LIC Jeevan Sathi Plan 888: Joint Life Cover for Husband & Wife
LIC’s New Jeevan Sathi - Single Premium (Plan No. 888) is a unique, non-linked, individual, non-participating savings platform designed specifically for married couples. Under UIN 512N393V01, this plan allows a married individual to secure comprehensive joint-life cover with a one-time single premium, ensuring robust financial protection and steady wealth accumulation for both husband and wife.
Key Features & Benefits
- ✔ One-Time Premium: Pure single premium payment structure—no risks of policy lapse due to missed annual renewals.
- ✔ Guaranteed Additions (GA): High guaranteed growth featuring fixed accruals of Rs. 70 per thousand of the Basic Sum Assured at the end of every single policy year.
- ✔ Dual-Engine Risk Cover: Payout matches your lifestyle. Choose between Option I (Higher of 1.25x Single Premium or BSA) and Option II (10x Tabular Single Premium) right at inception.
- ✔ True Joint Life Continuity: If one partner passes away, the claim is paid immediately and the contract continues safely to cover the surviving spouse without any new costs.
Eligibility Criteria & Plan Rules
| Parameter | Option I Details | Option II Details |
|---|---|---|
| Minimum Age at Entry | 18 Years (Completed) | 18 Years (Completed) |
| Maximum Age at Entry | 60 Years (Nearer Birthday) | 35 Years (Nearer Birthday) |
| Policy Terms Allowed | 10, 15, 20, or 25 Years | 10 or 15 Years Available |
| Maximum Maturity Age | 75 Years (Nearer Birthday) | 50 Years (Nearer Birthday) |
| Minimum Basic Sum Assured | Rs. 3,00,000 | Rs. 3,00,000 |
| Maximum Basic Sum Assured | No Upper Limit (Increments allowed in multiples of Rs. 25,000) | |
Premium Incentives & High Sum Assured Rebates
LIC provides premium reductions per Rs. 1,000 of Basic Sum Assured (BSA) to maximize your policy value:
| Basic Sum Assured Range | 10 Yr Term | 15 Yr Term | 20 Yr Term | 25 Yr Term |
|---|---|---|---|---|
| Rs. 3,00,000 to < Rs. 5,00,000 | Nil | Nil | Nil | Nil |
| Rs. 5,00,000 to < Rs. 10,00,000 | Rs. 11 | Rs. 13 | Rs. 15 | Rs. 16 |
| Rs. 10,00,000 to < Rs. 15,00,000 | Rs. 21 | Rs. 26 | Rs. 29 | Rs. 32 |
| Rs. 15,00,000 and Above | Rs. 25 | Rs. 30 | Rs. 33 | Rs. 35 |
Note: Online Direct Sales or Corporation's Insurance Scheme (CIS) entries get an extra flat 2% rebate over and above the tabular single premium limits.
How the Joint Life Mechanism Operates
- On First Death: The specific chosen "Sum Assured on Death" is handed straight to the surviving life partner, and the policy keeps running without interruption.
- On Second Death: If the surviving spouse passes away inside the policy window, the "Sum Assured on Death" plus full accumulated Guaranteed Additions up to the day of death is processed for the nominee.
- Simultaneous Deaths: If both partners pass away together, the sum of benefits applicable on both the first and second deaths is combined and distributed to your nominee instantly.
- On Maturity Window: Upon outliving the plan term, the absolute Basic Sum Assured plus total stacked annual Guaranteed Additions is awarded.
Guaranteed Surrender, Emergency Loans & Protection Clauses
- Surrender Mechanics: Policyholders can voluntarily surrender the policy anytime. The platform secures a Guaranteed Surrender Value (GSV) of 75% of single premium within the first 3 years, increasing straight to 90% from the 4th year onwards plus the value of accrued extensions.
- Emergency Policy Loan: Instant liquidity is available 3 months post-policy generation or right after the free-look expiration. You can unlock up to 50% in years 1-2, 60% in years 3-5, 65% in years 6-9, and a full 70% of the cash value from the 10th year onwards.
- Exclusion of Spouse Alteration: If marital status stands legally dissolved, the Primary Life Assured can execute a written structural change to exclude the secondary life. This transfers a termination claim (SSV Factor 5) directly to the proposer, converting the structure into a clean "Single Life" policy.
- Suicide Protection Rule: If either covered individual commits suicide inside the initial 12 months, LIC safely pays out 80% of the raw Single Premium paid or the available surrender value (whichever is higher) right to the nominee.
Riders & Payout Versatility
- Add-on Protections: Enhance security metrics with two highly targeted options: LIC's Accidental Death and Disability Benefit Rider and LIC's New Term Assurance Rider.
- Settlement Instalments: Rather than taking a standard flat lump sum, policyholders can schedule maturity actions or death benefits across flexible timelines of 5, 10, or 15 years in monthly, quarterly, half-yearly, or annual tracks.
- Stamping & Legal Metrics: Base plan stamping requires a minimal fee structural rate of 20 paise per thousand of the calculated "Sum Assured on Death."
Frequently Asked Questions
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