Single Premium | Plan No. 888
A Non-Participating, Non-Linked, Joint Life Endowment Insurance Plan
Launched: 26th May 2026 • Available from: 1st June 2026
Plan Overview
LIC’s New Jeevan Sathi – Single Premium (Plan No. 888) is a landmark joint life endowment insurance plan introduced by the Life Insurance Corporation of India, designed exclusively for married couples. Unveiled by CEO & MD Shri R. Doraiswamy on 26th May 2026 and available for purchase from 1st June 2026, this plan enables a husband and wife to be covered under a single, unified policy with just one upfront premium payment.
As a Non-Participating (non-par) and Non-Linked plan, the benefits are guaranteed, predetermined, and completely insulated from stock market volatility. The plan elegantly combines life insurance protection with a disciplined savings mechanism — making it an ideal choice for couples seeking financial security and wealth accumulation without complexity or recurring premium obligations.
Key Highlights at a Glance
| Feature | Details |
| Plan Type | Joint Life Endowment (Non-Par, Non-Linked) |
| Plan Number | 888 |
| Premium Payment | Single (one-time payment only) |
| Minimum Sum Assured | ₹3,00,000 (No maximum limit) |
| Policy Term Options | 10, 15, 20 or 25 years |
| Guaranteed Additions | ₹70 per ₹1,000 Basic Sum Assured per annum |
| Maturity Age | Min. 28 years; Max. 60–75 years (based on option) |
| Market Linkage | None — 100% guaranteed returns |
| Availability | Offline (agents/branches) & Online (licindia.in) |
Unique Features of the Plan
1. Single Premium — Pay Once, Stay Covered
The most defining attribute of this plan is that the entire premium is paid just once — at the very inception of the policy. There are no further premium obligations throughout the policy term. This one-time payment approach eliminates the risk of policy lapsation due to missed premiums and offers peace of mind with lifelong joint cover for the couple.
2. True Joint Life Coverage
Both the policyholder (Life Assured 1) and spouse (Life Assured 2) are covered under a single policy document and a single premium. This eliminates the need to maintain two separate insurance policies, reduces administrative burden, and ensures both partners are financially protected simultaneously.
3. Guaranteed Additions — Fixed, Accruing Returns
The plan provides Guaranteed Additions at the rate of ₹70 per ₹1,000 of Basic Sum Assured, accruing at the end of each policy year throughout the entire policy term. These additions are fixed and do not depend on LIC’s profits or market conditions.
Example: For a Basic Sum Assured of ₹5,00,000, the annual Guaranteed Addition = ₹70 × 500 = ₹35,000. Over 20 years, total Guaranteed Additions = ₹7,00,000 (in addition to the Basic Sum Assured).
4. Two Death Benefit Options
At the time of purchasing the policy, the couple can choose between two Death Benefit options based on their protection requirements:
| Option | Death Benefit Sum Assured | Best Suited For |
| Option 1 | Higher of: 1.25× Single Premium OR Basic Sum Assured | Those prioritising balanced coverage & savings |
| Option 2 | 10× the Single Premium | Those seeking maximum life cover relative to premium paid |
5. Flexible Policy Term
Couples can select the policy term that best aligns with their financial planning horizon — 10, 15, 20, or 25 years. This flexibility allows alignment with life goals such as children’s education, home purchase, or retirement corpus creation.
6. Instalment Payout Facility
Instead of receiving the Maturity or Death Benefit as a lump sum, the policyholder can opt for instalments over 5, 10, or 15 years. Minimum instalment amounts are as follows:
- Monthly: ₹5,000 per month
- Quarterly: ₹15,000 per quarter
- Half-Yearly: ₹25,000 per half-year
- Yearly: ₹50,000 per year
7. Loan Facility
After completion of the first policy year, the policyholder can avail a loan against the policy, providing liquidity in times of financial need without surrendering the policy or losing its benefits.
8. High Sum Assured Rebate
LIC offers an attractive rebate for policyholders who opt for higher Sum Assured amounts. This reduces the effective premium cost for those seeking greater coverage, incentivising higher protection.
9. Special Rebate for Existing LIC Policyholders
Existing LIC policyholders, as well as nominees or beneficiaries of deceased policyholders, are eligible for an additional special premium rebate — a loyalty benefit that rewards LIC’s long-standing customers.
Plan Benefits in Detail
A. Maturity Benefit
If at least one of the lives assured survives till the end of the chosen policy term, the following is paid out:
| Component | Amount Payable |
| Basic Sum Assured | 100% of Basic Sum Assured |
| Accrued Guaranteed Additions | ₹70 × (BSA/1000) × Policy Term (in years) |
| Total Maturity Benefit | BSA + All Accrued Guaranteed Additions |
The maturity benefit can also be received under a settlement option (instalments), as described in the instalment payout facility above.
B. Death Benefit
The death benefit structure for a joint life plan is uniquely designed to protect both partners:
- On First Death during the Policy Term: The Death Benefit Sum Assured (as per the chosen option) is paid to the surviving spouse/nominee. The surviving spouse continues to be covered under the same policy with no future premium obligations (since it is a single premium plan). The policy remains fully in force.
- On Second Death during the Policy Term: The Death Benefit Sum Assured, along with all accrued Guaranteed Additions (including the Guaranteed Addition for the full year of death), is payable to the nominee.
This two-stage death benefit structure ensures comprehensive financial protection for the family regardless of whether one or both partners pass away during the policy term.
Note: All benefits payable on death or survival are guaranteed and fixed, irrespective of LIC’s actual experience, bonus declarations, or market movements.
Eligibility Conditions & Policy Parameters
| Eligibility Criterion | Details |
| Who Can Purchase | Married couples (husband and wife) — both must be lives assured |
| Minimum Entry Age | As applicable (both partners must satisfy entry age norms) |
| Maximum Entry Age | Subject to maximum maturity age limits |
| Minimum Maturity Age | 28 years |
| Maximum Maturity Age | 60 to 75 years (depending on death benefit option chosen) |
| Minimum Basic Sum Assured | ₹3,00,000 |
| Maximum Basic Sum Assured | No limit (subject to underwriting) |
| Policy Term Options | 10, 15, 20, or 25 years |
| Premium Payment Term | Single (one-time) |
| Premium Payment Mode | Single lump sum at inception |
Optional Riders — Enhance Your Coverage
Both lives assured can opt for the following riders at an additional premium, payable at the inception of the policy:
Rider 1: LIC’s Accidental Death and Disability Benefit Rider
This rider provides an additional sum assured in case of death or permanent disability caused by an accident. If the life assured dies due to an accident, the rider sum assured is paid over and above the base death benefit. In the event of permanent total disability, the rider sum assured is paid in instalments, and future rider premiums (if any) are waived.
Rider 2: Additional Riders (as amended by IRDAI)
Additional optional riders — including Term Assurance Benefit and Critical Illness Benefit — may be available at inception for additional premium, subject to IRDAI approval and LIC’s prevailing rider options. These riders can significantly enhance the protection envelope of the policy beyond basic life cover.
Tax Benefits
LIC’s New Jeevan Sathi Single Premium Plan may offer the following tax benefits under the Income Tax Act, 1961 (subject to prevailing tax laws and conditions):
| Tax Section | Benefit |
| Section 80C | Premium paid may be eligible for deduction up to ₹1,50,000 per annum (subject to conditions and Sum Assured being at least 10× the premium) |
| Section 10(10D) | Death benefit received by the nominee may be fully exempt from income tax, subject to prescribed conditions |
| Note | Tax benefits are subject to changes in tax legislation. Consult a qualified tax advisor for personalised guidance. |
Illustrative Example
The following is a conceptual illustration to help understand the plan’s returns. Actual premium amounts depend on age, sum assured, and the option chosen. Please consult a LIC agent or the official LIC calculator for precise figures.
| Particulars | Values |
| Basic Sum Assured | ₹5,00,000 |
| Policy Term | 20 years |
| Annual Guaranteed Addition | ₹70 × 500 = ₹35,000 per year |
| Total Guaranteed Additions (20 yrs) | ₹35,000 × 20 = ₹7,00,000 |
| Total Maturity Benefit | ₹5,00,000 + ₹7,00,000 = ₹12,00,000 |
| Death Benefit (Option 2 example) | 10× Single Premium (whichever option was selected at inception) |
Note: This is a simplified conceptual illustration. Actual premiums, benefits, and rebates will vary based on the ages of both lives assured, the Death Benefit option selected, applicable rebates, and underwriting norms. Please refer to the official LIC sales brochure or consult a LIC agent for a personalised benefit illustration.
Why Choose LIC’s New Jeevan Sathi – Single Premium?
- Complete Joint Protection: Both partners insured under one policy — no need for separate plans.
- Zero Market Risk: Non-linked plan means returns are guaranteed and not subject to market fluctuations.
- Hassle-Free — Pay Once: Single premium model eliminates the burden of remembering annual premium due dates or risk of policy lapse.
- Guaranteed Wealth Creation: Guaranteed Additions of ₹70/₹1,000 BSA accumulate steadily over the policy term.
- Flexible Coverage Options: Two death benefit options to suit varying risk appetites and coverage requirements.
- Liquidity via Loan: Policy loan facility available after first year ensures liquidity without surrendering the plan.
- Instalment Payout: Option to receive benefits as regular income rather than a single lump sum.
- Government-Backed Security: Backed by the Government of India through LIC, ensuring trust and stability.
- Tax Efficiency: Potential tax benefits under Sections 80C and 10(10D) of the Income Tax Act.
- Online & Offline Purchase: Conveniently available through LIC agents, branches, Insurance Marketing Firms, and directly at www.licindia.in.
How to Purchase
LIC’s New Jeevan Sathi – Single Premium is available through multiple channels for your convenience:
| Channel | Details |
| LIC Branches | Visit your nearest LIC branch with identity and age proof documents |
| LIC Agents | Contact your LIC Development Officer or licensed agent for personalised assistance and benefit illustrations |
| Insurance Marketing Firms | Authorised Insurance Marketing Firms (IMFs) can also facilitate purchase |
| Online | Purchase directly at www.licindia.in — available anytime, from the comfort of your home |
Important Notes & Disclaimer
- This document is prepared for informational and marketing purposes based on LIC’s official press release dated 26th May 2026 and publicly available information.
- The exact premium amount, eligibility, and benefits depend on the ages of both lives assured, the death benefit option selected, the sum assured chosen, and applicable rebates.
- Tax benefits are indicative and subject to changes in the Income Tax Act. Please consult a qualified tax advisor.
- For complete terms and conditions, please refer to the official LIC Sales Brochure or visit www.licindia.in.
- LIC of India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
Life Insurance Corporation of India • Central Office, Mumbai • www.licindia.in
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