LIC New Jeevan Saathi Plan (889)

LIC Jeevan Saathi Plan 889 Overview

LIC Jeevan Saathi Plan 889 is a joint life participating endowment plan designed for married couples. It covers both lives under a single policy, ensuring financial security for the surviving spouse and a maturity benefit at the end of the term.

Eligibility & Rules

• Minimum Sum Assured: ₹1,00,000
• Maximum Sum Assured: No Limit
• Policy Term: 15 to 30 Years
• Premium Paying Term: Same as Policy Term
• Entry Age: 18 to 50 Years for both spouses

Key Plan Benefits

• First Death Benefit: Sum Assured + Vested Bonus paid on the first death. Premiums are waived, and policy continues.
• Second Death / Maturity: Sum Assured + Bonus paid on second death or on maturity if the surviving spouse lives till the end of the term.

Standard Policy Features

• Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
• Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
• Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
• Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.