LIC Jeevan Utsav Single Premium Plan 883 Calculator: One Payment, Income for Life

What is LIC Jeevan Utsav Single Premium Plan 883?

LIC Jeevan Utsav Single Premium (Plan 883) is the one-payment version of LIC’s popular Jeevan Utsav guaranteed income plan. It is a non-linked, non-participating, individual savings, whole life plan. You pay a single premium on day one; after that, the policy promises three things:

1. Guaranteed additions of ₹40 for every ₹1,000 of basic sum assured, credited each year of a Guaranteed Addition period you choose (7 to 17 years).
2. Lifelong income of 10% of the basic sum assured every year from the year after that period until age 99, taken as Regular income or left with LIC as Flexi income.
3. Whole life cover to age 100, with a death benefit that includes the guaranteed additions, and a maturity benefit of the same amount at 100.

“Non-par” means there are no bonuses: every figure is fixed at the start. The plan carries UIN 512N392V01 and went on sale in January 2026. It sits beside the regular-premium Jeevan Utsav 771, which has the same benefit design but spreads the payment over 5 to 16 years.

Jeevan Utsav 883 at a glance

Feature	Details
Plan number / UIN	883 / 512N392V01
Plan type	Non-linked, non-par, single premium, whole life
Premium	One-time (single) premium
Entry age	30 days to 65 years (minimum 10 years for a 7-year addition period, one year less for each longer period)
Basic sum assured	Minimum ₹5,00,000 (multiples of ₹25,000 up to ₹24.5 lakh, ₹50,000 above); no upper limit
Guaranteed additions	₹40 per ₹1,000 sum assured a year for the chosen 7–17 years
Income	10% of basic sum assured every year from the year after the addition period until age 99
Income options	Regular income or Flexi income (accumulates at 5.5% a year)
Death benefit	Sum assured on death + accrued guaranteed additions
Maturity (age 100)	Sum assured on maturity + guaranteed additions
Rebates	High sum assured (by age), 2% online, existing policyholder
Other features	Policy loan, optional riders
GST	None (individual life premiums exempt from 22 Sep 2025)

How the single premium is calculated

LIC prices this plan with a tabular single premium per ₹1,000 of sum assured. The rate depends on your age and on the Guaranteed Addition period: the longer the period, the more additions build up and the fewer years of income LIC has to pay, so the premium falls.

The calculator follows the sample premiums in LIC’s official Jeevan Utsav Single Premium sales brochure. For example, the brochure quotes ₹3,61,875 for ₹5 lakh cover at age 30 with a 12-year addition period, and the calculator returns exactly that. It also matches LIC’s two ₹10 lakh illustrations (₹8,08,650 at age 35 with 10 years, ₹7,17,250 at age 50 with 12 years). Addition periods and ages between the brochure figures are interpolated, and ages under 10 or over 50 are extended from them, so treat those as estimates. Rebates are then deducted:

Rebate	Amount
High sum assured, ₹10–24.5 lakh	₹11 / ₹9 / ₹6.50 / ₹5 per ₹1,000 for ages 0–20 / 21–40 / 41–55 / 56–65
High sum assured, ₹25–49.5 lakh	₹19 / ₹15 / ₹12 / ₹9 per ₹1,000
High sum assured, ₹50 lakh and above	₹21 / ₹18 / ₹13 / ₹10 per ₹1,000
Online purchase without an agent	2% of the tabular premium
Existing LIC policyholder or nominee	₹0.80 to ₹1 per ₹1,000

Worked example: a 30-year-old picks ₹10 lakh basic sum assured and a 10-year Guaranteed Addition period.

• Single premium: ₹8,08,650 (tabular ₹8,17,650 less the ₹9 per ₹1,000 high sum assured rebate)
• Guaranteed additions: ₹40,000 a year for 10 years = ₹4,00,000
• Income: ₹1,00,000 a year from age 41, until age 99
• Income up to age 99: ₹59 lakh in total
• Death benefit once additions are complete: ₹14,22,063, and the same amount is paid as maturity at 100

The chart under the calculator shows the premium for ₹10 lakh cover at other ages and start years. At age 30, a 7-year addition period raises the premium to about ₹9.80 lakh, while a 17-year period cuts it to about ₹5.32 lakh. Buying online as an existing policyholder brings the example down to ₹7,91,397.

Tip: if you don’t need the money soon, a longer addition period gives you the same ₹1 lakh a year for a noticeably smaller cheque today.

Regular income vs Flexi income

• Regular income: 10% of the basic sum assured is paid every year from the year after the addition period until death or age 99. It suits retirees and anyone who wants a predictable annual payout.
• Flexi income: the same 10% is credited but left with LIC, where it grows at 5.5% a year, compounded. You can withdraw when you need it. In our example, leaving every payout untouched until age 60 builds a balance of about ₹34.9 lakh.

Switch the option in the calculator to see the year-wise table for either choice.

Death benefit

If the life assured dies at any time, the nominee receives:

• the sum assured on death, which is the higher of the basic sum assured or 1.25 times the tabular single premium, plus
• all guaranteed additions accrued up to that point, plus
• any unpaid Flexi income balance.

When 1.25 × the tabular premium is more than the basic sum assured, as with shorter addition periods, the death cover rises above the sum assured: in our example it is ₹10,22,063 before additions. Income already paid is not deducted.

Maturity benefit

If the life assured reaches 100, LIC pays the sum assured on maturity (defined the same way as the sum assured on death) plus all guaranteed additions, and any Flexi balance. In our example that is ₹14,22,063.

Other benefits

• Loan: available once the policy acquires a surrender value, useful when you need cash without breaking the plan.
• Surrender: possible, but early exit from a single premium plan usually returns less than you paid. See our LIC surrender value calculator.
• Riders: accidental death & disability and term assurance riders can be added as per LIC rules.

Tax benefits

The single premium qualifies for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) only up to 10% of the sum assured, under the old tax regime. Since the premium is high relative to the cover, the income and other living benefits generally do not qualify for the Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) exemption and may be taxable in your hands. The death benefit remains tax-free. Individual life premiums have carried no GST since 22 September 2025.

Who should consider it?

Jeevan Utsav 883 suits people who:

• have a lump sum (from a bonus, a property sale or a maturing policy) and want it turned into guaranteed income for life;
• are planning retirement income and value certainty over higher but uncertain returns;
• want to leave a sum for heirs on top of their own income.

It is less suitable if you need the money back within a few years, or if you want high life cover at low cost; a term plan does that far more cheaply.

Jeevan Utsav 883 vs Jeevan Utsav 771

Point	Plan 883 (single premium)	Plan 771 (regular premium)
Premium	One payment	5 to 16 yearly payments
Guaranteed additions	₹40 per ₹1,000 a year for 7–17 years	₹40 per ₹1,000 a year of the paying term
Income	10% of sum assured, for life	10% of sum assured, for life
Best for	Investing an existing lump sum	Saving from monthly income

Use the Jeevan Utsav 771 calculator to compare the two for the same sum assured.

How to use this calculator

1. Enter the age at entry.
2. Enter the basic sum assured; your yearly income will be 10% of it.
3. Choose the Guaranteed Addition period; income starts the year after.
4. Pick Regular or Flexi income.
5. Tick any rebate that applies, read the single premium, income, guaranteed additions, death and maturity benefit, then scroll the year-wise table. Use Share result to send the scenario to family or your agent.