LIC Jeevan Utsav Calculator: Premium, Guaranteed Additions and Lifetime Income

What does the Jeevan Utsav calculator do?

LIC Jeevan Utsav is built around a simple promise: pay for a few years, then receive a fixed income every year for the rest of your life, with life cover throughout. The catch is that the premium is large and the numbers depend a lot on how many years you choose to pay. This calculator shows the trade-offs. For any age, paying term and sum assured you see:

• the yearly premium and total amount paid;
• the guaranteed additions that build up while you pay;
• your age when the income starts;
• the total income you would receive up to age 100;
• the death benefit for your nominee.

It covers the current Plan 771 and the withdrawn Plan 871 for existing policyholders. The tool has no rates of its own: it runs each plan’s own calculation, so the figures match the plan pages. It is an independent estimate; the premium on LIC’s quote is final.

Jeevan Utsav at a glance

Feature	Details
Plan type	Non-linked, non-participating whole life with guaranteed income
Versions	771 (current), 871 (29 Nov 2023 to 1 Oct 2024), 883 (single premium)
Entry age (771)	30 days to 65 years; the minimum rises to 8 years for short paying terms
Premium paying term	5 to 16 years (premiums must end between age 18 and 75)
Minimum sum assured	₹5,00,000, no upper limit
Guaranteed additions	₹40 per ₹1,000 sum assured for each premium year
Income	10% of sum assured yearly for life, regular or flexi
Flexi income interest	5.5% a year, compounded

How the calculator works

1. Premium. For Plan 771 the calculator follows the sample premiums in LIC’s official brochure. For example, the brochure quotes ₹44,275 a year for ₹5 lakh cover at age 30 with a 12-year term, and the calculator returns exactly that. Other ages and terms are interpolated. Half-yearly, quarterly and monthly modes carry a 1.75%, 2.5% or 3.25% loading, buying online gives a 10% rebate, and from ₹10 lakh a high sum assured rebate applies (LIC does not publish it; the calculator uses ₹2.175 per ₹1,000, worked out from LIC’s illustration).
2. Guaranteed additions. ₹40 × (sum assured ÷ 1,000) × premium years.
3. Income start. End of the 11th policy year for paying terms of 5–8 years; premium term + 3 years for longer terms.
4. Income. 10% of the basic sum assured every year. Under flexi, it accumulates at 5.5% compound interest.
5. Death benefit. The higher of the sum assured or 7 × yearly premium, plus accrued guaranteed additions.

No GST is added. Individual life insurance premiums have been GST-exempt since 22 September 2025. Before that, LIC added 4.5% in the first year and 2.25% after.

Worked example

A 30-year-old chooses ₹10 lakh cover and a 12-year paying term (Plan 771, yearly mode):

Result	Amount
Yearly premium	₹86,375
Total premium paid	₹10,36,500
Guaranteed additions	₹4,80,000
Income starts	End of year 15 (age 45)
Yearly income	₹1,00,000 for life
Total income up to age 100	₹56,00,000
Death benefit after premiums end	₹14,80,000

The paying term changes the picture a lot. Same person, same ₹10 lakh cover:

Paying term	Yearly premium	Total paid	Income starts at age	Income to age 100
5 years	₹2,18,125	₹10,90,625	41	₹60,00,000
8 years	₹1,43,025	₹11,44,200	41	₹60,00,000
10 years	₹1,10,761	₹11,07,610	43	₹58,00,000
12 years	₹86,375	₹10,36,500	45	₹56,00,000
16 years	₹57,875	₹9,26,000	49	₹52,00,000

A short paying term starts the income sooner (age 41 for 5–8 years), so you collect a few more payments. A longer term keeps the yearly premium manageable and, on LIC’s rates, even costs less in total, but the income starts later.

Flexi income example. A 35-year-old takes ₹5 lakh cover with a 10-year term and chooses flexi income. The premium is ₹56,613 a year. From the end of year 13 (age 48), ₹50,000 a year is credited and grows at 5.5%. Set the withdrawal age to 57 and, after 10 credits, the flexi balance is about ₹6,43,768. LIC lets you withdraw up to 75% of the balance once a year.

Tip: Jeevan Utsav’s income is fixed in rupees. ₹1 lakh a year feels large today but will buy much less in 25 years. Use it as a guaranteed base layer, not your only retirement income.

How to read the results

• Yearly premium: what you pay each year during the premium term.
• Guaranteed yearly income: 10% of the sum assured. The note tells you whether it is paid out or accumulated.
• Guaranteed additions: built up while you pay and paid with the death benefit.
• First income at age: when the first payment arrives.
• Total income till age 100: a planning benchmark. Income continues for as long as you live.
• Flexi balance at the age you choose: shown only for the flexi option.
• Year-wise table: premiums, additions, income and death cover year by year.
• Death benefit: the minimum your nominee receives, plus the income you received while alive.

Tips and common mistakes

• Compare the return, not only the income. Paying ₹10.4 lakh to receive ₹1 lakh a year from age 45 is a modest return once you account for timing. Compare it with an annuity or a mix of debt funds before you decide.
• Choose flexi if you don’t need the cash. The 5.5% guaranteed compounding is a safe way to park income you may need later.
• Check the premium-ceasing age. Premiums must end by 75, so a 65-year-old can choose at most a 10-year paying term.
• Don’t surrender early. Surrender value in the first years is well below premiums paid. See the surrender value calculator.

Related plans and calculators

• Full plan details: Jeevan Utsav 771 and the one-time payment version, Jeevan Utsav Single Premium 883.
• Want income that shares in bonuses? Compare with the Jeevan Umang calculator.