LIC Jeevan Utsav Plan Details Plan 883
Published on 2026-06-01 • 7 min read
LIC Jeevan Utsav Plan 883 is a single premium, whole life savings plan launched by LIC of India. You pay the premium only once and enjoy guaranteed income every year for the rest of your life.
What is LIC Jeevan Utsav?
Jeevan Utsav is a non-participating, non-linked, single premium plan. This means:
- You pay premium only once at the start.
- You get a guaranteed income every year after a waiting period.
- The life cover continues for your whole life.
- No market risk. Returns are fixed and guaranteed by LIC.
Key Features
| Feature | Details |
|---|---|
| Plan Type | Single Premium, Whole Life |
| Entry Age | 90 days to 65 years |
| Minimum Sum Assured | ₹1,00,000 |
| Guaranteed Income | 6% or 10% of Sum Assured per year |
| Income Start | After 5 or 10 years (based on option) |
| Tax Benefit | Under Section 80C and 10(10D) |
Guaranteed Income Options
Option 1 — 6% per year
Income starts after 5 years. You get 6% of Sum Assured every year. Example: If Sum Assured = ₹10 lakh, you get ₹60,000 per year.
Option 2 — 10% per year
Income starts after 10 years. You get 10% of Sum Assured every year. Example: If Sum Assured = ₹10 lakh, you get ₹1,00,000 per year.
Real Example
- Age: 35 years
- Single Premium Paid: Approx ₹8,50,000
- Sum Assured: ₹10,00,000
- Option Selected: 10% per year
- Income After 10 Years: ₹1,00,000 every year for lifetime
- Death Benefit: Full Sum Assured paid to family
Who Should Buy Jeevan Utsav?
- People who want a regular income for life (like pension)
- Business owners or retired individuals with a lump sum to invest
- Parents who want to create a regular income stream for their family
- Anyone who wants to avoid market risk
Who Should Not Buy?
- People who cannot pay a large single premium upfront
- Investors looking for high returns (returns are 6%–10% fixed)
Benefits Summary
- ✅ Guaranteed income for lifetime
- ✅ Life insurance cover throughout life
- ✅ No bonus risk — income is fixed
- ✅ Tax benefit on premium and income
- ✅ Loan available after 1 year
Final Verdict
LIC Jeevan Utsav is an excellent plan if you have a lump sum amount and want
guaranteed income for life without any market risk. It works like a pension plan.
Disclaimer: All figures are for illustration only. Actual premiums may vary. Please consult an authorised LIC agent before buying.