Life Insurance Corporation of India (LIC) keeps introducing new plans that combine protection with regular income. One of its most popular offerings in recent times is the LIC Jeevan Utsav Plan – Plan No. 883, which is a Non-linked, Non-Participating, Whole Life Individual Savings Plan. In simple words, it is a whole life insurance plan that provides both security and guaranteed benefits.

Let’s understand everything about the LIC Jeevan Utsav Single Premium Plan, its benefits, calculator, eligibility, premium options, and more.

What is LIC Jeevan Utsav Plan?

LIC Jeevan Utsav (Plan No. 883, UIN: 512N392V01) is a savings-cum-protection plan. It is designed for people who wish to get guaranteed lifetime income along with life cover.

This plan can be purchased as Single Premium (one-time payment) or as Regular Premium (repeated payment mode). But in this article, we will focus specifically on the Single Premium Option.

Under this plan, you pay the premium once and enjoy two major benefits:

1. Life cover up to 100 years of age, and
2. Guaranteed income every year after the deferment period.

Key Features of LIC Jeevan Utsav Single Premium Plan 883

Here are the main highlights that make this plan special:

• Plan Type: Non-linked, Non-Participating Whole Life Plan
• Premium Type: Single Premium
• Policy Term: Whole life (Benefits available till age 100)
• Guaranteed Additions: Added during deferment period
• Guaranteed Income Benefits: Start after deferment and payable throughout life
• Life Cover: Sum assured payable on death of life assured
• Loan Facility: Available after the surrender value has been acquired
• Rider Options: Additional protection can be added

This plan is ideal for individuals who want a single investment that offers a combination of guaranteed income for life and financial protection.

Availability Details

Particulars	Details
Plan Name	LIC Jeevan Utsav Plan
Plan Number	883
UIN (Unique Identification No.)	512N392V01
Launched By	Life Insurance Corporation of India (LIC)
Launch Year	2024
Plan Type	Whole Life Savings Plan
Premium Type	Single Premium
Maximum Age at Maturity	100 years
Minimum Entry Age	90 days (completed)
Maximum Entry Age	65 years (for Single Premium)
Payout Option	Lifetime Income after deferment period
Loan Facility	Yes
Tax Benefits	Available under Section 80C & 10(10D) (as per Income Tax Act)

How Does LIC Jeevan Utsav Single Premium Plan Work?

Let’s understand the working mechanism of this plan step-by-step.

1. Choose the Sum Assured and Deferment Period
   The policyholder selects the Basic Sum Assured and a Deferment Period (10, 15, or 20 years).
2. Pay Only Once – Single Premium
   The entire premium is paid in one go at the start of the policy. No further payments are needed.
3. Guaranteed Additions during Deferment Period
   During the deferment period, the plan earns guaranteed additions every year. These additions increase the overall benefit value.
4. Guaranteed Income After Deferment Period
   After the completion of the deferment period, Guaranteed Income Benefit starts. This income continues for the lifetime of the policyholder.
5. Life Cover Protection
   In the unfortunate event of death, the nominee receives the Sum Assured on Death as per the terms of the policy.

Benefits of LIC Jeevan Utsav Single Premium Plan

1. Lifetime Guaranteed Income

After the deferment period, the policyholder will receive a Guaranteed Income Benefit every year for life, making it a consistent source of income.

2. Whole Life Protection

The plan provides life cover up to 100 years of age, ensuring long-term security for your loved ones.

3. Single Payment Convenience

You only need to pay once. No yearly or monthly payments. The rest of the benefits continue lifelong.

4. Tax Savings

Both the investment and returns are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act (as per prevailing laws).

5. Loan and Surrender Options

In case of emergency, you can take a loan against the policy or even surrender it (after meeting minimum conditions).

6. Optional Riders

LIC provides optional riders like Accidental Death Benefit Rider and Disability Benefit Rider, which enhance the protection level.

LIC Jeevan Utsav Single Premium Calculator

A LIC Jeevan Utsav Calculator helps you estimate:

• The one-time premium amount
• The expected annual guaranteed income
• The total lifetime benefit

This calculator uses key details like age, sum assured, deferment period, and payout mode to give you an approximate calculation.

Example:

Let’s consider a practical example.

• Age: 35 years
• Sum Assured: ₹10,00,000
• Deferment Period: 15 years
• Premium Mode: Single Premium (one-time)

In this example:

• You pay a one-time premium (say around ₹5,20,000 – depends on LIC’s rate).
• You receive guaranteed additions during 15 years.
• After 15 years, you start getting a Guaranteed Income every year, say around ₹60,000 (indicative).
• This income continues till age 100 or death, whichever comes first.

Note: Actual values will vary depending on LIC’s current rates and underwriting conditions.

How to Use LIC Jeevan Utsav Calculator

You can use an online calculator to know your exact benefits. Here’s how:

1. Visit an Authorized Calculator Website – e.g., LIC’s official portal or trusted websites like liccalculator.info
2. Enter Basic Details – Age, Gender, Sum Assured, Deferment Period, and Plan Type (Single Premium).
3. View Results – It will show estimated premium, guaranteed income, maturity value, and death benefit.
4. Adjust Options – Change deferment or sum assured to compare outcomes.

Using this calculator helps you plan finances better and choose the most suitable deferment time.

Eligibility Conditions

Here are the main eligibility conditions for the Single Premium Option under LIC Jeevan Utsav Plan:

Criteria	Minimum	Maximum
Entry Age	90 days (completed)	65 years
Sum Assured	₹2,00,000	No Limit (subject to underwriting)
Deferment Period	10 / 15 / 20 years	Based on policyholder’s choice
Policy Term	Whole life (up to 100 years)	—
Premium Payment	Single	One-time payment
Guaranteed Income Start Age	After deferment ends	—

Deferment Period Explained

The Deferment Period is the time before the regular income starts. You can choose 10, 15, or 20 years based on your financial goals.

For example:

• If your child is 10 years old and you want regular income for their higher studies after 15 years, select a 15-year deferment.
• If you are close to retirement, a 10-year deferment gives you guaranteed income sooner.

Thus, this plan can suit long-term wealth creation as well as retirement planning.

Death Benefit

In case of unfortunate death of the life assured, the nominee gets:$$\text{Death Benefit} = \text{Sum Assured on Death} + \text{Guaranteed Additions (if any)}$$Death Benefit=Sum Assured on Death+Guaranteed Additions (if any)

Sum Assured on Death will be the higher of:

• 125% of Single Premium (excluding GST and extra premium), or
• Basic Sum Assured.

This ensures the family receives substantial protection.

Survival Benefit

After the deferment period, the policyholder starts receiving Guaranteed Income Benefits every year (or monthly, depending on mode chosen). These payments continue for life.

This feature turns the plan into a regular income source, especially useful for retirement or long-term investment needs.

Maturity Benefit

The plan continues up to age 100, so technically, it doesn’t have a fixed maturity like other LIC plans.
However, if the policyholder survives till 100 years, the Sum Assured on Maturity is paid, which equals the Basic Sum Assured.

After that, the policy terminates.

Surrender and Loan Benefits

Surrender Value

You can surrender the plan anytime after purchase (conditions apply). LIC will pay a Guaranteed Surrender Value based on Single Premium and policy duration.

Loan Facility

After acquiring surrender value, you can also take a loan against your policy. The interest rate will be as per LIC’s prevailing rules.

Riders Available

LIC offers optional riders for enhanced coverage:

• LIC Accidental Death & Disability Benefit Rider
• LIC Accidental Benefit Rider
• LIC New Term Assurance Rider

These riders can be added after paying a little extra premium, giving wider financial protection.

Why Choose LIC Jeevan Utsav Single Premium Plan?

Here are some strong reasons to consider this plan:

• Hassle-free one-time investment.
• Guaranteed lifetime income after the deferment period.
• Long-term life cover till the age of 100.
• Tax benefits on investment and returns.
• No market risk – completely safe and guaranteed.
• Perfect for retirement planning or long-term income security.

Best Use Cases

You can use this plan in many life situations:

• Retirement Planning: Invest once, enjoy income for life.
• Child Future Planning: Choose a deferment period aligning with child’s education needs.
• Wealth Transfer: Lifetime benefit plus sum assured ensures legacy for family.
• Single Investment Plan: Suitable for one-time investors who don’t want premium burden every year.

Example Illustration (Estimated)

Here’s an illustrative example (approximate, for understanding only):

Age	Sum Assured	Deferment Period	Single Premium (approx.)	Annual Income After Deferment	Life Cover
30 Years	₹10,00,000	15 Years	₹5,15,000	₹60,000 per year (for life)	₹10,00,000
40 Years	₹10,00,000	10 Years	₹5,70,000	₹55,000 per year (for life)	₹10,00,000

This is just an example for demonstration. Actual figures depend on LIC’s official premium chart.

How to Buy LIC Jeevan Utsav Plan 883

You can buy this plan:

1. Offline – Through an authorized LIC agent or at any LIC branch office.
2. Online – Visit licindia.in and use the online purchase section.

Required documents include:

• Aadhar Card
• PAN Card
• Address Proof
• Photograph
• Income Proof (if required)

Once verified, you’ll receive the policy bond, and the coverage will start immediately.

Documents Required for Policy Purchase

• Proof of Identity (Aadhaar / PAN / Passport)
• Proof of Address (Voter ID / Utility Bill)
• Age Proof (Birth Certificate / PAN / Aadhaar)
• Bank details for income payments
• One recent passport-size photo

LIC Jeevan Utsav vs Other LIC Plans

Feature	Jeevan Utsav Single Premium	Jeevan Anand	New Jeevan Shanti
Plan Type	Whole Life	Endowment	Pension
Premium Type	Single	Regular	Single
Income Benefit	Lifetime	Lump Sum at maturity	Lifetime annuity
Term	Up to 100 years	Fixed term	Lifetime
Market Risk	None	None	None
Death Benefit	Available	Available	Depends on option

Jeevan Utsav stands out for providing guaranteed lifetime income with a whole-life cover, which makes it very unique.

Pros and Cons

Pros

• Lifetime guaranteed income
• Long-term life cover
• Single premium convenience
• Tax-saving advantage
• Flexible deferment period

Cons

• Returns may appear moderate compared to market-linked instruments
• Income starts only after deferment period
• No bonus or participation in profits

LIC Jeevan Utsav Calculator – Key Advantages

Using the online calculator helps you:

• Know the exact single premium for your age and sum assured
• Estimate annual income after deferment
• Understand death and maturity benefits clearly
• Make better financial planning decisions

Thus, it’s always advisable to use the LIC Jeevan Utsav Calculator before buying the plan.

Frequently Asked Questions (FAQs)

Conclusion

LIC Jeevan Utsav Single Premium Plan 883, UIN: 512N392V01) is a perfect mix of lifelong protection and assured income. It’s an ideal choice for those who wish to make a one-time investment and enjoy financial stability for the rest of their life.

With lifetime income after the deferment period, tax benefits, and 100-year life cover, this plan stands as one of LIC’s most versatile and reliable offerings. Whether for retirement planning, child education, or lifelong income, Jeevan Utsav Plan 883 can secure your financial future with peace of mind.