The Life Insurance Corporation of India (LIC) is set to launch two new joint life insurance policies in June 2026, New Jeevan Sathi Single Premium and New Jeevan Sathi Limited Premium. Both plans are designed for married couples and offer a combination of savings and life cover under a single policy.
What are LIC’s New Jeevan Sathi Plans?
The two new policies provide joint life insurance cover for spouses under one plan. One policyholder is treated as the primary life assured, while the spouse becomes the secondary life assured. Both plans also come with guaranteed additions, flexible payout options, loan facilities, and extra rider benefits for enhanced protection.
New Jeevan Sathi Single Premium Plan
The Single Premium version requires a one-time premium payment at the start of the policy. It offers guaranteed additions of Rs 70 for every Rs 1,000 of the basic sum assured throughout the policy term. Policyholders can choose between two death benefit options. Under Option I, the death benefit will be the higher of 1.25 times the tabular single premium or the basic sum assured. Under Option II, it will be 10 times the tabular single premium. The plan also gives policyholders the flexibility to receive maturity or death benefits in instalments over 5, 10, or 15 years instead of a lump sum amount.
Eligibility for Single Premium Plan
The minimum entry age for both spouses is 18 years. Under Option I, the maximum entry age is 60 years, while under Option II it is 35 years. The policy term options are 10, 15, 20, and 25 years under Option I, while Option II offers terms of 10 and 15 years. The minimum basic sum assured is Rs 3 lakh.
New Jeevan Sathi Limited Premium Plan
The Limited Premium version allows policyholders to pay premiums for a fixed period instead of making a one-time payment. Premium payment terms are available for 5, 10, or 15 years. One of the key features of this plan is the premium waiver benefit. If one spouse dies during the premium-paying term, future premiums are waived. The policy also offers guaranteed additions equal to 7 percent of the total annual premium paid.
Death Benefit Options in Limited Premium Plan
Under Option I, the death benefit will be the higher of seven times the tabular annual premium or the basic sum assured. Under Option II, the benefit will be the higher of 10.5 times the tabular annual premium or the basic sum assured. Like the Single Premium plan, this policy also allows instalment-based payouts over 5, 10, or 15 years.
Other Features of Both Plans
Both policies offer loan facilities to help policyholders manage emergency liquidity needs. LIC is also offering rebates for existing policyholders and nominees or beneficiaries of deceased policyholders. Customers can buy the plans through LIC agents, brokers, Insurance Marketing Firms (IMFs), corporate agents, or directly from the official LIC website.
Minimum and Maximum Sum Assured
For both policies, the minimum basic sum assured is Rs 3 lakh. There is no upper limit on the maximum sum assured, although approvals will depend on LIC’s underwriting policies. The Single Premium plan requires the sum assured in multiples of Rs 25,000, while the Limited Premium plan allows multiples of Rs 10,000.
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