LIC New Jeevan Sathi Plan 888 Calculator

LIC New Jeevan Sathi Plan 888 Calculator build to helps a married couples to understand the premium and benefits of this joint-life policy. After entering the ages of both spouses, policy term, Basic Sum Assured and death benefit option, then the calculator shows estimated single premium, Guaranteed Additions, maturity benefit and death benefits.

The official name of this policy is LIC’s New Jeevan Sathi – Single Premium. Its plan number is 888 and UIN is 512N393V01. The plan became available for purchase from 1 June 2026.

Only one premium is paid at the start of the policy. Both spouses are covered under the same policy. The benefits of this policy is not linked to the share market, and the plan does not earn a bonus. Its Guaranteed Additions and policy benefits are fixed according to the policy terms.

Important: This calculator is made for understanding the plan. The premium shown is an estimate. LIC’s final quotation can change because of the ages nearer birthday of both spouses, medical and financial underwriting, riders, rebates, extra premium and the Tax Rule applicable on the purchase date. The official LIC benefit illustration and policy schedule will be final.

What Is the LIC New Jeevan Sathi Plan 888 Calculator?

This calculator packed with premium and benefit calculations into one place to make calculations easy to understand. It checks whether the entered ages and policy term are allowed under Option I or Option II. It then applies the selected Basic Sum Assured, applicable rebate details and plan formulas.

The given result by calculator can include:

• Estimated Tabular Single Premium
• Applicable premium rebates
• Estimated single premium payable
• Sum Assured on Death
• Annual and total Guaranteed Additions
• Maturity benefit
• First-death and second-death benefits
• Estimated maturity date and year-wise details
• Indicative GSV-based surrender and loan values

The result helps compare policy terms and death benefit options to get better overview of this policy.

Also Check:

• New Jeevan Sathi Plan 889 Calculator
• New Jeevan Sathi Plan 197 Calculator
• Jeevan Saathi Plan 89 Maturity Calculator
• LIC Jeevan Sathi Calculator

What Is LIC New Jeevan Sathi – Single Premium Plan 888?

LIC New Jeevan Sathi Plan 888 is a joint-life savings and insurance plan for a married individual and spouse. The buyer is the Primary Life Assured and the spouse is the Secondary Life Assured.

The Primary Life Assured is the policyholder at the start. If the Primary Life Assured dies during the policy term, the surviving spouse becomes the policyholder and the policy continues.

If at least one spouse survives to maturity, LIC pays the Basic Sum Assured plus accrued Guaranteed Additions. The policy must not have ended earlier due to surrender, second death or another termination condition.

Highlights of the LIC New Jeevan Sathi Plan 888 Calculator

• Covers both Option I and Option II.
• Checks the age and policy-term limits for both spouses.
• Estimates the one-time premium and available rebates.
• Calculates Guaranteed Additions and maturity benefit.
• Shows first-death, second-death and simultaneous-death benefits.
• Provides a year-wise view of the policy benefits.
• Shows an indicative GSV-based surrender value and loan amount.
• Separates guaranteed policy benefits from estimated premium figures.
• Works for different Basic Sum Assured amounts starting from ₹3 lakh.

LIC New Jeevan Sathi Plan 888 Eligibility Conditions

Both spouses must meet the age limits of the selected option.

LIC does not state a fixed maximum Basic Sum Assured. The amount accepted will depend on underwriting and financial eligibility.

Option I and Option II Explained

The death benefit option must be selected while buying the policy. It cannot be changed later.

The Tabular Single Premium is the premium before high Sum Assured rebate, online rebate, existing-policyholder rebate, rider premium, underwriting extra and tax.

Option I has wider age limits and allows policy terms of up to 25 years. Option II normally gives higher death cover, but it has lower age limits and only 10-year and 15-year policy terms. The premium and death cover should be compared before selecting an option.

How to Use the LIC New Jeevan Sathi Plan 888 Calculator

1. Select Option I or Option II. The calculator will show the terms allowed under that option.
2. Enter the age nearer birthday of the Primary and Secondary Life Assured. The minimum entry age is 18 years completed.
3. Select the policy term. The term must keep both spouses within the maturity-age limit.
4. Enter a Basic Sum Assured of at least ₹3,00,000 in multiples of ₹25,000.
5. Choose online or offline purchase and select a rebate category only when its official conditions are met.
6. Enter the policy start date to estimate the maturity date.
7. Press the calculate button. Check the estimated premium, Sum Assured on Death, annual Guaranteed Addition and maturity benefit before opening the year-wise details.

Formulas Used in the Calculator

Guaranteed Addition

LIC provides ₹70 per ₹1,000 of Basic Sum Assured at the end of each policy year.

Annual Guaranteed Addition =
Basic Sum Assured ÷ 1,000 × ₹70

Total Guaranteed Additions at Maturity =
Annual Guaranteed Addition × Policy Term

Maturity Benefit =
Basic Sum Assured + Total Guaranteed Additions

This also means the maturity benefit, before any deduction allowed under the policy, is:

Death Benefit

Option I Sum Assured on Death =
Higher of Basic Sum Assured or
1.25 × Tabular Single Premium

Option II Sum Assured on Death =
10 × Tabular Single Premium

First-Death Benefit =
Sum Assured on Death

Second-Death Benefit =
Sum Assured on Death + Accrued Guaranteed Additions

Simultaneous-Death Benefit =
First-Death Benefit + Second-Death Benefit

On second death, the Guaranteed Addition for the year of death is counted for the full policy year.

Real Calculation Example

Consider the official LIC illustration with these details:

The annual Guaranteed Addition is:

₹10,00,000 ÷ 1,000 × ₹70
= ₹70,000 per year

Total Guaranteed Additions after 20 years are:

₹70,000 × 20
= ₹14,00,000

The maturity benefit is:

Basic Sum Assured             ₹10,00,000
Total Guaranteed Additions    ₹14,00,000
Estimated Maturity Benefit    ₹24,00,000

In LIC’s illustration, the single premium without GST is ₹8,12,750 after the applicable premium adjustment, and the Sum Assured on Death is ₹10,52,188. Therefore:

• First death during the policy term: ₹10,52,188
• Second death at the end of policy year 10: ₹10,52,188 + ₹7,00,000 = ₹17,52,188
• Maturity after 20 years, if at least one spouse survives: ₹24,00,000

These amounts do not include rider benefits. Any outstanding policy loan and interest may also be deducted from the amount payable.

Premium Rebates

High Basic Sum Assured Rebate

The high Basic Sum Assured rebate is deducted from the Tabular Single Premium. It is stated per ₹1,000 of Basic Sum Assured.

The 20-year and 25-year columns apply only where those terms are available. Option II does not offer these terms.

An online proposal completed without an agent or intermediary gets a rebate of 2% of the Tabular Single Premium. A separate term-based rebate is available to eligible existing policyholders and eligible nominees or beneficiaries of deceased policyholders. The official eligibility rules must be met.

Surrender Value

The policy can be surrendered during the policy term. LIC pays the higher of:

1. Guaranteed Surrender Value plus the surrender value of accrued Guaranteed Additions; or
2. Special Surrender Value.

Tax, rider premium and underwriting extra are not included in the single premium used for this calculation. Accrued Guaranteed Additions are not simply added in full. LIC applies the GSV factor for the selected policy term and surrender year.

The calculator can show an indicative GSV-based amount. It cannot confirm the Special Surrender Value because LIC reviews that value under the rules applicable at the time of surrender. Early surrender may give less than the amount originally paid.

Policy Loan

A loan can be taken after three months from the policy issue date or after the free-look period ends, whichever is later. The maximum loan depends on the policy year.

The loan amount displayed by the calculator is based on its estimated surrender value. LIC will calculate the final surrender value, loan amount and interest rate when the loan is approved. Outstanding loan and interest are recovered from policy benefits.

Optional Riders

LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider are available for both spouses at the start on payment of an extra premium. The combined rider premium cannot exceed 30% of the base-plan premium. Each rider’s Sum Assured cannot exceed the Basic Sum Assured, and the Secondary Life Assured’s rider cover cannot be higher than the Primary Life Assured’s rider cover.

Death and Maturity Benefits in Instalments

The policyholder may choose to receive all or part of a death or maturity benefit in instalments over 5, 10 or 15 years. Payments can be monthly, quarterly, half-yearly or yearly.

The option for death benefits can be selected during the policyholder’s lifetime while the policy is active. The maturity settlement option must be selected at least three months before the maturity date. If the claim amount is too small to provide the required minimum instalment, LIC pays it as a lump sum.

Important Policy Rules

• Free-look period: The policy can be returned within 30 days of receiving the policy document. LIC may deduct proportionate risk premium, medical costs and stamp duty.
• No grace period or revival: There are no future base premiums because the premium is paid once.
• Suicide exclusion: For suicide within 12 months from commencement of risk, LIC pays the higher of 80% of the eligible single premium or the available surrender value. The policy then ends.
• Tax Rule: LIC’s current illustration shows GST as exempt, but the tax applicable on the purchase date will follow the prevailing law.

Who May Consider to Buy This Plan?

The plan may be useful for a married couple who wants one policy covering both spouses, can pay a large amount once and prefers fixed benefits instead of market-linked returns. It may also suit a couple who wants the policy to continue for the surviving spouse after the first death.

It may not be suitable when the main need is a large life cover at a low premium. A pure term insurance plan normally provides more cover for the premium when protection is the only goal. It may also be unsuitable if the single premium may be needed for an emergency, because early surrender can give a lower value.

Frequently Asked Questions

1. Is LIC New Jeevan Sathi Plan 888 a single-premium policy?

Yes. The base premium is paid once when the policy starts.

2. What happens after the first death?

LIC pays the Sum Assured on Death to the surviving spouse, and the policy continues.

3. How is the maturity benefit calculated?

It is the Basic Sum Assured plus accrued Guaranteed Additions, provided at least one spouse survives to maturity.

4. Can LIC New Jeevan Sathi Plan 888 be surrendered?

Yes. LIC pays the higher of the applicable GSV-based amount or Special Surrender Value. Early surrender may give less than the premium paid.

5. Does the calculator show the final LIC premium?

No. LIC’s underwriting decision, benefit illustration and policy schedule determine the final premium and benefits.

Conclusion

LIC New Jeevan Sathi Plan 888 Calculator shows how both spouses’ ages, Basic Sum Assured, policy term and death benefit option affect the estimated premium and benefits. Option I has wider age and term choices, while Option II normally provides higher death cover with stricter limits. Always compare the result with LIC’s official quotation and benefit illustration before purchase.