Withdrawn: 01 January 2014
Entry Age: 20–50 Years
Policy Term: 15–30 Years
Minimum Sum Assured: ₹50,000
Premium Waiver: On First Death
Estimated Annual Premium
First Death Benefit
Second Death / Maturity (Scenario 1 – 6%)
Second Death / Maturity (Scenario 2 – 10%)
Estimated Total Premium Paid
Guaranteed Surrender Value (After 3 Years)
LIC official illustration shows Age 35, Term 25 Years, Sum Assured ₹1,00,000 with Annual Premium ₹5,261. This calculator scales premium using age and term adjustments and projects maturity values using LIC’s illustration bonus scenarios (6% and 10%).
LIC Jeevan Saathi Plan 89 Calculator
LIC Jeevan Saathi Plan 89 was a distinctive joint-life endowment insurance policy introduced by LIC specifically for married couples. The plan combined life insurance protection, long-term savings, and bonus participation under a single policy covering both spouses.
Introduced on 1 July 1985, the policy remained available for several decades before being withdrawn from new sales on 1 January 2014. Although no longer available for purchase, it continues to remain relevant for existing policyholders and those researching LIC's discontinued plans.
Introduction to LIC Jeevan Saathi Plan 89
LIC Jeevan Saathi Plan 89 was designed to provide comprehensive financial security to married couples through a joint-life insurance arrangement.
Unlike conventional endowment plans that insure only one individual, this policy covered both the Principal Life Assured and the Spouse Life Assured under a single contract. This unique structure helped provide financial protection, savings accumulation, and bonus benefits for the family.
The plan was particularly suitable for couples seeking long-term financial security while building a corpus for future needs.
Overview of LIC Jeevan Saathi Plan 89
The policy combined the advantages of:
- Joint life insurance protection
- Endowment savings benefits
- Bonus participation
- Maturity benefits
- Premium waiver provisions
- Long-term financial planning
Through these features, the plan aimed to provide both protection and wealth accumulation throughout the policy term.
Key Features of LIC Jeevan Saathi Plan 89
Joint Life Insurance Coverage
One of the most important features of LIC Jeevan Saathi Plan 89 was its joint-life structure.
Both husband and wife were covered under a single policy, eliminating the need for separate insurance contracts and simplifying long-term financial planning.
Financial Protection on First Death
In the event of the first death during the policy term, the surviving spouse became entitled to receive the applicable Sum Assured according to policy provisions.
Despite the claim payment, the policy continued for the benefit of the surviving life assured, ensuring continued financial protection.
Maturity Benefits with Bonus Participation
If the policy remained in force until maturity, the policyholder became eligible to receive:
- Basic Sum Assured
- Accrued Reversionary Bonuses
- Any applicable Final Additional Bonus
This feature helped create a substantial maturity corpus over the long term.
Premium Waiver Benefit
A valuable feature of the plan was the waiver of future premium payments after the first death.
Following the death of one spouse, the surviving insured was generally not required to continue paying premiums, while the policy benefits remained active according to the policy terms.
Flexible Policy Terms
LIC Jeevan Saathi Plan 89 offered multiple policy duration choices to suit different financial objectives and age groups.
Available policy terms ranged from:
- Minimum: 15 Years
- Maximum: 35 Years
This flexibility allowed couples to align the policy maturity with major financial goals such as retirement, children's education, or wealth creation.
Launch and Withdrawal Details
Launch Date
LIC introduced Jeevan Saathi Plan 89 on:
1 July 1985
The plan quickly gained popularity among married couples because of its joint-life coverage and bonus-linked benefits.
Withdrawal Date
LIC officially withdrew Jeevan Saathi Plan 89 from new business on:
1 January 2014
No new policies have been issued under the plan since that date.
However, policies purchased before withdrawal continue to operate according to their original contractual terms and conditions.
Why LIC Jeevan Saathi Plan 89 Was Unique
At the time of its introduction, very few insurance products offered comprehensive joint-life coverage with bonus participation and maturity benefits under a single policy.
The plan stood out because it provided:
- Insurance protection for both spouses
- Continued coverage after the first death
- Waiver of future premiums
- Long-term bonus accumulation
- Maturity benefits for surviving policyholders
These features made it a popular choice among families looking for comprehensive financial security through a single insurance solution.
Importance of the LIC Jeevan Saathi Plan 89 Calculator
For existing policyholders, the LIC Jeevan Saathi Plan 89 Calculator can help estimate:
- Premium obligations
- Maturity value projections
- Bonus accumulation
- Death benefit illustrations
- Policy surrender values
- Overall policy performance
The calculator serves as a useful financial planning tool for understanding the expected benefits available under this legacy LIC policy.
Although the plan is no longer available for sale, its structure remains an important example of LIC's traditional joint-life insurance offerings that combined protection, savings, and bonus-linked growth for married couples.
Eligibility Criteria for LIC Jeevan Saathi Plan 89
LIC Jeevan Saathi Plan 89 Eligibility Details
| Parameter | Eligibility |
|---|---|
| Entry Age | 20 to 50 Years (Nearest Birthday for Both Lives) |
| Maximum Maturity Age | 70 Years |
| Policy Term | 15 to 30 Years |
| Premium Paying Term | Equal to Policy Term |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No Upper Limit |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
How LIC Jeevan Saathi Plan 89 Worked
LIC Jeevan Saathi Plan 89 was structured as a joint-life endowment policy where both husband and wife were insured under a single contract. The policy provided protection against the death of either spouse while also offering maturity benefits and bonus participation.
The plan was designed so that financial security continued even after the death of one of the insured lives.
Illustrative Example
Consider the following example:
| Particulars | Details |
|---|---|
| Husband's Age | 35 Years |
| Wife's Age | 35 Years |
| Policy Term | 25 Years |
| Basic Sum Assured | ₹1,00,000 |
| Annual Premium | ₹5,261 (Illustrative) |
Scenario 1: First Death During the Policy Term
Suppose the husband passes away during the policy term.
Benefits Payable
- The surviving spouse immediately receives the Basic Sum Assured of ₹1,00,000.
- All future premium obligations are waived.
- The policy continues on the life of the surviving spouse without requiring further premium payments.
- Insurance protection remains active for the balance policy term.
This feature ensured that the surviving partner continued to enjoy policy benefits without any financial burden.
Scenario 2: Death of the Surviving Spouse During the Remaining Policy Term
If the surviving spouse also passes away before policy maturity:
Benefits Payable
The nominee receives:
- Another Sum Assured amount according to policy provisions.
- Accrued Reversionary Bonuses.
- Any applicable Final Additional Bonus.
Following this payment, the policy terminates.
Scenario 3: Both Lives Survive Until Maturity
If both husband and wife survive the entire policy term:
Maturity Benefits Payable
At maturity, the policyholders become eligible to receive:
- Basic Sum Assured
- Accumulated Reversionary Bonuses
- Any applicable Final Additional Bonus
This provides a substantial corpus for retirement, family needs, or other financial goals.
Detailed Benefits of LIC Jeevan Saathi Plan 89
Death Benefit
The policy offered protection at both stages of the joint-life arrangement.
On First Death
- Immediate payment of the Sum Assured to the surviving spouse.
- Waiver of all future premiums.
- Continuation of policy benefits.
On Second Death
- Payment of the applicable Sum Assured.
- Accrued bonus additions.
- Any terminal benefits as per policy conditions.
Maturity Benefit
Upon successful completion of the policy term, surviving policyholders receive:
- Basic Sum Assured
- Vested Reversionary Bonuses
- Final Additional Bonus, if declared
Surrender Benefit
The policy acquired surrender value after completion of the minimum premium-paying period.
Eligibility for Surrender
- Available after payment of at least three full years' premiums.
Surrender Value Calculation
The surrender value generally depended upon:
- Premiums paid
- Policy duration
- Bonus accumulation
- LIC's surrender value factors
Loan Facility
Policyholders could avail loans against the policy once it acquired sufficient surrender value.
The loan amount was generally linked to the policy's surrender value and LIC's prevailing loan rules.
Premium Payment Options
LIC offered multiple premium payment frequencies for convenience.
Available modes included:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
The premium amount varied according to:
- Entry age of both lives
- Sum Assured selected
- Policy term chosen
Bonus Benefits
As a participating endowment policy, LIC Jeevan Saathi Plan 89 was eligible for bonus declarations made by LIC.
Reversionary Bonus
LIC periodically declared Simple Reversionary Bonuses which were added to the policy during its term.
Final Additional Bonus
Depending on policy duration and LIC's bonus policy, eligible policies could also receive a Final Additional Bonus at claim settlement.
These bonus additions significantly enhanced the overall maturity and death benefits.
LIC Jeevan Saathi Plan 89 Calculator Guide
What Does the Calculator Help Estimate?
The LIC Jeevan Saathi Plan 89 Calculator is designed to provide estimates relating to:
- Annual Premium Payable
- Basic Sum Assured
- Projected Maturity Value
- Bonus Accumulation
- Death Benefits
- Estimated Surrender Value
- Overall Policy Benefits
The calculator serves as a useful planning tool for existing policyholders who wish to understand the financial value of their policy and project future benefits more accurately.
By entering details such as age, policy term, Sum Assured, and premium mode, users can obtain a broad estimate of expected policy benefits and maturity proceeds.
How to Use the LIC Jeevan Saathi Plan 89 Calculator
The LIC Jeevan Saathi Plan 89 Calculator is a useful tool that helps existing policyholders estimate premiums, maturity proceeds, bonus accumulation, and other policy benefits. It provides a simplified view of the financial outcomes associated with the policy.
Step 1: Enter Basic Policy Information
Begin by entering the required policy details:
- Select LIC Jeevan Saathi Plan 89
- Age of Husband at Entry
- Age of Wife at Entry
- Policy Term (15 to 35 Years)
- Basic Sum Assured
- Preferred Premium Payment Mode
Available premium payment frequencies include:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Step 2: Generate Policy Estimates
After entering the required information, the calculator provides estimates relating to:
- Premium payable
- Policy schedule
- Projected maturity benefits
- Death benefit illustrations
- Estimated bonus accumulation
- Surrender value projections
Step 3: Analyze the Results
The generated estimates help policyholders:
- Assess premium affordability
- Understand expected maturity proceeds
- Evaluate long-term financial benefits
- Review surrender and loan possibilities
- Compare different Sum Assured options
Sample Calculation
Consider the following illustration:
| Particulars | Details |
|---|---|
| Entry Age (Both Lives) | 35 Years |
| Policy Term | 25 Years |
| Basic Sum Assured | ₹1,00,000 |
| Premium Mode | Yearly |
| Annual Premium | ₹5,261 (Illustrative) |
Estimated Benefits
- Annual Premium: ₹5,261
- Maturity Benefit: Basic Sum Assured plus accrued bonuses
- Death Benefit: According to policy conditions and bonus accumulation
This example is purely illustrative and actual figures may differ depending on LIC's declared bonus rates and policy conditions.
Limitations of Calculator Projections
While the calculator provides useful estimates, certain factors may affect the final benefits payable under the policy.
Bonus Rates Are Illustrative
Projected bonus values are generally based on historical trends and assumptions. Actual bonuses depend on LIC's future declarations.
Surrender Values May Vary
The actual surrender value depends upon:
- Premiums paid
- Policy duration
- Accumulated bonuses
- LIC's prevailing surrender value factors
Final Benefits May Differ
The calculator should be treated as a planning tool rather than a guaranteed illustration of future payouts.
Who Should Consider LIC Jeevan Saathi Plan 89?
Although the plan is no longer available for purchase, it was particularly suitable for:
Married Couples Seeking Joint Protection
The policy provided insurance coverage for both spouses under a single contract.
Families Wanting Premium Waiver Benefits
The waiver of future premiums after the first death ensured continued protection for the surviving spouse.
Individuals Preferring Traditional Insurance Plans
People seeking guaranteed insurance protection along with bonus participation often found the plan attractive.
Couples Requiring Long-Term Financial Security
The combination of life cover and maturity benefits made it useful for retirement planning and family wealth creation.
Special Provisions for Housewives and Non-Earning Spouses
LIC Jeevan Saathi Plan 89 included specific underwriting provisions relating to non-earning spouses and homemakers.
Coverage for Housewives
Special underwriting conditions applied when the spouse did not have an independent source of income.
Documentation Requirements
Additional documentation could be required where higher Sum Assured amounts were requested for non-earning spouses.
Health-Related Conditions
Certain medical histories and health conditions could affect eligibility, premium rates, or underwriting decisions according to LIC's prevailing guidelines.
Advantages of LIC Jeevan Saathi Plan 89
Joint Life Coverage
Both husband and wife received protection under a single policy, simplifying insurance management.
Premium Waiver on First Death
Future premiums were waived after the first death, reducing the financial burden on the surviving spouse.
Bonus Participation
The policy participated in LIC's profits through bonus declarations, increasing overall policy value.
Maturity Corpus Creation
If both lives survived the policy term, the maturity benefit provided a useful corpus for retirement or future financial goals.
Long-Term Financial Protection
The policy offered insurance protection together with disciplined savings over an extended period.
Limitations of LIC Jeevan Saathi Plan 89
No Longer Available
The plan was withdrawn on 1 January 2014 and is not available for new policy purchases.
Underwriting Restrictions
Certain conditions applied to housewives, non-earning spouses, and individuals with specific medical histories.
Variable Bonus Rates
Bonus additions depended on LIC's annual declarations and were not guaranteed.
Traditional Endowment Structure
The plan did not provide market-linked growth opportunities. Returns were limited to the Basic Sum Assured and accumulated bonus additions.
Summary
LIC Jeevan Saathi Plan 89 was one of LIC's most distinctive joint-life endowment plans, offering protection for both spouses under a single policy while providing bonus participation and maturity benefits. Features such as premium waiver after the first death, continued life cover, and long-term savings made it a valuable solution for married couples seeking financial security.
For existing policyholders, the LIC Jeevan Saathi Plan 89 Calculator remains a practical tool for estimating premiums, maturity proceeds, bonus accumulation, surrender values, and overall policy benefits.
How LIC Jeevan Saathi Plan 89 Compared with Other LIC Plans
Comparison of LIC Jeevan Saathi Plan 89 with Other Insurance Plans
| Feature | LIC Jeevan Saathi Plan 89 | Traditional Endowment Plans | Term Insurance Plans |
|---|---|---|---|
| Life Cover | Joint Coverage for Husband and Wife | Single Life Coverage | Single Life Coverage |
| Premium Waiver Benefit | Available After First Death | Generally Not Available | Generally Not Available |
| Maturity Benefit with Bonus | Available | Available | Not Available |
| Loan Facility | Available | Available | Usually Not Available |
| Policy Term | 15 to 35 Years | 10 to 35 Years | 10 to 50 Years |
| Current Availability | Withdrawn | Selected Plans Available | Available |
Why LIC Jeevan Saathi Plan 89 Was Different
Unlike most traditional insurance plans that cover only one life, LIC Jeevan Saathi Plan 89 provided protection for both spouses under a single policy contract.
The plan also offered several unique advantages:
- Joint life insurance coverage
- Waiver of future premiums after the first death
- Continued protection for the surviving spouse
- Bonus participation throughout the policy term
- Maturity benefits for surviving policyholders
These features made it a preferred choice for married couples seeking comprehensive family protection and long-term savings.
Frequently Asked Questions About LIC Jeevan Saathi Plan 89
What is LIC Jeevan Saathi Plan 89?
LIC Jeevan Saathi Plan 89 was a joint-life endowment assurance policy designed exclusively for married couples. The plan insured both spouses under a single policy while providing death benefits, maturity proceeds, and bonus participation.
Can I purchase LIC Jeevan Saathi Plan 89 today?
No. LIC discontinued Jeevan Saathi Plan 89 on 1 January 2014. Since then, the plan has not been available for new policy purchases.
What happens if one spouse dies during the policy term?
If either spouse passes away during the policy term:
- The surviving spouse receives the applicable Sum Assured.
- Future premium payments are waived.
- The policy continues on the life of the surviving spouse according to policy provisions.
What if both spouses survive until maturity?
If both insured lives survive the entire policy term, the policy pays:
- Basic Sum Assured
- Accrued Reversionary Bonuses
- Any applicable Final Additional Bonus
This amount is paid as the maturity benefit.
Were riders available under the plan?
Yes. Policyholders could enhance coverage by opting for additional rider benefits, such as accident-related protection and other supplementary covers, subject to LIC's prevailing rules and payment of additional premiums.
Does the policy provide bonus benefits?
Yes. Since Jeevan Saathi Plan 89 was a participating policy, it qualified for bonus declarations made by LIC. These bonuses accumulated during the policy term and became payable at maturity or claim settlement.
Is a loan facility available?
Yes. Once the policy acquired sufficient surrender value, policyholders could avail loans against the policy subject to LIC's loan eligibility conditions.
Can the policy be surrendered before maturity?
Yes. The policy generally became eligible for surrender after payment of the minimum required premiums, with surrender value determined according to LIC's prevailing surrender value rules.
Conclusion
LIC Jeevan Saathi Plan 89 was one of LIC's most innovative joint-life insurance products, created specifically for married couples seeking comprehensive financial protection and long-term savings benefits under a single policy. Features such as dual life coverage, premium waiver after the first death, bonus participation, maturity benefits, and loan facilities made it a highly valued insurance solution for families.
Although the plan is no longer available for new customers, thousands of existing policyholders continue to benefit from its unique structure. For those holding an active policy, the LIC Jeevan Saathi Plan 89 Calculator remains a useful tool for estimating premiums, bonus accumulation, surrender values, death benefits, and projected maturity proceeds, helping policyholders make informed financial decisions with greater confidence.
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