The Life Insurance Corporation of India (LIC) has officially introduced LIC’s New Jeevan Sathi – Limited Premium (Plan No. 889). Alongside a single-premium option, this joint-life policy is specifically designed for married couples, allowing both spouses to be covered under a single insurance policy that combines long-term financial savings with dual life protection.
Understanding the Core Structure
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Guaranteed Returns (Non-Par): This is a non-participating, non-linked individual savings plan. Because it is “non-par,” all survival and death benefits are locked in and guaranteed from day one. The plan does not rely on market performance or discretionary company bonuses.
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Limited Premium Paying Term (PPT): Policyholders do not need to pay premiums for the entire duration of the policy. Instead, you pay for a condensed period (such as 5, 10, or 15 years) while enjoying the full coverage term.
Standout Features & Benefits
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Premium Waiver on First Death: If either spouse passes away during the premium paying term, all future premium payments are entirely waived. The policy remains active, and the surviving partner continues to be fully covered until maturity without any financial burden.
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Guaranteed Additions (GA): The plan accumulates guaranteed additions at a fixed rate of 7% of the total tabular annual premium paid throughout the policy term. These additions accrue every year and are paid out as a lump sum at maturity.
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Liquidity and Enhancements: Policyholders can avail of loan facilities to meet unexpected liquidity needs and have the option to add optional riders to enhance their overall coverage by paying a minor additional premium.
Dual Death Benefit Options
The primary proposer must carefully select one of two risk-cover options at the time of purchase, as it cannot be altered later:
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Option I: “Sum Assured on Death” is defined as the higher of 7 times the tabular annual premium or the absolute Basic Sum Assured.
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Option II: “Sum Assured on Death” is fixed at 10 times the tabular annual premium.
Eligibility Matrix & Key Guidelines
| Criteria | Policy Guidelines |
| Minimum Entry Age | 18 years completed (applicable to both spouses under both options) |
| Minimum Maturity Age | 28 years completed |
| Maximum Maturity Age | Option I: 75 years |
| Available Policy Terms | 10, 15, 20, or 25 years |
| Minimum Basic Sum Assured | ₹3,00,000 |
| Payout Options | Maturity or death benefits can be taken as a lump sum or in installments. |
Incentive Note: LIC is offering high sum assured incentives (rebates on base premiums) for couples opting for larger insurance covers, alongside specialized rebates for existing LIC policyholders.
