Whole Life Plans
LIC's Jeevan Utsav Single Premium (883)
Pay once, get yearly income of 10% of sum assured and cover up to age 100
- Entry age
- 30 days (completed) for a 17-year Guaranteed Addition Period up to 10 years for a 7-year period; maximum 65 years (nearer birthday)
- Policy term
- 100 minus age at entry (years)
- Premium paying term
- Single premium
- Min. sum assured
- ₹5,00,000
Plan overview
LIC's Jeevan Utsav Single Premium is a non-participating whole life savings plan bought with one premium. Guaranteed Additions build up for a period you choose (7 to 17 years), after which it pays 10% of the Basic Sum Assured every year, with a lump sum at age 100 or on earlier death. It suits people with a lump sum to invest who want guaranteed lifelong income and cover.
New to whole life plans? Read our simple guide: What Is Whole Life Insurance? Cover for a Lifetime →Key benefits
- One-time single premium; no further premiums to pay
- Guaranteed Additions of ₹40 per ₹1,000 Basic Sum Assured each year during the chosen 7-17 year period
- Yearly income of 10% of Basic Sum Assured after the Guaranteed Addition Period
- Flexi Income option: let income accumulate at 5.5% p.a. and withdraw up to 75% once a year
- Lump sum with accrued Guaranteed Additions at maturity (age 100) or on death
- Entry from 30 days to 65 years; benefits are guaranteed and fixed
- Loan available 3 months after issue (or after free-look, if later)
Eligibility at a glance
- Plan number
- 883
- UIN
- 512N392V01
- Plan type
- Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance Plan
- Entry age
- 30 days (completed) for a 17-year Guaranteed Addition Period up to 10 years for a 7-year period; maximum 65 years (nearer birthday)
- Maximum maturity age
- 100 years (nearer birthday)
- Policy term
- 100 minus age at entry (years)
- Premium paying term
- Single premium
- Minimum sum assured
- ₹5,00,000
- Maximum sum assured
- No limit (subject to underwriting)
- Premium payment modes
- Single premium
How the plan works
LIC's Jeevan Utsav Single Premium is a non-participating, non-linked whole life savings plan. You pay one single premium. You choose a Guaranteed Addition Period of 7 to 17 years, during which Guaranteed Additions build up. After that period, the plan pays a yearly income of 10% of the Basic Sum Assured until age 100 (the policy anniversary before maturity). At maturity (age 100) or on earlier death, a lump sum is paid. Benefits are fixed and do not depend on bonuses.
Two survival benefit options:
- Option I - Regular Income Benefit: 10% of Basic Sum Assured paid out every year.
- Option II - Flexi Income Benefit: 10% of Basic Sum Assured is credited each year and accumulates at 5.5% p.a. (compounded yearly) until you withdraw it.
You can switch between the options during the Guaranteed Addition Period.
Eligibility
| Guaranteed Addition Period | Minimum entry age (completed) | Income starts at end of |
|---|---|---|
| 7 years | 10 years | 8th policy year |
| 8 years | 9 years | 9th policy year |
| 9 years | 8 years | 10th policy year |
| 10 years | 7 years | 11th policy year |
| 11 years | 6 years | 12th policy year |
| 12 years | 5 years | 13th policy year |
| 13 years | 4 years | 14th policy year |
| 14 years | 3 years | 15th policy year |
| 15 years | 2 years | 16th policy year |
| 16 years | 1 year | 17th policy year |
| 17 years | 30 days | 18th policy year |
- Maximum entry age: 65 years (nearer birthday)
- Minimum age when the first income falls due: 18 years (completed)
- Policy term: 100 minus age at entry; age at maturity 100 years (nearer birthday)
- Basic Sum Assured: minimum ₹5,00,000, no maximum (subject to underwriting). Multiples of ₹25,000 from ₹5,00,000 to ₹24,50,000 and ₹50,000 above that.
Child policies: If entry age is below 8, risk starts 2 years from policy start or from the policy anniversary on or after age 8, whichever is earlier. The policy vests in the child on the policy anniversary on or after age 18.
Death benefit
On death after risk has started, the nominee receives the Sum Assured on Death plus accrued Guaranteed Additions. Sum Assured on Death is the higher of the Basic Sum Assured or 1.25 times the tabular single premium. Under the Flexi option, any accumulated income not withdrawn is also paid.
For a child below 8 at entry who dies before risk starts, the single premium is returned without interest (excluding taxes, extra and rider premiums).
Survival benefits
- Guaranteed Additions: ₹40 per ₹1,000 Basic Sum Assured at the end of each policy year during the Guaranteed Addition Period. If death occurs during this period, the addition for that full year is given.
- Yearly income: 10% of Basic Sum Assured each year from the start year above, while the life assured survives, up to the policy anniversary before maturity.
- Flexi withdrawals: Once a policy year, on written request, up to 75% of the accumulated balance can be withdrawn; the rest keeps growing at 5.5% p.a.
Maturity benefit
On surviving to the end of the policy term (age 100), the Sum Assured on Maturity (higher of Basic Sum Assured or 1.25 times the tabular single premium) plus accrued Guaranteed Additions is paid. Under the Flexi option, any accumulated balance is also paid.
You can choose to receive the maturity amount in instalments over 5, 10 or 15 years (Settlement Option), by opting at least 3 months before maturity.
Optional riders
Available at inception on payment of extra premium:
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC's New Term Assurance Rider (UIN: 512B210V02)
Rider premiums together cannot exceed 30% of the base premium, and each rider sum assured cannot exceed the Basic Sum Assured.
Loan, surrender & revival
Loan: Available any time after 3 months from the date of issue or after the free-look period, whichever is later, within the surrender value.
| When loan is taken | Maximum loan |
|---|---|
| During Guaranteed Addition Period of 7-10 years | 60% of surrender value |
| During Guaranteed Addition Period of 11-14 years | 50% of surrender value |
| During Guaranteed Addition Period of 15-17 years | 40% of surrender value |
| After the Guaranteed Addition Period | Yearly interest capped at 50% of yearly income, up to 75% of surrender value |
Under the Flexi option, an extra loan of up to 50% of income due and not withdrawn is allowed. The brochure states 9.5% p.a. (compounding half-yearly) for loans sanctioned from 1 May 2025 to 30 April 2026.
Surrender: Allowed at any time during the policy term. You get the higher of (a) the Guaranteed Surrender Value plus surrender value of accrued Guaranteed Additions, or (b) the Special Surrender Value. The Guaranteed Surrender Value is 75% of the single premium in the first three policy years, and 90% of the single premium thereafter, reduced by income already due/paid.
Revival: Not applicable, as this is a single premium plan.
Other key terms
- Free-look period: 30 days from receipt of the policy document (electronic or physical, whichever is earlier).
- Death benefit in instalments: All or part can be paid over 5, 10 or 15 years (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly).
- High Basic Sum Assured rebate (per ₹1,000 BSA on tabular premium):
| Age at entry | ₹5,00,000-₹9,75,000 | ₹10,00,000-₹24,50,000 | ₹25,00,000-₹49,50,000 | ₹50,00,000 & above |
|---|---|---|---|---|
| 0 to 20 years | ₹0.00 | ₹11.00 | ₹19.00 | ₹21.00 |
| 21 to 40 years | ₹0.00 | ₹9.00 | ₹15.00 | ₹18.00 |
| 41 to 55 years | ₹0.00 | ₹6.50 | ₹12.00 | ₹13.00 |
| 56 to 65 years | ₹0.00 | ₹5.00 | ₹9.00 | ₹10.00 |
- Online rebate: 2% of tabular single premium for policies bought online without an agent.
- Existing policyholder / nominee rebate: ₹0.80 (7-9 year GA period), ₹0.90 (10-14 years) or ₹1.00 (15-17 years) per ₹1,000 BSA for eligible existing policyholders, or nominees of a deceased policyholder.
- Sample premium: For ₹5 lakh Basic Sum Assured, a 30-year-old pays a single premium of about ₹3,61,875 with a 12-year Guaranteed Addition Period (offline, excluding taxes), as per the brochure's table.
- Suicide exclusion: Within 12 months of risk start, the higher of 80% of the single premium or the surrender value is payable (not applicable if entry age is below 8 years).
Who should buy LIC's Jeevan Utsav Single Premium?
- People with a lump sum (bonus, maturity proceeds, inheritance) who want guaranteed yearly income for life
- Parents or grandparents who want to gift a child lifelong cover and income with a one-time payment
- Pre-retirees planning a fixed income stream that is not linked to market performance
- Existing LIC policyholders and nominees, who may get an extra premium rebate
Frequently asked questions
How many premiums do I pay in LIC Jeevan Utsav Single Premium (Plan 883)?
Only one. It is a single premium plan; there are no further premiums.
When does the yearly income start?
At the end of the policy year after your chosen Guaranteed Addition Period ends, for example the 8th policy year for a 7-year period and the 18th for a 17-year period. It is 10% of the Basic Sum Assured every year.
What are the Guaranteed Additions?
₹40 per ₹1,000 Basic Sum Assured added at the end of each policy year during the Guaranteed Addition Period (7 to 17 years). They are paid with the death or maturity benefit.
What are the age limits?
Minimum entry age is 30 days to 10 years depending on the Guaranteed Addition Period; maximum entry age is 65 years. The policy runs until age 100.
Can I take a loan?
Yes, from 3 months after issue (or after the free-look period, if later). During the Guaranteed Addition Period the limit is 40%-60% of surrender value depending on the period chosen.
What is paid at maturity?
At age 100, the higher of the Basic Sum Assured or 1.25 times the tabular single premium, plus accrued Guaranteed Additions and any unwithdrawn Flexi Income balance.