Life Insurance Corporation of India (LIC) recently introduced LIC Jeevan Utsav Plan 871, UIN: 512N362V01 whole life insurance plan designed to offer lifelong financial protection along with guaranteed income. The plan has become quite popular because of its mix of protection, savings, and regular income.

Many policyholders and agents look for an easy way to understand the benefit illustration and maturity value of this plan. That’s exactly where the LIC Jeevan Utsav Plan 871 Calculator comes in handy.

What Is LIC Jeevan Utsav Plan 871?

LIC Jeevan Utsav Plan 871 is a non-linked, non-participating, whole-life guaranteed income plan. It offers a combination of protection and long-term income benefits to the policyholder.

In simple terms, it’s a lifelong insurance plan that not only gives you a life cover but also provides guaranteed income every year after a certain period, depending on your chosen options.

The plan offers flexibility in premium payment, guaranteed additions, regular income, and family security making it ideal for long-term financial planning.

Key Features of LIC Jeevan Utsav Plan

Let’s look at the main benefits and highlights of this plan in easy terms:

• Plan Type: Whole Life (Lifetime coverage)
• UIN: 512N362V01
• Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly
• Minimum Entry Age: 90 days
• Maximum Entry Age: 65 years
• Policy Term: Whole life
• Premium Paying Term (PPT): Choose between 5 to 16 years
• Sum Assured on Death: Basic sum assured chosen by the policyholder
• Guaranteed Additions: Added every year during the premium paying term
• Guaranteed Income Benefit: Starts after the premium paying term, continues for lifetime

Two Benefit Options under Jeevan Utsav Plan

The plan gives flexibility to choose between two benefit options at the time of purchase:

1. Level Income Benefit
   • You’ll receive a fixed guaranteed income amount every year for your lifetime after the premium payment term is over.
2. Increasing Income Benefit
   • The guaranteed income starts lower and increases by 5% every year (compounded) for lifetime after the deferment period.

These options allow you to customize the plan according to your personal financial goals fixed income stability or growing income to beat inflation.

LIC Jeevan Utsav Plan 871 Benefits Explained

1. Death Benefit

If the life assured passes away during the policy term, the nominee will receive the Sum Assured on Death, plus guaranteed additions accumulated until death.

Sum Assured on Death is the highest of the following:

• 7 times of annualised premium, or
• 105% of total premiums paid till death, or
• Basic Sum Assured.

2. Survival Benefit (Guaranteed Income)

After completion of the premium paying term, the policyholder will start receiving guaranteed income (either fixed or increasing, as per chosen option) every year for lifetime.

3. Guaranteed Additions

This plan includes Guaranteed Additions that accrue during the premium payment term, enhancing the total benefit amount. These are added every policy year and depend on the sum assured and age.

4. Maturity Benefit

Since this is a whole life plan, there’s technically no maturity during the insured’s lifetime. However, if the policyholder survives till age 100, LIC will pay the applicable maturity benefit.

5. Loan Facility

The policy allows you to avail loans after two years of premium payments. It’s useful for emergencies or liquidity needs.

6. Rebates

• High Sum Assured Rebate: If you choose a large sum assured, you can enjoy discounts in premium.
• Mode Rebate: For choosing yearly or half-yearly payment modes.

LIC Jeevan Utsav Plan 871 Calculator – How It Works

The LIC Jeevan Utsav Calculator is an online tool that helps you estimate:

• Premium amount
• Total investment
• Guaranteed yearly income
• Death benefit
• Total guaranteed additions
• Lifetime returns

The calculator requires some basic information from you and gives a detailed benefit illustration within seconds.

Let’s see the simple steps below.

How to Use LIC Jeevan Utsav Plan 871 Calculator

Using this calculator is very easy. Follow these simple steps:

1. Enter your details:
   Provide your name, age, gender, and smoking status.
2. Select Basic Sum Assured:
   Choose the amount of insurance coverage you want for example, ₹10 lakhs, ₹20 lakhs, etc.
3. Select Premium Paying Term (PPT):
   Choose 5–16 years as per your convenience.
4. Choose Income Option:
   Select Level Income or Increasing Income.
5. Enter Premium Mode:
   Decide if you will pay yearly, half-yearly, quarterly, or monthly.
6. Get Results:
   The calculator instantly shows your estimated premium, guaranteed yearly income, guaranteed additions, and life cover benefits.

Example Calculation

Let’s understand this with a simple example.

Details	Example Illustration
Policyholder Age	35 years
Sum Assured	₹10,00,000
Premium Paying Term	10 years
Plan Option	Level Income Benefit
Premium (Approx)	₹95,000 per year
Guaranteed Additions during PPT	₹50,000 per year
Total Guaranteed Additions (10 years)	₹5,00,000
Annual Income after 10 years	₹75,000 per year (for lifetime)

This table is just for illustration. Actual premiums and benefits vary depending on age, gender, and sum assured.

Advantages of LIC Jeevan Utsav Plan 871

1. Lifetime Income:
   Enjoy guaranteed income for your entire life after the premium payment term.
2. Assured Returns:
   The plan is non-linked and non-participating, meaning returns are guaranteed and not affected by market fluctuations.
3. Tax Benefits:
   Premiums paid are eligible for tax deduction under Section 80C, and benefits received are tax-free under Section 10(10D) as per current tax laws.
4. Flexibility:
   Choose premium paying term, mode of payment, and income type according to your financial goals.
5. Loan Availability:
   Get financial support during emergencies by availing a policy loan.
6. Family Protection:
   The plan ensures your family’s financial stability in your absence.

Who Should Buy LIC Jeevan Utsav Plan?

This plan is suitable for:

• Individuals who want regular income for life.
• Those seeking a secured, risk-free investment option.
• People looking to create guaranteed retirement income.
• Parents planning financial protection for family.
• Professionals needing tax-saving and life insurance protection together.

If you want a peaceful retirement and guaranteed lifelong income, LIC Jeevan Utsav is an excellent choice.

Comparison: Jeevan Utsav vs Other LIC Plans

Features	LIC Jeevan Utsav (871)	LIC Jeevan Labh	LIC New Endowment
Type	Whole Life Plan	Limited Premium Endowment	Traditional Endowment
Investment Risk	Low (Non-linked)	Low	Low
Guaranteed Income	Yes (Lifetime)	No	No
Bonus Benefit	No	Yes	Yes
Target Audience	Long-term investors, retirees	Medium-term savers	Short to medium-term savers

Premium Payment Options

LIC Jeevan Utsav allows multiple premium payment options. You can choose based on convenience:

• Single Premium (Lump Sum): Pay once and enjoy lifelong benefits.
• Limited Pay: Pay for 5 to 16 years only, then get lifetime income.
• Regular Pay: Pay till a specific age or term (not common for this plan).

Most policyholders prefer the limited pay option, as it ensures income for the rest of life after a short payment period.

Riders Available

LIC also offers optional riders with Jeevan Utsav to enhance protection:

• Accidental Death Benefit Rider
• Accidental Disability Rider
• Term Assurance Rider
• Critical Illness Benefit Rider

You can choose these at the time of policy purchase by paying a small additional premium.

Benefits of Using LIC Jeevan Utsav Calculator Online

The online calculator is a quick way to get accurate, customized estimates without visiting a branch or reading policy documents.
Here’s why you should use it:

• Saves time and effort
• Provides instant results
• Helps you compare different options
• Gives a clear idea of income and returns
• Helps agents explain benefits easily to clients

Important Notes While Using the Calculator

1. Always enter correct age and sum assured.
2. Results are estimates actual premium depends on LIC’s official underwriting.
3. Add riders separately if needed calculator usually excludes their cost by default.
4. Use LIC’s official calculator or a trusted LIC agent’s verified tool for accurate results.
5. Recheck plan terms, as minor updates may occur in future revisions.

Jeevan Utsav Calculator for quick, accurate results.

Tips Before Buying LIC Jeevan Utsav Plan

• Decide your financial goal income or security.
• Choose a comfortable premium paying term.
• Use the calculator to compare level and increasing income options.
• Take rider benefits for additional safety.
• Consult a licensed LIC advisor for clarification on policy illustration.

Real-Life Example: How Jeevan Utsav HelpsLet’s take a practical scenario.

Mr. Arjun, a 40-year-old professional, invests ₹1,00,000 per year for 10 years under Jeevan Utsav (Level Income Option).
After 10 years, starting from age 50, he receives ₹80,000 every year for life guaranteed and tax-free.
Even if he lives till 85, he will receive ₹28 lakh total income (80,000 × 35 years), besides the life cover and bonuses.

Thus, Jeevan Utsav helps him build a retirement income stream with no market risk.

Why LIC Jeevan Utsav Calculator Is a Must-Use Tool

Without a calculator, understanding returns and benefits can be confusing.
The calculator instantly shows:

• Total premium paid
• Guaranteed yearly income
• Death benefit value
• Loan eligibility
• Maturity benefit (if any at age 100)

It simplifies decision-making for both policyholders and agents. Whether you’re comparing income options or determining affordability, it gives you clear, data-backed answers.

Agents especially find it useful for presenting visual benefit illustrations to clients in real time.

Common Misunderstandings About the Plan

• Not a market plan: Some think Jeevan Utsav provides bonus like participating plans it doesn’t. Instead, it offers guaranteed fixed returns.
• No maturity at 10/15 years: It’s a whole life policy, so lifetime income continues, not a single maturity payout.
• Returns vs. pensions: While it looks like a pension, it stays an insurance product with added lifelong benefits.

Frequently Asked Questions (FAQ)

Conclusion

The LIC Jeevan Utsav Plan 871 is a smart choice for those who want lifelong income and insurance protection at the same time. It stands out among LIC plans because of its guaranteed lifetime income, simple structure, and no market risk.

Using the LIC Jeevan Utsav Calculator, you can easily know how much you’ll need to invest and what you can expect in return making decision-making simple and transparent.

Whether you’re planning retirement, ensuring family security, or looking for regular guaranteed income, this plan perfectly fits all goals.