LIC New Jeevan Sathi Plans 888 & 889 (2026): Joint-Life Guide for Couples

LIC’s New Jeevan Sathi is a joint-life savings plan: one policy that covers a married individual (Primary Life Assured) and their spouse (Secondary Life Assured). There are two variants — Single Premium (Plan 888) and Limited Premium (Plan 889). Both are non-participating, non-linked plans with guaranteed additions defined in the policy wording — not market units and not discretionary annual bonuses.

This guide is for couples who want life cover and long-term savings under one contract — for example co-borrowers on a home loan, dual-income families planning children’s education, or spouses who prefer one policy instead of two separate endowments. It is general information from an independent advisor. Premiums and benefits for your ages and health are confirmed only through an IRDAI-approved benefit illustration and the official sales brochures on LIC’s site.

Note: We do not host LIC brochures or personalised illustration PDFs on this website. Use the official links below. Any example numbers elsewhere are illustrative for a specific profile — not a quote for everyone.

At a glance

Confirm current UIN, eligibility ages, and options on the official pages before you apply. Plans have been available for purchase from 1 June 2026 per LIC’s press materials.

Why “joint life” matters

Unlike a typical single-life endowment, New Jeevan Sathi is built around two lives:

• First death during the term — a death benefit is paid and the policy continues on the surviving spouse (they become the policyholder after the primary’s death).
• Second death during the term — death benefit plus accrued guaranteed additions is paid and the policy ends.
• Simultaneous death — benefits for both events apply as described in the brochure, then the policy terminates.
• Maturity — if at least one life survives to maturity, Basic Sum Assured plus accrued GAs is payable.

That structure is why the plan often comes up for couples and co-borrowers — one contract, shared protection path, and a clear maturity corpus if either spouse survives. Exact payout formulas differ by variant and death-benefit option; use the brochure and your approved illustration.

Key features (from official product rules)

Two death-benefit options (chosen at proposal — cannot be changed later)

Roughly:

• 888 (Single Premium): Option I — higher of 1.25× tabular single premium or Basic Sum Assured; Option II — 10× tabular single premium.
• 889 (Limited Premium): Option I — higher of 7× tabular annual premium or Basic Sum Assured; Option II — higher of 10.5× tabular annual premium or Basic Sum Assured. Death benefit is also subject to the 105% of total premiums paid floor stated for this variant.

Higher cover options cost more. Pick the option that matches your protection need, not just the maturity story.

Guaranteed additions (contractual — not bonuses)

GAs accrue every policy year as stated above. On second death during the term, GA for that year is typically payable for the full year (per brochure). These are not the same as participating-plan bonuses, which depend on surplus declarations.

Limited Premium — premium waiver on first death

Under 889, if the first death occurs during the premium-paying term and premiums are up to date, further base premiums are waived for the surviving life. Rider premiums on the survivor (if any) are not waived. This is a practical difference versus paying two separate limited-premium policies.

Flexible maturity / death payout

You may take maturity or death proceeds as a lump sum or in instalments over 5, 10, or 15 years, subject to minimum instalment amounts in the brochure. Useful for school fees, loan EMI buffers, or retirement cash flow.

Optional riders

Accident and term riders may be available on both lives (within brochure limits). Rider premiums are separate.

Loan facility

After free-look / early policy rules are met, a loan within surrender value may be available — liquidity with a trade-off if unpaid against death benefit.

Who often considers this plan

In consultations, New Jeevan Sathi comes up when someone wants:

• One joint-life policy instead of two parallel endowments;
• Defined GA rates in the document rather than discretionary bonuses;
• Couple / co-borrower planning — home loan, dual income, shared goals;
• 888 if they have a lump sum (maturity proceeds, bonus, inheritance) and prefer a single premium;
• 889 if they want to pay over 5–15 years and value premium waiver after first death.

It is usually not the first recommendation if either spouse lacks adequate pure term cover. Term insurance remains the most cost-efficient way to protect income; joint savings plans sit after that foundation.

Compare with single-life non-par options such as Nav Jeevan Shree only after you know whether you need one life or two on the same contract.

What to verify before you sign

1. Approved benefit illustration for both ages, smoking status, sum assured, and the chosen death-benefit option.
2. 888 vs 889 — cash available now vs ability to pay PPT for the full term.
3. Premium waiver (889) and how rider premiums continue after first death.
4. Tax treatment under current Income Tax Act provisions — laws change; the brochure’s tax section is a starting point, not personalised tax advice.
5. Official documents only — download from LIC, not from third-party attachments unless they point to the same licindia.in URL.

Official LIC links (brochure & plan pages)

• Single Premium (888) plan page: licindia.in — New Jeevan Sathi Single Premium
• Single Premium sales brochure (PDF on LIC servers): Official brochure — 888
• Limited Premium (889) plan page: licindia.in — New Jeevan Sathi Limited Premium
• Limited Premium sales brochure (PDF on LIC servers): Official brochure — 889

Browse all plans at LIC’s product catalog.

Related reading

• Nav Jeevan Shree Plan 912 guide — single-life non-par comparison point
• Five LIC plans salaried employees often consider — broader 2026 context
• Term plan vs endowment plan — why term usually comes first

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Premiums and benefits depend on underwriting, ages of both lives, and the option selected. Guaranteed additions are contractual under this plan type; they are not the same as discretionary bonuses on participating policies.

For a personalised illustration walkthrough in Chennai (no obligation), contact +91 98841 10537 or use our contact form.