LIC Jeevan Utsav Single Premium Calculator
Calculate the net single premium for LIC Jeevan Utsav Single Premium (Plan 883, UIN: 512N392V01). Pay once, earn Guaranteed Additions for 7 to 17 years, then receive 10% of BSA annually for life. Compare Option I (regular payout) and Option II (accumulating balance at 5.5%).
Pay once. For the first 7 to 17 years, Rs.40 per Rs.1,000 BSA accrues as Guaranteed Addition every year. After that, 10% of your BSA arrives every year for the rest of your life. No uncertainty, no re-investment risk. Everything in this plan is contractually guaranteed at inception. From 22 September 2025, this single premium is also fully GST-exempt.
High SA Rebate (auto-applied, Rs./Rs.1,000 BSA)
Premium Summary
Plan 883 · Single Premium · No GSTPolicy at a Glance
Year-wise Benefit Illustration
Option I — Regular Income| Year | Age | Cumul. GA | Annual Income (Opt I) | Opt II Balance (@5.5%) | Death Benefit |
|---|
What is LIC Jeevan Utsav Single Premium Plan 883?
LIC Jeevan Utsav Single Premium (Plan 883, UIN: 512N392V01) is a Non-Participating, Non-Linked, Individual, Savings, Whole Life Insurance plan. Pay a single premium once. For the first 7 to 17 years (the Guaranteed Addition period you select), Rs.40 per Rs.1,000 BSA accumulates as a contractually fixed Guaranteed Addition at the end of each year. Once the GA period ends, 10% of your BSA is paid to you every single year for the rest of your life, right up to age 100. The plan covers life throughout, so if death occurs during the policy term, your nominee receives the higher of BSA or 1.25 times the Tabular Single Premium, plus all accrued Guaranteed Additions. From 22 September 2025 this single premium is fully GST-exempt.
Key Features of Plan 883
Pay Once, Income for Life
A single upfront payment creates a guaranteed income stream for life. The income starts after your chosen GA period ends and continues every year until age 100. No re-investment decisions, no renewal, no further premium obligations.
Contractually Fixed GA
Guaranteed Additions accrue at exactly Rs.40 per Rs.1,000 BSA per year for the GA period. This is not a bonus and does not depend on LIC's annual surplus declarations. The amount is fixed at policy inception and cannot change.
Two Income Options
Option I sends 10% of your BSA directly to your bank every year. Option II defers it into an accumulating account growing at 5.5% per annum, from which you can withdraw up to 75% of the balance once a year on written request. You can switch between options during the GA period.
Whole Life Cover Till 100
The policy term runs from your entry age to 100. Life cover is active throughout. On death, the nominee receives the death benefit regardless of whether the income phase has started or not.
Three Rebates Stack
High Sum Assured rebate (up to Rs.21 per Rs.1,000 BSA depending on age and BSA), 2% online purchase rebate, and a loyalty rebate of Rs.0.80 to Rs.1.00 per Rs.1,000 BSA for existing policyholders. All three can be applied together to reduce your net premium.
Zero GST from September 2025
All individual life insurance premiums are GST-exempt from 22 September 2025 following the 56th GST Council meeting. The premium amount in this calculator is your final payable amount.
Loan from 3 Months
A policy loan is available just three months after the policy is issued. The maximum loan during the GA period is 40 to 60% of surrender value. After the income phase begins, it rises to 75%. Interest is 9.5% per annum compounding half-yearly for 2025-26.
Settlement Option
Maturity and death benefits can be taken in instalments over 5, 10, or 15 years instead of a lump sum, at monthly, quarterly, half-yearly, or annual intervals. Minimum instalment amounts apply.
Eligibility Conditions
- Guaranteed Addition Period: 7 to 17 years (your choice at inception)
- Minimum Entry Age: 30 days (for 17-year GA) to 10 years (for 7-year GA) -- see table below
- Maximum Entry Age: 65 years (nearer birthday)
- Minimum Age at First Income Payment: 18 years (completed)
- Policy Term: (100 minus age at entry) years
- Age at Maturity: 100 years (nearer birthday)
- Minimum BSA: Rs.5,00,000
- Maximum BSA: No limit (subject to underwriting)
- Premium Mode: Single Premium only
- Premium Paying Term: Single Premium only -- no future obligations
Minimum Entry Age by GA Period
| GA Period | Min Entry Age | Income Starts From |
|---|---|---|
| 7 years | 10 years | Year 8 (age 17+) |
| 8 years | 9 years | Year 9 (age 17+) |
| 9 years | 8 years | Year 10 (age 17+) |
| 10 years | 7 years | Year 11 (age 17+) |
| 11 years | 6 years | Year 12 (age 17+) |
| 12 years | 5 years | Year 13 (age 17+) |
| 13 years | 4 years | Year 14 (age 17+) |
| 14 years | 3 years | Year 15 (age 17+) |
| 15 years | 2 years | Year 16 (age 17+) |
| 16 years | 1 year | Year 17 (age 17+) |
| 17 years | 30 days | Year 18 (age 17+) |
Benefits in Detail
Death Benefit
On death of the life assured after the date of commencement of risk, the death benefit is the Sum Assured on Death plus all accrued Guaranteed Additions. Sum Assured on Death is whichever is higher: the Basic Sum Assured or 1.25 times the Tabular Single Premium. The Tabular Single Premium means the brochure-rate premium before any rebate or underwriting extra, and excludes taxes and rider premiums. Under Option II, any accumulated Flexi Income not yet withdrawn is also payable on death.
For policies on children below age 8 at entry, risk commences at whichever is earlier: 2 years from the policy start date, or the policy anniversary on or after the child's 8th birthday. If death occurs before risk commencement, the benefit is a return of the single premium with no additions.
Survival Benefit -- Option I: Regular Income Benefit
From the year after the GA period ends, 10% of BSA is paid at the end of each policy year. On a Rs.10 lakh BSA, that is Rs.1,00,000 per year, every year, for life. These payments continue until the policy anniversary before maturity at age 100.
Survival Benefit -- Option II: Flexi Income Benefit
The same 10% per year is credited to an accumulating balance at 5.5% per annum compounding yearly, starting from the same year as Option I. The balance grows tax-deferred within the policy. Once per year, on written request, you may withdraw up to 75% of the then-current accumulated balance. Whatever remains after withdrawal continues compounding. The full balance is payable at maturity, death, or surrender, whichever comes first.
Maturity Benefit
On the life assured surviving to age 100, the Sum Assured on Maturity (same as Death SA: higher of BSA or 1.25 times Tabular Single Premium) is payable along with all accrued Guaranteed Additions. Under Option II, the full accumulated Flexi Income balance not yet withdrawn is also payable at maturity.
Sample Premiums from the Official Brochure (BSA Rs.5,00,000, Offline)
| GA Period | Age 10 | Age 30 | Age 50 |
|---|---|---|---|
| 8 years | Rs.4,64,150 | Rs.4,64,150 | Rs.4,64,150 |
| 12 years | Rs.3,61,875 | Rs.3,61,875 | Rs.3,61,875 |
| 16 years | Rs.2,85,725 | Rs.2,86,725 | Rs.3,00,800 |
Source: LIC official brochure Section 5. Premiums exclude taxes. GST is Rs.0 from September 2025. Premiums for GA 8 and 12 years are largely age-independent. Premiums for GA 16 and 17 years are age-sensitive at older entry ages.
High Sum Assured Rebate
The HSA rebate is deducted from the tabular single premium before you pay. The rebate rate is Rs. per Rs.1,000 BSA and depends on both your age at entry and the size of your BSA. Below Rs.10 lakh BSA there is no HSA rebate. From Rs.10 lakh upward the rebate applies in four age bands.
| Age at Entry | BSA Rs.10L-24.5L | BSA Rs.25L-49.5L | BSA Rs.50L+ |
|---|---|---|---|
| 0 to 20 years | Rs.11 per Rs.1,000 | Rs.19 per Rs.1,000 | Rs.21 per Rs.1,000 |
| 21 to 40 years | Rs.9 per Rs.1,000 | Rs.15 per Rs.1,000 | Rs.18 per Rs.1,000 |
| 41 to 55 years | Rs.6.50 per Rs.1,000 | Rs.12 per Rs.1,000 | Rs.13 per Rs.1,000 |
| 56 to 65 years | Rs.5 per Rs.1,000 | Rs.9 per Rs.1,000 | Rs.10 per Rs.1,000 |
Surrender Value
You can surrender at any time. The Guaranteed Surrender Value in the first three years is 75% of the single premium paid. From year four onward it is 90% of the single premium minus any Regular Income or Flexi Income already due and paid. Accrued Guaranteed Additions carry a separate surrender value based on LIC's published GSV factor table (starting at 0% in years 1 and 2, rising to 35% from year 35 onward). The final surrender payout is whichever is higher: the Guaranteed Surrender Value or the Special Surrender Value.
Loan
A policy loan is available from 3 months after the date of policy issuance or after the free-look period, whichever is later. Loan percentage of surrender value during the GA period: 60% for GA periods of 7 to 10 years, 50% for 11 to 14 years, and 40% for 15 to 17 years. After the GA period ends, the maximum loan is 75% of surrender value subject to the annual interest not exceeding 50% of the annual income benefit. Loan interest is 9.5% per annum compounding half-yearly for 2025-26.
Optional Riders
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02): Available at inception only. Cover extends to the policy anniversary on which the life assured's age (nearer birthday) is 70 years. On accidental death, the Accident Benefit Sum Assured is paid as a lump sum. On accidental disability, it is paid as equal monthly instalments over 10 years.
- LIC's New Term Assurance Rider (UIN: 512B210V02): Available at inception only. Cover runs for 35 years or until the policy anniversary on which the life assured's age is 75, whichever is earlier. Adds pure death cover on top of the base plan.
Combined rider premiums cannot exceed 30% of the base single premium. Each rider SA cannot exceed the Basic Sum Assured.
Jeevan Utsav Single Premium vs Regular Jeevan Utsav (Plan 771)
| Feature | Plan 883 (Single Premium) | Plan 771 (Regular) |
|---|---|---|
| Plan Number | 883 | 771 |
| UIN | 512N392V01 | 512N338V01 |
| Premium Paying Term | Single (one payment) | Single (also one payment) |
| BSA Multiples | Rs.25,000 / Rs.50,000 | Rs.25,000 / Rs.50,000 |
| Income Options | Option I and Option II | Option I and Option II |
| GA Rate | Rs.40 per Rs.1,000 BSA/yr | Rs.40 per Rs.1,000 BSA/yr |
| Online Availability | Yes, via licindia.in | Yes, via licindia.in |
Frequently Asked Questions
What is LIC Jeevan Utsav Single Premium Plan 883?
LIC Jeevan Utsav Single Premium (Plan 883, UIN 512N392V01) is a Non-Par, Non-Linked, Individual, Savings, Whole Life plan. You pay one lump sum at the start. Guaranteed Additions of Rs.40 per Rs.1,000 BSA accrue every year for 7 to 17 years as chosen. After that, 10% of BSA is paid annually either as a direct payout (Option I) or as an accumulating balance at 5.5% per annum (Option II). The policy runs until age 100 with no further premium obligations.
What is the Guaranteed Addition (GA) in Plan 883?
Guaranteed Additions accrue at Rs.40 per Rs.1,000 BSA per year for the GA period you choose at inception. This rate is fixed and contractually guaranteed -- it does not depend on LIC's bonus declarations. On a Rs.10 lakh BSA with a 12-year GA period, total Guaranteed Additions are Rs.4,80,000. The full year's GA is payable even if death occurs during a GA year.
What is the difference between Option I and Option II in Jeevan Utsav Single Premium?
Under Option I (Regular Income Benefit), 10% of BSA is credited to your bank account at the end of each policy year once the GA period ends. Under Option II (Flexi Income Benefit), the same 10% is deferred and accumulates in LIC's books at 5.5% per annum compounding yearly. You can withdraw up to 75% of the accumulated balance once per policy year on written request. The remainder continues to grow. You can switch between options during the GA period.
How is the death or maturity benefit calculated?
The death benefit is the higher of BSA or 1.25 times the Tabular Single Premium, plus all accrued Guaranteed Additions up to that point. The maturity benefit at age 100 follows the same formula. Under Option II, any accumulated Flexi Income not yet withdrawn is also payable on death or maturity. The Tabular Single Premium means the brochure rate before any rebates or underwriting extras.
What rebates reduce the single premium for Plan 883?
Three rebates can reduce your premium: a High Sum Assured rebate based on entry age and BSA amount (up to Rs.21 per Rs.1,000 BSA for the youngest ages with highest coverage), a 2% online rebate when you buy directly through licindia.in without agent assistance, and a loyalty rebate of Rs.0.80 to Rs.1.00 per Rs.1,000 BSA for existing policyholders or nominees of deceased policyholders. All three can be combined.
Is GST applicable on LIC Jeevan Utsav Single Premium Plan 883?
No GST from 22 September 2025. The 56th GST Council meeting exempted all individual life insurance premiums. The net premium shown in this calculator is what you pay, with nothing added on top.
What is the minimum BSA and how is it structured?
Minimum BSA is Rs.5,00,000. BSA increments are Rs.25,000 for amounts from Rs.5 lakh to Rs.24.5 lakh, and Rs.50,000 above Rs.24.5 lakh. There is no upper limit, subject to LIC underwriting. Minimum age to receive the first income instalment is 18 years (completed), so very young entry ages require longer GA periods to ensure this is met.
When can I surrender Plan 883 and how much will I get?
Surrender is allowed at any time. In the first three years, the Guaranteed Surrender Value is 75% of the single premium paid. From year four onwards it is 90% of the single premium minus any Regular Income or Flexi Income already paid out. Accrued Guaranteed Additions carry their own surrender value based on the policy year and LIC's published GSV factor table. The actual payout is whichever is higher: the Guaranteed Surrender Value or the Special Surrender Value.
Is a policy loan available under Plan 883?
A loan is available from 3 months after the policy is issued. During the GA period the maximum loan is 60% of surrender value for GA periods of 7 to 10 years, 50% for 11 to 14 years, and 40% for 15 to 17 years. After the GA period, the maximum is 75% of surrender value, subject to annual loan interest not exceeding 50% of the annual income benefit. Interest is 9.5% per annum compounding half-yearly for May 2025 to April 2026.
Is Plan 883 available online?
Yes. Plan 883 is available both offline through licensed agents and brokers, and online directly through LIC's website licindia.in. Online purchases earn an additional 2% rebate on the tabular single premium. It is not available through POSP-LI or CPSC-SPV channels.