LIC Jeevan Saathi Plan 89 is a withdrawn joint life endowment plan of LIC that covers husband and wife under a single policy and pays maturity along with bonuses if one or both survive till the end of the policy term. It was withdrawn from sale on 01 January 2014, so new policies are not available, but existing policyholders can still use a calculator to estimate premium, bonus and maturity values.

What is LIC Jeevan Saathi Plan 89?

LIC Jeevan Saathi Plan 89 is an endowment assurance plan issued on the lives of both spouses together in one policy. The plan provides life cover on two lives, builds savings, and pays a lump sum at maturity along with bonuses if at least one life survives till the end of the term.

• It is a joint life policy designed mainly for husband and wife who want protection and savings under one contract.
• The plan also offers different premium payment modes like yearly, half‑yearly, quarterly, and monthly or through salary deduction, which makes it convenient for salaried families.

Launch and withdrawal dates

LIC’s official website clearly shows Jeevan Saathi (Plan No. 89, UIN 512N081V01) under withdrawn plans. The plan’s “Date of Withdrawal” is given as 01.01.2014, and MyInsuranceClub also mentions 31‑12‑2013 as the last date of sale with 01‑01‑2014 as withdrawal.

• Launch date: Exact launch date is not clearly stated in the current official brochure, but most market references show it as an older traditional plan available well before 2010; many agents report it being sold in the early 2000s.
• Withdrawal date: Sale of LIC Jeevan Saathi Plan 89 stopped from 01 January 2014, as per LIC withdrawn plans list and the official Jeevan Saathi page.

For official verification, users can check the LIC withdrawn plans section and the Jeevan Saathi plan page:

• LIC Jeevan Saathi official page (withdrawn): https://licindia.in/lic-s-jeevan-saathi-plan-no.-89-uin-512n081v01
• LIC withdrawn plans list: https://licindia.in/withdrawn-plans

Key features of Jeevan Saathi Plan 89

The main highlight of Jeevan Saathi is that it covers both spouses in a single endowment policy and pays maturity even if one or both survive to the term end. This makes it useful for couples who want combined cover and long‑term savings.

Basic structure

• Type: Traditional endowment assurance joint life plan with profits (i.e., eligible for bonuses).
• Lives covered: Two adult lives (typically husband and wife) under one policy number.
• Benefit style: Death benefit on each insured event as per conditions, and maturity benefit (sum assured bonuses) on survival till term end.

Eligibility (typical)

Exact figures can vary by age and underwriting, but common eligibility details for this plan were:​

• Entry age: Usually from 18 years up to around mid‑50s for both lives, subject to underwriting norms.
• Policy term: Medium to long term (for example 15 to 30 years), chosen at proposal stage, keeping in mind maximum maturity age limits.
• Minimum sum assured: Generally ₹50,000 or more (actual minimum may vary by branch and time of purchase).

Premium payment

Premiums in Jeevan Saathi are payable throughout the term or till the first death of any life assured, whichever happens earlier. The plan allowed multiple modes, making budgeting easier.

• Modes available: Yearly, half‑yearly, quarterly, monthly (ECS / salary deduction also used widely).
• Premium paying term: Full policy term or up to the first death, after which further premiums for the policy usually stop as per plan rules.

How LIC Jeevan Saathi Plan 89 works

This plan combines life cover for both spouses and endowment‑style savings with bonuses, so understanding the working helps while using any calculator.

Coverage on two lives

• Both husband and wife are covered for the same sum assured or for separate sums assured depending on the version and underwriting.
• On the first death during the term, the applicable death benefit is paid (usually sum assured plus bonuses up to that time, as per policy conditions) and premiums may be waived for the remaining term.

Maturity benefit

• If one or both lives survive till the end of the policy term, the policy pays the sum assured plus vested bonuses as maturity benefit.
• This maturity amount is what most calculators estimate, by adding projected bonus per ₹1,000 sum assured for each policy year.

Bonuses

Jeevan Saathi was a “with‑profits” plan, so it participates in LIC’s profit distribution and receives bonuses as declared.

• Reversionary bonus: Declared per ₹1,000 sum assured every year and added to the policy, payable at maturity or on death, as applicable.
• Final additional bonus (if any): For long‑term policies, LIC sometimes adds a one‑time extra bonus at the time of maturity or claim.

Bonus rates are not guaranteed and change year to year based on LIC’s valuation, but once added to the policy, they become part of the guaranteed payout subject to policy terms.

What is LIC Jeevan Saathi Plan 89 Calculator?

A LIC Jeevan Saathi Plan 89 calculator is an online tool that helps policyholders or agents estimate premium, bonuses and maturity values for existing policies of this withdrawn plan. Since the plan is not sold now, calculators are mainly used for old policies and illustration purposes.

Main inputs

Most calculators for Jeevan Saathi Plan 89 ask for basic details to generate an estimate.

• Sum Assured (Face amount of policy)
• Age of husband and wife at entry
• Policy Term (in years)
• Premium Mode (yearly, half‑yearly, quarterly, monthly)
• Bonus rate assumption for projection (usually based on past LIC bonus trends)

Main outputs

Once the values are entered, the calculator shows a clear picture of the policy’s financials over the term.

• Yearly, half‑yearly, quarterly and monthly premium amount (approximate).
• Total premiums paid over the entire term.
• Estimated maturity value (sum assured + projected bonuses).
• Approximate return or benefit illustration for death during the term.

These calculators are only for illustration; actual benefits depend on LIC’s declared bonus rates and the exact policy wording applicable to that contract.

Sample benefit illustration table

Below is a simple illustrative example (not official values) to show how a Jeevan Saathi Plan 89 calculator might display results for a couple with a ₹5,00,000 sum assured and 20‑year term, assuming a notional bonus rate. This is only for understanding the structure, not for exact premium figures.

Actual bonuses, surrender values and premiums depend on LIC’s official rate charts and policy conditions, so users should always cross‑check with an LIC branch or official documentation.

Why a calculator is useful for this withdrawn plan

Even though Jeevan Saathi Plan 89 is discontinued, many policyholders are still in the middle of their terms and need clarity about future benefits. A dedicated calculator saves time and reduces confusion.

• It helps policyholders plan future goals like children’s education, home purchase or retirement by seeing approximate maturity value and timelines.
• LIC agents and financial planners can quickly generate illustrations for existing policies without manually referring to old rate books and bonus charts.

Important benefits and options

While the exact wording may vary from policy bond to policy bond, Jeevan Saathi generally provided protective features typical of LIC endowment plans.

Death benefit

• If either life dies during the policy term, the policy pays the death benefit (usually sum assured plus bonuses accrued till that time, subject to minimum benefit conditions).
• In many versions of joint life plans, after the first death, further premiums may be waived, but the policy continues till maturity for the surviving spouse; policyholders should check their bond for exact rules.

Maturity benefit

• On survival of one or both lives to the end of the term, the maturity sum assured plus vested bonuses is paid in lump sum.
• This maturity amount is what users generally track using a Jeevan Saathi Plan 89 calculator, especially in the later years of the policy.

Surrender and loan

After a minimum premium‑paying period, the plan usually acquired a surrender value and loan facility, similar to other traditional LIC policies.

• Surrender value: Available after paying at least 3 full years’ premiums, calculated as a percentage of total premiums plus some part of bonuses, as per LIC’s rules.
• Loan: Once surrender value is available, policyholders can generally take a policy loan against it for short‑term needs, subject to LIC’s loan‑to‑value limits.

Exact percentages and conditions should always be confirmed from the original policy bond or from LIC’s servicing branch.

Tax benefits

When Jeevan Saathi Plan 89 was active, it typically qualified for tax deductions and exemptions similar to other LIC life insurance plans under Indian tax rules applicable at that time.

• Premiums paid were generally eligible for deduction under Section 80C of the Income Tax Act, subject to prevailing rules and limits.
• Maturity and death benefits were usually eligible for tax exemptions under Section 10(10D), provided conditions regarding premium‑sum assured ratio and other provisions were met.

Since tax laws keep changing, existing policyholders should consult a tax professional or refer to latest income tax rules before claiming benefits.

Limitations of LIC Jeevan Saathi Plan 89

Every traditional plan has some limitations, and it is important to understand them while reading calculator results.

• It is a traditional, with‑profits plan, so returns depend heavily on bonus rates declared by LIC, which are not guaranteed in advance.
• Being an older plan, it may offer lower flexibility compared with modern ULIPs or term‑plus‑investment combinations, and surrendering early can lead to low surrender values.

Still, for those who kept the policy for the full term, LIC’s strong claim‑paying history and regular bonuses have generally made such plans stable long‑term savings options.

FAQs about LIC Jeevan Saathi Plan 89 Calculator

Conclusion

LIC Jeevan Saathi Plan 89 was a special joint life endowment plan for husband and wife that combined protection for both lives, long‑term savings and participation in LIC’s bonus profits. Although the plan was withdrawn from sale on 01 January 2014, many policyholders still hold active policies, and a Jeevan Saathi Plan 89 calculator is extremely helpful for them to understand likely premiums, bonuses, surrender values and maturity amounts in a simple way.