A jacketed light emitting diode assembly is provided, which includes a light emitting diode, a lens body containing a semiconductor chip and a set of positive and negative contacts exiting said lens body from a base portion. An electrical wire set of first and second electrical wires are connected to the positive contact and the negative contact, respectively. An integrally molded plastic jacket is provided at the base portion of the lens body around said positive and negative contacts and connection points between the contacts and the wire set to provide a seal at the base portion and at the connection points against moisture and airborne contaminants, whereby a portion of the first and second electrical wires project from the jacket to define bendable contacts for providing an electrical connection with a lamp husk. An optional light transmissive cover may further be provided. A waterproof light string including one or more of the jacketed light emitting diode assemblies is also provided, as are related methods.