Formula
P = (T − R) × S / 1000
T = A / (ä × (1 − λ))
M = G + (Σt=1n at) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- single 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
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- 1, since the premium is paid once, at the start
- λ
- expense loading, 5%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- 1, the single premium
In short (tl;dr)
New Jeevan Sathi Single Premium is a one-payment, non-participating endowment that covers a married couple in one policy. The first death pays the Sum Assured on Death to the survivor and the policy carries on; the second death or maturity pays again with ₹70 per ₹1,000 of guaranteed additions for every year.
Worked example: at 50, ₹5,00,000 of cover over 20 years costs ₹5,55,350 as a single premium and is projected to pay ₹12,00,000 at maturity, a return of 3.93% a year.
Did you mean New Jeevan Sathi Limited Premium? This page is the pay-once version. If you would rather pay for the same joint cover over 5, 10 or 15 yearly premiums, that is a separate plan with its own number and price list. Open the New Jeevan Sathi Limited Premium calculator (Plan 889).
What is LIC New Jeevan Sathi Single Premium?
New Jeevan Sathi Single Premium (Plan 888) 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 between 18 and 60 at entry under Option I, and the premium is worked out on both ages. If the Primary Life Assured dies first, the spouse becomes the policyholder.
The policy pays out up to twice. On the first death the Sum Assured on Death goes to the surviving spouse and the policy continues on that life. On the second death, or at maturity if either of you is alive, the policy pays again: the Sum Assured on Death plus all accrued guaranteed additions on a second death, or the Basic Sum Assured plus the additions at maturity.
The guaranteed addition is ₹70 per ₹1,000 of Basic Sum Assured at the end of every policy year of the term, so a 20-year policy accrues ₹1,400 per ₹1,000 and matures at 2.4 times the Basic Sum Assured. LIC's own illustration for a ₹10 lakh policy at age 35 on both lives puts the single premium at ₹8,12,750 and the maturity amount at ₹24,00,000.
The single 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. The maturity amount does not depend on age at all, because the additions are fixed per ₹1,000 of Basic Sum Assured.
Key features
- One premium covers a married couple in a single policy
- Sum Assured on Death paid on the first death, and the policy continues for the survivor
- Guaranteed Additions of ₹70 per ₹1,000 Basic Sum Assured every policy year of the term
- Policy terms of 10, 15, 20 and 25 years under Option I; 10 and 15 under Option II
- Two death benefit options: the higher of 1.25 times the tabular single premium and the Basic Sum Assured, or 10 times the tabular single premium
- High sum assured rebate from ₹5 lakh, larger on longer terms
- Loan from three months after issue, up to 50% to 70% of the surrender value by policy year
Which New Jeevan Sathi Single Premium term should you pick?
The term is the choice that moves everything else, and the brochure lists the options without ever setting them beside each other. Here they are at age 50 on ₹5,00,000 of cover, so the rows differ only by the term and the premium term that goes with it.
| Policy term | You pay for | Premium a year | Total paid in | Projected maturity | Return a year |
|---|---|---|---|---|---|
| 10 years | 1 years | ₹5,68,780 | ₹5,68,780 | ₹8,50,000 | 4.10% |
| 15 years | 1 years | ₹5,65,558 | ₹5,65,558 | ₹10,25,000 | 4.04% |
| 20 years | 1 years | ₹5,55,350 | ₹5,55,350 | ₹12,00,000 | 3.93% |
| 25 years | 1 years | ₹5,46,012 | ₹5,46,012 | ₹13,75,000 | 3.76% |
The gap between the first two columns is how long the cover runs on after the last premium: 9, 14, 19, 24 years, in the order above.
New Jeevan Sathi Single Premium at a glance
- Plan number
- 888
- Category
- Endowment
- Entry age
- 18 to 60 years
- Policy term
- 10, 15, 20, 25 years
- Premium paying term
- Single premium
- Sum assured
- ₹3 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N393V01
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 Single Premium?
What does LIC New Jeevan Sathi Single Premium pay on death?
On the first death, the Sum Assured on Death is paid to the surviving spouse and the policy continues. On the second death, the Sum Assured on Death is paid again with all accrued Guaranteed Additions, counting the year of death in full. Under Option I the Sum Assured on Death is the higher of 1.25 times the tabular single premium and the Basic Sum Assured; under Option II it is 10 times the tabular single premium. 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 Single Premium for?
A couple with a lump sum to place for 10 to 25 years who want both lives insured under one contract and a maturity amount fixed on the day the policy is issued.
What should you watch out for?
The death benefit option is fixed at the proposal and changes the price sharply: at age 35 on a 15-year term LIC's Option II premium is nearly twice Option I's. This calculator prices Option I; for Option II, open only up to entry age 35, ask LIC for the premium. On tax, Section 10(10D) (Schedule II of the Income-tax Act, 2025) exempts maturity proceeds only where the premium in any year stays within 10% of the sum assured, a test a single premium of 70% to 115% of the sum assured cannot pass, so check the tax on the maturity gain with an adviser first.
What does LIC New Jeevan Sathi Single Premium cost?
Worked out on a 20-year term with premiums paid for 1 year. Change any of these in the calculator above for your own figures.
By sum assured, at age 50
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹5,55,350 | ₹5,55,350 | ₹12,00,000 |
| ₹10,00,000 | ₹11,00,700 | ₹11,00,700 | ₹24,00,000 |
| ₹25,00,000 | ₹27,41,750 | ₹27,41,750 | ₹60,00,000 |
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 | ₹3,96,382 | ₹3,96,382 | ₹12,00,000 | 45 |
| 30 years | ₹4,00,689 | ₹4,00,689 | ₹12,00,000 | 50 |
| 40 years | ₹4,31,965 | ₹4,31,965 | ₹12,00,000 | 60 |
| 50 years | ₹5,55,350 | ₹5,55,350 | ₹12,00,000 | 70 |
Age moves this premium a long way: ₹3,96,382 at 25 becomes ₹5,55,350 at 50, 1.4 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 14 Sample Illustrative Premium, Option I (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 | 10-year term, 1 to pay | 15-year term, 1 to pay | 20-year term, 1 to pay | 25-year term, 1 to pay |
|---|---|---|---|---|
| 20 | ₹2,97,195 | ₹2,69,940 | ₹2,38,635 | ₹2,08,740 |
| 35 | ₹3,02,340 | ₹2,79,180 | ₹2,52,525 | ₹2,27,115 |
| 50 | ₹3,46,560 | ₹3,45,495 | ₹3,36,510 | ₹3,23,940 |
Priced on ₹3,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 50, 20-year term, 1-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
- ₹7,00,000
- Paid at maturity
- ₹12,00,000
- Return a year on the premiums
- 3.93%
When does LIC New Jeevan Sathi Single 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 20, 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 20 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 Single Premium?
Age to start
- Minimum
- 18 years
- Maximum
- 60 years
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
- Premium paying term
- One single premium
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 Single Premium sales brochure, linked in the form above.
What New Jeevan Sathi Single Premium pays if you surrender
The brochure sets its own percentages. The Guaranteed Surrender Value is 75% of the single premium during the first three policy years and 90% after that, excluding taxes, extra premium and rider premium. To it is added the accrued guaranteed additions times a factor that depends on the term and the policy year, for example 18.60% in year 1 and 35.00% in the last year of a 10-year term. 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 Single 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 ₹5,55,350 a year, which is 111.1% of the sum assured. That is above the 10% test, so both provisions are restricted for it. 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 Single 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
- ₹1121.70 per ₹1,000 at age 50, 20-year term, 1-year premium term
- Discount basis
- 6.22% a year, on LIC (2012-14) Ultimate mortality scaled to 200% for this plan's underwritten pool
- Guaranteed additions
- ₹70 per ₹1,000 for years 1 to 25
- 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 Single Premium on licindia.inLIC valuation and bonus declarationsIRDAI regulations
How LIC New Jeevan Sathi Single 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 Single PremiumNo. 888 · this page | 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. |
| New Jeevan Sathi Limited PremiumNo. 889 | 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. |
| Single Premium Endowment PlanNo. 717 | 10 to 25 years | One premium | ₹1 Lakh | Pay once, stay covered, collect the sum assured plus bonuses at the end. |
| Jeevan Utsav Single PremiumNo. 883 | 35 to 100 years | One premium | ₹5 Lakh | Pay once, then 10% of the sum assured every year for life after the addition period. |
| 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. |
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 Single Premium: frequently asked questions
Who can be covered under New Jeevan Sathi Single Premium?
A married individual, who is the Primary Life Assured and the policyholder, together with his or her spouse as the Secondary Life Assured. Both lives must meet the entry ages: 18 to 60 under Option I and 18 to 35 under Option II, with a maturity age of no more than 75 under Option I and 50 under Option II.
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 when one spouse dies during the term?
The Sum Assured on Death is paid to the surviving spouse and the policy continues on the survivor's life. If the Primary Life Assured is the one who dies, the spouse becomes the policyholder. The guaranteed additions keep accruing, and are paid on the second death or at maturity.
What is the maturity amount of New Jeevan Sathi Single Premium?
The Basic Sum Assured plus ₹70 per ₹1,000 for every year of the term: 1.7 times the Basic Sum Assured on a 10-year term, 2.05 times on 15 years, 2.4 times on 20 and 2.75 times on 25. It is paid if at least one of the couple survives to the end of the term.
How much is the single premium for ₹3 lakh?
LIC's sample premiums under Option I, with both lives the same age, are ₹2,97,195 at age 20 and ₹3,46,560 at age 50 on a 10-year term, and ₹2,08,740 at 20 and ₹3,23,940 at 50 on a 25-year term. These are before taxes and for offline purchase.
What is the difference between Option I and Option II?
The size of the death benefit. Option I pays the higher of 1.25 times the tabular single premium and the Basic Sum Assured. Option II pays 10 times the tabular single premium, which makes it far more expensive: LIC's sample premium at age 35 on a 15-year term is ₹5,36,475 for ₹3 lakh under Option II against ₹2,79,180 under Option I. Option II is open only to entry ages up to 35 and terms of 10 or 15 years. The choice is made at the proposal stage and cannot be changed.
Is there a rebate for a higher sum assured?
Yes, from ₹5 lakh, and it rises with the policy term. From ₹5 lakh it is ₹11, ₹13, ₹15 and ₹16 per ₹1,000 for 10, 15, 20 and 25 years; from ₹10 lakh, ₹21, ₹26, ₹29 and ₹32; from ₹15 lakh, ₹25, ₹30, ₹33 and ₹35. Buying online without an agent takes a further 2% off the tabular single premium.
What is the surrender value?
The policy can be surrendered at any time. The Guaranteed Surrender Value is 75% of the single premium in the first three policy years and 90% after that, plus a share of the accrued guaranteed additions that rises from about 15% to 35% over the term. LIC pays the higher of that and the Special Surrender Value.
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 Single Premium before deciding.
New Jeevan Sathi Limited Premium
No. 889Joint cover for a married couple, paid over 5, 10 or 15 years, with premiums waived after the first death.
Open calculatorSingle Premium Endowment Plan
No. 717Pay once, stay covered, collect the sum assured plus bonuses at the end.
Open calculatorJeevan Utsav Single Premium
No. 883Pay once, then 10% of the sum assured every year for life after the addition period.
Open calculatorBima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
Open calculator