LIC Jeevan Sathi Plan 888, officially called LIC’s New Jeevan Sathi – Single Premium, is a joint life insurance plan for married couples. It is designed for people who want life cover for both husband and wife under one policy, along with guaranteed savings benefits.

The plan is a single premium plan, which means the policyholder pays the premium only once at the beginning of the policy. LIC describes this product as a non-par, non-linked, individual life savings plan with guaranteed additions.

The main purpose of a LIC Jeevan Sathi Plan 888 calculator is to help users estimate the single premium, guaranteed additions, maturity amount, and possible death benefit before buying the policy. However, it is important to understand one thing clearly: an online calculator can give only an estimate unless it uses LIC’s official premium rates.

The final premium depends on LIC’s underwriting rules, the age of both lives, the selected death benefit option, the basic sum assured, the policy term, rebates, riders, and applicable taxes.

Launch Date

The launch date / availability date of LIC Jeevan Sathi Plan 888 is 1 June 2026. This means the plan is available for sale from 01/06/2026 through LIC’s offline channels such as agents and branches, as well as online through LIC’s official website.

What Is LIC Jeevan Sathi Plan 888?

The LIC Jeevan Sathi Plan 888 is a joint-life, single-premium endowment plan. A married individual, called the Primary Life Assured, can take this policy with his or her spouse, called the Secondary Life Assured. The Primary Life Assured is the policyholder at the start. If the Primary Life Assured dies, the Secondary Life Assured becomes the policyholder.

This makes the plan different from a normal single-life endowment plan. Here, both spouses are covered under one policy. The plan gives protection during the policy term and also pays a maturity benefit if at least one of the lives survives until maturity.

The plan is non-linked, so it is not connected to the stock market. It is also non-participating, so it does not earn a bonus or share in LIC’s surplus. The benefit amounts are fixed and guaranteed as per the policy terms.

Key Features of LIC Jeevan Sathi Plan 888

Feature	Details
Plan name	LIC’s New Jeevan Sathi – Single Premium
Plan number	888
UIN	512N393V01
Plan type	Non-par, non-linked, life, individual savings plan
Premium payment	Single premium only
Lives covered	Husband and wife under one policy
Minimum basic sum assured	₹300,000
Sum assured multiple	₹25,000
Guaranteed additions	₹70 per ₹1,000 basic sum assured per year
Availability date	01/06/2026
Withdrawal date	Not mentioned in official brochure/page

Eligibility Conditions

The policy can be taken only for a married couple. Both lives must meet the age rules. The minimum entry age is 18 years completed for both Option I and Option II. For Option I, the maximum entry age is 60 years on their nearest birthday. For Option II, the maximum entry age is 35 years on their nearest birthday. Policy terms under Option I are 10, 15, 20, and 25 years, while Option II allows 10 and 15 years only.

Condition	Option I	Option II
Minimum entry age	18 years completed	18 years completed
Maximum entry age	60 years until my birthday	35 years until my birthday
Policy terms	10, 15, 20, 25 years	10, 15 years
Minimum maturity age	28 years completed	28 years completed
Maximum maturity age	75 years until my birthday	50 years nearer birthday
Minimum basic sum assured	₹3,00,000	₹3,00,000
Premium payment term	Single premium	Single premium

How LIC Jeevan Sathi Plan 888 Calculator Works

A good LIC Jeevan Sathi Plan 888 calculator should ask for these details:

1. Age of Primary Life Assured
2. Age of Secondary Life Assured
3. Basic Sum Assured
4. Policy Term
5. Death Benefit Option: Option I or Option II
6. Online or offline purchase
7. Rider selection, if any
8. Existing policyholder or nominee rebate, if applicable

After this, the calculator should estimate the single premium, guaranteed additions, maturity benefit, and death benefit. But the premium part needs LIC’s official tabular premium rates. Without the official rate table, a calculator should not claim to provide the final premium for every age and term.

Guaranteed Addition Calculation

This is the easiest part of the calculation because LIC has clearly mentioned the guaranteed addition rate. The plan gives ₹70 per ₹1,000 basic sum assured for every policy year.

The formula is:

Annual Guaranteed Addition = Basic Sum Assured × 70 / 1000

Total Guaranteed Addition = Annual Guaranteed Addition × Policy Term

For example, if the basic sum assured is ₹10,00,000 and the policy term is 20 years:

Annual Guaranteed Addition = ₹10,00,000 × 70 / 1000
= ₹70,000 per year

Total Guaranteed Addition = ₹70,000 × 20
= ₹14,00,000

So, the maturity benefit would be:

Basic Sum Assured + Total Guaranteed Addition
= ₹10,00,000 + ₹14,00,000
= ₹24,00,000

This is a simple estimate of the guaranteed maturity amount before considering any settlement option.

Maturity Benefit

The maturity benefit is paid if at least one of the two lives assured survives until the date of maturity. LIC states that the maturity benefit is equal to the basic sum assured plus accrued guaranteed additions.

So, in simple words:

Maturity Benefit = Basic Sum Assured + Total Guaranteed Additions

This makes the maturity calculation easy for users. The higher the basic sum assured and the longer the policy term, the higher the guaranteed additions.

Death Benefit Options

LIC Jeevan Sathi Plan 888 gives two death benefit options. The option must be selected at the proposal stage and cannot be changed later.

Under Option I, the Sum Assured on Death is the higher of the following:

• 1.25 times the tabular single premium, or
• Basic Sum Assured

Under Option II, the Sum Assured on Death is:

• 10 times the tabular single premium

The meaning of “tabular single premium” is important. LIC defines it as the premium based on the chosen death benefit option, basic sum assured, and the ages of both lives, before allowing rebates, loadings, underwriting extras, taxes, or rider premiums.

What Happens on First Death?

If one life assured dies during the policy term after the commencement of risk but before maturity, LIC pays the sum assured on death. After this payment, the policy continues for the surviving life assured.

This is one of the biggest benefits of the plan. In many policies, the policy ends after the first death claim. But in this plan, the surviving spouse continues to remain covered.

What Happens on Second Death?

If the second life assured also dies during the policy term, LIC pays the sum assured on death along with accrued guaranteed additions. After this payment, the policy ends.

This means the plan provides a layered protection structure. The first death gives immediate financial help, and the second death gives the death benefit plus accumulated guaranteed additions.

What Happens If Both Die at the Same Time?

If both lives die simultaneously during the policy term, LIC pays the applicable benefit for first death and second death as per the policy rules. After that, the policy terminates.

Sample Premiums from LIC Brochure

LIC has given sample illustrative single premiums for a basic sum assured of ₹3,00,000 for standard lives, assuming the same age for both lives and offline sales. The premiums are exclusive of taxes, if any.

Age of Both Lives	Option I: 10 Years	Option I: 15 Years	Option I: 20 Years	Option I: 25 Years
20 years	₹2,97,195	₹2,69,940	₹2,38,635	₹2,08,740
35 years	₹3,02,340	₹2,79,180	₹2,52,525	₹2,27,115
50 years	₹3,46,560	₹3,45,495	₹3,36,510	₹3,23,940

Age of Both Lives	Option II: 10 Years	Option II: 15 Years
20 years	₹3,56,850	₹3,48,930
25 years	₹3,61,095	₹3,62,790
35 years	₹4,27,620	₹5,36,475

These sample figures are useful for understanding how premiums may change with age, term, and option. But they should not be treated as the final quote for every person.

Online Rebate and Other Rebates

LIC mentions a 2% rebate on tabular single premiums for proposals completed through online sales without assistance from an agent or intermediary. There is also a high sum assured rebate and a rebate for existing policyholders or nominees/beneficiaries of deceased policyholders, subject to LIC’s conditions.

For a calculator, these rebates matter because they can reduce the premium. A basic calculator that ignores rebates may show a higher premium than the actual payable amount.

Riders Available

The LIC Jeevan Sathi Plan 888 also allows optional rider benefits by paying an additional premium at inception. The riders mentioned in the brochure are LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider. These riders are available for both life, subject to terms and limits.

A calculator should ideally include riders as optional add-ons. However, rider premiums depend on age, cover amount, and LIC rules, so the final amount should be checked from LIC or an authorised source.

Loan Facility

The plan provides a loan facility within the surrender value. LIC says a loan can be taken any time after three months from policy issuance or after the free-look period, whichever is later. The maximum loan allowed depends on the policy year and is calculated as a percentage of surrender value. For example, it is 50% of the surrender value in the first and second policy years, and it can go up to 70% from the tenth policy year onwards.

This feature can be helpful if the policyholder needs liquidity without surrendering the policy.

Surrender Value

LIC allows the policy to be surrendered at any time during the policy term. On surrender, LIC pays the higher of the guaranteed surrender value plus the surrender value of accrued guaranteed additions or the special surrender value. The guaranteed surrender value is 75% of the single premium during the first three policy years and 90% of the single premium thereafter. Taxes, rider premiums, and extra premiums are not included in this single premium for surrender calculation.

This is important because single premium plans require a large amount at the beginning. A user should understand the surrender rules before purchasing the policy.

Free Look Period

If the policyholder is not satisfied with the policy terms and conditions, the policy can be returned within 30 days from receipt of the electronic or physical policy document, whichever is earlier. LIC will cancel the policy and return the single premium after deducting applicable charges such as proportionate risk premium, medical examination expenses, and stamp duty.

Tax Treatment

LIC says statutory taxes, if any, will be as per tax laws and applicable rates from time to time. It also advises policyholders to consult a tax advisor for income tax benefits or implications.

So, any LIC Jeevan Sathi Plan 888 calculator should not promise fixed tax savings. Tax treatment can change, and it also depends on the policyholder’s personal financial situation.

Why Use a LIC Jeevan Sathi Plan 888 Calculator?

A calculator is useful because this plan has many moving parts. The premium depends on both spouses’ ages, policy term, death benefit option, sum assured, purchase channel, riders, and rebates. The maturity benefit is easier to estimate because guaranteed additions are fixed, but the premium needs official rates.

A good calculator helps users answer practical questions such as:

• How much single premium may I need to pay?
• What maturity amount can I expect?
• How much guaranteed addition will accrue every year?
• Which option may suit my protection need?
• How does the policy term affect benefits?
• Is the premium affordable for my family?

Simple Calculator Example

Let us take a simple example.

Basic Sum Assured: ₹10,00,000
Policy Term: 20 years
Guaranteed Addition Rate: ₹70 per ₹1,000
Annual Guaranteed Addition: ₹70,000
Total Guaranteed Addition: ₹14,00,000
Estimated Maturity Benefit: ₹24,00,000

This example shows how the maturity benefit can be calculated. But the single premium and death benefit require LIC’s official tabular premium for the selected age and option.

Who Should Consider This Plan?

LIC Jeevan Sathi Plan 888 may suit married couples who want one combined policy instead of two separate policies. It may also suit people who prefer guaranteed benefits over market-linked returns. Since it is a single premium plan, it is better for those who have a lump sum amount available and do not want the burden of yearly premium payments.

It may not be suitable for someone who wants high investment returns, market-linked growth, or very low initial payment. It is also not ideal for people who want flexibility to change the death benefit option later, because the selected option cannot be changed after purchase.

FAQs on LIC Jeevan Sathi Plan 888 Calculator

Conclusion

LIC Jeevan Sathi Plan 888 is a simple but structured joint life plan for married couples who want protection and guaranteed savings under one policy. Its biggest strengths are single premium payment, cover for both spouses, guaranteed additions, maturity benefit, death benefit options, surrender value, and loan facility.