LIC Jeevan Utsav (Plan 771) – New Guaranteed Income Plan Replacing 871

Ravi had been saving money from his meagre income for a long time, hoping to provide a stable future for his family.  His expenses skyrocketed as his daughter enrolled in university, and he came to the realization that his savings weren't doing him any good.  As he looked over his father's old LIC policy documents one night, he thought back on how those annual dividends used to come like clockwork - a subtle reassurance that everything was going according to plan.  Is there still a way to have a guaranteed income like that in the modern day?

A few days later, over tea, his friend Meena mentioned something new - a plan that brings back the essence of those dependable savings schemes but with flexible benefits suited to current times. They called it LIC’s Jeevan Utsav (Plan 771). That name caught his attention. The idea of celebrating life with a steady flow of income, not just saving and waiting endlessly, now that sounded refreshing.

But what makes this plan different from the older ones LIC offered? How does it replace the much-talked-about Plan 871? And more importantly, how can it help someone like Ravi (or perhaps you), build both security and celebration into the future?

Know more about this new guaranteed income plan and how it’s reshaping long-term financial comfort in the detailed article below.
 

What is the LIC Jeevan Utsav Plan?

LIC Jeevan Utsav (Plan 771) is a whole life insurance plan from LIC designed for those who seek both protection and guaranteed lifelong income. It’s a commitment to financial security that lasts a lifetime. Think of Jeevan Utsav as a solution that pays you back year after year, while also keeping your family’s future protected.​

This plan covers your life until the age of 100 and lets you pay the premiums only for a limited number of years, anywhere between 5 and 16. That means, after you finish paying your premiums, you don’t need to worry; the income keeps flowing in, and your coverage continues. LIC Jeevan Utsav stands out because the benefits it promises are guaranteed and not linked to market ups and downs or company profits. Once you sign up, what you get is clear and fixed.​

You can choose this plan whether you’re buying for yourself, your kids, or a loved one. With entry possible from 30 days old up to age 65, Jeevan Utsav fits both young families and those planning for retirement.
 

Key Features Of LIC Jeevan Utsav

Some features that you should know about LIC Jeevan Utsav plan are:

• Whole life protection, covering you till the age of 100.​
• Limited premium paying term to choose how long you want to pay, from 5 to 16 years.​
• Guaranteed yearly income starts once your premium payment ends. It’s either Regular Income Benefit or a Flexi Income Benefit.
• Regular income means you receive a fixed 10% percentage of your sum assured each year, starting from a specific policy year depending on the plan option and premium term.​
• Flexi income lets you accumulate your annual payout, growing them at an attractive interest rate (currently 5.5% p.a.), and withdraw when you need. It is perfect for those who want flexible access to their money.​
• Flexible entry age from 30 days (babies) up to 65 years.
• High sum assured rebate. This means you get lower premiums if you choose a higher cover.
• Guaranteed additions accrue during the premium paying term, enhancing the policy value.
• Pick premium payment modes that suit your lifestyle: yearly, half-yearly, quarterly, or monthly through NACH/salary deduction.​
• Enjoy the convenience of loans after one year, if you need money for emergency or life events.​
• The survival option is changeable once before income payments start.
• Hassle-free online and offline purchase options.
• Riders like Accidental Death & Disability, Accident Benefit, New Term Assurance, and Premium Waiver riders are available to boost your protection.​
   

What’s New in LIC Jeevan Utsav (Plan 771) vs Plan 871?

Change is the only constant, and LIC Jeevan Utsav just stepped into a new era with Plan 771 replacing the earlier Plan 871. But don’t worry if you’re an existing 871 policyholder, you’re covered in. Your existing benefits and terms continue unchanged. However, new buyers will now experience the updated Plan 771, bringing refinements tuned for today's market and regulatory environment.

Let’s ease into the details with a side-by-side comparison:

The core of the plan remains steady, guaranteed lifelong income with death cover. Yet, Plan 771 brings in subtle but important upgrades: younger entry eligibility, extended premium paying age, and incentives for online buyers.
 

How Does the LIC Jeevan Utsav Work?

At its heart, LIC Jeevan Utsav is beautifully simple. You pay premiums for a fixed term of 5 to 16 years. After that, the plan starts paying you guaranteed income every year, as long as you live, effectively becoming your financial companion into old age.

You pick one of two income styles:

• Regular Income Benefit: A steady, fixed percentage (10% of your basic sum assured) pays out annually from a specified policy year based on your premium term.
• Flexi Income Benefit: Flexibility goes up a notch. You can choose to accumulate your income with 5.5% interest, then withdraw as needed, a smart way to marry guaranteed returns with liquidity.

Plus, if the unexpected happens, your family receives a death benefit, whichever is higher between your basic sum assured or seven times your annual premium, plus accrued guaranteed additions.

One thing to note: If you already have a Jeevan Utsav Plan 871, it keeps running smoothly under the original rules. But any new LIC Jeevan Utsav plans sold now will be Plan 771, reflecting the latest upgrades and offerings.​
 

Eligibility Criteria of LIC Jeevan Utsav

Before you dive into the benefits of LIC Jeevan Utsav, it’s good to know if you qualify for this plan. LIC has kept the eligibility broad, but with clear boundaries to ensure the right fit.

You can jump onboard from as young as just 30 days old - yes, even infants are eligible! And the maximum age for entry is capped at 65 years (nearest birthday). So, whether you’re planning for your child’s secure future or setting up your retirement strategy, there’s flexibility.

Premium Payment Terms range from 5 to 16 years, and here’s a twist: while you can choose how many years you want to pay, the total premium paying age can extend up to 75 years near your birthday, giving you room even if you start late.

The minimum Basic Sum Assured is Rs 5,00,000, and there is technically no upper limit, though underwriting does play a part for very high cover. Premium amounts must be multiples of Rs 25,000 if within Rs 5,00,000 and multiples of Rs 1,00,000 above that.

Thus, LIC Jeevan Utsav welcomes individuals across ages and financial goals with an eligibility design made to suit many life stages.​
 

Premium Details of LIC Jeevan Utsav Plan with Example

Now, let’s see the premiums you'll pay and how they shape your future benefits.

Premiums depend on your age at entry, chosen premium paying term, and sum assured. For instance, if you’re 30 years old opting for a sum assured of Rs 5,00,000 with a 10-year premium term, your approximate yearly premium would be about Rs 1,10,150 (exclusive of taxes).

Notice how premiums become more affordable as you stretch out the term. A 16-year term could have premiums close to Rs 30,025 yearly for the same sum assured, making the plan adaptable to different budgets.

You can pay premiums yearly, half-yearly, quarterly, or monthly (usually via NACH). Monthly premiums come with a slight loading charge of around 3.25%, while yearly payments carry no loading.

If you prefer digital convenience, booking your LIC Jeevan Utsav online fetches a 10% premium rebate which is a meaningful discount for those who book from the comfort of home.

There are also rebates if you go for a higher sum assured, scaled incentives that reward your larger commitment with reduced rates.

Here’s the key: premiums are designed to be reasonable, flexible, and transparent, so you have clear control over your investment and coverage.​
 

Policy Details of LIC Jeevan Utsav Plan

Understanding how your policy shapes up over time is crucial, right? LIC Jeevan Utsav brings clarity and security from start to finish.

• The plan offers whole life coverage, meaning your family stays protected right up to 100 years of age.
• You get to choose between two survival benefit options at policy inception:
• Regular Income Benefit pays you a fixed 10% of the sum assured annually once income starts.
• Flexi Income Benefit lets you accumulate income and earn interest at 5.5% annually, with flexible withdrawals.
• You begin receiving these survival benefits starting from policy years 11 to 19, depending on your premium paying term.
• In case of the unfortunate death of the life assured, your nominee will receive a death benefit calculated as the higher of the basic sum assured or seven times the annual premium, along with any guaranteed additions. This ensures immediate financial support.
• If premiums aren’t paid on time, the policy can become paid-up, reducing benefits proportional to premiums paid. You can also revive lapsed policies within 5 years upon fulfilling revival conditions.
• A loan facility is integrated, allowing borrowing against your policy’s surrender value after the first year, with competitive interest rates tied to government securities.
• You also get access to riders for enhanced protection: accident benefits, disability cover, term assurance, and premium waiver riders.
• In case you’re unsatisfied with the policy after purchase, LIC offers a 30-day free-look cancellation period with proportionate refund.

This plan’s policy design balances guaranteed income, flexibility, and financial security with a user-focused approach to premiums and benefits.
 

Sum Insured of LIC Jeevan Utsav

When it comes to securing your future through LIC Jeevan Utsav, understanding the sum insured is key. The plan sets its minimum basic sum assured at a robust Rs 5,00,000, ensuring substantial financial protection as a baseline. But if you’re aiming big, there’s no fixed ceiling on the sum assured. It has no maximum limit, although very high amounts will be subject to LIC’s underwriting guidelines.

You get to pick your sum assured in smart, manageable multiples. For sums between Rs 5,00,000 and Rs 24,00,000, the increment step is Rs 25,000, and beyond Rs 24,00,000, it’s in multiples of Rs 1,00,000. This flexibility means you can customize your coverage to your exact needs and budget.

So, whether you want to build a safety net for your loved ones or secure a guaranteed income stream, LIC Jeevan Utsav lets you tailor the sum insured exactly the way you want it, fitting the plan nicely into your life’s bigger financial picture.​
 

Downloads

For those who like to dig deeper or keep handy references, here are essential documents for LIC Jeevan Utsav Plan 771:

• Product Brochure: The official detailed brochure, laying out all features, eligibility, and benefits in one place.
• Policy Document: The complete policy terms and conditions, providing transparency and detailed understanding of your plan.

Always keep these close by, and for the most accurate and updated information, refer directly to LIC’s official website or documents provided at purchase.

Note: The benefits, eligibility, and premium structure remain largely similar, but buyers should always refer to the latest brochure and disclosures for Plan 771 (UIN 512N363V02).
 

What is Covered and Not Covered in LIC Jeevan Utsav Plan?

When you invest in LIC Jeevan Utsav, it’s important to understand what exactly your plan shields you against and what it doesn't. The primary coverage is clear and robust:

• In case of the unfortunate demise of the insured, the policy pays out the "Sum Assured on Death" along with the accrued Guaranteed Additions. This ensures your loved ones are financially secure, even if life throws unexpected challenges their way.
• If you survive the policy term, you get the benefit of regular income payments or accumulated Flexi Income Benefits, depending on the option you chose at the start.
• But, as with all insurance plans, there are exclusions:
• The policy doesn't cover death or claims arising from activities or risks that are explicitly excluded like death due to hazardous pursuits, illegal activities, or self-inflicted injuries (excluding accidental life).
• It also doesn't cover any event occurring before the risk commenced or outside the policy's terms like non-disclosure of facts or providing incorrect information in the proposal.

To work out what exactly is excluded, always check the detailed policy document. And remember, benefits like bonuses or surplus share are not part of this plan because it’s non-participating, so no profits are shared with policyholders.
 

Who Is This Plan Ideal For?

• This plan is best suited for individuals seeking a long-term, secure savings and income plan without the complexity of market-linked investments.
• If you are someone who values guaranteed benefits, predictable income, and the flexibility of choosing your premium payment term between 5 and 16 years, LIC Jeevan Utsav fits the bill perfectly.
• It’s an ideal option for young professionals, parents planning for their child's future, or even retirees wanting a steady income stream.
• Plus, if you are comfortable with a non-participating, guaranteed product that doesn't involve bonuses but offers assured returns and the possibility of opting for convenient riders like accident cover or premium waiver, this plan aligns well with your needs.
• Also, for those who prefer to lock in benefits over a long horizon, with the flexibility of payout options and the opportunity for partial withdrawals, LIC Jeevan Utsav offers a comprehensive solution.
• If you’re someone who values security, predictable benefits, and long-term planning, then this plan deserves your consideration. Its fixed guaranteed benefits make it a straightforward, safety-first choice for those looking to safeguard their family’s future.​
   

Things to Consider Before Choosing This Plan

Before you sign up for LIC Jeevan Utsav, there are a few key points worth keeping in mind:

• This is a non-participating plan, which means no bonuses or profit-sharing. So the returns are fixed and guaranteed, but relatively moderate compared to market-linked investments. If you’re looking for high-growth potential, this might not be the best fit.
• The plan requires a long-term commitment. The benefits (whether the regular income or Flexi Income) start only after a waiting period, typically 10 to 20 years depending on your premium payment term. So, patience is crucial.
• If you’re someone who might need liquidity early or prefers short-term investments, this plan’s structure may not align with your needs.
• Another aspect to weigh is the moderate returns. Since the plan guarantees fixed benefits, the IRR (Internal Rate of Return) is likely to be moderate. If your goal is to beat inflation and aim for higher returns, market-linked schemes might serve you better.
• Also, it’s important to carefully review the surrender and loan options, as early withdrawal or surrender can affect the benefits significantly.
• Finally, always examine the full policy details, including the rebates, rider options, and conditions for revival or paid-up status. Doing so ensures that your long-term financial planning is well aligned and free from surprises.

In essence, LIC Jeevan Utsav offers safety, predictability, and flexibility for those committed to a disciplined, long-term approach to life insurance. It's ideal for cautious investors valuing guaranteed benefits over high-risk returns, and who are prepared to wait for income to kick in.
 

LIC Jeevan Utsav vs Other Popular Life Insurance Plans

Choosing the right life insurance plan isn’t always simple. There are so many types, each with its own flavor, whether it's guaranteed income, market-linked growth, or lifelong security. That’s why a head-to-head comparison comes in handy. Take a look at this table and see how Jeevan Utsav stacks up against other plans that might already be on your radar:

It’s easy to see how every plan has its comfort zone. LIC Jeevan Utsav excels at blending guaranteed returns with structured regular income.
 

And just like that, you’re all set with a robust plan that guarantees financial security for your family along with regular income benefits.​
 

Other LIC Plans You Might Like

LIC’s range of plans is broad and tailored for different life stages and goals. Aside from Jeevan Utsav, here are some other popular LIC plans to explore:

• LIC New Endowment Plans: Traditional savings plans with bonus benefits and lump sum payout at maturity.
• LIC New Jeevan Anand: A combination of protection, savings, and bonus benefits with flexible terms.
• LIC Jeevan Tarang: A non-linked, participating plan with regular income and lump sum maturity benefit.
• LIC Jeevan Shanti: A single premium, whole life plan providing lifetime coverage and loans against policy.
• LIC's ULIP Plans: Market-linked investment plans that offer wealth creation with life cover.
• LIC Retirement Plans: Such as Jeevan Akshay for retirees seeking guaranteed pension

Each plan serves a different need, whether you want market-linked growth, short/long tenure savings, or lifelong protection. Choosing the right plan depends on your financial goals, risk appetite, and income needs.​
 

Wrapping Up

LIC Jeevan Utsav (Plan 771) is a smart, whole life insurance plan designed to provide you with guaranteed lifelong income and financial security for your loved ones. With flexible premium payment terms, attractive rebates, and options for regular or flexible income benefits, it offers a great blend of safety, stability, and long-term support. Whether you want assured returns or financial protection till 100 years of age, this plan covers it all. It’s simple, reliable, and tailored for those who value steady income and peace of mind.​