India’s largest insurer, Life Insurance Corporation of India (LIC), has introduced LIC Jeevan Utsav, a non-linked, non-participating whole life insurance plan that offers guaranteed lifetime income along with life cover.
The policy provides annual income benefits up to the age of 100, making it an attractive option for individuals seeking stable, market-independent returns.
The plan is available for purchase from January 12 through LIC branches, agents, and online platforms.
LIC Jeevan Utsav is a Non-Participating, Non-Linked Individual Savings Plan, meaning:
Benefits are pre-determined
Returns are not linked to the stock market
Policyholders do not receive LIC profit bonuses
It combines life insurance protection with guaranteed income benefits.
| Feature | Details |
|---|---|
| Entry Age | 30 days to 65 years |
| Minimum Basic Sum Assured | ₹5 Lakh |
| Maximum Sum Assured | No upper limit |
| Policy Type | Non-Linked, Non-Participating |
| Income Benefit | 10% of Basic Sum Assured annually |
| Income Duration | Up to 100 years of age |
| Guaranteed Additions | ₹40 per ₹1,000 Sum Assured per year |
| Flexi Interest Rate | 5.5% compounded annually |
| Loan Facility | Available as per policy conditions |
| Tax Benefits | Sections 80C & 10(10D) |
Under LIC Jeevan Utsav:
₹40 per ₹1,000 of Basic Sum Assured is added every year
GA is accumulated during the chosen guaranteed addition period
Paid along with death or maturity benefits
Example:
If Basic Sum Assured = ₹10 lakh
Annual Guaranteed Addition = ₹40,000
For 10 years = ₹4,00,000 extra benefit
Income starts after a chosen deferment period (7–17 years)
10% of Basic Sum Assured paid annually
Continues till age 100
Example:
₹10 lakh Sum Assured → ₹1 lakh per year income
Annual income can be accumulated instead of withdrawn
Accumulated amount earns 5.5% compound interest
Up to 75% withdrawal allowed anytime
Remaining balance continues earning interest
This option is useful for long-term wealth accumulation.
In case of death during policy term, nominee receives:
Basic Sum Assured
Accrued Guaranteed Additions
OR
1.25 times the Single Premium (whichever is higher)
If the policyholder survives till maturity:
LIC pays:
Basic Sum Assured OR 1.25× Single Premium (whichever higher)
Plus Guaranteed Additions
Suppose a 35-year-old individual chooses:
₹10 lakh Basic Sum Assured
10-year GA period
Single Premium: ₹8,08,650
After 10 years:
Annual Income = ₹1 lakh
GA accumulated = ₹4 lakh
Income continues till age 100
Under Flexi option, accumulated income earns 5.5% interest annually.
✔ Guaranteed returns independent of markets
✔ Lifetime income till 100 years
✔ Flexi accumulation with 5.5% interest
✔ High sum assured options
✔ Suitable for retirement planning
✔ Optional riders for enhanced protection
Individuals nearing retirement
Parents planning lifelong income security
Business owners seeking guaranteed returns
Investors preferring non-market linked products
Tax Benefits
Premium eligible under Section 80C
Income & maturity proceeds tax-free under Section 10(10D) (as per conditions)
LIC Jeevan Utsav is designed for those seeking guaranteed lifetime income combined with life protection. With defined benefits, guaranteed additions, and the Flexi option earning 5.5% interest, it provides predictable financial security up to 100 years of age.
Before investing, individuals should assess financial goals and consult an LIC advisor.