LIC Jeevan Utsav Plan 771 Calculator
Whole Life Plan with Guaranteed Lifetime Returns & Optional Riders
Enter Policy Details
Planning for your future financial security is a smart decision. The Life Insurance Corporation of India (LIC), trusted by millions, offers the LIC Jeevan Utsav Plan 771, a whole life insurance plan designed to provide guaranteed lifelong income and protection.
What is LIC Jeevan Utsav Plan 771?
LIC Jeevan Utsav Plan 771 is a non-linked, non-participating whole life insurance plan. This means the policy is not linked to market fluctuations, ensuring stable and guaranteed returns. The plan offers both life cover till 100 years of age and guaranteed lifelong income after you complete the premium paying term.
You pay premiums for a limited period (5 to 16 years) and receive assured income for life thereafter, along with financial protection for your family in case of your untimely death.
Key Features of LIC Jeevan Utsav Plan 771
| Feature | Details |
|---|---|
| Plan Type | Non-Linked, Non-Participating, Whole Life Insurance |
| Entry Age | 30 days to 65 years |
| Maximum Maturity Age | 100 years |
| Premium Paying Term (PPT) | From 5 years to 16 years |
| Policy Term | Whole life (till 100 years of age) |
| Guaranteed Income Start | Upon completion of PPT |
| Survival Benefit Option | Regular Income or Flexi Income (accumulate option) |
| Death Benefit | Sum Assured on Death plus guaranteed additions |
| Loan Facility | Available after 1 year of policy |
| Riders Available | Accident Benefit, Disability, Term Rider, Critical Illness |
Benefits of LIC Jeevan Utsav Plan 771
1. Guaranteed Lifetime Income
Unlike many savings plans, LIC Jeevan Utsav guarantees an income for the rest of your life after you finish paying premiums. You can either receive a fixed income regularly or choose the flexi income option that lets you accumulate the income and withdraw later as per your needs.
2. Whole Life Coverage
This plan provides life insurance cover till the age of 100. This means your family gets financial protection anytime during the policy term.
3. Limited Premium Payment Term
You can select a premium-paying term between 5 to 16 years, making it flexible to match your financial capacity. Paying premiums for a limited time while enjoying lifelong benefits is an attractive advantage.
4. Guaranteed Additions
During the premium paying term, your policy accumulates guaranteed additions that enhance the total benefit payable on death.
5. Loan Facility
After the policy acquires a paid-up value, you can take a loan against your policy in times of financial need.
6. Optional Riders
Enhance your coverage with riders such as Accident Benefit Rider, Disability Benefit Rider, Term Assurance Rider, and Critical Illness Rider.
Understanding Death Benefit and Maturity Benefit
- Death Benefit: Upon the unfortunate death of the policyholder while the policy is in force, the nominee receives the Sum Assured on Death plus accrued guaranteed additions. The Sum Assured on Death is the higher amount between the Basic Sum Assured or seven times the annualized premium paid. Additionally, it will not be less than 105% of the total premiums paid until the date of death.
- Maturity Benefit: This plan does not offer a maturity benefit because it is a whole life insurance plan focusing on lifelong protection and income.
What is the LIC Jeevan Utsav Plan 771 Calculator?
The LIC Jeevan Utsav Plan 771 Calculator is an online tool that helps users estimate the premium to be paid and the benefits they can expect under the plan. By entering your age, sum assured, premium paying term, and other basic details, the calculator provides:
- Estimated premium amounts for different payment modes (yearly, half-yearly, quarterly, monthly)
- Projected guaranteed income after the premium paying term
- Death benefit amount
- Loan eligibility and surrender value information
This calculator simplifies financial planning by showing what you will get for the premium you pay and helps you compare different premium payment options.
How to Use LIC Jeevan Utsav Plan 771 Calculator
Using the LIC Jeevan Utsav calculator is straightforward:
- Enter your Age: The age at nearest birthday (between 30 days and 65 years).
- Select Sum Assured: Choose your basic sum assured amount, starting from ₹5,00,000 and above.
- Choose Premium Paying Term (PPT): Pick a premium payment duration between 5 to 16 years.
- Select Premium Payment Mode: Annually, half-yearly, quarterly, or monthly (via NACH or salary deduction).
- Calculate: The calculator will show your premium amount, death cover, guaranteed additions, and estimated guaranteed income after PPT.
Many LIC calculators, including LIC’s official calculators and trusted platforms like Policybazaar, offer this tool to get an instant estimate.
Example Calculation Scenario
Consider a 30-year-old policyholder who chooses a sum assured of ₹10,00,000 and a premium paying term of 10 years:
- Annual Premium: Approx. ₹86,000 (excluding GST)
- Guaranteed Additions during PPT: Accumulate yearly at a fixed rate (e.g., 5.5%)
- Guaranteed Income: After 10 years of paying premiums, receive fixed yearly income for life based on sum assured and additions
- Death Benefit: Sum assured on death (higher of 10,00,000 or 7 times annual premium), plus guaranteed additions
This scenario helps illustrate the balance of protection and income the plan offers. Exact premiums and benefits vary by age, health, and other factors.
Why Choose LIC Jeevan Utsav Plan 771?
- Financial Security for Your Family: Whole life cover ensures your dependents are protected anytime during your lifetime.
- Regular Income After Premium Term: An ideal plan for retirees or those seeking assured income post-retirement.
- Flexibility: Multiple premium payment terms and survival benefit options tailor the plan to your needs.
- Peace of Mind: non-linked and non-participating nature means your returns are guaranteed and not affected by market risks.
Flexi Income vs Regular Income Option
LIC Jeevan Utsav offers two options for survival benefits:
| Option | Description | Benefits |
|---|---|---|
| Regular Income | Receive fixed income payments periodically after PPT ends | Stable, predictable pension-like income |
| Flexi Income | Income accumulates with the plan, and you can withdraw as needed | Flexibility to use income based on cash flow |
This choice can be changed six months before the benefit payouts begin, providing adaptability to changing financial situations.
Important Considerations
- No Maturity Benefit: This plan does not pay any lump sum maturity benefit; the focus is on lifelong income and protection.
- Age Limits: The minimum entry age is 30 days, and the maximum is 65 years. The policy covers you up to 100 years of age.
- Tax Benefits: Premiums paid may qualify for tax benefits under Section 80C of the Income Tax Act, and the death benefit is generally tax-free under Section 10(10D). Consult a tax advisor for details.
- Policy Loans: You can avail loans against the policy after it acquires a paid-up value, useful for emergency financial needs.
- Rebates and Loadings: Premiums may be subject to rebate for high sum assured or online purchases and GST as applicable.
How to Buy LIC Jeevan Utsav Plan 771
You can purchase this plan through:
- LIC branch offices
- LIC agents
- Official LIC website or mobile app
- Trusted insurance aggregator websites like Policybazaar
Before purchasing, use the LIC Jeevan Utsav Plan 771 calculator to understand your premium obligations and benefits clearly.
Frequently Asked Questions (FAQs)
What is LIC Jeevan Utsav Plan 771?
LIC Jeevan Utsav Plan 771 is a non-linked, non-participating whole life insurance plan. It provides lifelong income after the premium payment term and insurance coverage till 100 years of age.
What is the minimum and maximum entry age for this plan?
The minimum entry age is 30 days, and the maximum entry age is 65 years.
How long do I have to pay premiums?
You can choose the premium paying term between 5 to 16 years, depending on your preference and financial capacity.
What benefits do I get after the premium paying term?
After completing premium payments, you start receiving guaranteed lifelong income payments. This income continues throughout your lifetime.
Is there a death benefit payable under this plan?
Yes, the nominee receives the higher of sum assured on death or 7 times the annual premium paid plus accumulated guaranteed additions on death of the policyholder during the policy term.
Does this plan offer any maturity benefit?
No, LIC Jeevan Utsav Plan 771 does not provide a maturity benefit. It focuses on lifelong income and family protection.
Can I enhance my plan with riders?
Yes, LIC Jeevan Utsav Plan 771 offers optional riders such as Accident Benefit Rider, Term Assurance Rider, Critical Illness Rider, Disability Benefit Rider, and Premium Waiver Benefit Rider for additional protection.
Conclusion
The LIC Jeevan Utsav Plan 771 is a well-rounded whole life policy ensuring lifelong income, family protection, and financial peace of mind. Its limited premium payment period with lifelong benefits makes it attractive for those planning for retirement or regular income post-working years. The availability of the LIC Jeevan Utsav Plan 771 calculator empowers prospective buyers to make informed choices tailored to their financial needs and life stage.