LIC Jeevan Utsav Single Premium (Plan No. 883, UIN 512N392V01) is a non‑linked, non‑participating, single‑premium, whole‑life savings plan. You pay only once, earn guaranteed additions for a defined period, and then enjoy guaranteed lifelong income along with lifetime risk cover.
Key features
- Single premium, whole life: One‑time payment at inception; life cover continues for the whole‑life term as per policy conditions.
- Non‑linked, non‑participating: No equity risk and no bonuses; benefits are driven by guaranteed additions and defined income options.
- Guaranteed Additions: ₹40 per ₹1,000 of Basic Sum Assured every policy year during the guaranteed‑addition period, added and paid along with benefits.
- Two survival‑benefit options:
- Lifetime risk cover: After the guaranteed‑addition period, the policy continues with both guaranteed income and life cover for the insured.
- Attractive high‑sum‑assured rebate on premium for larger Basic Sum Assured.
Eligibility and basic parameters
Based on current public information (final grid should be taken from the official LIC sales brochure/CIS):
- Plan type: Single‑premium, non‑par, non‑linked, whole‑life savings.
- Policy term: Whole life (exact maturity/event definition as per LIC brochure).
- Minimum entry age: 30 days (completed).
- Maximum entry age: 65 years.
- Minimum Basic Sum Assured: ₹5,00,000.
- Maximum Basic Sum Assured: No upper limit, subject to underwriting; in specified multiples.
- Premium payment: Single premium only.
(Details like guaranteed‑addition period length, age at which income can start, and exact income percentage per year must be lifted verbatim from LIC’s official brochure when you publish.)
Benefits at a glance
Guaranteed additions
During the guaranteed‑addition period, the policy earns:
- Guaranteed Additions of ₹40 per ₹1,000 of Basic Sum Assured per policy year,
which accrue and are payable along with survival or death benefits as defined in the policy.
Survival (income) benefits
After completion of the guaranteed‑addition period, the life assured can receive survival benefits under either:
- Regular Income Benefit – fixed periodic income every year for life (while policy is in force).
- Flexi Income Benefit – benefit amounts that can be accumulated and withdrawn as per LIC’s rules (useful when income timing needs flexibility).
The structure provides guaranteed lifelong income from a one‑time premium.
Death/maturity benefits
- Death Benefit: Lump sum payable on death of life assured during the term, including Basic Sum Assured and accrued guaranteed additions as per policy terms.
- Maturity/terminal benefit: LIC’s documentation notes a lump‑sum payment “at the time of maturity or on death” – for whole‑life products this usually corresponds to a terminal age/event defined in the policy; you should quote the exact wording from the official brochure.
Who should consider LIC Jeevan Utsav Single Premium?
- Investors wanting a one‑time premium plan with guaranteed lifelong income and life cover, instead of periodic premium commitments.
- Conservative savers comparing with annuities or long FDs who want inflation‑resistant, guaranteed cash flows plus cover for dependants.
- HNIs or parents looking to convert a lump sum into a legacy structure that combines income during life and a lump‑sum benefit for heirs.
Example: An individual invests a single premium at age 45; after the guaranteed‑addition period, he starts receiving regular yearly income while remaining covered for life, and on death his nominee receives a lump sum as per Sum Assured and accrued additions.
Important points and disclaimers
- LIC Jeevan Utsav Single Premium is non‑participating; there are no bonuses, only guaranteed additions and defined income/lump‑sum benefits.
- Actual effective yield depends on age, Basic Sum Assured, chosen benefit option (Regular vs Flexi Income) and tax treatment; clients should see a detailed illustration/IRR.
- Exact eligibility grid, guaranteed‑addition period, income start age, income percentage, death‑benefit formula and commutation rules must be taken from LIC’s official Jeevan Utsav Single Premium Sales Brochure, CIS and policy document.
- Tax benefits on the single premium and on income/death/terminal benefits (e.g., under sections 80C and 10(10D) of the Income‑tax Act) are subject to conditions and may change; clients should seek personalised tax advice.