LIC Jeevan Utsav
plans offer guaranteed income for life with whole life insurance cover. Calculators for these plans help you estimate premiums, income, and benefits easily.
What is LIC Jeevan Utsav?
LIC Jeevan Utsav
is a series of non-linked, non-participating whole life insurance plans from Life Insurance Corporation of India. These plans provide lifelong protection and guaranteed survival benefits after a premium-paying term. They suit people seeking steady income post-retirement or for family security. Key perks include guaranteed additions during the premium term and flexible income options.
Users pay premiums for a limited time, then receive annual payouts for life. No bonuses apply since benefits are fixed and guaranteed. The minimum sum assured starts at Rs 5 lakh, with no upper limit based on underwriting.
LIC Jeevan Utsav Plan 771
Plan 771
, or New Jeevan Utsav, launched around late 2024 and remains active as of January 2026. It offers whole life cover up to age 100 with premiums paid for 5-16 years. Entry age ranges from 90 days to 65 years, with the premium ceasing at age 75.
Guaranteed Additions
: Rs 40 per Rs 1,000 sum assured yearly during the premium-paying term (PPT). Survival benefits start after PPT: choose Regular Income (10% of the sum assured yearly) or Flexi Income (accumulate at 5.5% interest).
A death benefit equals the sum assured on death plus additions. Maturity pays the sum assured plus additions if the surviving policy term (whole life). Riders like accidental death and term assurance add protection.
Premium modes: yearly, half-yearly, quarterly, and monthly. Loan and surrender are available after year 1 or 2.
LIC Jeevan Utsav Plan 871
Plan 871
launched on November 29, 2023, and withdrew on October 1, 2024. It shared features with the 771: PPT 5-16 years, guaranteed additions at Rs 40/₹1,000, and 10% annual income post-PPT.
Eligibility mirrored 771: age 90 days-65 years, min. sum assured Rs 5 lakh. Income options were regular or flexi with 5.5% compounding. Suicide clause: 80% of premiums back if within 12 months.
Though withdrawn, existing policies continue with full benefits. High sum-assured rebates applied.
LIC Jeevan Utsav Plan 883 (Single Premium)
LIC launched
Plan 883
, Jeevan Utsav Single Premium, via press release on January 6, 2026. Available for sale from January 12, 2026. This non-par, non-linked whole life plan requires a one-time premium payment.
Entry age: 30 days to 65 years; minimum sum assured: Rs 5 lakh, no upper limit per underwriting.
Guaranteed Additions
: Rs 40 per Rs 1,000 Basic sum assured yearly for 7-17 years (deferment period chosen by you).
Survival benefits post-deferment: Option I – 10% Basic Sum Assured yearly for life; Option II – Flexi Income (10% accumulates at 5.5% p.a. compound interest). Death benefit: Sum Assured on Death (higher of basic SA or 1.25x tabular single premium) + additions. Maturity: Similar to a death benefit if surviving the whole life term.
Riders: Accidental Death & Disability, New Term Assurance. Loan available post-surrender value; high SA rebate.
Jeevan Utsav Calculator Explained
The LIC Jeevan Utsav calculator
estimates premiums, additions, income, and total benefits. Input age, sum assured, PPT (or deferment for 883), and mode. It shows the annual premium (e.g., Rs 1-2 lakh for Rs 10 lakh SA depending on age/PPT), guaranteed additions (e.g., Rs 4.8 lakh for a 12-year PPT on Rs 10 lakh SA), and yearly income (Rs 1 lakh).
Formulas used
:
Additions = (SA / 1000) × 40 × PPT years
Regular Income = 10% × SA
Flexi growth after N years = Annual Income × [((1.055)^N – 1) / 0.055]
Online tools on sites like policybazaar.com or
liccalculator.info
factor GST (4.5% first year). The
official LIC
site has a premium calculator; select a plan for Jeevan Utsav. No launch/withdrawal impacts calculators for active plans.
How to Use the Calculator
Step 1: Enter age at entry and gender. Step 2: Choose the sum assured (min. Rs 5 lakh). Step 3: Select a PPT or deferment period. Step 4: Pick premium mode and riders if needed. Step 5: Click calculate for breakdown.
Example for a 30-year-old, Rs 10 lakh SA, 12-year PPT (Plan 771): Annual premium ~Rs 80,000-1 lakh; additions Rs 4.8 lakh; income Rs 1 lakh/year for life. Adjust for accurate quotes via agent.
Comparison Table: Jeevan Utsav Variants
Feature
Plan 771
Plan 871 (Withdrawn)
Plan 883 (Single Premium)
Launch Date
~2024
29.11.2023
06.01.2026
Withdrawal Date
Active
01.10.2024
None
Premium Type
Limited (5-16 yrs)
Limited (5-16 yrs)
Single
Additions
Rs 40/₹ 1000/yr PPT
Rs 40/₹ 1000/yr PPT
Rs 40/₹ 1000/yr, 7-17 yrs
Income Start
Post PPT
Post PPT
Post deferment
Min SA
Rs 5 lakh
Rs 5 lakh
Rs 5 lakh
Entry Age
90 days-65
90 days-65
30 days-65
All About LIC Jeevan Umang Policies
LIC Jeevan Umang
(Plan 945, revised from 845 in Feb 2020) is a participating whole life plan with profits. Unlike non-par Jeevan Utsav, it earns simple reversionary bonuses till PPT and then a differential bonus. Entry age: 90 days-55/60 years (varies PPT), policy term to 100 years.
Survival Benefit
: 8% of Basic Sum Assured (BSA) yearly post-PPT till maturity. Maturity: lump sum (BSA + bonuses). Death: BSA + bonuses or instalments over 5/10/15 years.
Min BSA Rs 2 lakh, no max; PPT 10/15/20 years for adults. Bonuses are declared yearly and are tax-free under 80C/10(10D). Riders: accidental death, premium waiver, term.
Variants
: Primarily one plan (945), no major sub-variants like Utsav. Earlier, 745/845 was revised to 945. Lifetime cover with limited premiums.
Calculator
: Estimates premium (~Rs 65k for Rs 10L BSA, age 30, 15 yr PPT), 8% income (Rs 80k/year), and maturity with bonuses.
Benefits and Eligibility
Benefits across plans
: lifelong income/protection, tax savings, loan/surrender, and riders. Jeevan Utsav guarantees fixed returns (effective ~6-8% IRR pre-tax); Umang adds bonuses (~5-7% extra).
Eligibility
: Healthy individuals; medical tests for high SA/age. Minors allowed. Exclusions: suicide first year (80% premiums).
FAQs
What is the main difference between Jeevan Utsav and Jeevan Umang?
Jeevan Utsav (non-par) gives fixed 10% income; Umang (par) gives 8% + bonuses.
Is Plan 883 available now (Jan 2026)?
Yes, from Jan 12, 2026.
Can I change the income option later?
No, choose regular/flexi at the start.
Are benefits tax-free?
Premiums under 80C; maturity/income under 10 (10D); conditions apply.
How to buy?
Online at licindia.in or via agent.
What if I surrender early?
Get surrender value after 2-3 years, less than what was paid.
Does the calculator include GST?
Yes, most do (4.5% yr 1).
Conclusion
LIC Jeevan Utsav calculators
simplify planning for lifelong security via plans like 771 (active), withdrawn 871, new 883, and bonus-earning Jeevan Umang. Pick based on premium type and income needs; consult an LIC agent for personalised quotes. These plans blend insurance with savings reliably.