LIC Jeevan Saathi Plan 89 Calculator
Joint Life Endowment Policy
Plan Number: 89 (Table No. 89)
UIN: 512N081V01
Plan Type: Joint Life Endowment Assurance Plan (With Profits)
Launch Date: Before 2014
Withdrawal Date: 01 January 2014
Calculate Your Premium & Benefits
Premium & Benefits
Annual Premium
Premium Payment Modes
Benefit on First Death
Maturity Benefit (Guaranteed)
Total Premium Paid
LIC Jeevan Saathi Plan 89 was a unique joint life insurance plan from LIC designed for married couples, offering endowment assurance benefits, dual life coverage, and bonus earnings. The plan was launched on July 1, 1985, and was withdrawn on January 1, 2014, making it unavailable to new customers after that date.
Introduction to LIC Jeevan Saathi Plan 89
LIC Jeevan Saathi Plan 89 was a traditional endowment assurance plan crafted specifically for married couples who wanted life cover and maturity benefits within one policy. Unlike regular life insurance plans, which cover only a single life, Jeevan Saathi covered both the Principal Life Assured and Spouse Life Assured, making it a distinctive offering.
This plan not only provided financial protection in case of unfortunate demise but also ensured maturity benefits with bonuses, ensuring peace and security for the couple and their dependents.
Key Features and Overview
Joint Life Cover
Jeevan Saathi allowed both husband and wife to be covered under a single policy. On the first death during the policy term, the surviving partner received the sum assured, and the policy continued until its maturity or the second death.
Maturity and Bonus Benefits
On surviving the term, the insured parties received the sum assured plus bonuses. This meant added growth and returns compared to standard endowment policies.
Premium Waiver
If one partner died during the tenure, the future premiums for the surviving insured were waived, and the life cover continued for the remaining life assured.
Multiple Term Flexibility
The policy term could be chosen between 15 to 35 years, providing flexibility based on different needs and ages.
Launch and Withdraw Dates
- Launch Date: July 1, 1985.
- Withdraw Date: January 1, 2014.
This means LIC Jeevan Saathi is not available for new applicants post-2014, though previously issued policies continue until maturity.
Eligibility Criteria
- Who Could Apply: Jeevan Saathi was available only to married couples—the Principal Life Assured (usually husband) and Spouse Life Assured (wife).
- Age Limits: Entry age, policy term, and equivalent age had specific combinations ensuring both lives saw coverage for the selected term.
- Sum Assured: Maximum sum assured for females had categories based on profession and medical history (like number of cesarean operations). Housewives could take coverage with some restrictions and medical conditions.
How LIC Jeevan Saathi Plan 89 Worked
Example Illustration
Let’s see an example for clarity:
- Age at entry: 35 years (husband and wife)
- Policy term: 25 years
- Sum assured: ₹1,00,000
- Yearly premium: ₹5,261
Scenario 1 – First Death (During Policy Term)
Suppose the husband dies during the term. The wife receives ₹1,00,000 as the sum assured immediately. The policy continues, and she is not required to pay future premiums, but life cover remains.
Scenario 2 – Second Death (During Policy Term)
If the wife (surviving partner) also dies during the remaining term, the nominee receives another ₹1,00,000 plus accrued bonuses.
Scenario 3 – Surviving Both Partners
If both survive the entire policy term, at maturity they get the sum assured plus accumulated bonuses from LIC.
Benefits in Detail
Death Benefits
- On the first death, the survivor receives the sum assured.
- Premiums are waived for the survivor.
- On the second death or at maturity, the nominee gets sum assured plus bonuses.
Maturity Benefits
Both partners, if alive at maturity, receive:
- Sum Assured
- Accrued Bonuses as declared by LIC
Surrender Value
- Surrender Value is available after 3 years of premium payment.
- Calculated based on the premiums paid and policy term.
Loan Facility
- Policyholders could avail loans on the surrender value once certain conditions were met.
Premium Payment Options
- Premium could be paid yearly, half-yearly, quarterly, or monthly.
- Premium varied based on age, sum assured, and term.
Bonus and Accruals
- LIC declared bonuses each year.
- These bonuses were added to policies and paid out either on maturity or at the final death claim.
LIC Jeevan Saathi Plan 89 Calculator Guide
What is the calculator?
A LIC Jeevan Saathi Plan 89 Calculator helps you estimate:
- Annual premium
- Sum assured
- Maturity benefit (including bonus)
- Surrender value
How to Use the LIC Jeevan Saathi Calculator
Input Basic Details
- Select plan: Jeevan Saathi (Plan 89)
- Age at entry for both lives
- Policy term (15-35 years)
- Sum assured
- Premium mode (Yearly, Quarterly, Monthly)
View Calculated Results
- Yearly premium
- Policy schedule table
- Death and maturity benefits
- Approximate bonuses
Use for Decision Making
- See premium affordability.
- Project maturity amount.
- Plan for surrender options or loan possibilities.
Example:
A person aged 35 chooses a policy term of 25 years, sum assured ₹1 lakh.
- Annual premium: ₹5,261
- Maturity value: ₹1 lakh plus accrued bonuses
Limitations of Calculator Estimates
- Bonus rates are projected based on historical data.
- Surrender values depend on actual bonuses declared.
- Exact figures might vary during payout—use calculators for planning only.
Who Should Consider This Plan?
- Married couples wanting joint protection.
- Those seeking dual life cover with waiver of premium.
- Individuals preferring traditional endowment plans with bonus accruals.
- Spouses in professions with higher risk or limited insurance options.
Important Points for Spouses and Housewives
- Policy allowed special provisions for housewives, such as income waivers and reduced premiums.
- For non-earning spouses, documentation was needed for a higher sum assured.
- Females with multiple cesarean operations had coverage limitations and extra premiums.
Advantages of LIC Jeevan Saathi Plan 89
- Dual coverage in a single policy.
- Waiver of premium on first death ensures continuation without financial stress.
- Bonus addition boosts final returns.
- Maturity payout if both partners survive ensures corpus for old age or future planning.
Disadvantages and Limitations
- Withdrawn in 2014—no new policies available.
- Restrictions for housewives and health conditions.
- Surrender and bonus rates are subject to LIC’s annual declarations.
- Not a pure term plan—maturity amount includes only sum assured and accumulated bonus (no market-linked returns).
How Jeevan Saathi Compared to Other LIC Plans
| Feature | Jeevan Saathi Plan 89 | Other Endowment Plans | Term Plans |
|---|---|---|---|
| Life Cover | Joint (Husband + Wife) | Single | Single |
| Premium Waiver | On First Death | Not Available | Not Available |
| Maturity Bonus | Available | Available | Not Available |
| Loan Facility | Yes | Yes | No |
| Policy Term | 15-35 years | 10-35 years | 10-50 years |
| Current Availability | Withdrawn | Available (some) | Available |
Frequently Asked Questions (FAQs)
What is LIC Jeevan Saathi Plan 89?
LIC Jeevan Saathi Plan 89 is a joint life endowment assurance plan for married couples, offering life cover for both spouses within a single policy and maturity benefits with bonuses.
Can new applicants buy LIC Jeevan Saathi Plan 89 now?
No, the plan was withdrawn by LIC on January 1, 2014, and is not available for new purchases. Only existing policyholders can continue their coverage.
What happens if one spouse dies during the policy term?
If either spouse passes away within the policy term, the surviving partner receives the sum assured. Further, all future premiums are waived, and the policy continues covering the surviving spouse.
Does the policy pay benefits if both spouses survive the policy term?
Yes, if both spouses are alive at the end of the policy term, they receive the sum assured along with all accrued bonuses as maturity benefit.
Are there any riders or optional add-ons available?
Yes, optional accident benefit riders and supplementary covers can be added by paying an extra premium for increased protection.
Conclusion
LIC Jeevan Saathi Plan 89 was a well-thought-out insurance scheme catering especially to Indian couples seeking dual protection, premium waiver on first death, and assured maturity along with bonuses.
While the plan is no longer available for new policyholders, its legacy continues through ongoing policies. If you hold such a policy or need to estimate your maturity or surrender values, online calculators remain a handy tool to plan your financial future with clarity.