Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (Σt=1k at) × S / 1000
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t + M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 12%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured, only while premiums are paid
- Ct
- yearly income, 10% of S, from the policy year the income starts to the year before maturity
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Jeevan Utsav brochure (PDF)
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.
Worked example: at 30, ₹5,00,000 of cover costs ₹59,731 a year for 10 years, then pays ₹50,000 every year for life from policy year 13, a return of 5.47% a year.
Did you mean Jeevan Utsav Single Premium? This page is the version you fund with 5 to 16 annual premiums. If you mean to pay once and be done, that is a separate plan with its own number and its own price list. Open the Jeevan Utsav Single Premium calculator (Plan 883).
What is 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
When does the Jeevan Utsav income start, and how much is it?
How long you pay for sets two things at once: what each premium costs, and the policy year the income starts. Worked at age 30 on ₹5,00,000 of cover, so the rows differ by that choice and nothing else.
| You pay for | Premium a year | Total paid in | Additions accrued | Income starts | Income a year | Paid out by 85 |
|---|---|---|---|---|---|---|
| 5 years | ₹1,22,756 | ₹6,13,782 | ₹1,00,000 | Year 11at age 41 | ₹50,000 | ₹22,50,000 |
| 6 years | ₹1,03,129 | ₹6,18,772 | ₹1,20,000 | Year 11at age 41 | ₹50,000 | ₹22,50,000 |
| 7 years | ₹89,700 | ₹6,27,900 | ₹1,40,000 | Year 11at age 41 | ₹50,000 | ₹22,50,000 |
| 8 years | ₹79,954 | ₹6,39,632 | ₹1,60,000 | Year 11at age 41 | ₹50,000 | ₹22,50,000 |
| 9 years | ₹68,275 | ₹6,14,471 | ₹1,80,000 | Year 12at age 42 | ₹50,000 | ₹22,00,000 |
| 10 years | ₹59,731 | ₹5,97,310 | ₹2,00,000 | Year 13at age 43 | ₹50,000 | ₹21,50,000 |
| 11 years | ₹52,790 | ₹5,80,687 | ₹2,20,000 | Year 14at age 44 | ₹50,000 | ₹21,00,000 |
| 12 years | ₹47,050 | ₹5,64,603 | ₹2,40,000 | Year 15at age 45 | ₹50,000 | ₹20,50,000 |
| 13 years | ₹42,235 | ₹5,49,059 | ₹2,60,000 | Year 16at age 46 | ₹50,000 | ₹20,00,000 |
| 14 years | ₹38,147 | ₹5,34,057 | ₹2,80,000 | Year 17at age 47 | ₹50,000 | ₹19,50,000 |
| 15 years | ₹34,640 | ₹5,19,596 | ₹3,00,000 | Year 18at age 48 | ₹50,000 | ₹19,00,000 |
| 16 years | ₹31,605 | ₹5,05,677 | ₹3,20,000 | Year 19at age 49 | ₹50,000 | ₹18,50,000 |
The income itself never changes: it is 10% of the Basic Sum Assured every year for life, ₹50,000 on this policy, whichever row you pick. What the choice buys is the starting year, and the last column is what that is worth if the life assured reaches 85. Payments carry on past 85 for as long as the life assured lives; the column stops there only so the rows can be compared on one horizon.
The row that starts paying soonest is also the row with the highest total paid in, not the lowest: 5 years comes to ₹6,13,782 in total against ₹5,05,677 for 16 years, because starting 8 years sooner means that many more years of the same income to fund. A lower annual premium and a lower total cost do not have to point the same way.
Worked as a return on the actual cash flows, premiums out, income and maturity in, the rows sit close together: 5.28% to 5.48% a year. None of them is 10%. That figure is a fixed share of the sum assured, not a return on what you pay, and the real annualised return sits well below it whichever row is chosen.
The top 4 rows all start paying in year 11, because the plan will not begin earlier than that whatever you do. Where the start year is the same, the shortest term costs least in total as well: 5 years comes to ₹6,13,782 against ₹6,39,632 for 8, for the same income from the same year.
Regular Income or Flexi Income?
The choice is made when the policy is taken out and it does not change the premium, only what happens to each payment once it falls due.
- Regular Income Benefit pays the 10% to you each year as it falls due. Nothing accumulates, and nothing needs deciding again.
- Flexi Income Benefit lets you leave any instalment with LIC, where it accumulates at 5.5% compounded yearly. You can draw it later, once a policy year, up to 75% of the balance standing at that point.
Flexi suits someone whose need for the money is uneven, or who does not need it yet and would rather it compounded than sat in a savings account. Regular suits someone who wants the payment to arrive without having to think about it. The accumulation rate is contractual, so Flexi is not a market bet.
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 plan number and UIN above against LIC's own page for this plan on 2026-09-06. Check it on licindia.in
Is it 771 or 871?
LIC's own page gives this plan as 771 with UIN 512N363V02, and that is where both come from here. The V02 on the end of the UIN is a version marker, so this is the second version of Jeevan Utsav. Other calculators still publish it under 871, and at least one titles its page for both numbers at once. If 871 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC Jeevan Utsav?
What does LIC Jeevan Utsav pay on death?
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.
What do you get at maturity?
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 is LIC Jeevan Utsav for?
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 should you 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.
What does LIC Jeevan Utsav cost?
Worked out on a 70-year term with premiums paid for 10 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹59,731 | ₹5,97,310 | ₹7,00,000 |
| ₹10,00,000 | ₹1,17,502 | ₹11,75,020 | ₹14,00,000 |
| ₹25,00,000 | ₹2,91,305 | ₹29,13,050 | ₹35,00,000 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Income for life | Projected maturity | Age when it pays |
|---|---|---|---|---|---|
| 25 years | ₹60,108 | ₹6,01,078 | ₹31,00,000 | ₹7,00,000 | 100 |
| 30 years | ₹59,731 | ₹5,97,310 | ₹28,50,000 | ₹7,00,000 | 100 |
| 40 years | ₹58,743 | ₹5,87,429 | ₹23,50,000 | ₹7,00,000 | 100 |
| 50 years | ₹57,757 | ₹5,77,570 | ₹18,50,000 | ₹7,00,000 | 100 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the income column: the payment is the same every year, so starting younger simply means collecting it for longer.
Where the money comes from
Taken apart, on the ₹5,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Guaranteed additions
- ₹2,00,000
- Paid at maturity
- ₹7,00,000
- Income paid before then, 57 payments of ₹50,000 from year 13
- ₹28,50,000
- Return a year on the premiums
- 5.47%
When does LIC Jeevan Utsav pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 24, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 70 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Jeevan Utsav?
Age to start
- Minimum
- 30 days
- Maximum
- 65 years
These are the widest limits the plan allows. The range narrows once you choose a premium paying term, and the calculator applies whichever range fits your answers.
How long the cover runs
- Cover runs to age
- 100
The policy term follows from your age at entry, so there is nothing to choose.
Years you pay for
- Minimum
- 5 years
- Maximum
- 16 years
Any whole number of years from 5 to 16.
Sum assured
- Minimum
- ₹5,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Jeevan Utsav sales brochure, linked in the form above.
What age can you take LIC Jeevan Utsav at?
The entry age depends on how long you pay for. A longer premium paying term is open to younger lives and closes earlier; a short one starts later and stays open to 65. These are the twelve rows LIC prints in its eligibility table.
| Premium paying term | Minimum age at entry | Maximum age at entry |
|---|---|---|
| 5 years | 8 years | 65 years |
| 6 years | 8 years | 65 years |
| 7 years | 8 years | 65 years |
| 8 years | 8 years | 65 years |
| 9 years | 7 years | 65 years |
| 10 years | 6 years | 65 years |
| 11 years | 5 years | 64 years |
| 12 years | 4 years | 63 years |
| 13 years | 3 years | 62 years |
| 14 years | 2 years | 61 years |
| 15 years | 1 years | 60 years |
| 16 years | 30 days | 59 years |
Minimum ages are completed years; maximum ages are nearer birthday. The calculator enforces these, so an age outside the range for your chosen premium term is rejected with the range that applies.
Tax on LIC Jeevan Utsav
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹59,731 a year, which is 11.9% of the sum assured. That is above the 10% test, so both provisions are restricted for it. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- 5.86% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹40 per ₹1,000 for years 1 to 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, and 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.
What they cost
On the ₹5,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| AD & DB RiderAccidental death and disability | ₹5,00,000of rider cover | ₹600interpolated |
| AB RiderAccidental death cover | ₹5,00,000of rider cover | ₹250LIC's stated rate |
| Term RiderExtra life cover | ₹5,00,000of rider cover | ₹3,480interpolated |
| PWB RiderWaives future premiums | ₹59,731of premium waived | ₹2,479interpolated |
Priced on the limited premium basis, because that is how Jeevan Utsav is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹17,919 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: AD & DB Rider, AB Rider, Term Rider, PWB Rider sales brochures.
Source: Jeevan Utsav sales brochure (PDF), Optional Rider Benefits clause.
How LIC Jeevan Utsav compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Jeevan UtsavNo. 771 · this page | 20 to 100 years | 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 years | ₹5 Lakh | Guaranteed additions during the premium term, then 10% of the sum assured a year for life. |
| Jeevan Utsav Single PremiumNo. 883 | 35 to 100 years | One premium | ₹5 Lakh | Pay once, then 10% of the sum assured every year for life after the addition period. |
| Jeevan UmangNo. 745 | 30 to 100 years | 15, 20, 25, 30 years | ₹2 Lakh | 8% of the sum assured every year for life once premiums finish, and cover to age 100. |
| Jeevan Akshay-VIINo. 857 | Not applicable | One premium | ₹1 Lakh | Hand over a lump sum, start drawing a guaranteed income immediately, for life. |
| Jeevan Dhara IINo. 872 | Not applicable | One premium | ₹1 Lakh | A deferred annuity with regular or single premiums and eleven payout options. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
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.
What is the difference between Jeevan Utsav 771 and Jeevan Utsav Single Premium 883?
How you pay for it, and what you choose. This plan, 771, is funded by 5 to 16 annual premiums, and the income starts three years after the last one, never before policy year 11. Plan 883 takes a single premium and asks instead for a Guaranteed Addition Period of 7 to 17 years; its income starts the year after that period ends, so it can begin as early as year 8. Both pay 10% of the Basic Sum Assured every year for life and both run to age 100. Pick 771 if you would rather spread the cost, and 883 if you have the lump sum ready.
Is Jeevan Utsav 771 the same as plan 871?
It is the same product under a later number. LIC's page for it now says 771, with UIN 512N363V02, and the V02 marks it as the second version. Plenty of calculators still publish 871 pages, so you will see both quoted. What matters is the number on your own policy document, because that is the version you hold.
Does Jeevan Utsav pay a maturity amount?
Only on survival to age 100, and by then the income has been running for decades. The plan is built around the Regular Income Benefit rather than a maturity lump sum, so comparing it on maturity value alone makes it look worse than it is. The income, and how early it starts, are the figures to judge it on.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Jeevan Utsav before deciding.
Jeevan Utsav Single Premium
No. 883Pay once, then 10% of the sum assured every year for life after the addition period.
Open calculatorJeevan Umang
No. 7458% of the sum assured every year for life once premiums finish, and cover to age 100.
Open calculatorJeevan Akshay-VII
No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
Open calculatorJeevan Dhara II
No. 872A deferred annuity with regular or single premiums and eleven payout options.
Open calculator