2026 LIC Jeevan Utsav Plan 771 & 883 Calculator (Premium & Income Chart)
As a Certified Financial Planner (CFP), I've crunched LIC’s official actuarial tables for Plan 771 (Limited Premium) and Plan 883 (Single Premium). Use this free calculator to evaluate exact premiums, ₹40/₹1,000 Guaranteed Additions, and lifetime income options.
LIC Jeevan Utsav Plan 771 & 883 Calculator
Updated 2026 TableSelect your plan variant (Plan 771 Regular Pay or Plan 883 Single Pay), enter your age and desired coverage to calculate premiums and lifetime income.
Guide Quick Index
9 Sections1What is LIC Jeevan Utsav Plan 771?2Key Features & Guaranteed Additions (₹40 per ₹1,000 BSA)3How LIC Jeevan Utsav Premiums & Income Are Calculated4LIC Jeevan Utsav Calculation Examples (Plan 771)5LIC Jeevan Utsav vs Jeevan Umang (Plan 945) vs Jeevan Labh6Eligibility Rules, Riders & Policy Loan Terms7Tax Benefits Under Income Tax Act8Explore Related LIC & Financial Calculators9Conclusion: Is LIC Jeevan Utsav Right for You?
What is LIC Jeevan Utsav Plan 771?
LIC Jeevan Utsav (Plan 771) is a non-linked, non-participating, individual, whole-life savings insurance plan launched by the Life Insurance Corporation of India. Unlike traditional endowment policies that mature at age 60 or 75, Jeevan Utsav provides lifelong financial protection and guaranteed annual income up to age 100.
| Policy Parameter | Plan 771 (Limited Pay) | Plan 883 (Single Pay) |
|---|---|---|
| Entry Age | 90 days to 65 years | 90 days to 65 years |
| Premium Paying Term (PPT) | 5 to 16 years | Single 1-Time Payment |
| Minimum Basic Sum Assured | ₹5,00,000 (No upper limit) | ₹5,00,000 (No upper limit) |
| Guaranteed Addition (GA) | ₹40 per ₹1,000 BSA per year of PPT | ₹40 per ₹1,000 BSA during GA period |
| Survival Benefit (Post PPT) | 10% of Sum Assured every year for life | 10% of Sum Assured every year for life |
| Income Start Date | 2 years after PPT completes (Deferment period) | After selected deferment term (1 to 10 yrs) |
Note: Plan 771 replaces the older Plan 871 code in LIC's active product matrix.
Key Features & Guaranteed Additions (₹40 per ₹1,000 BSA)
LIC Jeevan Utsav combines capital security with two powerful contractual guarantees:
- Contractual Guaranteed Additions (GAs): For every year you pay premiums during your PPT, LIC adds ₹40 for every ₹1,000 of your Basic Sum Assured. For a ₹10 Lakh policy with a 12-year PPT, you earn a guaranteed ₹40,000/year, totaling ₹4,80,000 in bonus additions.
- Guaranteed 10% Lifelong Payout: Starting 2 years after your premium payment term ends, LIC pays you an annual income equal to exactly 10% of your Basic Sum Assured for the rest of your life (up to age 100).
- Choice of Income Options: You can choose Option 1 (Regular Income Payout) to receive 10% annually, or Option 2 (Flexi Income Option) to let your income accumulate with LIC at a guaranteed 5.5% compounding interest rate per annum.
- Tax-Free Returns: Annual income payouts and nominee death benefits qualify for tax exemption under Section 10(10D) of the Income Tax Act.
How LIC Jeevan Utsav Premiums & Income Are Calculated
Understanding the exact mathematical formulas used by LIC underwriters:
1. Base Premium & Modal Discounts
Base premiums are calculated per ₹1,000 of Basic Sum Assured based on entry age and PPT. High Sum Assured (HSA) rebates are deducted for policies of ₹10L and above. Modal loading rebates apply: 2% rebate for Yearly mode and 1% rebate for Half-Yearly mode.
2. Total Guaranteed Additions Formula
Total GAs = (Basic Sum Assured / 1000) × 40 × Premium Paying Term
3. Annual Survival Income Formula
Annual Income = 0.10 × Basic Sum Assured
4. Flexi Income Compounding Formula
If payouts are left with LIC under Option 2, the accumulated pool grows according to: Accumulated Pool = Annual Income × [((1.055)^N - 1) / 0.055] where N is the number of years deferred.
LIC Jeevan Utsav Calculation Examples (Plan 771)
LIC Jeevan Utsav vs Jeevan Umang (Plan 945) vs Jeevan Labh
Comparing Jeevan Utsav against popular LIC savings and pension policies:
| Policy Feature | Jeevan Utsav (Plan 771) | Jeevan Umang (Plan 945) | Jeevan Labh (Plan 936) |
|---|---|---|---|
| Guarantee Type | 100% Contractual Guarantee | Market-Linked Bonus + Guaranteed | Simple Reversionary Bonus |
| Annual Income | 10% of Sum Assured for life | 8% of Sum Assured for life | Lump Sum at Maturity Only |
| Guaranteed Addition | ₹40 per ₹1,000 BSA (Contractual) | Vested Simple Reversionary Bonuses | Simple Reversionary + Final Bonus |
| PPT Options | 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 Yrs | 15, 20, 25 Yrs | 10, 15, 16 Yrs |
| Income Flexibility | Regular Payout OR 5.5% Flexi Pot | Regular Annual Payout Only | No Income Payout (Lump Sum) |
Eligibility Rules, Riders & Policy Loan Terms
- Min/Max Entry Age: 90 days minimum; maximum 65 years (varies by PPT: max 65 for PPT 5, max 59 for PPT 10, max 50 for PPT 16).
- Minimum Sum Assured: ₹5,00,000 (increases in multiples of ₹25,000). No maximum limit.
- Deferment Period: 2 years after PPT ends for Plan 771; 1 to 10 years choice for Plan 883.
- Loan Facility: Available after paying 1 full year of premiums for PPT 5-9, or 2 full years for PPT 10-16. Up to 75% of surrender value for active policies.
- Surrender & Paid-Up: Policy acquires surrender value after 1 or 2 years. Making a policy 'Paid-Up' reduces Sum Assured proportionally while retaining accrued GAs.
Tax Benefits Under Income Tax Act
- Section 80C Deduction: Premiums paid towards Plan 771 or Plan 883 qualify for tax deduction up to ₹1.5 Lakh per financial year.
- Section 10(10D) Exemption: Annual 10% survival income payouts and nominee death claim payouts are completely tax-exempt, provided aggregate annual premiums across life policies do not exceed ₹5 Lakh.
- GST Applicability: Standard LIC GST applies (4.5% in 1st policy year, 2.25% in renewal years).
Explore Related LIC & Financial Calculators
Plan your total wealth strategy: evaluate LIC Jeevan Umang Calculator, check LIC Jeevan Labh Calculator, or calculate your LIC Premium across all plans.
Conclusion: Is LIC Jeevan Utsav Right for You?
LIC Jeevan Utsav (Plan 771) is one of the most attractive guaranteed income products available in India. For risk-averse investors seeking guaranteed lifelong income unaffected by stock market fluctuations, locking in a 10% annual return backed by the Government of India provides unmatched peace of mind. Use our calculator above to model your exact age and sum assured, or compare with our NPS Calculator and PPF Calculator.
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