LIC · Savings · Whole Life
Jeevan Utsav
A non-participating whole-life plan offering a choice between a fixed annual income starting after the premium term, or a flexible income you can accumulate and withdraw as needed.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeSavings — Traditional
CategoryWhole Life
InsurerLIC
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A non-participating whole-life plan offering a choice between a fixed annual income starting after the premium term, or a flexible income you can accumulate and withdraw as needed.
You might need this if…
- You might need this if you want predictable annual, pension-like income for life without depending on bonus declarations.
- You might need this if you'd rather bank your income and withdraw it flexibly instead of receiving it automatically every year.
- You might need this if you want to finish premiums relatively quickly (5-16 years) while keeping lifelong cover.
- You might need this if you value guaranteed, fixed benefits over the possibility of higher but uncertain bonus-linked payouts.
How it actually works
- Entry age 30 days to 65 years (minimum varies by premium term); premium payment term chosen from 5-16 years.
- At inception, choose Option I (Regular Income Benefit: fixed 10% of Basic Sum Assured paid annually starting around year 11-19) or Option II (Flexi Income Benefit: same 10% but accumulated at 5.5% p.a. compounding, withdrawable up to 75% once a year).
- Guaranteed Additions of ₹40 per ₹1,000 of Basic Sum Assured accrue yearly during the premium-paying term only.
- Death benefit: higher of Basic Sum Assured or 7x annualised premium, plus guaranteed additions, floor of 105% of premiums paid.
- No maturity lump sum — this is a lifelong-income, non-participating plan with fixed, guaranteed figures (no bonus).
- Optional riders: accidental death & disability, accident benefit, term assurance, premium waiver — combined cap 30% of base premium.
Worked example
A 35-year-old with a 10-year premium term and ₹5 lakh Basic Sum Assured pays about ₹1,11,050 a year for 10 years; from year 11 they'd receive ₹1,00,000 a year for life (Regular Income option), with a death benefit around ₹14,00,000 including accumulated additions.
Worth knowing before you decide
- Non-participating: figures are guaranteed but fixed — no bonus upside.
- There's no maturity lump sum; value is delivered as ongoing income plus the death benefit.
- Surrender value (guaranteed or special, whichever higher) is available after 1 year but is a fraction of premiums paid — roughly 54% by year 10 in the brochure's own example.
Official source
⌟ Official product brochure
Learn about this category
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