked, Non-Participating Individual Savings Plan offered by LIC of India. It is a Joint Life Limited Premium Endowment Plan specially designed for married couples, combining life insurance protection with guaranteed long-term savings under a single policy.
Under this plan, one spouse is designated as the Primary Life Assured and policyholder, while the other spouse is covered as the Secondary Life Assured. This structure ensures that both partners receive financial protection through one comprehensive insurance policy.
Understanding LIC Jeevan Sathi Plan 889
A distinctive feature of LIC New Jeevan Sathi Limited Premium Plan 889 is its joint-life coverage. In the event of the death of the Primary Life Assured, the Secondary Life Assured automatically becomes the policyholder. This arrangement helps ensure uninterrupted policy benefits and continued financial security for the surviving spouse and family.
As a non-participating insurance plan, the policy does not qualify for LIC bonuses or profit-sharing benefits. However, it offers guaranteed payouts and predetermined benefits that remain unaffected by market fluctuations throughout the policy term.
This makes the plan suitable for individuals seeking stable and predictable returns along with life insurance coverage.
Key Highlights of LIC New Jeevan Sathi Limited Premium Plan 889
Joint Life Insurance Protection
The policy provides life insurance coverage for both husband and wife under a single contract, making it an efficient financial protection solution for married couples.
Limited Premium Payment Option
Policyholders can complete premium payments within a chosen premium-paying term while enjoying insurance coverage for a longer duration.
Premium Waiver on First Death
If the first death occurs during the premium-paying term, all future premiums are waived. The surviving spouse continues to enjoy policy benefits without any further premium obligation.
Guaranteed Additions
The plan offers Guaranteed Additions at the rate of 7% of the Total Tabular Annual Premium for premiums paid during the policy term, helping enhance the overall maturity value.
Choice of Death Benefit Options
Policyholders can select from two available death benefit structures according to their family’s financial protection requirements and future objectives.
Flexible Policy Terms
The plan allows customers to choose suitable policy durations and premium-paying terms that align with their long-term savings and protection goals.
Instalment Benefit Facility
Maturity proceeds and eligible death benefits can be received either as a lump-sum payment or through regular instalments based on the policyholder’s preference.
Enhanced Benefits for Higher Sum Assured
LIC offers additional incentives in the form of higher Guaranteed Additions for policies with larger Basic Sum Assured values.
Special Incentive Benefits
Existing LIC policyholders and eligible nominees or beneficiaries of deceased LIC policyholders may receive additional incentives under specified conditions.
Policy Loan Facility
The plan includes a loan provision, enabling policyholders to access funds during emergencies without discontinuing the policy.
Optional Rider Benefits
Additional insurance protection can be obtained through rider options by paying the applicable rider premium.
Multiple Premium Payment Modes
Premiums can be paid through the following modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Monthly Premium Payment Facility
Monthly premiums are accepted through the NACH facility. Salary deduction mode is also available for eligible policyholders.
Why LIC New Jeevan Sathi Limited Premium Plan 889 Stands Out
The plan combines joint life coverage, guaranteed savings, premium waiver benefits, and flexible payout options within a single policy. Since the benefits are guaranteed and independent of market performance, it provides greater certainty for couples looking to build long-term financial security while protecting their family’s future.
Its unique structure ensures that even after the death of one spouse, the policy continues seamlessly, helping the surviving partner maintain financial stability without the burden of future premium payments.
Eligibility Conditions for LIC New Jeevan Sathi Limited Premium Plan 889
The eligibility requirements for LIC New Jeevan Sathi Plan 889 are as follows:
| Particulars | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years Completed | 50 Years (Nearest Birthday) |
| Policy Term | 10 Years | 25 Years |
| Maturity Age | 28 Years Completed | Option I: 75 Years (Nearest Birthday)Option II: 60 Years (Nearest Birthday) |
| Premium Payment Term | 5 Years | 15 Years |
| Basic Sum Assured | ₹3,00,000 | No Maximum Limit (Subject to Underwriting) |
| Basic Sum Assured Multiples | ₹10,000 | — |
| Premium Payment Mode | Limited Premium | As Per Selected Policy Option |
Benefits of LIC New Jeevan Sathi Plan 889
Death Benefit
The policy offers two different Death Benefit options. The Primary Life Assured must choose the preferred option at the time of policy purchase based on the desired level of financial protection.
The selected Death Benefit remains guaranteed throughout the policy term, subject to policy conditions.
Available Death Benefit Options
| Option | Sum Assured on Death |
|---|---|
| Option I | Higher of 7 times the Tabular Annual Premium or the Basic Sum Assured |
| Option II | Higher of 10.5 times the Tabular Annual Premium or the Basic Sum Assured |
These options allow policyholders to customize the level of life insurance coverage according to their family’s future financial needs.
Option to Receive Death Benefit in Instalments
Instead of receiving the entire death claim amount as a lump-sum payment, policyholders may opt for instalment-based payouts.
The death benefit can be paid over:
- 5 Years
- 10 Years
- 15 Years
The settlement option can be selected during the policyholder’s lifetime for either the full benefit amount or a portion of the claim proceeds.
Available Instalment Frequencies
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Instalment payments are subject to LIC’s minimum payout limits and applicable policy conditions.
Maturity Benefit
If at least one of the two lives assured survives until the end of the policy term and the policy remains active, LIC pays the following:
- Sum Assured on Maturity
- Accrued Guaranteed Additions
The Maturity Sum Assured is equal to the Basic Sum Assured selected at policy inception.
Policyholders also have the flexibility to receive the maturity proceeds through instalments under the settlement option instead of a single lump-sum payment.
Guaranteed Additions
One of the key attractions of LIC New Jeevan Sathi Plan 889 is its Guaranteed Addition feature.
For an active policy where all due premiums have been paid, Guaranteed Additions accrue at the rate of 7% of the Total Tabular Annual Premium for each premium paid during the premium-paying term.
Additional Guaranteed Addition Incentives
The rate of Guaranteed Addition may be enhanced if the policy qualifies under any of the following categories:
- Higher Basic Sum Assured Incentive
- Online Purchase Incentive
- Existing LIC Policyholder Incentive
Even in the event of the second death during the policy year, the Guaranteed Addition for that entire policy year remains payable according to the policy provisions.
Guaranteed Additions Under Paid-Up Policies
If the policy becomes fully paid-up, Guaranteed Additions continue to accumulate at the applicable rate until the completion of the policy term, subject to policy conditions.
LIC New Jeevan Sathi Limited Premium Plan 889 Illustration
The following illustration shows approximate annual premiums for a Basic Sum Assured of ₹3,00,000 where both lives assured are of the same age and the policy is purchased through the offline sales channel.
Option I Annual Premium Illustration
| Age (Nearest Birthday) | 15 Years Policy Term / 5 Years PPT | 20 Years Policy Term / 10 Years PPT | 25 Years Policy Term / 15 Years PPT |
|---|---|---|---|
| 20 Years | ₹68,505 | ₹33,045 | ₹20,715 |
| 35 Years | ₹75,705 | ₹37,035 | ₹25,095 |
| 45 Years | ₹1,12,470 | ₹50,265 | ₹35,055 |
Option II Annual Premium Illustration
| Age (Nearest Birthday) | 15 Years Policy Term / 5 Years PPT | 20 Years Policy Term / 10 Years PPT | 25 Years Policy Term / 15 Years PPT |
|---|---|---|---|
| 20 Years | ₹71,670 | ₹33,510 | ₹20,715 |
| 25 Years | ₹72,825 | ₹34,140 | ₹21,330 |
| 35 Years | ₹84,135 | ₹39,525 | ₹25,095 |
Using the LIC New Jeevan Sathi Plan 889 Calculator
The LIC New Jeevan Sathi Plan 889 Calculator helps estimate premiums, Guaranteed Additions, maturity values, and death benefits based on the selected policy term, premium payment term, and Basic Sum Assured.
By entering your preferred policy details, the calculator provides a clear estimate of:
- Premium payable
- Guaranteed Addition accumulation
- Maturity proceeds
- Death benefit value
- Overall policy returns
This enables married couples to evaluate different coverage options and choose a policy structure that best supports their long-term financial planning objectives.
Eligibility Conditions for LIC New Jeevan Sathi Limited Premium Plan 889
The eligibility requirements for LIC New Jeevan Sathi Plan 889 are as follows:
| Particulars | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years Completed | 50 Years (Nearest Birthday) |
| Policy Term | 10 Years | 25 Years |
| Maturity Age | 28 Years Completed | Option I: 75 Years (Nearest Birthday)Option II: 60 Years (Nearest Birthday) |
| Premium Payment Term | 5 Years | 15 Years |
| Basic Sum Assured | ₹3,00,000 | No Maximum Limit (Subject to Underwriting) |
| Basic Sum Assured Multiples | ₹10,000 | — |
| Premium Payment Mode | Limited Premium | As Per Selected Policy Option |
Benefits of LIC New Jeevan Sathi Plan 889
Death Benefit
The policy offers two different Death Benefit options. The Primary Life Assured must choose the preferred option at the time of policy purchase based on the desired level of financial protection.
The selected Death Benefit remains guaranteed throughout the policy term, subject to policy conditions.
Available Death Benefit Options
| Option | Sum Assured on Death |
|---|---|
| Option I | Higher of 7 times the Tabular Annual Premium or the Basic Sum Assured |
| Option II | Higher of 10.5 times the Tabular Annual Premium or the Basic Sum Assured |
These options allow policyholders to customize the level of life insurance coverage according to their family’s future financial needs.
Option to Receive Death Benefit in Instalments
Instead of receiving the entire death claim amount as a lump-sum payment, policyholders may opt for instalment-based payouts.
The death benefit can be paid over:
- 5 Years
- 10 Years
- 15 Years
The settlement option can be selected during the policyholder’s lifetime for either the full benefit amount or a portion of the claim proceeds.
Available Instalment Frequencies
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Instalment payments are subject to LIC’s minimum payout limits and applicable policy conditions.
Maturity Benefit
If at least one of the two lives assured survives until the end of the policy term and the policy remains active, LIC pays the following:
- Sum Assured on Maturity
- Accrued Guaranteed Additions
The Maturity Sum Assured is equal to the Basic Sum Assured selected at policy inception.
Policyholders also have the flexibility to receive the maturity proceeds through instalments under the settlement option instead of a single lump-sum payment.
Guaranteed Additions
One of the key attractions of LIC New Jeevan Sathi Plan 889 is its Guaranteed Addition feature.
For an active policy where all due premiums have been paid, Guaranteed Additions accrue at the rate of 7% of the Total Tabular Annual Premium for each premium paid during the premium-paying term.
Additional Guaranteed Addition Incentives
The rate of Guaranteed Addition may be enhanced if the policy qualifies under any of the following categories:
- Higher Basic Sum Assured Incentive
- Online Purchase Incentive
- Existing LIC Policyholder Incentive
Even in the event of the second death during the policy year, the Guaranteed Addition for that entire policy year remains payable according to the policy provisions.
Guaranteed Additions Under Paid-Up Policies
If the policy becomes fully paid-up, Guaranteed Additions continue to accumulate at the applicable rate until the completion of the policy term, subject to policy conditions.
LIC New Jeevan Sathi Limited Premium Plan 889 Illustration
The following illustration shows approximate annual premiums for a Basic Sum Assured of ₹3,00,000 where both lives assured are of the same age and the policy is purchased through the offline sales channel.
Option I Annual Premium Illustration
| Age (Nearest Birthday) | 15 Years Policy Term / 5 Years PPT | 20 Years Policy Term / 10 Years PPT | 25 Years Policy Term / 15 Years PPT |
|---|---|---|---|
| 20 Years | ₹68,505 | ₹33,045 | ₹20,715 |
| 35 Years | ₹75,705 | ₹37,035 | ₹25,095 |
| 45 Years | ₹1,12,470 | ₹50,265 | ₹35,055 |
Option II Annual Premium Illustration
| Age (Nearest Birthday) | 15 Years Policy Term / 5 Years PPT | 20 Years Policy Term / 10 Years PPT | 25 Years Policy Term / 15 Years PPT |
|---|---|---|---|
| 20 Years | ₹71,670 | ₹33,510 | ₹20,715 |
| 25 Years | ₹72,825 | ₹34,140 | ₹21,330 |
| 35 Years | ₹84,135 | ₹39,525 | ₹25,095 |
Using the LIC New Jeevan Sathi Plan 889 Calculator
The LIC New Jeevan Sathi Plan 889 Calculator helps estimate premiums, Guaranteed Additions, maturity values, and death benefits based on the selected policy term, premium payment term, and Basic Sum Assured.
By entering your preferred policy details, the calculator provides a clear estimate of:
- Premium payable
- Guaranteed Addition accumulation
- Maturity proceeds
- Death benefit value
- Overall policy returns
This enables married couples to evaluate different coverage options and choose a policy structure that best supports their long-term financial planning objectives.
Optional Rider Benefits Available Under LIC New Jeevan Sathi Limited Premium Plan 889
Policyholders can strengthen the protection offered by LIC New Jeevan Sathi Limited Premium Plan 889 by choosing from a range of optional rider benefits available for both lives assured upon payment of additional rider premiums.
LIC Accidental Death and Disability Benefit Rider
This rider can be added during the premium-paying term, provided the remaining premium-paying period is at least five years.
In the event of accidental death during the rider term, the Accident Benefit Sum Assured is paid as a lump-sum amount in addition to the death benefit payable under the base policy.
LIC New Term Assurance Rider
The New Term Assurance Rider can be selected only at the commencement of the policy.
If the life assured passes away during the rider term, an additional amount equal to the Rider Sum Assured is payable over and above the death benefit available under the base policy.
LIC Critical Illness Health Rider
This rider is available only at policy inception and provides financial support upon diagnosis of specified critical illnesses covered under the rider provisions.
The rider offers two coverage choices:
Option I – Coverage for 15 Major Critical Illnesses
Provides protection against a selected list of 15 critical illnesses.
Option II – Coverage for 40 Major Critical Illnesses
Offers broader protection by covering 40 critical illnesses and includes Assisted Living Benefits.
If the insured person is diagnosed with any covered illness as defined in the rider terms, the Critical Illness Sum Assured becomes payable.
Important Policy Provisions of LIC New Jeevan Sathi Limited Premium Plan 889
Grace Period
LIC provides a grace period to allow policyholders additional time to pay renewal premiums without losing coverage.
- 30 Days for yearly, half-yearly, and quarterly premium modes.
- 15 Days for monthly premium mode.
During this period, the policy remains active and insurance coverage continues uninterrupted. Failure to pay the premium within the grace period may result in policy lapse.
Free Look Facility
If the policyholder is dissatisfied with the policy terms and conditions, the policy may be returned within 30 days of receiving the policy document, whether in electronic or physical form.
Upon cancellation, LIC refunds the premium after deducting applicable risk premium, medical examination expenses, and stamp duty charges.
Revival of Lapsed Policy
A lapsed policy can generally be revived within five consecutive years from the date of the first unpaid premium, provided the revival request is made before the end of the policy term.
Revival requires payment of all outstanding premiums together with applicable interest and remains subject to underwriting approval and satisfactory evidence of insurability for both lives assured.
Paid-Up Policy Benefit
If at least one full year’s premium has been paid and future premiums are discontinued, the policy does not terminate immediately.
Instead, it continues as a paid-up policy with proportionately reduced benefits. The Death Paid-Up Sum Assured is calculated based on the ratio of premiums paid to the total premiums originally payable under the policy.
Surrender Benefit
The policy may be surrendered after completion of the first policy year, provided at least one full year’s premium has been paid.
Upon surrender, LIC pays the higher of:
- Guaranteed Surrender Value (GSV) together with the surrender value of accrued Guaranteed Additions, or
- Special Surrender Value (SSV)
Policy Loan Facility
Policyholders can avail themselves of a loan against the policy’s surrender value during the policy term.
Maximum loan eligibility:
- In-Force Policy: Up to 75% of surrender value.
- Paid-Up Policy: Up to 50% of surrender value.
For loans sanctioned between 1 May 2025 and 30 April 2026, the applicable interest rate is 9.50% per annum, compounded half-yearly.
Incentives Available Under LIC New Jeevan Sathi Limited Premium Plan 889
Incentive for Higher Basic Sum Assured
Policyholders selecting larger Basic Sum Assured amounts may qualify for enhanced Guaranteed Addition rates.
| Basic Sum Assured Range | Additional Guaranteed Addition |
|---|---|
| ₹3,00,000 to Less Than ₹5,00,000 | Nil |
| ₹5,00,000 to Less Than ₹10,00,000 | 0.15% to 0.40% |
| ₹10,00,000 to Less Than ₹15,00,000 | 0.30% to 0.80% |
| ₹15,00,000 and Above | 0.35% to 1.00% |
These incentives help increase the overall maturity value of the policy.
Online Purchase Incentive
Policies purchased through LIC’s online platform are eligible for additional Guaranteed Additions.
| Premium Paying Term (Years) | Additional Guaranteed Addition |
|---|---|
| 5 Years | 0.75% |
| 10 Years | 0.95% |
| 15 Years | 1.25% |
The incentive is calculated as a percentage of the Total Tabular Annual Premium paid during the premium-paying term.
Suicide Exclusion Clause
If either one or both lives assured die due to suicide within 12 months from the date of commencement of risk or policy revival, the nominee or beneficiary becomes entitled to receive the higher of:
- 80% of the total premiums paid, or
- The surrender value available on the date of death.
For this calculation, taxes, extra premiums, and rider premiums (except premiums paid for the Term Assurance Rider) are excluded.
No benefit is payable if the policy has lapsed without acquiring paid-up value.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
