In short (tl;dr)
Jeevan Utsav is a non-participating whole life plan: guaranteed additions of ₹40 per ₹1000 while you pay, then a Regular Income Benefit of 10% of the sum assured every year, for life.
About LIC Jeevan Utsav
Jeevan Utsav (Plan 771) asks for premiums over a short window of 5 to 16 years. During that window it credits a Guaranteed Addition of ₹40 per ₹1000 of Basic Sum Assured each year. Three years after the last premium, the Regular Income Benefit starts: 10% of the Basic Sum Assured, every year, for the rest of the policyholder's life.
There are two income options fixed at inception. Regular Income Benefit pays the 10% annually as described. Flexi Income Benefit lets you defer and accumulate any instalment, drawing it later with interest, which suits someone whose income needs are lumpy.
Because the plan is non-participating, everything is contractual — the guaranteed additions, the 10% income and the death benefit. Nothing depends on LIC's bonus declaration. The trade-off, as always, is no upside if LIC's investment experience is good.
Key features
- Premium paying term as short as 5 years, up to 16
- Guaranteed Addition of ₹40 per ₹1000 sum assured for each year of the premium term
- Regular Income Benefit of 10% of the sum assured every year for life, starting three years after the last premium
- Flexi Income Benefit option to defer and accumulate instalments with interest
- Non-participating: every element of the benefit is contractual
Jeevan Utsav at a glance
- Plan number
- 771
- Category
- Whole Life
- Entry age
- 0 to 65 years
- Policy term
- 20 to 100 years
- Premium paying term
- 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 years
- Sum assured
- ₹5 Lakh and above
- Maximum maturity age
- 100 years
- UIN
- 512N363V02
We checked the UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under Jeevan Utsav
Death benefit
Sum Assured on Death — the higher of 7 times the annualised premium and the Basic Sum Assured, never less than 105% of premiums paid — plus the accrued Guaranteed Additions, payable whenever death occurs.
Maturity benefit
There is no separate maturity benefit before age 100; the plan pays the Regular Income Benefit for life and the death benefit whenever the claim arises.
Who it suits
Someone in their forties or fifties who can fund a plan quickly and wants a contractual income starting less than a decade later, running for life.
What to watch out for
The income starts three years after the last premium, not immediately. On a 16-year premium term that is a 19-year wait. Match the premium term to when you actually need the income to begin.
How this calculator works
Jeevan Utsav is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹121.90 per ₹1,000 at age 30, 70-year term, 10-year premium term
- Discount basis
- 7.14% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹40 per ₹1,000 for years 1–16
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Utsav on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 4 optional riders on Jeevan Utsav, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
- LIC's New Term Assurance Rider (Term Rider)UIN 512B210V02
- LIC's Premium Waiver Benefit Rider (PWB Rider)UIN 512B204V04
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Jeevan Utsav sales brochure (PDF), Optional Rider Benefits clause.
LIC Jeevan Utsav — frequently asked questions
When does the income start in LIC Jeevan Utsav?
Three years after the end of the premium paying term. With a 5-year premium term the first Regular Income Benefit is paid at the end of the 8th policy year; with a 10-year term, at the end of the 13th.
How much is the Regular Income Benefit in Jeevan Utsav?
10% of the Basic Sum Assured every year, for life. On a ₹10 lakh sum assured that is ₹1 lakh a year, payable for as long as the life assured lives.
What is the difference between the Regular and Flexi Income options?
Regular Income Benefit pays the 10% to you each year as it falls due. Flexi Income Benefit lets you leave any instalment with LIC to accumulate interest and withdraw it later. The choice is made at inception and cannot be changed.
What are the guaranteed additions in Jeevan Utsav?
₹40 per ₹1000 of Basic Sum Assured for each year of the premium paying term only — not for the whole policy term. A 10-year premium term accrues ₹400 per ₹1000, so ₹4 lakh on a ₹10 lakh sum assured.
Is Jeevan Utsav better than Jeevan Umang?
Jeevan Utsav pays 10% for life against Jeevan Umang's 8%, and starts sooner because the premium term is shorter. But Jeevan Umang is participating, so it also accrues bonuses and pays a maturity benefit at 100, while Jeevan Utsav's guaranteed additions stop when the premiums do. Run both calculators on the same sum assured before choosing.
Related calculators
Plans people usually weigh up against Jeevan Utsav before deciding.
Jeevan Umang
No. 7458% of the sum assured every year for life once premiums finish, and cover to age 100.
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No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
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No. 872A deferred annuity with regular or single premiums and eleven payout options.
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No. 864Guaranteed additions that step up over time, plus two payouts before maturity.
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