NEW DELHI: Life Insurance Corporation (LIC) of India on Tuesday launched two new joint life insurance products - LIC's New Jeevan Sathi Single Premium (Plan 888) and LIC's New Jeevan Sathi Limited Premium (Plan 889) - aimed at offering savings and protection benefits to married couples.

The non-linked, non-participating individual savings plans were launched by LIC CEO & MD R. Doraiswamy in the presence of Managing Directors R. Chander, Dinesh Pant and Ratnakar Patnaik.

The plans provide joint life cover for married individuals and their spouses under a single policy, with a minimum basic sum assured of Rs 3 lakh. LIC said the products offer guaranteed maturity and death benefits along with flexibility in choosing death benefit options.

Under Plan 888, policyholders need to pay a single premium, while Plan 889 allows premium payment for limited periods of 5, 10 or 15 years. Both plans will be available for purchase from June 1.