LIC Jeevan Utsav is a non-linked, non-participating, individual, whole-life insurance plan that provides both protection and savings. As of January 2026, it is available in two primary formats: a limited premium payment plan (Plan No. 771) and a newly launched single premium version (Plan No. 883). 

Key Features (Plan 771)

• Whole Life Coverage: Provides risk cover until age 100.
• Limited Premium Payment: Choose a term between 5 to 16 years.
• Guaranteed Additions: Accrues at ₹40 per ₹1,000 of Basic Sum Assured annually throughout the premium payment term.
• Lifelong Income: Once premium payments conclude, policyholders receive a guaranteed annual payout of 10% of the Basic Sum Assured. 

Income Options

Policyholders must choose one of two survival benefit options: 

1. Regular Income Benefit: Annual payments directly to the policyholder starting after the deferment period.
2. Flexi Income Benefit: Payouts can be accumulated with interest (currently 5.5% p.a. compounded yearly) and withdrawn later (up to 75% once per year). 

New: Jeevan Utsav Single Premium (Plan 883) 

Launched on January 6, 2026, this version allows for a one-time premium payment. 

• Minimum Sum Assured: ₹5,00,000.
• Eligibility: Age 30 days to 65 years.
• Benefit: Combines immediate lifelong risk cover with guaranteed additions and survival benefits. 

Eligibility & Benefits

• Entry Age: 90 days to 65 years.
• Death Benefit: Higher of the Basic Sum Assured or 7 times the annualized premium (minimum 105% of total premiums paid), plus accrued Guaranteed Additions.
• Loan Facility: Available after the policy acquires surrender value (typically after 1–2 years depending on premium payment).