Is Plan 888 a single premium policy?

Yes. The brochure states that LIC New Jeevan Sathi–Single Premium has a one-time premium payment.

Is there a discretionary bonus under Plan 888?

No. It is a non-par, non-linked plan. The brochure says it is not entitled to discretionary bonuses or a share in surplus.

What is the guaranteed addition rate?

The brochure states a guaranteed addition of Rs. 70 per Rs. 1,000 of Basic Sum Assured at the end of each policy year during the policy term.

A married primary life assured can take the policy with their spouse as secondary life assured.

What is the minimum Basic Sum Assured?

The brochure states a minimum Basic Sum Assured of Rs. 3,00,000, in multiples of Rs. 25,000.

Can the policy be surrendered?

Yes. The policy may be surrendered at any time during the policy term. The payable surrender value is the higher of the Guaranteed Surrender Value and Special Surrender Value.

Is a policy loan available?

Yes, subject to brochure-stated conditions. The maximum permitted percentage depends on the policy year and surrender value.

Can death or maturity proceeds be taken in instalments?

Yes. The brochure provides death benefit and settlement options for 5, 10, or 15 years, subject to terms and minimum instalment amounts.

Is this calculator an official LIC quotation?

No. It is an educational calculator. LIC must confirm the final premium, underwriting, taxes, rider amounts, and policy values.

LIC New Jeevan Sathi–Single Premium Plan 888 Calculator Skip to calculator

Joint life · single premium · savings plan

LIC New Jeevan Sathi–
Single Premium Plan 888 Calculator

Q: What is payable on first death?

The stated Sum Assured on Death is payable and the policy continues on the surviving life assured.

Understand the brochure-stated benefit structure using the figures from your LIC quotation. The calculator does not create a premium rate or replace LIC’s underwriting decision.

Guaranteed Addition: ₹70 per ₹1,000 BSA / yearNon-par · non-linked

Editorial illustration of joint life protection, a home, and a planning ledger

Step 1 · policy inputs

Enter your quotation figures

Use the tabular single premium stated by LIC before rebates, loadings, taxes, and rider premium. It is needed to calculate the brochure-defined Sum Assured on Death.

Primary life age ?

Age nearer birthday.

Secondary life age ?

The secondary life assured is the spouse.

Death Benefit Option ?

Option I · Higher of 1.25× tabular SP or BSAOption II · 10× tabular SP

Policy term

Available terms change with the selected option.

Policy year for death / surrender view

Used for accrued GA, GSV, and loan estimate.

Basic Sum Assured (₹)

Minimum ₹3,00,000; only ₹25,000 multiples.

Tabular Single Premium before rebates (₹) ?

Obtain this exact number from LIC; the app does not generate rates.

Brochure-stated rebates

Online sale without agent / intermediary (2% of tabular SP) Eligible existing policyholder / nominee / beneficiary rebate

High BSA rebate will be calculated from the brochure table.

Estimated base single premium after selected rebates ₹0

Policy startGA accrues yearlySelected viewMaturity

Step 2 · calculation summary

Your policy view

All highlighted values are based on the brochure formulas and your entered tabular premium.

Policy Desk outcome statement · not an official LIC quoteTerm —

Base Single Premium

₹—

After selected brochure rebates; excludes tax, riders, and extra premium.

Maturity Benefit

₹—

Guaranteed, subject to policy terms

First-death benefit

₹—

Payable during term; policy then continues on surviving life.

Second-death benefit · selected year

₹—

Sum Assured on Death plus applicable accrued GA.

Guaranteed and non-guaranteed

Benefit composition

Plan 888 is a non-par, non-linked plan. This calculator therefore shows no discretionary bonus, investment return, or projected maturity component.

Base premium

₹—

Basic SA

₹—

Guaranteed Addition

₹—

Non-guaranteed benefit

₹0

Enter valid values and calculate to see an explanation.

Policy journey

When benefits are payable

The policy starts risk cover immediately on acceptance. Guaranteed Addition accrues at the end of every policy year.

Inception

First death

Second death

GA accrues

Maturity

Maturity: ₹—Basic Sum Assured plus full-term Guaranteed Additions, if at least one life survives to maturity.

Simultaneous death: ₹—Sum of applicable first- and second-death benefits in the selected policy year.

Surrender and loan

Guaranteed Surrender Value estimate

The actual surrender value is the higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). The brochure does not publish an SSV formula, so this calculator shows GSV only.

GSV · selected year

₹—

Premium component plus GA surrender value.

Maximum policy loan

₹—

Based on selected policy-year percentage.

The policy may be surrendered any time during term. No surrender value is available on riders. Payment of surrender value ends the policy.

Settlement option

Historical instalment illustration

For options commenced from 1 May 2025 to 30 April 2026, the brochure states 4.62% p.a. effective. This is a historical brochure rate, not a current rate.

Instalment period

Payment mode

Calculate first to see the maturity settlement illustration.

The brochure’s minimum instalments are ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, and ₹50,000 yearly. LIC decides whether a lump sum is required when the minimum cannot be met.

Year-wise guaranteed view

Guaranteed Addition and policy benefits

The table uses the brochure rate of ₹70 per ₹1,000 of Basic Sum Assured at the end of each policy year. It shows calculated benefits only; no Special Surrender Value is projected.

Policy year	Accrued Guaranteed Addition	First-death benefit	Second-death benefit	Guaranteed Surrender Value

Policy notes · simple Indian finance English

How Plan 888 works

This joint life plan is designed for a married individual and spouse. It uses a one-time premium, a chosen death benefit option, and a fixed Guaranteed Addition. The exact quoted premium still depends on LIC’s official pricing and underwriting.

What is the maturity benefit?

If at least one life assured survives to the date of maturity, the brochure states that Basic Sum Assured plus accrued Guaranteed Additions is payable. The Basic Sum Assured is the selected policy amount, while GA accrues at ₹70 per ₹1,000 BSA each policy year.

What happens on first and second death?

On first death during the policy term, Sum Assured on Death is payable and the policy continues on the surviving life. On second death, Sum Assured on Death plus accrued Guaranteed Additions is payable and the policy terminates. On simultaneous death, the applicable first- and second-death benefits are added.

What is the difference between Option I and Option II?

For Option I, Sum Assured on Death is the higher of 1.25 times Tabular Single Premium and Basic Sum Assured. For Option II, it is 10 times Tabular Single Premium. The option is selected at proposal stage and cannot later be changed.

Is any bonus or investment return added?

No discretionary bonus is included. The brochure describes this as a non-par product without discretionary benefits or share in surplus. The Guaranteed Addition is a fixed policy feature, not a projected bonus.

What are the age and term limits?

Both lives must be at least 18 at entry. Option I allows entry up to age 60 and terms of 10, 15, 20, or 25 years; Option II allows entry up to age 35 and terms of 10 or 15 years. The brochure also states maturity-age conditions.

How does the calculator treat the premium?

The app requires the Tabular Single Premium from an LIC quotation because the brochure does not provide every possible age and term premium rate. It deducts only the brochure-stated rebates that you select. Tax, rider premium, underwriting extra, and final LIC adjustments are not calculated.

Can I surrender the policy or take a loan?

The brochure permits surrender at any time during the term. Actual surrender value is the higher of GSV and SSV. This tool calculates GSV from the published premium percentage and GA factors but cannot calculate SSV. A loan is available subject to the surrender value and policy-year limits.

Which riders are mentioned?

The brochure mentions LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider, each subject to separate rider premium and conditions. The calculator does not price riders because rider rate tables are not contained in this brochure.

How are instalments handled?

Death benefit and maturity benefit may be taken in instalments for 5, 10, or 15 years, subject to conditions. The app offers a historical 4.62% p.a. brochure-rate illustration for options commenced in the stated 2025–26 period. The applicable rate may change.

What tax information does the brochure give?

The brochure states that statutory taxes apply as per the law in force, are collected in addition to premium where applicable, and are not included in benefit calculation. It asks policyholders to consult a tax adviser for income-tax implications.