The Life Insurance Corporation of India (LIC) has introduced two new plans New Jeevan Sathi-Single Premium and New Jeevan Sathi-Limited Premium.

Both are non-par, non-linked, individual, savings plans. These are joint life plans which offer a combination of savings and protection, LIC said after CEO and MD R. Doraiswamy launched the new plans. Both the products will be available for purchase from June 1.

The premium under New Jeevan Sathi-Single Premium is payable only once and it offers guaranteed additions at the rate of ₹70 per ₹1000 basic sum assured every year, throughout the Policy Term. Various options for selecting the policy term are available.

Unique features of the New Jeevan Sathi-Limited Premium include premium is payable for a limited period, guaranteed additions every year at the rate of 7% of total tabular annual premium for the premium paid throughout the policy term and benefit of premium waiver on the first death.

Both are joint life plans that cover a married individual along with his/her spouse in a single policy. The minimum basic sum assured is ₹3 lakh. Rebate in premium is available to existing policyholders and nominees/beneficiaries of deceased policyholders. Benefits payable on death or survival are guaranteed, LIC said in a release.