LIC Jeevan Utsav Calculator
Plan No. 883, 871, 771 - Whole Life Insurance with Guaranteed Income
Plan Features:
• Entry Age: 30 days to 65 years
• Premium Paying Term: 5 to 16 years
• Minimum Sum Assured: ₹5,00,000
• Guaranteed lifetime income options available
Calculation Results
Note: This is an approximate calculation. Actual premium may vary based on medical underwriting, riders, and GST (currently 4.5%). Contact LIC agent for exact premium quotation.
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 premium ceasing at age 75.
Guaranteed Additions: Rs 40 per Rs 1,000 sum assured yearly during premium paying term (PPT). Survival benefits start after PPT: choose Regular Income (10% of sum assured yearly) or Flexi Income (accumulate at 5.5% interest).
Death benefit equals sum assured on death plus additions. Maturity pays the sum assured plus additions if 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 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 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
LIC Jeevan Utsav calculator estimates premiums, additions, income, and total benefits. Input age, sum assured, PPT (or deferment for 883), and mode. It shows 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 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 sum assured (min Rs 5 lakh). Step 3: Select 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 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 | Rs40/₹1000/yr PPT | Rs40/₹1000/yr PPT | Rs40/₹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, 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 installments 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 income option later?
No, choose regular/flexi at 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 paid.
Does calculator include GST?
Yes, most do (4.5% yr1).
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 LIC agent for personalized quotes. These plans blend insurance with savings reliably.