Comprehensive Guide to LIC New Jeevan Sathi (Plan 888 / UIN: 512N392V01)
On June 1, 2026, the Life Insurance Corporation of India launched LIC New Jeevan Sathi – Single Premium (Plan No. 888 / UIN: 512N392V01), an innovative joint-life non-linked, non-participating endowment savings policy specifically crafted for married couples. Plan 888 provides a complete dual-protection umbrella: with a single one-time premium, both husband and wife are comprehensively insured for their entire chosen policy term (up to 25 years), while accumulating guaranteed compound wealth backed by sovereign government guarantees.
Unlike individual single premium plans—such as LIC Single Premium Endowment (Plan 717)—where coverage ceases upon the death of the sole policyholder, LIC New Jeevan Sathi (Plan 888) ensures that coverage continues uninterrupted for the surviving spouse even after a full death benefit has been settled on the first spouse's demise!
1. Exceptional ₹70 per ₹1,000 SA Guaranteed Additions (GA)
The standout financial feature of Plan 888 is its high-yield contractual Guaranteed Addition. For each year the policy remains in force, LIC credits ₹70 per ₹1,000 of Basic Sum Assured to the policy account.
- 10-Year Term: Total GA = ₹700 per ₹1,000 SA (70% of SA).
- 15-Year Term: Total GA = ₹1,050 per ₹1,000 SA (105% of SA).
- 20-Year Term: Total GA = ₹1,400 per ₹1,000 SA (140% of SA). Guaranteed maturity equals 240% of Basic Sum Assured!
- 25-Year Term: Total GA = ₹1,750 per ₹1,000 SA (175% of SA). Guaranteed maturity equals 275% of Basic Sum Assured!
💡 Contractual Maturity Formula
Guaranteed Maturity Corpus = Basic Sum Assured + (₹70 × Basic Sum Assured × Policy Term / 1,000)
2. Option I vs. Option II: Choosing Your Death Benefit Shield
When enrolling in Plan 888, couples can select between two distinct death benefit configurations based on their age and protection requirements:
| Parameter | Option I (Higher Savings & Yield) | Option II (High Risk Protection) |
|---|---|---|
| Sum Assured on Death | Higher of 1.25 × Single Premium or Basic SA | Higher of 10 × Single Premium or Basic SA |
| Eligible Entry Age | 18 to 60 Years (Both Spouses) | 18 to 35 Years (Young Couples Only) |
| Policy Term Range | 10 to 25 Years | 10 to 25 Years |
| Best Suited For | Couples seeking maximum guaranteed maturity returns | Young couples wanting high life insurance multiple |
3. Dual-Layered Joint Life Claim Settlement Mechanics
Plan 888 is structured to provide financial continuity across all life scenarios:
Scenario A: Demise of First Spouse During the Term
- The "Sum Assured on Death" for the deceased life is disbursed immediately as a tax-free lump sum to the surviving spouse/nominee.
- The policy continues in full force without any further premium requirements!
- Guaranteed Additions of ₹70/1k SA continue to accrue every year until the end of the policy term.
Scenario B: Demise of Second Spouse During the Term
- If the surviving spouse also passes away before the maturity date, the Sum Assured on Death for the second life along with all accumulated Guaranteed Additions (GA) up to that date is paid to the nominee, and the policy concludes.
Scenario C: Survival to Maturity (At Least One Spouse Survives)
- If either or both spouses survive the full policy tenure, the complete Basic Sum Assured + Total Accumulated Guaranteed Additions is handed over tax-free under Section 10(10D).
4. Eligibility Criteria & Commercial Limits
| Parameter | Statutory Rule / Limits |
|---|---|
| Plan Number & UIN | Plan No. 888 | UIN: 512N392V01 |
| Lives Covered | Joint Life (Legally Married Husband & Wife) |
| Premium Frequency | Single Premium (One-Time Lump Sum) |
| Minimum Basic Sum Assured | ₹3,00,000 (Multiples of ₹25,000) |
| Maximum Basic Sum Assured | No Upper Limit (Subject to financial underwriting) |
| Minimum Entry Age | 18 Years (Completed) for both spouses |
| Maximum Entry Age | 60 Years for Option I; 35 Years for Option II |
| Maximum Maturity Age | 75 Years (Nearest Birthday) |
| Policy Terms | 10, 12, 15, 18, 20, or 25 Years |
5. High Sum Assured Rebates on Single Premium
LIC offers substantial rebates per ₹1,000 Basic Sum Assured on single premium deposits:
- ₹3,00,000 to ₹4,75,000: Nil
- ₹5,00,000 to ₹9,75,000: ₹15.00 per ₹1,000 Basic Sum Assured
- ₹10,00,000 to ₹24,75,000: ₹25.00 per ₹1,000 Basic Sum Assured
- ₹25,00,000 and Above: ₹35.00 per ₹1,000 Basic Sum Assured
6. LIC New Jeevan Sathi (888) vs. Single Premium Endowment (717) vs. Bima Platinum (770)
| Feature / Parameter | LIC New Jeevan Sathi (888) | LIC Single Premium Endowment (717) | LIC Bima Platinum (770) |
|---|---|---|---|
| Lives Covered | Joint Life (Both Spouses) | Single Life Individual | Single Life Individual |
| Payment Type | Single Premium (1-Time) | Single Premium (1-Time) | Limited Pay (7 to 18 Yrs) |
| Guaranteed Additions | ₹70 per ₹1,000 SA / Year | None (Participating Bonus) | ₹70/1k Prem + 10% Income |
| First Death Continuation | Yes (Policy continues for spouse) | No (Policy Terminates) | No (Policy Terminates) |
| Loan Liquidity | After 3 Months | After 3 Months | After 2 Years |
7. Taxation Analysis: Section 80C & Section 10(10D)
- Tax Deduction at Inception (Section 80C): The single premium qualifies for tax deduction up to ₹1,50,000 under Section 80C in the financial year of investment.
- Tax-Free Payouts (Section 10(10D)): All death claim payouts and maturity proceeds are 100% exempt from income tax without any TDS deductions.
8. Liquidity: Immediate Loans After 3 Months
- Policy Loan Facility: Available after just 3 months from policy inception. Policyholders can borrow up to 90% of the surrender value at competitive interest rates set by LIC.
- Guaranteed Surrender Value (GSV): Policy can be surrendered after 1 full year with guaranteed return of premium percentages plus accrued GA surrender values.
9. How to Buy LIC New Jeevan Sathi Online with Zero Paperwork
- Simulate Your Quote: Enter husband and wife ages along with desired Sum Assured above.
- Connect on WhatsApp: Share your calculation directly with Authorized LIC Advisor (Agent Code: LIC10031212).
- Digital Paperless KYC: Complete joint Aadhaar/PAN authentication and marriage certificate verification online.
- Direct LIC Payment: Pay the one-time single premium directly on LIC India's official gateway.
- Instant DigiLocker Policy Bond: Receive your digitally signed joint policy bond within 24 to 48 hours.
10. Related LIC Planning Calculators & Resources
- LIC Single Premium Endowment (Plan 717) Calculator – Individual single premium plan with loan in 3 months.
- LIC Bima Platinum (Plan 770) Calculator – Guaranteed 10% annual income and 70% booster payout.
- LIC New Bima Jyoti (Plan 890 / 860) Calculator – ₹50/1k Guaranteed Additions savings plan.
- LIC Jeevan Labh (Plan 736 / 936) Calculator – Limited pay endowment with maximum bonus yields.
- LIC Jeevan Anand (Plan 915) Calculator – Dual living maturity and whole life risk cover.
- Official LIC India Web Portal – Policyholder services and payment gateway.
- Insurance Regulatory and Development Authority of India (IRDAI) – Consumer protection guidelines.