LIC Jeevan Utsav Plan 771 Calculator helps estimate premium payment, guaranteed additions, annual income benefit, death benefit and year-wise policy benefits under LIC’s Jeevan Utsav Plan.
Many people search for an LIC Jeevan Utsav Plan 771 premium and maturity calculator to understand how much premium they may need to pay and what benefits can be expected in the future. However, an important point must be understood first: LIC Jeevan Utsav Plan 771 does not provide a normal one-time maturity amount like a traditional endowment plan.
It is a whole life insurance plan designed to provide long-term protection along with guaranteed income benefits after a specified policy year. The policyholder can choose either Regular Income Benefit or Flexi Income Benefit at the beginning of the policy.
Use the calculator above to estimate premiums, yearly income, guaranteed additions and nominee death benefit.
Table of Contents
LIC Jeevan Utsav Plan 771 Overview
| Particular | Details |
|---|---|
| Plan Name | LIC Jeevan Utsav |
| Plan Number | 771 |
| UIN Number | 512N363V02 |
| Launch / Effective Date | 01 October 2024 |
| Plan Type | Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance Plan |
| Premium Paying Term | 5 to 16 years |
| Minimum Basic Sum Assured | ₹5,00,000 |
| Income Options | Regular Income Benefit and Flexi Income Benefit |
| Guaranteed Additions | ₹40 per ₹1,000 Basic Sum Assured during PPT |
| Maturity Benefit | No standard maturity lump sum |
| Loan Facility | Available subject to policy conditions |
| Official Brochure | Read Here |
LIC Jeevan Utsav is a non-participating plan. This means the policy does not receive bonus, final additional bonus, profit share or surplus distribution. Benefits are fixed according to the policy terms.
How to Use LIC Jeevan Utsav Plan 771 Calculator
The calculator is designed to give a simple illustration of the policy. Enter the following details:
- Age at entry
- Basic Sum Assured
- Premium Paying Term
- Premium payment mode
- Annual base premium
- Income benefit option
- Tobacco user status
- AD&D Rider selection
- Term Rider selection
- Projection age
After entering the required details, click the Calculate button. The calculator shows estimated premium amounts, income benefit, total guaranteed additions, death benefit, and a year-wise benefit table.
The Reset button clears the entered values and restores the default calculator values.
LIC Jeevan Utsav Plan 771 Eligibility Conditions
The minimum and maximum entry ages depend on the selected Premium Paying Term.
| Premium Paying Term | Minimum Entry Age | Maximum Entry Age |
|---|---|---|
| 5 years | 8 years | 65 years |
| 6 years | 8 years | 65 years |
| 7 years | 8 years | 65 years |
| 8 years | 8 years | 65 years |
| 9 years | 7 years | 65 years |
| 10 years | 6 years | 65 years |
| 11 years | 5 years | 64 years |
| 12 years | 4 years | 63 years |
| 13 years | 3 years | 62 years |
| 14 years | 2 years | 61 years |
| 15 years | 1 year | 60 years |
| 16 years | 30 days | 59 years |
The maximum premium ceasing age is 75 years, nearer birthday.
The minimum age at the start of the policy year when the first Regular Income Benefit or Flexi Income Benefit becomes payable must be 18 completed years.
Basic Sum Assured Rules
The minimum Basic Sum Assured under LIC Jeevan Utsav Plan 771 is ₹5 lakh.
The Basic Sum Assured should be selected in the following multiples:
| Basic Sum Assured Range | Required Multiple |
|---|---|
| ₹5 lakh to ₹24 lakh | ₹25,000 |
| Above ₹24 lakh | ₹1 lakh |
There is no fixed maximum Basic Sum Assured, but LIC will decide the final allowed amount based on underwriting, income proof, financial eligibility, health details and other policy conditions.
LIC Jeevan Utsav Plan 771 Premium Calculator
The premium of LIC Jeevan Utsav Plan 771 depends on several factors:
- Age at entry
- Basic Sum Assured
- Premium Paying Term
- Health condition
- Tobacco usage
- Occupation
- Rider selection
- Underwriting decision
- Premium payment mode
The calculator shows yearly, half-yearly, quarterly and monthly premium modes. The actual premium may differ from the calculator result because LIC premiums are finalized only after underwriting and policy issuance.
Premium payment can be selected in yearly, half-yearly, quarterly or monthly mode.
Also Check:
- LIC Whole Life Plan Calculator
- LIC Jeevan Umang Plan 745 Calculator
- LIC Micro Bachat Plan 751 Calculator
- LIC Jan Suraksha Plan 880 Calculator
| Premium Mode | Number of Payments in a Year |
|---|---|
| Yearly | 1 |
| Half-Yearly | 2 |
| Quarterly | 4 |
| Monthly | 12 |
Taxes are charged separately as applicable. Rider premium, extra premium due to underwriting, taxes and modal loading should not be treated as part of the annualized premium used for death benefit calculations.
What Is Annualized Premium?
Annualized Premium means the premium payable in one policy year. It does not include:
- GST or other applicable taxes
- Rider premium
- Underwriting extra premium
- Loading for half-yearly, quarterly or monthly premium mode
This is important because the Sum Assured on Death is calculated using the Basic Sum Assured and the annualized premium.
Guaranteed Additions in LIC Jeevan Utsav
One of the important features of LIC Jeevan Utsav Plan 771 is Guaranteed Additions.
Guaranteed Additions are added at the rate of:
₹40 per ₹1,000 of Basic Sum Assured for every policy year during the Premium Paying Term.
For example, suppose the Basic Sum Assured is ₹10 lakh.
- ₹10 lakh ÷ ₹1,000 = 1,000 units
- 1,000 × ₹40 = ₹40,000 Guaranteed Addition every year
If the Premium Paying Term is 12 years:
- ₹40,000 × 12 years = ₹4,80,000 total Guaranteed Additions
Guaranteed Additions are accrued only during the Premium Paying Term. No further Guaranteed Additions are added after the premium-paying term ends.
LIC Jeevan Utsav Income Benefit Options
LIC Jeevan Utsav gives two income benefit options. The option is selected at policy inception.
Option I – Regular Income Benefit
Under this option, the policyholder receives an annual income equal to 10% of the Basic Sum Assured.
For example, if the Basic Sum Assured is ₹10 lakh:
- Annual Regular Income Benefit = ₹1 lakh per year
The income is paid at the end of every policy year after the applicable income start year, as long as the Life Assured survives and the policy remains eligible.
Option II – Flexi Income Benefit
Under this option, the annual income benefit is also 10% of Basic Sum Assured. However, instead of receiving the entire benefit immediately, the policyholder can keep the income with LIC.
The accumulated amount earns interest at 5.5% per annum compounded yearly.
The Flexi Income Benefit can be useful for those who do not need regular income immediately and want to accumulate it for future needs.
A withdrawal can be made once in a policy year, subject to policy rules. The maximum withdrawal is limited to 75% of the accumulated Flexi Income Benefit, along with interest.
LIC Jeevan Utsav Plan 771 Income Start Year
The annual income benefit does not start immediately after the premium payment ends. The first income benefit starts according to the selected Premium Paying Term.
| Premium Paying Term | Income Starts at the End of Policy Year |
|---|---|
| 5 years | 11th policy year |
| 6 years | 11th policy year |
| 7 years | 11th policy year |
| 8 years | 11th policy year |
| 9 years | 12th policy year |
| 10 years | 13th policy year |
| 11 years | 14th policy year |
| 12 years | 15th policy year |
| 13 years | 16th policy year |
| 14 years | 17th policy year |
| 15 years | 18th policy year |
| 16 years | 19th policy year |
This is why the calculator shows the income start year separately.
LIC Jeevan Utsav Plan 771 Maturity Calculator
LIC Jeevan Utsav is a whole-life plan. It does not provide a normal maturity benefit at a fixed age such as 60 years, 70 years or 100 years.
Therefore, the term “maturity calculator” should be understood carefully.
The calculator does not show a fixed one-time maturity lump sum because no standard maturity benefit is payable under the plan. Instead, it estimates:
- Annual Regular Income Benefit
- Flexi Income accumulation
- Guaranteed Additions
- Death benefit
- Total premium payable during the selected Premium Paying Term
The key survival benefit is annual income after the applicable start year.
Death Benefit for Nominee
If the Life Assured dies after commencement of risk while the policy is in force, the nominee receives:
Sum Assured on Death + Accrued Guaranteed Additions
The Sum Assured on Death is the higher of:
- Basic Sum Assured, or
- Seven times the Annualized Premium
The death benefit cannot be less than 105% of total premiums paid up to the date of death.
For example:
| Details | Amount |
|---|---|
| Basic Sum Assured | ₹10,00,000 |
| Annualized Premium | ₹85,000 |
| Seven Times Annualized Premium | ₹5,95,000 |
| Sum Assured on Death | ₹10,00,000 |
| Accrued Guaranteed Additions | Depends on policy year |
| Total Death Benefit | Death Sum Assured + Accrued Additions |
The actual death claim amount may change if there is an outstanding policy loan, unpaid premium, rider benefit, policy lapse or paid-up status.
Risk Commencement for Children
For children below 8 years of age at entry, risk cover may not begin immediately.
Risk begins on the earlier of:
- Two years from policy commencement, or
- The policy anniversary immediately following completion of age 8 years
If death occurs before commencement of risk, LIC refunds the premiums paid, excluding taxes, rider premiums and extra premiums, without interest.
For lives aged 8 years or above at entry, risk generally begins from the policy issuance date.
Grace Period
LIC gives a grace period for unpaid premiums.
| Premium Mode | Grace Period |
|---|---|
| Yearly | 30 days |
| Half-Yearly | 30 days |
| Quarterly | 30 days |
| Monthly | 15 days |
If the premium is not paid within the grace period, the policy may lapse depending on the policy status and premiums already paid.
Paid-Up Value, Lapse and Revival
If at least one full-year premium has been paid and future premiums are not paid, the policy may continue as a paid-up policy subject to the policy terms.
However, benefits under a paid-up policy are reduced.
If the Paid-Up Sum Assured is below ₹2 lakh, no Regular Income Benefit or Flexi Income Benefit is payable. Death benefit may still remain payable according to paid-up policy conditions.
A lapsed policy can be revived during the revival period, subject to LIC approval, payment of outstanding premiums with interest and proof of continued insurability if required.
Surrender Value
The policy can be surrendered after completion of the first policy year if one full-year premium has been paid.
However, Guaranteed Surrender Value becomes available only after payment of at least two full years’ premiums.
LIC pays the higher of:
- Guaranteed Surrender Value, or
- Special Surrender Value
Surrendering a policy in the early years may result in a lower value than total premiums paid. It is important to check the official surrender value before making a decision.
Policy Loan Facility
A loan can be taken after completion of the first policy year, provided at least one full-year premium has been paid.
The available loan amount depends on the surrender value and LIC’s policy loan rules at that time.
An unpaid loan and interest may reduce future benefits or claim settlement amount.
Riders Available Under LIC Jeevan Utsav
Riders can provide additional protection by paying an extra premium. Rider availability depends on age, medical underwriting, policy term and LIC conditions.
The calculator includes rider selections for illustration, but rider premium should be confirmed only through the official LIC quotation.
Possible rider benefits may include accidental death, accidental disability, term assurance or premium waiver protection, depending on eligibility and current LIC rider availability.
Free-Look Period
A policyholder gets a 30-day free-look period from the date of receiving the policy document.
During this period, the policy can be returned if the terms are not acceptable. LIC may refund the premium after deducting applicable risk premium, medical examination charges, stamp duty, and rider risk premium, if any.
Who Should Consider LIC Jeevan Utsav Plan 771?
LIC Jeevan Utsav may be suitable for those who want:
- Whole life insurance cover
- Limited premium payment period
- Guaranteed additions during premium payment years
- Lifetime annual income after the applicable start year
- A non-market-linked insurance plan
- Family protection, along with future income planning
- Flexibility to defer income through the Flexi Income option
Who May Not Find This Plan Suitable?
The plan may not be ideal for those looking for:
- A fixed maturity lump sum
- Immediate income after premium payment completion
- High market-linked returns
- Short-term investment liquidity
- Pure term insurance at the lowest possible cost
Key Things to Check Before Buying
Before purchasing LIC Jeevan Utsav Plan 771, check the following points carefully:
- Premium Paying Term selected
- Income benefit option selected
- First income start year
- Actual premium including GST
- Rider eligibility and rider premium
- Surrender value rules
- Loan conditions
- Paid-up policy impact
- Nominee details
- Death benefit illustration
- Flexi Income withdrawal terms
Frequently Asked Questions
What is LIC Jeevan Utsav Plan 771 Calculator?
LIC Jeevan Utsav Plan 771 Calculator is an online tool that estimates premium, total premium payable, guaranteed additions, annual income benefit, Flexi Income balance and death benefit under the plan.
Does LIC Jeevan Utsav Plan 771 provide maturity benefit?
No standard maturity lump sum is payable. LIC Jeevan Utsav is a whole-life plan that provides Regular Income Benefit or Flexi Income Benefit after the applicable income start year.
How is Guaranteed Addition calculated?
Guaranteed Addition is calculated at ₹40 per ₹1,000 of Basic Sum Assured at the end of each policy year during the Premium Paying Term.
How much income is paid under LIC Jeevan Utsav?
The annual Regular Income Benefit or Flexi Income Benefit is equal to 10% of the Basic Sum Assured.
When does the income start?
Income starts from the end of policy year 11 to policy year 19, depending on the selected Premium Paying Term.
What is the death benefit under LIC Jeevan Utsav Plan 771?
Death benefit is Sum Assured on Death plus accrued Guaranteed Additions. Sum Assured on Death is the higher of Basic Sum Assured or seven times the Annualized Premium, subject to the 105% premium condition.
Can a policy loan be taken under LIC Jeevan Utsav?
Yes, a policy loan can be available after completion of the first policy year, provided the required premium condition is met.
Final Thoughts
LIC Jeevan Utsav Plan 771 is designed for long-term insurance protection and future income planning. The biggest feature is the combination of limited premium payment, Guaranteed Additions and lifetime income benefits.
The LIC Jeevan Utsav Plan 771 Calculator makes it easier to understand the premium, income start year, total guaranteed additions and nominee death benefit before applying.
Use the calculator for an initial estimate, but confirm the final premium and policy benefits through the official LIC quotation before purchase.