LIC Jeevan Utsav Plan 771 Calculator: Premium, Guaranteed Income and Benefits

What is LIC Jeevan Utsav Plan 771?

LIC Jeevan Utsav Plan 771 is a guaranteed income plan with whole life cover. You pay premiums for a short, fixed period. Once the plan’s waiting period is over, LIC pays you 10% of the basic sum assured every year for the rest of your life, and your family receives a death benefit whenever the claim arises.

Plan 771 is the current version of Jeevan Utsav. It came in October 2024, when LIC withdrew most of its traditional plans and relaunched them under revised IRDAI rules. The earlier version, Jeevan Utsav Plan 871, is closed to new buyers.

The plan is non-linked and non-participating. There is no bonus and no market link: every rupee of benefit is fixed on the day the policy is issued. That makes it easy to plan around, but it also means the return will not rise if interest rates go up later.

Jeevan Utsav 771 at a glance

Feature	Details
Plan number	771
Plan type	Non-linked, non-par, whole life, limited premium
Entry age	30 days to 65 years (minimum depends on paying term)
Premium paying term	Any term from 5 to 16 years
Premium ceasing age	Up to 75 years
Minimum sum assured	₹5,00,000 (no upper limit)
Guaranteed additions	₹40 per ₹1,000 sum assured for each paying year
Income	10% of sum assured every year for life
Income options	Regular income or flexi income (5.5% compounding)
Cover	Whole life
Status	Open for sale

Eligibility

Condition	Limit
Minimum entry age	8 years (PPT 5–8), 7 (PPT 9), 6 (PPT 10), 5 (PPT 11), 4 (PPT 12), 3 (PPT 13), 2 (PPT 14), 1 (PPT 15), 30 days (PPT 16)
Maximum entry age	65 years (PPT 5–10), falling to 59 years for PPT 16
Paying term	5 to 16 years
Age when premiums stop	75 years at most
Minimum basic sum assured	₹5 lakh

Because age plus paying term cannot pass 75, a 65-year-old can choose at most a 10-year paying term. The minimum entry ages ensure the life assured is at least 18 at the start of the year in which the first income falls due.

How the premium is calculated

The premium depends on three things: paying term, age and sum assured. A short paying term means high yearly premiums but fewer of them. A long one spreads the cost thinly. Age raises the rate because LIC is covering you for longer at older ages.

The calculator follows the sample premiums in LIC’s official Jeevan Utsav 771 sales brochure. For example, the brochure quotes ₹44,275 a year for ₹5 lakh cover at age 30 with a 12-year paying term, and the calculator returns exactly that; it also matches LIC’s two ₹10 lakh illustrations (₹1,11,050 at age 35 with a 10-year term, ₹86,850 with a 12-year term). Other ages and terms are interpolated, and ages under 10 or over 50 are extended from the nearest brochure figures, so treat those as estimates. Half-yearly, quarterly and monthly payments carry a loading of 1.75%, 2.5% and 3.25%. Buying online without an agent earns a 10% rebate. From ₹10 lakh cover, LIC gives a high sum assured rebate but does not publish the rates; the calculator uses ₹2.175 per ₹1,000, worked out from LIC’s illustration, for every cover above that. There is no GST to add: individual life insurance premiums have been GST-exempt since 22 September 2025.

Worked example 1: a 30-year-old picks ₹10 lakh cover and a 10-year paying term.

• Yearly premium: about ₹1,10,761, which is also the amount you pay
• Total premium over 10 years: ₹11,07,610
• Guaranteed additions: ₹40,000 a year for 10 years = ₹4,00,000
• Yearly income: ₹1,00,000, starting at age 43
• Income till age 100: ₹58 lakh
• Death benefit: ₹14,00,000 (₹10 lakh plus ₹4 lakh additions)

Paying monthly instead brings the instalment to about ₹9,536.

Worked example 2: a 45-year-old wants to finish paying in 8 years with ₹10 lakh cover. The estimate is about ₹1,43,025 a year, ₹11,44,200 in total. Income of ₹1 lakh a year starts at age 56, and the death benefit is about ₹13,21,175, because 7 times the annual premium is higher than the basic sum assured at this age.

Tip: the income is the same ₹1 lakh for every ₹10 lakh of cover, whatever your age. Starting younger does not raise the income, but it lowers the premium and gives you more years of payouts.

Income benefit: regular or flexi

You choose one of two options when you buy the policy.

Regular income. 10% of the sum assured reaches your bank account at the end of every policy year once income starts. Choose this if you want a predictable yearly cash flow, for example to top up a pension.

Flexi income. The same 10% is credited to your policy each year, but you can leave it there. The balance grows at 5.5% a year, compounded, and you can withdraw from it when you need. In the calculator, a 40-year-old with ₹5 lakh cover and a 12-year paying term gets ₹50,000 a year from age 55. Left untouched until 65, the balance is about ₹7,29,175.

When income starts depends on the paying term:

Paying term	First income at end of
5 to 8 years	11th policy year
9 years	12th policy year
10 years	13th policy year
12 years	15th policy year
16 years	19th policy year

Death benefit

If the life assured dies at any time while the policy is in force, the nominee gets:

• Sum assured on death, the higher of the basic sum assured or 7 times the annualised premium, plus
• guaranteed additions accrued during the paying term, plus
• any flexi income balance not yet withdrawn.

The payout is never less than 105% of the premiums paid. Income already received is not deducted.

Loan, surrender and paid-up value

• Loan: available against the policy’s surrender value, subject to LIC’s terms.
• Surrender: plans launched from October 2024 follow newer rules that give a higher surrender value in the early years than older plans did. Estimate an exit value with our LIC surrender value calculator.
• Paid-up: if you stop paying after the qualifying period, the policy continues with reduced benefits.

Tax benefits

Premiums count towards Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. The death benefit is generally tax-free. Whether the yearly income is tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) depends on the premium-to-sum-assured ratio and the aggregate premium limits, so confirm this for your own policy.

Who should buy Jeevan Utsav 771?

It suits you if you:

• want a fixed income for life that starts after 10 to 20 years;
• are comfortable locking money in for the long term with no market risk;
• want whole life cover so your family receives a lump sum whenever you die;
• are buying for a child and want income to begin in their adulthood.

It is less suitable if you need high life cover at low cost (compare a term plan), want returns that can grow with inflation, or might need the money back in the first ten years.

Jeevan Utsav 771 vs 871 and Jeevan Umang

771 vs 871. Both versions share the same design: 10% income for life, ₹40 per ₹1,000 additions and whole life cover. Plan 771 applies revised premium rates and the post-October 2024 surrender rules. Our calculators use each version’s own rate assumptions, so compare both pages for your age.

Jeevan Utsav vs Jeevan Umang. Jeevan Umang 745 is a with-profit plan. It pays 8% of the sum assured a year plus bonuses at maturity. Jeevan Utsav pays a higher 10% with no bonus, and every figure is guaranteed. For a quick side-by-side estimate, try our general Jeevan Utsav calculator.

How to use this calculator

1. Enter the age and choose a premium paying term.
2. Enter the sum assured and pick a mode.
3. Choose regular or flexi income, and whether you are buying online.
4. Read the premium, yearly income, when it starts, the death benefit and the year-wise table.

All figures are estimates for planning. LIC’s actual premium depends on underwriting, riders and the exact date of birth.