LIC Jeevan Sathi Plan 889 Calculator: Joint Life Limited Premium Plan for Couples

What is LIC Jeevan Sathi Plan 889?

LIC Jeevan Sathi Plan 889, officially LIC’s New Jeevan Sathi (Limited Premium), is a savings-cum-protection policy that covers a married couple under one policy. Instead of paying one large lump sum, you pay premiums for 5, 10 or 15 years, and both spouses stay covered for the whole term.

It is a non-linked, non-participating plan (UIN 512N394V01), available from 1 June 2026. There is no bonus and no stock market link: the benefits are written into the policy. It was launched together with the single premium version, Jeevan Sathi Plan 888, and the two share the same joint-life idea.

The feature couples notice first is the premium waiver: if one spouse dies while premiums are still due, the remaining premiums are waived and the survivor keeps the policy.

Jeevan Sathi 889 at a glance

Feature	Details
Plan number / UIN	889 / 512N394V01
Official name	LIC’s New Jeevan Sathi (Limited Premium)
Plan type	Non-linked, non-par, joint life savings plan
Available from	1 June 2026
Lives covered	Husband and wife under one policy
Policy term	10, 15, 20 or 25 years
Premium paying term	5, 10 or 15 years
Guaranteed additions	7% of total annual premiums paid, every year
Premium waiver	On first death during the paying term
Riders	Accident benefit, New Term Assurance, Critical Illness
Settlement	Maturity or death benefit can be taken in instalments

Eligibility

Condition	Option I	Option II
Minimum entry age (both lives)	18 years	18 years
Maximum entry age, 5-year paying term	45 years	40 years (35 for a 25-year term)
Maximum entry age, 10 or 15-year paying term	50 years	40 years (35 for a 25-year term)
Minimum / maximum maturity age	28 / 75 years	28 / 60 years
Minimum basic sum assured	₹3 lakh, multiples of ₹10,000	₹3 lakh, multiples of ₹10,000

Both spouses must meet the age limits. LIC allows several term and paying-term pairs, but it publishes sample premiums only for 15 (5), 20 (10) and 25 (15) years, so the calculator covers those three.

How the premium is calculated

The calculator follows the sample illustrative premiums in LIC’s brochure, given for ₹3 lakh sum assured with both spouses the same age. For example, LIC shows ₹37,035 a year for a couple aged 35 under Option I with a 20-year term and 10 years of premiums. The calculator scales these samples to your sum assured, interpolates between the ages LIC shows and uses the average age when the spouses’ ages differ. It reproduces LIC’s own benefit illustrations exactly (₹83,650 a year for a couple aged 35, ₹10 lakh, 25-year term).

There is no premium rebate for a large sum assured or for yearly mode. Instead, those incentives raise the rate of guaranteed additions. Half-yearly, quarterly and monthly premiums use LIC’s conversion factors (0.509, 0.2568 and 0.0861 of the yearly premium). No GST is added: individual life insurance premiums have been GST-exempt since 22 September 2025.

Worked example 1: both spouses are 30, Option I, ₹10 lakh cover, 20-year term, 10 years of premiums.

• Yearly premium: ₹1,19,017 (monthly: ₹10,247)
• Total paid over 10 years: ₹11,90,170
• Guaranteed addition rate: 7% + 0.45% high sum assured incentive = 7.45%
• Guaranteed additions over 20 years: ₹13,74,349
• Maturity at 50: ₹23,74,349, a return of about 4.5% a year

Worked example 2: the same couple prefers to pay for 15 years with a 25-year term. The premium drops to ₹78,783 a year (₹11,81,745 in total) and the maturity rises to ₹26,59,170. Paying for just 5 years with a 15-year term costs ₹2,44,350 a year and pays ₹21,59,441.

Tip: buying online without an agent adds 0.95% to the addition rate on a 10-year paying term. In example 1 that lifts maturity to ₹25,49,601 for the same premium.

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. Each year’s addition is the applicable rate times the total annual premiums paid up to that year, so the additions grow quickly during the paying term and then stay level once all premiums are paid.

Death benefit

The sum assured on death depends on the option:

• Option I: the higher of 7 times the tabular annual premium or the basic sum assured.
• Option II: the higher of 10.5 times the tabular annual premium or the basic sum assured. For a couple aged 35 with ₹10 lakh and a 20-year term, that is ₹13,83,375.

First death: the sum assured on death is paid to the surviving spouse, remaining premiums are waived, and the policy continues.

Second death: the sum assured on death is paid again, with the accrued guaranteed additions, and the policy ends. The death benefit is never less than 105% of the premiums paid. Death and maturity proceeds can also be taken in instalments over 5, 10 or 15 years.

Loan and surrender

A policy loan is available within the surrender value, which is useful for short-term needs without closing the policy. If you are thinking of exiting early, estimate the payout with our LIC surrender value calculator and compare it with a loan first.

Tax benefits

Premiums qualify for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) deduction in the old tax regime. Maturity and death proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to the premium-to-sum-assured and aggregate premium conditions.

Who should consider Jeevan Sathi 889?

It can suit couples who:

• want one policy for both rather than two separate ones;
• prefer to pay over 5 to 15 years instead of one large cheque;
• value the premium waiver that protects the surviving spouse;
• want predictable, guaranteed benefits with no market risk.

It is not the cheapest way to buy high life cover, and the return is around 4.5% a year. If protection is the main goal, compare with a term plan for each spouse first.

Jeevan Sathi 889 vs 888 and other options

	Jeevan Sathi 889	Jeevan Sathi 888
Premium	5, 10 or 15 yearly premiums	One single premium
Guaranteed additions	7% of annual premiums paid	₹70 per ₹1,000 sum assured
Premium waiver	Yes, on first death in paying term	Not applicable
Terms	10 to 25 years	10 to 25 years

If you want a guaranteed plan for one person with a short paying term, look at New Bima Jyoti Plan 890.

How to use this calculator

1. Pick Option I or II.
2. Enter both ages, or mark them as the same.
3. Choose the term (paying term), sum assured and mode.
4. Tick online or existing policyholder if they apply.
5. Read the yearly premium, total paid, additions, maturity and return, and compare options side by side.

Results for published ages match LIC’s brochure; other ages are close estimates. Confirm the exact figure with LIC before you pay.