LIC Jeevan Utsav Plan 883
Offline Single Premium & Guaranteed Lifetime Income (10% SA) Calculator
LIC Jeevan Utsav Plan 883 Overview
LIC's Jeevan Utsav Plan 883 is a non-linked, non-participating, individual, savings, **whole life insurance plan**. This plan provides for guaranteed lifetime income benefits (10% of Sum Assured) after the chosen deferment period. It is a single premium plan, meaning you only pay once (lump sum) and enjoy guaranteed payouts for the rest of your life.
Eligibility & Rules
- Entry Age: 90 Days to 65 Years
- Premium Paying Term: 5 to 16 Years
- Minimum Sum Assured: ₹5,00,000
- Guaranteed Income from specific ages
Key Plan Benefits
- Survival Benefit (Annuity): Guaranteed regular income of 10% of Basic SA per year starting after the deferment period.
- Flexibility: Option to accumulate survival benefits at 5.5% compounded yearly interest.
- Death Benefit: Higher of "Sum Assured on Death" or 125% of Basic SA + Guaranteed Additions (₹40 per ₹1000 SA).
Detailed Maturity Benefit
Lifelong Income: There is no lump-sum maturity benefit. Instead, 10% of Basic Sum Assured is paid annually as a survival benefit for the lifetime of the policyholder.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 |
| Age of Policyholder | 30 Years |
| Deferment Period | 5 Years |
| Single Premium (Approx, Base) | ₹7,50,000 |
| Total Paid Premium | ₹7,50,000 |
| Guaranteed Annual Payout (10% SA) | ₹1,00,000 / Year (starting from age 35 for life) |
Calculating…