Formula
P = (T − R) × S / 1000
I = P × c
T = A / (ä × (1 − λ))
M = G + q × T × Σt=1n min(t, k) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- S
- Basic Sum Assured
- I
- each instalment
- c
- instalment as a share of the annual premium: 1 yearly, 0.509 half-yearly, 0.2568 quarterly or 0.0861 monthly
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 5%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- q
- guaranteed addition rate, 7% of the tabular premiums paid to date, credited at the end of each policy year
- min(t, k)
- the number of yearly premiums paid by the end of year t
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
In short (tl;dr)
New Jeevan Sathi Limited Premium is a non-participating endowment that covers a married couple in one policy, paid for over 5, 10 or 15 years. The first death pays the Sum Assured on Death to the survivor and stops the premiums; the second death or maturity pays again with guaranteed additions of 7% of the premiums.
Worked example: at 20, ₹5,00,000 of cover over 25 years costs ₹34,525 a year for 15 years and is projected to pay ₹11,52,523 at maturity, a return of 4.44% a year.
Did you mean New Jeevan Sathi Single Premium? This page is the version paid over 5, 10 or 15 years. If you mean to pay once, that is a separate plan with its own number, its own addition rate and its own price list. Open the New Jeevan Sathi Single Premium calculator (Plan 888).
What is LIC New Jeevan Sathi Limited Premium?
New Jeevan Sathi Limited Premium (Plan 889) is written on two lives: the Primary Life Assured, who owns the policy, and his or her spouse as the Secondary Life Assured. Both must be 18 or over, and under Option I no older than 45 on a 5-year premium term or 50 on a 10 or 15-year one. The premium is worked out on both ages.
On the first death the Sum Assured on Death goes to the surviving spouse, all later premiums are waived from the next policy anniversary, and the policy carries on. On the second death it pays the Sum Assured on Death again with all accrued guaranteed additions, and at maturity, if either of you is alive, it pays the Basic Sum Assured with the additions.
The guaranteed addition here is a percentage of premiums, which is unusual for LIC. Each year LIC adds 7% of the total tabular annual premiums paid so far, so the yearly addition grows while premiums are being paid and then stays level. LIC's own illustration for ₹10 lakh at age 35 on both lives, a 25-year term and 15 years of premium, charges ₹83,650 a year, ₹12,54,750 in total, and pays ₹27,61,669 at maturity.
The premium is set on both ages. LIC's sample premiums all assume the two of you are the same age; this calculator asks for each age and prices each life separately, for Death Benefit Option I. Its additions use the 7% base rate. A sum assured of ₹5 lakh or more, an online purchase or an existing LIC policy raises that rate, so in those cases LIC's maturity figure is somewhat higher than the one shown here.
Key features
- One policy covers a married couple
- Premiums for 5, 10 or 15 years, on policy terms of 10 to 25 years
- Premiums waived from the policy anniversary after the first death
- Guaranteed Additions of 7% of total tabular annual premiums paid, every policy year of the term
- Higher addition rate for a sum assured of ₹5 lakh or more, for online purchase, and for existing LIC policyholders
- Two death benefit options: 7 times or 10.5 times the tabular annual premium, or the Basic Sum Assured if higher
- Accident benefit, term assurance and critical illness riders available
New Jeevan Sathi Limited Premium at a glance
- Plan number
- 889
- Category
- Endowment
- Entry age
- 18 to 50 years
- Policy term
- 10, 15, 20, 25 years
- Premium paying term
- 5, 10, 15 years
- Sum assured
- ₹3 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N394V01
We checked the plan number and UIN above against LIC's own page for this plan on 2026-10-02. Check it on licindia.in
What are the benefits of LIC New Jeevan Sathi Limited Premium?
What does LIC New Jeevan Sathi Limited Premium pay on death?
On the first death, the Sum Assured on Death is paid to the surviving spouse, later premiums are waived and the policy continues. On the second death, the Sum Assured on Death is paid with all accrued Guaranteed Additions, counting the year of death in full, and never less than 105% of total premiums paid. The Sum Assured on Death is the higher of 7 times the tabular annual premium (Option I) or 10.5 times (Option II) and the Basic Sum Assured. If both die together, both amounts are paid.
What do you get at maturity?
If at least one of the couple is alive at the end of the term, the Basic Sum Assured plus all Guaranteed Additions accrued over the term. A first death earlier in the term does not reduce it.
Who is LIC New Jeevan Sathi Limited Premium for?
A couple who want both lives insured under one contract, a fixed maturity amount, and the remaining premiums cancelled if one of them dies.
What should you watch out for?
The additions are 7% of premiums, so a dearer policy earns larger additions: the maturity amount is not a fixed multiple of the sum assured, and it moves with both ages and the premium term. The death benefit option is fixed at the proposal; this calculator prices Option I, and for Option II, open only up to entry age 40 (35 on a 25-year term), ask LIC for the premium.
What does LIC New Jeevan Sathi Limited Premium cost?
Worked out on a 25-year term with premiums paid for 15 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 20
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹34,525 | ₹5,17,875 | ₹11,52,523 |
| ₹10,00,000 | ₹69,050 | ₹10,35,750 | ₹23,05,045 |
| ₹25,00,000 | ₹1,72,625 | ₹25,89,375 | ₹57,62,613 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹35,514 | ₹5,32,704 | ₹11,71,207 | 50 |
| 30 years | ₹37,345 | ₹5,60,179 | ₹12,05,825 | 55 |
| 40 years | ₹47,920 | ₹7,18,794 | ₹14,05,681 | 65 |
| 50 years | ₹91,144 | ₹13,67,155 | ₹22,22,615 | 75 |
Age moves this premium a long way: ₹35,514 at 25 becomes ₹91,144 at 50, 2.6 times as much. Most of it pays for the risk of dying during the term, and that risk climbs with age.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 19 Sample Illustrative Premium, Option I (yearly, offline, standard lives, same age for both lives)), at ₹3,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 5 years | 10 years | 15 years |
|---|---|---|---|
| 20 | ₹68,505 | ₹33,045 | ₹20,715 |
| 35 | ₹75,705 | ₹37,035 | ₹25,095 |
| 45 | ₹1,12,470 | ₹50,265 | ₹35,055 |
Priced on ₹3,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 20, 25-year term, 15-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Guaranteed additions
- ₹6,52,523
- Paid at maturity
- ₹11,52,523
- Return a year on the premiums
- 4.44%
When does LIC New Jeevan Sathi Limited Premium pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 25, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 25 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC New Jeevan Sathi Limited Premium?
Age to start
- Minimum
- 18 years
- Maximum
- 50 years
These are the widest limits the plan allows. The range narrows once you choose a premium paying term, and the calculator applies whichever range fits your answers.
Policy term
- Terms sold
- 10, 15, 20 or 25 years
Age when the policy matures
- Maximum
- 75 years
Your age at entry plus the policy term cannot come to more than 75.
Years you pay for
- Terms available
- 5, 10 or 15 years
Sum assured
- Minimum
- ₹3,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 3 of the New Jeevan Sathi Limited Premium sales brochure, linked in the form above.
What age can you take LIC New Jeevan Sathi Limited Premium at?
The entry age depends on how long you pay for. A longer premium paying term is open to younger lives and closes earlier; a short one starts later and stays open to 50. These are the twelve rows LIC prints in its eligibility table.
| Premium paying term | Minimum age at entry | Maximum age at entry |
|---|---|---|
| 5 years | 18 years | 45 years |
| 10 years | 18 years | 50 years |
| 15 years | 18 years | 50 years |
Minimum ages are completed years; maximum ages are nearer birthday. The calculator enforces these, so an age outside the range for your chosen premium term is rejected with the range that applies.
What New Jeevan Sathi Limited Premium pays if you surrender
The policy can be surrendered once a full year's premium has been paid. The Guaranteed Surrender Value needs two full years' premiums and is a share of total premiums paid that starts at 30% in year 2, 35% in year 3 and 50% from years 4 to 7, then climbs with the term to 90% in the last two years. Accrued guaranteed additions are added at their own, lower factors. LIC pays the higher of that and the Special Surrender Value.
Taken from the plan's own brochure rather than modelled, which is why there is no table here: LIC states the percentages for this plan outright, and a percentage of a number you already know needs no calculator.
Tax on LIC New Jeevan Sathi Limited Premium
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹34,525 a year, which is 6.9% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
How this calculator works
New Jeevan Sathi Limited Premium is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹69.05 per ₹1,000 at age 20, 25-year term, 15-year premium term
- Discount basis
- 5.35% a year, on LIC (2012-14) Ultimate mortality scaled to 225% for this plan's underwritten pool
- Guaranteed additions
- 7% of the tabular premiums paid to date, added at the end of every policy year for the whole term.
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:New Jeevan Sathi Limited Premium on licindia.inLIC valuation and bonus declarationsIRDAI regulations
How LIC New Jeevan Sathi Limited Premium compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| New Jeevan Sathi Limited PremiumNo. 889 · this page | 10, 15, 20, 25 years | 5, 10, 15 years | ₹3 Lakh | Joint cover for a married couple, paid over 5, 10 or 15 years, with premiums waived after the first death. |
| New Jeevan Sathi Single PremiumNo. 888 | 10, 15, 20, 25 years | One premium | ₹3 Lakh | One premium covers a married couple, with ₹70 per ₹1,000 added every year of the term. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| Bima JyotiNo. 760 | 15 to 20 years | Term minus 5 years | ₹1 Lakh | Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year. |
| New Jeevan AnandNo. 715 | 15 to 35 years | The full term | ₹2 Lakh | Endowment savings that keeps paying life cover after the policy matures. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC New Jeevan Sathi Limited Premium: frequently asked questions
Who can be covered under New Jeevan Sathi Limited Premium?
A married individual, who is the Primary Life Assured and the policyholder, together with his or her spouse. Both must be at least 18. Under Option I the maximum entry age is 45 on a 5-year premium term and 50 on 10 or 15 years, with maturity by age 75. Under Option II it is 40, or 35 on a 25-year term, with maturity by 60.
Does my spouse's age change the premium?
Yes. LIC works out the tabular premium on the ages of both lives assured, and both of you must meet the entry age limits and reach maturity by the maximum maturity age. LIC's sample premiums are all quoted with both lives the same age. This calculator asks for both ages and prices each life at its own age, so an older spouse raises the premium and a younger one lowers it.
What happens to the premiums if one spouse dies?
The Sum Assured on Death is paid to the surviving spouse and every premium falling due from the next policy anniversary is waived. The policy continues, the guaranteed additions keep accruing, and the second death or maturity pays out as normal. Rider premiums on the surviving spouse's life are not waived.
How are the guaranteed additions worked out?
At the end of each policy year LIC adds 7% of the total tabular annual premiums paid up to then. On LIC's illustration of ₹83,650 a year for 15 years, with the ₹10 lakh incentive taking the rate to 7.80%, the first year adds ₹6,525 and the fifteenth about ₹97,870, after which the addition stays at that level for the rest of the 25-year term.
What are the premium paying terms and policy terms?
Premiums for 5, 10 or 15 years. A 5-year premium term goes with a policy term of 10, 15, 20 or 25 years; 10 years of premium with 15, 20 or 25; 15 years with 20 or 25.
How much is the premium for ₹3 lakh?
LIC's sample yearly premiums under Option I, with both lives the same age, are ₹68,505, ₹33,045 and ₹20,715 at age 20 for a 15-year term paid over 5 years, a 20-year term over 10 and a 25-year term over 15. At age 35 they are ₹75,705, ₹37,035 and ₹25,095, and at 45, ₹1,12,470, ₹50,265 and ₹35,055. These are before taxes and for offline purchase.
Is there a rebate for a higher sum assured?
Not on the premium. From ₹5 lakh the guaranteed addition rate goes up instead, by 0.15% to 0.40% of premiums depending on the term, rising to 0.35% to 1.00% from ₹15 lakh. Buying online adds 0.75%, 0.95% or 1.25% by premium term, and existing policyholders get 0.05% to 0.10%.
What does it cost to pay monthly?
LIC multiplies the yearly premium by 0.5090 for half-yearly, 0.2568 for quarterly and 0.0861 for monthly instalments. Over a year that comes to 1.8%, 2.7% and 3.3% more than paying yearly. Monthly premiums are collected through NACH only.
Can the spouse be removed from the policy later?
Yes. If the joint life status changes for a reason other than death, the Primary Life Assured can apply in writing, with proof, to exclude the spouse. LIC then pays a refund and the policy continues as a single life policy on the Primary Life Assured.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against New Jeevan Sathi Limited Premium before deciding.
New Jeevan Sathi Single Premium
No. 888One premium covers a married couple, with ₹70 per ₹1,000 added every year of the term.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorBima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
Open calculatorNew Jeevan Anand
No. 715Endowment savings that keeps paying life cover after the policy matures.
Open calculator