LIC New Jeevan Sathi-Single Premium: Complete Review

Guaranteed Additions are fixed benefits that LIC credits to the policy every year during the policy term. Under LIC New Jeevan Sathi-Single Premium, the plan accrues guaranteed additions at the rate of ₹70 for every ₹1,000 of basic sum assured. These additions accumulate throughout the chosen policy term and are paid along with the maturity or applicable death benefit. Unlike bonuses in participating policies, these additions are predetermined and do not depend on LIC's future profits or investment performance. This feature offers predictability and helps buyers estimate future policy benefits more easily.

The plan offers two death benefit options that must be selected at the time of purchase. Option I provides the higher of 1.25 times the tabular single premium or the basic sum assured. Option II provides 10 times the tabular single premium. Since premiums and benefits differ under each option, LIC does not allow changes after policy issuance. Buyers should therefore evaluate their protection needs carefully before selecting an option. The choice directly affects the level of life cover available throughout the policy term.

LIC New Jeevan Sathi-Single Premium is available only to married couples. The policyholder becomes the primary life assured, while the spouse is covered as the secondary life assured. Entry age and policy term limits vary depending on the selected death benefit option. The minimum entry age is 18 years, while the maximum age varies by plan variant and underwriting criteria. Both spouses may be required to satisfy LIC's medical and underwriting requirements before policy issuance. Buyers should refer to the latest policy brochure for detailed eligibility conditions and age limits.

The minimum basic sum assured under LIC New Jeevan Sathi-Single Premium is ₹3 lakh. The chosen sum assured determines several key benefits, including guaranteed additions, death benefits, and maturity proceeds. While LIC specifies a minimum threshold, higher sums assured may qualify for premium rebates, depending on the policy terms in force at the time of purchase. There is generally no fixed maximum sum assured, although higher coverage amounts remain subject to LIC's underwriting guidelines and financial eligibility assessment. Buyers should select a sum assured that aligns with their protection and savings objectives.

The primary difference lies in how premiums are paid. New Jeevan Sathi Single Premium requires a one-time lump-sum payment at policy inception, after which no further premiums are due. The Limited Premium version allows premiums to be paid over a fixed period, such as 5, 10, or 15 years. Both plans provide joint-life coverage and guaranteed benefits, but the premium structure, benefit calculations, and certain policy features differ. Single Premium may appeal to buyers with surplus funds available upfront, while Limited Premium may suit those who prefer spreading payments over multiple years.

One of the key features of LIC New Jeevan Sathi-Single Premium is its joint-life structure. If the primary life assured passes away during the policy term, LIC pays the applicable death benefit to the surviving spouse. The policy does not terminate after the first death. Instead, the surviving spouse automatically becomes the policyholder and continues to enjoy policy benefits for the remaining term. This ensures that life insurance protection remains available for the second life assured. The final policy payout structure then depends on subsequent events and the applicable policy provisions.

The Jeevan Sathi LIC policy, or LIC New Jeevan Sathi, is a joint-life insurance plan designed for married couples. The Jeevan Sathi LIC plan combines life insurance protection with guaranteed savings benefits under a single policy. It offers joint-life cover, guaranteed additions, maturity benefits, and a premium waiver feature in certain variants if one spouse passes away during the premium-paying term. The plan is generally suited for conservative couples who value guaranteed benefits and the convenience of a single policy. However, buyers should compare it with separate term insurance and investment options before making a decision.

LIC New Jeevan Sathi-Single Premium can be surrendered at any time during the policy term. On surrender, LIC pays the higher of the Guaranteed Surrender Value (GSV) plus the surrender value of accrued Guaranteed Additions, or the Special Surrender Value (SSV). The GSV is 75% of the Single Premium during the first three policy years and 90% thereafter. Taxes, rider premiums, and extra premiums are excluded from this calculation. Accrued guaranteed additions are also considered, including proportionate additions for the ongoing policy year, which can enhance the final surrender value payable.