LIC of India Introduces 2 New Plans

LIC’s New Jeevan Sathi-Single Premium (Plan 888) & LIC’s New Jeevan Sathi-Limited Premium (Plan 889) Introduced

( L to R) Shri R. Chander, MD, Shri Dinesh Pant, MD, Shri R. Doraiswamy, CEO & MD and Shri Ratnakar Patnaik, MD at the launch of LIC’s New Jeevan Sathi plans

FinTech BizNews Service

Mumbai, 28 May 2026: The CEO & MD of LIC of India, Shri R. Doraiswamy launched two new plans, LIC’s New Jeevan Sathi Single Premium and LIC’s New Jeevan Sathi Limited Premium. Both are Non-Par, Non-Linked, Individual, Savings Plans. These are Joint Life Plans which offer a combination of savings and protection.

Common features of both plans:

• Both are Joint Life Plans which cover a married individual along with his/her spouse in a single policy.
• The minimum Basic Sum Assured is Rs. 3,00,000. While there is no upper limit, the maximum Basic Sum Assured will be subject to acceptance decision as per Board Approved Underwriting Policy.

The minimum age at entry is 18 years completed. The maximum age at entry varies depending on the option chosen, as available under the two plans, by the policyholder

• Flexibility to choose risk cover from two “Death Benefit Options” is available.
• Loan facility is available to take care of liquidity needs.

• The coverage can be enhanced by opting for Optional Riders by payment of additional premium.

• Rebate in premium is available to the existing Policyholders & Nominees/ Beneficiaries of deceased Policyholders.

• The benefits payable on Death or Survival are guaranteed and fixed irrespective of actual experience.
• Maturity Benefit: Under an in force policy, on survival of at least one of the lives assured till the end of the policy term, the Basic Sum Assured along with accrued Guaranteed Additions will be payable.
• Death Benefit: Under an in force policy, the Death Benefit Sum Assured will be payable on first death. Another Death Benefit Sum Assured along with accrued Guaranteed Additions will be payable in case of second death during the policy term.

• The policyholder can opt for payment of Maturity/ Death Benefit in instalments.

Unique features of LIC’s New Jeevan Sathi-Single Premium (Plan 888)

• The premium under this plan is payable only once (Single Premium).

• Guaranteed Additions at the rate of Rs. 70 per Rs. 1000/- Basic Sum Assured are offered every year, throughout the Policy Term.

• Various options for selecting the Policy Term are available.

Unique features of LIC’s New Jeevan Sathi-Limited Premium (Plan 889)

• The premium under this plan is payable for a limited period. The Premium Paying Term can be 5, 10 or 15 years for policy terms of 10, 15, 20 & 25 years, as selected by the policyholder.

• Guaranteed Additions at the rate of 7% of Total Tabular Annual Premium for the premium paid are offered every year, throughout the Policy Term.

• Benefit of premium waiver on the first death is available during the Premium Paying Term.

 LIC’s New Jeevan Sathi Single Premium and New Jeevan Sathi Limited Premium Plans will be available for purchase from 1st June 2026.