Comprehensive Guide to LIC New Jeevan Sathi Limited Premium (Plan 889 / UIN: 512N393V01)
Effective from June 1, 2026, the Life Insurance Corporation of India introduced LIC New Jeevan Sathi – Limited Premium (Plan No. 889 / UIN: 512N393V01), an advanced joint-life non-linked, non-participating endowment savings policy. Designed specifically for married couples who want to fund their insurance in flexible limited installments (5, 10, or 15 years), Plan 889 combines dual-spouse life insurance protection, guaranteed compound additions of ₹70 per ₹1,000 Sum Assured, and a life-saving Inbuilt Premium Waiver Benefit (PWB).
If the primary earning spouse passes away prematurely during the premium-paying term, the family is shielded by two powerful financial guarantees:
- The full Sum Assured on Death is immediately paid as a tax-free lump sum to the surviving spouse.
- All future renewal premiums are completely waived! The policy stays fully active, accumulating guaranteed additions until maturity, ensuring the surviving spouse receives the full maturity corpus at the end of the term.
1. The Inbuilt Premium Waiver Benefit (PWB) Shield
In traditional joint life policies, the death of the primary proposer often leaves the surviving spouse with the financial burden of continuing high annual premium payments.
Under LIC Plan 889, the Premium Waiver Benefit is contractually built into the base product without requiring any extra rider fee:
- 100% Future Premium Waiver: The instant the Primary Life Assured passes away during the PPT, LIC automatically waives all remaining installments.
- Policy Remains 100% In-Force: Guaranteed Additions continue to be credited every policy year until the scheduled maturity date.
- Surviving Spouse Life Cover Continues: The surviving spouse remains fully covered for the remainder of the policy term.
💡 Actuarial Guarantee: Double Protection Architecture
Demise of Primary Breadwinner = Immediate Death Benefit Paid + 100% Future Premiums Waived + Full Maturity Corpus Paid at Scheduled Term!
2. Flexible PPT and Policy Term Options
Plan 889 offers structured limited payment terms paired with long-term compound growth:
| Premium Paying Term (PPT) | Permissible Policy Terms | Non-Paying Growth Window | Total GA Accrued (% of SA) | Guaranteed Maturity (% of SA) |
|---|---|---|---|---|
| 5 Years PPT (Short Pay) | 10, 15, 20 Years | 5 to 15 Years | 70% to 140% of SA | 170% to 240% of SA |
| 10 Years PPT (Popular) | 15, 20, 25 Years | 5 to 15 Years | 105% to 175% of SA | 205% to 275% of SA |
| 15 Years PPT (Long Term) | 20, 25 Years | 5 to 10 Years | 140% to 175% of SA | 240% to 275% of SA |
3. Dual-Spouse Death Claim Mechanics
Plan 889 operates under clear legal claim settlement rules:
Scenario 1: Demise of Primary Life Assured during PPT
- Sum Assured on Death paid immediately to surviving spouse.
- All future base premiums for remaining PPT years are completely waived.
- Policy continues in full force with full GA accrual until maturity.
Scenario 2: Demise of Secondary Life Assured during PPT
- Sum Assured on Death paid immediately to Primary Life Assured.
- Primary Life continues paying remaining premiums until PPT ends, and policy matures with full SA + GA.
Scenario 3: Demise of Surviving Spouse Before Maturity (Second Death)
- Sum Assured on Death plus all accumulated Guaranteed Additions (GA) up to that date is paid to the legal nominee, concluding the policy.
4. Eligibility Criteria & Commercial Limits
| Parameter | Statutory Specification |
|---|---|
| Plan Number & UIN | Plan No. 889 | UIN: 512N393V01 |
| Lives Covered | Joint Life (Legally Married Husband & Wife) |
| Payment Structure | Limited Premium (5, 10, or 15 Years PPT) |
| 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 (Nearest Birthday) |
| Maximum Maturity Age | 75 Years (Nearest Birthday) |
| Payment Frequencies | Yearly, Half-Yearly, Quarterly, Monthly (NACH / ECS) |
5. High Sum Assured Rebates & Mode Discounts
Attractive premium discounts are built in for larger policy values and annual frequency:
High Sum Assured Rebate (Discount per ₹1,000 Basic SA on annual premium):
- ₹3,00,000 to ₹4,75,000: Nil
- ₹5,00,000 to ₹9,75,000: ₹2.50 per ₹1,000 Basic Sum Assured
- ₹10,00,000 to ₹24,75,000: ₹4.00 per ₹1,000 Basic Sum Assured
- ₹25,00,000 and Above: ₹5.50 per ₹1,000 Basic Sum Assured
Mode Rebates:
- Yearly Mode: 2% Tabular Rebate
- Half-Yearly Mode: 1% Tabular Rebate
- Quarterly / Monthly Mode: Nil
6. LIC Plan 889 (Limited Pay) vs. LIC Plan 888 (Single Pay) vs. LIC Plan 736 (Jeevan Labh)
| Feature / Parameter | LIC Plan 889 (New Jeevan Sathi LP) | LIC Plan 888 (New Jeevan Sathi SP) | LIC Plan 736 (Jeevan Labh) |
|---|---|---|---|
| Lives Covered | Joint Life (Both Spouses) | Joint Life (Both Spouses) | Single Life Individual |
| Payment Type | Limited Pay (5, 10, 15 Yrs) | Single Premium (1-Time) | Limited Pay (10, 15, 16 Yrs) |
| Inbuilt Premium Waiver | Yes (Automatic on Primary Death) | N/A (Single Premium) | Requires Optional Rider |
| Guaranteed Return | ₹70 per ₹1,000 SA / Year | ₹70 per ₹1,000 SA / Year | Simple Bonus + FAB |
| First Death Continuity | Yes (Policy continues with waiver) | Yes (Policy continues) | No (Policy Terminates) |
7. Taxation Analysis: Section 80C & Section 10(10D)
- Tax Deduction at Entry (Section 80C): Annual premiums qualify for deduction up to ₹1,50,000 per financial year under the Old Tax Regime.
- Tax-Free Payouts (Section 10(10D)): All death claim settlements and guaranteed maturity proceeds are 100% exempt from income tax under Section 10(10D) of the Income Tax Act.
8. Liquidity: Loan Facilities & Surrender Provisions
- Policy Loan Facility: Available after 2 full policy years of premium payment. Borrow up to 90% of the surrender value for in-force policies.
- Guaranteed Surrender Value (GSV): Policy acquires surrender value after 2 years with predefined percentage scales and accrued GA values.
9. How to Buy LIC New Jeevan Sathi Limited Premium Online
- Calculate Quotation: Enter spouse ages, chosen PPT (5/10/15), and desired Sum Assured above.
- Connect on WhatsApp: Share your calculation directly with Authorized LIC Advisor (Agent Code: LIC10031212).
- Digital Paperless KYC: Complete online joint Aadhaar/PAN authentication and marriage validation.
- Official Payment: Pay the premium directly to LIC India's official payment gateway.
- Instant DigiLocker Policy Bond: Receive your digitally signed joint policy bond within 24 to 48 hours.
10. Related LIC Planning Calculators & Resources
- LIC New Jeevan Sathi Single Premium (Plan 888) Calculator – One-time deposit joint life insurance plan.
- 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 lifelong 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.