LIC New Jeevan Sathi Single Premium Plan (888) Calculator

LIC New Jeevan Sathi Single Premium Plan (888) Calculator

What this calculator does

LIC's New Jeevan Sathi Single Premium Plan (888) is a joint life, single premium, with-profit endowment assurance plan designed for couples. Both spouses (Life 1 and Life 2) are covered under one policy funded by a single, one-time premium - there are no recurring installments to track.

The plan pays out in three possible ways over the policy term:

• First Death Benefit - if either life dies during the policy term, the Basic Sum Assured plus Guaranteed Additions accrued up to that point is paid immediately to the survivor/nominee. Cover then continues on the surviving life for the rest of the term.
• Second Death Benefit - if the surviving life also dies before the term ends, the Basic Sum Assured plus Guaranteed Additions accrued up to that later date is paid again, independently of the first payout.
• Maturity Benefit - if both lives survive to the end of the policy term, the Basic Sum Assured plus Guaranteed Additions accrued over the full term is paid out once.

This calculator gives you an indicative estimate of:

• the single premium (base premium plus, if opted, the one-time Accident Benefit Rider premium) payable at entry
• the Guaranteed Additions accrued over the policy term
• the death benefit payable on either the first or second death, at various points in the policy term
• the maturity benefit payable if both lives survive the full term
• the age each life completes at maturity

based on both lives' entry ages, the Basic Sum Assured, the policy term, and whether you add the Accident Benefit Rider.

Formula Used

Single Premium. The illustrative single-premium rate (₹ per ₹1,000 Sum Assured) depends on the policy term (a longer term gives the single premium more years to earn investment return before a claim is likely, so the rate is lower) and rises with the older of the two entry ages, since the risk of a first-death claim is priced conservatively off the higher-risk life:

$$OlderAge = \max(Age_{Life1}, Age_{Life2})$$ $$PremiumRate(term) = \begin{cases} 900 & term = 10 \\ 820 & term = 15 \\ 760 & term = 20 \\ 710 & term = 25 \end{cases}$$ $$BaseSinglePremium = \frac{SumAssured}{1000} \times \big(PremiumRate(term) + OlderAge \times 4\big)$$

If you opt for the Accident Benefit Rider on Life 1, an additional one-time ₹1.50 per ₹1,000 of Sum Assured (capped at a Sum Assured of ₹50,00,000 for the rider) is added:

$$RiderPremium = \frac{\min(SumAssured,\ 50{,}00{,}000)}{1000} \times 1.5$$ $$TotalSinglePremium = BaseSinglePremium + RiderPremium$$

Guaranteed Additions. These accrue every policy year at an illustrative rate of ₹50 per ₹1,000 of Sum Assured:

$$GuaranteedAdditions(year) = \frac{SumAssured}{1000} \times 50 \times year$$

Death Benefit (First or Second Death). If a death occurs in a given policy year, the Sum Assured plus Guaranteed Additions accrued up to that year is paid:

$$DeathBenefit(year) = SumAssured + GuaranteedAdditions(year)$$

The same formula applies whether it is the first death or the second death - each triggers an independent payout based on how many policy years had elapsed at that time.

Maturity Benefit. If both lives survive the full policy term:

$$MaturityBenefit = SumAssured + GuaranteedAdditions(term)$$

Note: these rates are illustrative approximations for planning purposes, not LIC's official rate card, which is IRDAI-approved and can change over time. Always confirm exact figures with LIC or an authorized agent before purchasing a policy.

How to Use

1. Enter the Age at Entry for Life 1 and Life 2 (18 to 60 years each).
2. Enter your desired Basic Sum Assured (minimum ₹1,00,000).
3. Choose the Policy Term - 10, 15, 20, or 25 years. The older life's age plus the term must not exceed 75 years.
4. Choose whether to add the Accident Benefit Rider on Life 1.
5. Click Calculate Benefits to see your single premium, Guaranteed Additions, death benefit schedule, and maturity benefit.

Worked Example

Suppose Life 1 is 32 years old, Life 2 is 30 years old, you choose a Basic Sum Assured of ₹10,00,000, a Policy Term of 20 years, and no rider.

$$OlderAge = \max(32, 30) = 32$$ $$PremiumRate(20) = 760 + 32 \times 4 = 888$$ $$BaseSinglePremium = \frac{10{,}00{,}000}{1000} \times 888 = ₹8{,}88{,}000 \text{ (one-time)}$$

If either life were to die in policy year 10, the death benefit would be:

$$GuaranteedAdditions(10) = \frac{10{,}00{,}000}{1000} \times 50 \times 10 = ₹5{,}00{,}000$$ $$DeathBenefit(10) = 10{,}00{,}000 + 5{,}00{,}000 = ₹15{,}00{,}000$$

If both lives survive the full 20-year term, the Maturity Benefit would be:

$$GuaranteedAdditions(20) = \frac{10{,}00{,}000}{1000} \times 50 \times 20 = ₹10{,}00{,}000$$ $$MaturityBenefit = 10{,}00{,}000 + 10{,}00{,}000 = ₹20{,}00{,}000$$

Life 1 completes age 52 and Life 2 completes age 50 at maturity.