Both plans are non-linked, non-participating joint life endowment policies that provide guaranteed benefits and fixed returns, irrespective of market performance or LIC’s surplus.
The products will be available from June 2026 through both online and offline channels, including agents, brokers, corporate agents and Insurance Marketing Firms.
The policies are designed for spouses, with coverage extending to both the primary and secondary life assured under one plan. They also offer guaranteed additions, instalment-based settlement options, rider benefits and loan facilities.
Under the New Jeevan Sathi Single Premium plan, policyholders are required to pay a one-time premium. LIC said the policy offers guaranteed additions of ₹70 per ₹1,000 basic sum assured throughout the policy term. Customers can choose between two death benefit structures, with the higher payout linked either to the basic sum assured or a multiple of the premium paid.
The single premium variant offers policy terms of 10, 15, 20 and 25 years under one option, while another option is available for 10 and 15 years. Entry age starts at 18 years, with the minimum basic sum assured fixed at ₹3 lakh.
Meanwhile, the New Jeevan Sathi Limited Premium plan allows staggered premium payments over 5, 10 or 15 years. The policy provides guaranteed additions equivalent to 7% of the total annual premium paid and includes a premium waiver feature on the first death during the premium payment term.
The limited premium version also offers flexible policy terms ranging from 10 to 25 years and multiple death benefit options linked to annual premiums or the basic sum assured.
Both products allow policyholders to opt for settlement of maturity or death benefits in instalments over 5, 10 or 15 years instead of taking a lump sum payout. LIC has specified minimum instalment thresholds for monthly, quarterly, half-yearly and annual payouts.
The insurer said rebates will be available for existing LIC policyholders as well as nominees or beneficiaries of deceased policyholders. The plans also include optional rider benefits that can be availed by paying an additional premium.
