LIC’s Jeevan Utsav Single Premium (Plan 883) is a new life insurance plan designed by the LIC to give you guaranteed lifelong income and life cover with just one premium payment. If you want a policy ,where you have to invest once and benefit for life without worrying about recurring premiums, this plan is made for you. It combines savings and protection and is backed by LIC, India’s largest life insurer.
What is LIC Jeevan Utsav Single Premium (Plan 883)?
LIC Jeevan Utsav Single Premium (Plan 883) is a Non-Participating, Non-Linked, Individual, Savings and Whole Life Insurance Plan. It combines lifelong insurance coverage with savings and income benefits, and is designed for individuals who want to pay premium only once and enjoy benefits throughout life. this is a very important for those who , want pay single premium only , and free from monthly and yearly premium.
- Plan Number: 883
- UIN: 512N392V01
- Launch Date: Available for purchase from 12 January 2026
- Type: Single-premium, whole life, non-participating, non-linked plan
Key Features of LIC Jeevan Utsav Single Premium
Here are the key features of LIC Jeevan Utsav Single Premium (Plan No. 883), a new whole-life insurance plan from LIC of India-
This plan combines protection and savings with several attractive elements:
✅ 1. Single Premium Payment
Under this Plan You have to pay the premium once only at the beginning of the policy and enjoy lifetime coverage, savings and income benefits.
✅ 2. Guaranteed Additions
LIC Jeevan Utsav Single Premium (Plan No. 883) also facilitate that, During the Guaranteed Addition Period, the policy earns guaranteed additions of ₹40 per ₹1,000 of Basic Sum Assured at the end of each policy year. These additions are fixed and guaranteed, irrespective of market conditions.
✅ 3. Two Survival Income Options
Under this LIC Jeevan Utsav Single Premium the Policyholders can choose one of the two survival benefit options:
➤ Option I – Regular Income Benefit
Where You receive 10% of the Basic Sum Assured annually at the end of each policy year, starting after the deferment period you choose (between 7 and 17 years).
➤ Option II – Flexi Income Benefit
In this option, the 10% annual payout can be accumulated and withdrawn later. LIC pays interest @ 5.5% p.a. (compounded yearly) on deferred amounts, giving you flexibility to time your income.
✅ 4. Death Benefit
This plan has provided the death benefit to there family, unfortunately If the policyholder dies after the commencement of risk, the nominee receives following benefits-
✔ The Sum Assured on Death
✔ Any accrued guaranteed additions
“Sum Assured on Death” is the higher of Basic Sum Assured or 1.25 × the tabular single premium.”
✅ 5. Maturity Benefit
If the policyholder survives till the end of the policy term, the maturity benefit is paid as:
Higher of Basic Sum Assured or 1.25 × the tabular single premium, plus all accrued guaranteed additions. ([Liferay DXP][2])
✅ 6. Loan Facility
This plan allows you to take a loan against the policy during the policy term, providing financial flexibility when needed.
✅ 7. Optional Riders
You can enhance your coverage by opting for LIC Jeevan Utsav Single Premium:
✔ Accidental Death and Disability Benefit Rider
✔ LIC’s New Term Assurance Rider
These riders require an additional premium but offer extra protection.
✅ 8. Rebate and High Sum Assured Benefits
The plan offers rebates for high sum assured amounts and special rebates for online purchase, existing policyholders, and nominees of deceased policyholders.
—LIC Jeevan Tarun Calculator Plan 934 Premium and Maturity
Eligibility and Policy Details
Here we are seen the Eligibility and Policy Details with comparison of Jeevan Utsav – Regular Premium (Plan 871) and LIC Jeevan Utsav Single Premium (Plan 883)
| Criteria | Jeevan Utsav – Single Premium (Plan 883) | Jeevan Utsav – Regular Premium (Plan 871) |
|---|---|---|
| Plan Type | Non-linked, Non-participating, Whole Life | Non-linked, Non-participating, Whole Life |
| Premium Payment | One-time single premium | Regular premium (limited pay) |
| Entry Age | 30 days to 65 years | 30 days to 65 years |
| Maximum Maturity Age | 100 years (nearest birthday) | 100 years (nearest birthday) |
| Minimum Basic Sum Assured | ₹5,00,000 | ₹5,00,000 |
| Maximum Sum Assured | No limit (subject to underwriting) | No limit (subject to underwriting) |
| Premium Paying Term | Single payment only | 5 to 16 years (as chosen) |
| Policy Term | Whole life (till age 100) | Whole life (till age 100) |
| Guaranteed Addition Period | 7 to 17 years | 7 to 17 years |
| Guaranteed Additions | ₹40 per ₹1,000 of Basic Sum Assured per year | ₹40 per ₹1,000 of Basic Sum Assured per year |
| Income Start | After chosen deferment period | After chosen deferment period |
| Annual Income Benefit | 10% of Basic Sum Assured | 10% of Basic Sum Assured |
| Income Options | Regular Income or Flexi Income | Regular Income or Flexi Income |
| Death Benefit | Higher of Basic Sum Assured or 1.25× Single Premium + GAs | Sum Assured on Death + GAs |
| Maturity Benefit | Higher of Basic Sum Assured or 1.25× Single Premium + GAs | Sum Assured on Maturity + GAs |
| Liquidity | Loan available | Loan available |
| Riders Available | Yes (ADD Rider, Term Rider) | Yes (ADD Rider, Term Rider) |
| Ideal For | Investors with lump-sum funds | Salaried or regular income earners |
| Premium | High upfront | Spread over years |
| Risk of Missed Premium | None | Exists if premiums are missed |
Income Options of LIC Jeevan Utsav Single Premium (Plan 883)
LIC Jeevan Utsav Single Premium offers two income options. You must choose one at the time of buying the policy. Once selected, it cannot be changed later.
1. Regular Income Benefit Option
This is the most straightforward option.
How it works:
- After the chosen deferment period (7 to 17 years),
- LIC pays you 10% of the Basic Sum Assured every year
- The income continues for life, as long as the policyholder is alive.
Example:
- Basic Sum Assured: ₹10,00,000
- Annual Income: ₹1,00,000 (10% of BSA)
- Income starts after deferment period and continues yearly for life
Best for:
- People who want fixed, guaranteed yearly income
- Retirement income planning
- Regular cash flow needs
Regular Income Benefit
- You receive 10% of Basic Sum Assured annually, starting after the deferred period you choose.
- Payments continue as long as you survive, up to the year before maturity.
2. Flexi Income Benefit Option
This option gives income control and accumulation benefits.
How it works:
- You are still entitled to 10% of the Basic Sum Assured each year
- But instead of taking it immediately, you can defer (accumulate) the income
- LIC pays interest at 5.5% per annum (compounded yearly) on the deferred amount
- You can withdraw the accumulated income partially or fully, as per need
Example:
- Annual income eligible: ₹1,00,000
- You defer it for 5 years
- LIC adds 5.5% compound interest
- You receive a larger accumulated amount when withdrawn
Best for:
- People who do not need income immediately
- Those planning future expenses
- Investors wanting flexibility + guaranteed growth
Flexi Income Benefit
- You can defer income payments and let them accumulate.
- LIC pays 5.5% p.a. interest, compounded annually on deferred amounts.
— lic jeevan akshay policy calculator
Key Points to Remember
- Income is guaranteed, not market-linked
- Income does not reduce the death benefit
- Even after income starts, life cover continues
- Choice of income option must be made at policy inception
Quick Comparison of Income Options
| Feature | Regular Income | Flexi Income |
|---|---|---|
| Annual Income | Paid every year | Can be deferred |
| Interest on Income | No | Yes (5.5% p.a. compounded) |
| Flexibility | Low | High |
| Ideal for | Fixed cash flow | Future planning & accumulation |
Why Choose LIC Jeevan Utsav Single Premium?
Here are many point wise explanation why should you have to choose this plan.
1.One-Time Premium, Lifetime Cover
You pay the premium only once at the time of start or buying this plan . After that, there are no future premium payments to worry about. Coverage continues up to age 100 (nearest birthday), making it hassle-free.
2. Guaranteed Lifetime Income
This plan offers guaranteed annual income after a chosen deferment period. Whether you choose the Regular or Flexi Income option, the payout is secure and predictable.
3. Two Flexible Income Choices
You can tailor income to your needs:
- Regular Income Option for fixed yearly payouts
- Flexi Income Option if you prefer to accumulate income with interest and withdraw later
This flexibility makes it suitable for retirement planning, long-term expenses, or systematic cash flow.
4. Strong Death Benefit Protection
If the insured passes away during the policy term, the nominee gets:
- The higher of sum assured on death or
- 1.25 times the single premium
plus guaranteed additions. This ensures financial protection for your family.
5. Attractive Guaranteed Additions
The plan adds guaranteed additions each year during the chosen addition period (7 to 17 years). These additions boost your benefits over time and increase the maturity or death payouts.
6. Liquidity and Policy Support
The policy offers:
- Loan facility after surrender value is available
- Settlement options to receive benefits in instalments
This gives you financial flexibility when needed.
7. Riders for Extra Protection
You can enhance your protection with optional riders like:
- Accidental Death and Disability Rider
- New Term Assurance Rider
These can provide additional cover at an extra premium.
8. Tax Benefits
Premiums paid (including for riders, where applicable) and benefits received may be eligible for tax breaks under Indian tax laws, subject to conditions. This improves overall value.
9. Suitable for Lump-Sum Investors
If you have a lump sum to invest and want a secure, stable income stream without recurring premiums, this plan is ideal. It’s especially relevant for retirees, business owners, or anyone with surplus capital.
- As with all insurance products, eligibility and benefits depend on policy terms, underwriting decisions, and plan conditions.
- Always read the full sales brochure and product document before purchase or consult your LIC agent.
Still confused? Use our LIC Jeevan Utsav Calculator to estimate premium and income instantly.
