LIC Jeevan Sathi 888 (New Jeevan Sathi, Single Premium) is a joint life savings plan for married couples, available from 1 June 2026. You pay once, both spouses are covered, and the policy earns ₹70 per ₹1,000 sum assured every year. For a couple both aged 35 choosing ₹10 lakh cover for 20 years, our calculator estimates a single premium of about ₹8,12,750 and a guaranteed maturity of ₹24 lakh.
Jeevan Sathi 888 Single Premium & Maturity Calculator
Your estimate
after rebates
- Tabular single premium
- ₹8,37,120
- Total rebates
- ₹29,000
- Guaranteed addition per year
- ₹70,000
- Guaranteed additions
- ₹14,00,000
- Sum assured on deathpaid on each death; accrued additions added on the second death
- ₹10,46,400
- Approx. return (IRR)
- 5.59%
- Age at maturity
- 55 years
- Single premium₹8,08,12034%
- Net gain₹15,91,88066%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Sathi Plan 888?
LIC Jeevan Sathi Plan 888, officially LIC’s New Jeevan Sathi (Single Premium), is one policy that covers both husband and wife. You pay the premium once, at the start. The policy then protects both lives for the chosen term and pays a guaranteed maturity if at least one of you is alive at the end.
The person who buys it is the primary life assured, and the spouse is the secondary life assured. If the primary life dies first, the spouse becomes the policyholder and the policy continues.
It is a non-linked, non-participating plan (UIN 512N393V01), available from 1 June 2026. There is no bonus and no market exposure. Instead, the policy earns a fixed guaranteed addition of ₹70 per ₹1,000 sum assured for every policy year. The limited-premium sibling, Jeevan Sathi Plan 889, spreads payments over a few years instead of one.
Jeevan Sathi 888 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 888 / 512N393V01 |
| Plan type | Non-linked, non-par, joint life, single premium savings plan |
| Lives covered | Husband and wife in one policy |
| Available from | 1 June 2026 |
| Premium | Single premium only |
| Policy term | Option I: 10, 15, 20, 25 years; Option II: 10, 15 years |
| Minimum sum assured | ₹3,00,000, multiples of ₹25,000 |
| Guaranteed additions | ₹70 per ₹1,000 sum assured per year |
| Riders | Accidental death & disability, New Term Assurance (both lives) |
| Free look | 30 days |
Eligibility
| Condition | Option I | Option II |
|---|---|---|
| Minimum entry age (both lives) | 18 years | 18 years |
| Maximum entry age | 60 years | 35 years |
| Policy terms | 10, 15, 20, 25 years | 10, 15 years |
| Minimum maturity age | 28 years | 28 years |
| Maximum maturity age | 75 years | 50 years |
| Minimum basic sum assured | ₹3 lakh | ₹3 lakh |
Both spouses must meet the age limits. The option is chosen at the proposal stage and cannot be changed later.
How the single premium is calculated
LIC’s brochure publishes sample single premiums for ₹3 lakh sum assured, with both spouses the same age. For example, it shows ₹2,52,525 for age 35 with a 20-year term under Option I. Our calculator scales these samples to your sum assured, uses the average age of the two spouses, interpolates between the ages LIC shows and extends the trend beyond them. The result matches LIC’s own benefit illustration (₹8,12,750 for a couple aged 35, ₹10 lakh, 20 years). It then subtracts the rebates:
- High sum assured rebate: ₹11 to ₹35 per ₹1,000, depending on the cover and the term.
- Online rebate: 2% of the tabular premium if you buy online without an agent.
- Existing policyholder rebate: ₹3 to ₹4 per ₹1,000 if you qualify.
No GST is added: individual life insurance premiums have been GST-exempt since 22 September 2025.
Worked example 1: both spouses are 35, Option I, ₹10 lakh cover, 20 years, bought offline.
- Tabular single premium: ₹8,41,750
- High sum assured rebate: ₹29,000
- Single premium payable: ₹8,12,750
- Guaranteed additions: ₹70,000 a year × 20 = ₹14,00,000
- Maturity at 55: ₹24,00,000
- Sum assured on death: ₹10,52,188
- Return on the single premium: about 5.56% a year
Buying the same policy online lifts the rebates to ₹45,835 and brings the premium down to about ₹7,95,915.
Worked example 2: the husband is 30, the wife 28, and they want large cover under Option II for 15 years with ₹10 lakh sum assured. The single premium is about ₹14,14,880. The sum assured on death jumps to about ₹1,44,08,800 (10 times the tabular premium), and maturity is ₹20,50,000. The return drops to about 2.5% a year, which is the price of the much bigger cover.
Tip: Option I is the savings choice; Option II is the protection choice. If you only need cover, compare Option II with a separate term plan for each spouse before deciding.
Maturity benefit
If at least one spouse is alive at the end of the term, LIC pays the basic sum assured plus all accrued guaranteed additions. Because the additions are fixed at ₹70 per ₹1,000 each year, the maturity is known on day one: a ₹10 lakh policy pays ₹17 lakh after 10 years, ₹20.5 lakh after 15 years and ₹24 lakh after 20 years.
Death benefit
The sum assured on death depends on the option:
- Option I: the higher of the basic sum assured or 1.25 times the tabular single premium.
- Option II: 10 times the tabular single premium.
First death: LIC pays the sum assured on death. The policy continues for the surviving spouse.
Second death (during the term): LIC pays the sum assured on death again, plus accrued guaranteed additions, and the policy ends.
If both die together, both benefits are paid and the policy ends.
Loan, surrender and free look
- Loan: available after three months from issue or after the free-look period, whichever is later. The limit is 50% of the surrender value in the first two years, rising to 70% from the tenth year.
- Surrender: allowed at any time. LIC pays the higher of the guaranteed surrender value (75% of the single premium in years 1 to 3, 90% afterwards, plus the value of accrued additions) and the special surrender value. See our LIC surrender value calculator.
- Free look: 30 days to return the policy if you are not satisfied.
Tax benefits
The single premium can be claimed under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime), within the ₹1.5 lakh limit and subject to the premium-to-sum-assured rules. Whether the maturity is tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) depends on those same conditions, so a large single premium may not qualify. Check with a tax adviser.
Who should consider Jeevan Sathi 888?
It suits couples who:
- have a lump sum available, such as a bonus, gratuity or property sale;
- want one policy for both instead of two separate ones;
- prefer a guaranteed, fixed maturity to market-linked returns.
It is not ideal if you want high returns, need the money back within a few years, or want to switch the death benefit option later.
Jeevan Sathi 888 vs other single premium plans
Unlike Single Premium Endowment Plan 717, which covers one person and adds bonuses, Jeevan Sathi covers two lives with a fixed addition. If you prefer paying over a few years, the Jeevan Sathi 889 limited premium version offers the same joint-life idea.
How to use this calculator
- Pick Option I or II.
- Enter both ages, or mark them as the same.
- Choose the term and sum assured.
- Tick the online and existing policyholder rebates if they apply.
- Read the single premium, maturity, death cover and annual return.
The calculator is built on LIC’s published sample premiums, so results for other ages are close estimates. Confirm the exact figure with LIC before you pay.
Frequently asked questions
What is LIC Jeevan Sathi Plan 888?
It is LIC's New Jeevan Sathi (Single Premium), UIN 512N393V01. A married person takes one policy covering both themselves and their spouse, pays a single premium, and receives a guaranteed maturity of the sum assured plus ₹70 per ₹1,000 for every policy year if at least one spouse survives.
When was Jeevan Sathi 888 launched?
LIC lists the plan as available for sale from 1 June 2026, through agents, branches and online. No withdrawal date has been announced, so it is an active plan.
What happens when one spouse dies?
On the first death during the term, LIC pays the sum assured on death and the policy carries on for the surviving spouse. On the second death, LIC pays the sum assured on death again, this time with the accrued guaranteed additions, and the policy ends.
Which is better, Option I or Option II?
Option I costs less and pays the higher of the basic sum assured or 1.25 times the single premium on death; entry is up to 60. Option II pays 10 times the single premium on death, so it suits couples who want large cover, but entry is only up to 35 and the return is lower.
How is the maturity of Jeevan Sathi 888 calculated?
Maturity is the basic sum assured plus guaranteed additions of ₹70 per ₹1,000 for each policy year. ₹10 lakh for 20 years gives ₹70,000 a year, ₹14 lakh in additions, and ₹24 lakh at maturity.
Does Jeevan Sathi 888 pay a bonus?
No. It is a non-participating plan, so there is no bonus. All benefits, including the guaranteed additions, are fixed when the policy is issued.
Can I surrender or take a loan on Jeevan Sathi 888?
Yes. The policy can be surrendered at any time. The guaranteed surrender value is 75% of the single premium in the first three years and 90% after that, plus the value of accrued additions. A loan is available three months after issue or after the free-look period, whichever is later.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.