PolicyBros.in
Whole Life PlansPlan 771NRI Eligible

LIC Jeevan Utsav

Guaranteed income for life with increasing benefits

What is LIC Jeevan Utsav?

LIC Jeevan Utsav (Plan 771, UIN 512N363V02) is a whole life plan from Life Insurance Corporation of India. It is a non-participating plan with Guaranteed Additions: the additions accrue at rates fixed when you buy, so what you receive does not depend on LIC's yearly bonus declarations.

Premiums are paid for a shorter period than the policy runs, so the cover continues after you have finished paying. If the policyholder dies during the term, the nominee receives: Sum Assured on Death (higher of Basic Sum Assured or 7x annualised premium) + accrued guaranteed additions, minimum 105% of premiums paid. On surviving the full term, the policyholder gets: No maturity benefit; cover and yearly income continue for whole of life. Along the way: 10% of Basic Sum Assured every year for life, starting from the 11th policy year for PPT 5 to 8, and from policy year PPT plus 3 for PPT 9 to 16.

It suits people looking for guaranteed income, retirement and savings. NRIs can buy this plan too.

Key Highlights

Guaranteed 10% of sum assured as yearly income for life
Guaranteed additions of ₹40 per ₹1,000 sum assured during PPT
Regular or Flexi income option (Flexi accumulates at 5.5% a year)
Premium paying terms from 5 to 16 years

Benefits Explained Simply

If Something Happens to You (Death Benefit)

Sum Assured on Death (higher of Basic Sum Assured or 7x annualised premium) + accrued guaranteed additions, minimum 105% of premiums paid

When the Plan Matures (Maturity Benefit)

No maturity benefit; cover and yearly income continue for whole of life

Money You Get During the Plan (Survival Benefit)

10% of Basic Sum Assured every year for life, starting from the 11th policy year for PPT 5 to 8, and from policy year PPT plus 3 for PPT 9 to 16

Eligibility & Details

Minimum Entry Age0 years (last birthday)
Maximum Entry Age65 years
Minimum Sum Assured₹5,00,000
Policy TermWhole life (up to age 100)
Premium Paying Term5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 years
Bonus Typeguaranteed
Risk Levellow
NRI EligibleYes

Tax Benefits

  • Section 80C deduction on premiums
  • Maturity tax-free under 10(10D)

Premium Rates (Indicative)

Age5 years8 years12 years16 years
10 yrs₹1,09,575₹72,600₹44,250₹29,900
30 yrs₹1,10,150₹72,600₹44,275₹30,025
50 yrs₹1,18,625₹72,600₹45,225₹33,475

VERIFIED from official LIC Sales Brochure and CO/PD/239 circular (Sep 2024). Whole life, PPT 5-16 (brochure publishes sample rates for PPT 5/8/12/16 only; other PPTs need the NB-module tabular chart). BSA in multiples of ₹25,000 (₹1,00,000 above ₹24L). GA: ₹40 per ₹1,000 BSA per year during PPT. Income benefit: 10% of BSA yearly, starting policy year 11 (PPT 5-8) then PPT+3 (PPT 9-16 start years 12-19). Death benefit: higher of BSA or 7x annualised premium, plus accrued GA, min 105% of premiums paid. Online rebate: 10%.

Source: LIC Official Sales Brochure | Data last verified: 4 July 2026

Example: What You Could Get

If a 30-year-old buys this plan with ₹10 lakh sum assured, 8-year term:

Annual Premium

₹1,45,200

Total Paid (8 yrs)

₹11,61,600

Est. Bonuses

₹3,60,000

Est. Maturity

₹13,60,000

That's approximately 1.2x of what you paid in premiums.

Who is This Plan Best For?

guaranteed incomeretirementsavings

Frequently Asked Questions

What is LIC Jeevan Utsav (Plan 771)?

LIC Jeevan Utsav is a whole life plans plan from Life Insurance Corporation of India. Guaranteed income for life with increasing benefits.

What is the eligibility age for LIC Jeevan Utsav?

Entry age is between 0 and 65 years. Policy term: Whole life (up to age 100). Premium paying term: 5 to 16 years.

What is the minimum sum assured for LIC Jeevan Utsav?

Minimum sum assured is ₹5,00,000. There is no upper limit on sum assured.

What are the tax benefits of LIC Jeevan Utsav?

Section 80C deduction on premiums. Maturity tax-free under 10(10D).

Is LIC Jeevan Utsav available for NRIs?

Yes. LIC Jeevan Utsav is available to Non-Resident Indians. NRIs can buy this plan during a visit to India or through power of attorney.

What happens if I stop paying premiums on LIC Jeevan Utsav?

If you stop paying premiums before 3 years, the policy lapses and you lose all benefits. After 3 years of premium payments, the policy acquires a paid-up value and you receive a reduced sum assured. You can also revive a lapsed policy within 5 years by paying outstanding premiums plus interest.

The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.

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