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LIC’s Jeevan Utsav (New Plan 771): Complete Guide,
Benefits, Eligibility, Returns & Premium Details
Life Insurance Corporation of India (LIC) has always been a
trusted name in the Indian insurance sector. Over the decades, LIC has launched
several innovative insurance plans designed to meet the changing financial
needs of Indian families. One such recent addition is LIC’s Jeevan Utsav –
New Plan 771, a non-linked, non-participating, individual, savings, and
whole life insurance plan.
LIC Jeevan Utsav is designed for individuals who are looking
for long-term financial security, guaranteed income, and life-long
protection. This plan offers a unique combination of limited premium
payment and guaranteed annual payouts, making it attractive for
salaried individuals, business owners, and those planning for retirement.
In this detailed article, we will cover everything you need
to know about LIC Jeevan Utsav New Plan 771, including features,
benefits, eligibility, premium options, returns, tax benefits, and whether this
plan is suitable for you.
What is LIC’s Jeevan Utsav – New Plan 771?
LIC’s Jeevan Utsav (Plan 771) is a whole life insurance
plan that provides:
- Guaranteed
income after the premium payment term
- Life
cover up to 100 years of age
- Fixed
premium payment period
- Guaranteed
benefits without market risk
This plan is ideal for people who want predictable and
stable returns, unlike market-linked products such as ULIPs or mutual
funds.
Key Highlights of LIC Jeevan Utsav Plan 771
Here are the major highlights of the plan:
- Type
of Plan: Non-linked, Non-participating, Individual, Savings, Whole
Life
- Policy
Term: Whole life (up to age 100)
- Premium
Payment Term: Limited (5 to 16 years)
- Guaranteed
Annual Income: Yes
- Death
Benefit: Guaranteed
- Loan
Facility: Available
- Tax
Benefits: As per Income Tax Act
Features of LIC Jeevan Utsav Plan
1. Whole Life Coverage
The policy provides life insurance coverage up to 100
years of age, ensuring financial protection for your family throughout your
lifetime.
2. Limited Premium Payment
You only need to pay premiums for a fixed and limited
duration (5–16 years), while benefits continue for life.
3. Guaranteed Income
After the completion of the premium payment term, the
policyholder receives guaranteed annual payouts, helping to meet regular
income needs.
4. Non-Linked Plan
Returns are not dependent on market performance,
ensuring stable and predictable benefits.
5. Loan Facility
After acquiring surrender value, you can avail a loan
against the policy to meet financial emergencies.
Eligibility Criteria for LIC Jeevan Utsav
Before purchasing the policy, it is important to understand
the eligibility conditions.
Minimum and Maximum Age
- Minimum
Entry Age: 90 days
- Maximum
Entry Age: 65 years
Policy Term
- Whole
life (up to age 100)
Premium Payment Term Options
- 5
years
- 8
years
- 10
years
- 12
years
- 15
years
- 16
years
Premium Payment Options
LIC Jeevan Utsav offers flexibility in premium payment:
- Modes:
Yearly, Half-Yearly, Quarterly, Monthly
- Premium
Payment Term: Limited period only
- No
premium payment after the selected term
This makes the plan especially suitable for people who want
to finish premium obligations early and enjoy benefits later.
Benefits of LIC Jeevan Utsav Plan 771
1. Guaranteed Annual Income Benefit
After completing the premium payment term, the policy
provides a Guaranteed Annual Income (GAI).
- Income
starts after the premium payment term
- Paid
every year till maturity or death
- Income
amount depends on the Sum Assured and premium term
This feature is useful for retirement planning or
creating a secondary income source.
2. Death Benefit
In case of the unfortunate death of the policyholder, the
nominee receives:
- Sum
Assured on Death, or
- Guaranteed
Income Benefit (if already started)
The higher of the two is paid, ensuring financial stability
for the family.
3. Maturity Benefit
Since this is a whole life policy, maturity occurs at
100 years of age. On survival till maturity, the policyholder receives
the Sum Assured on Maturity, along with accrued guaranteed benefits, if
any.
4. Optional Riders
Policyholders can enhance coverage by opting for additional
riders (subject to LIC rules), such as:
- Accidental
Death and Disability Benefit Rider
- Term
Assurance Rider
These riders offer extra protection at a nominal cost.
Guaranteed vs Market-Linked Returns
One of the biggest advantages of LIC Jeevan Utsav is certainty.
|
Feature |
LIC Jeevan Utsav |
Market-Linked Plans |
|
Risk |
Very Low |
High |
|
Returns |
Guaranteed |
Market Dependent |
|
Stability |
High |
Volatile |
|
Ideal For |
Conservative investors |
Aggressive investors |
This makes Jeevan Utsav suitable for risk-averse
individuals.
Tax Benefits Under LIC Jeevan Utsav
LIC Jeevan Utsav offers tax advantages under Indian tax
laws:
Premium Paid – Section 80C
Premiums paid are eligible for tax deduction up to ₹1.5
lakh per year under Section 80C.
Maturity & Death Benefit – Section 10(10D)
Benefits received (death or maturity) are generally tax-free,
subject to prevailing tax rules.
Note: Tax laws may change. Always consult a tax
advisor.
Who Should Buy LIC Jeevan Utsav Plan?
This plan is ideal for:
- Salaried
professionals looking for guaranteed income
- Self-employed
individuals planning long-term savings
- People
preparing for retirement income
- Parents
planning financial security for children
- Conservative
investors who avoid market risks
Who Should Avoid This Plan?
You may consider alternatives if:
- You
want high returns through market exposure
- You
prefer short-term investment options
- You
already have sufficient life insurance coverage
Comparison with Other LIC Plans
LIC Jeevan Utsav stands out due to:
- Limited
premium payment
- Guaranteed
income for life
- Whole
life coverage
Compared to traditional endowment plans, this plan focuses
more on income generation rather than lump-sum maturity only.
Important Points to Remember Before Buying
- Returns
are moderate, not high
- Suitable
for long-term financial planning
- Premium
commitment must be maintained
- Surrender
value is available after minimum policy duration
Frequently Asked Questions (FAQs)
Is LIC Jeevan Utsav a good investment?
Yes, for people seeking guaranteed income and life-long
protection, it is a safe and stable option.
Is this plan market-linked?
No, it is a non-linked plan with guaranteed benefits.
Can I take a loan on this policy?
Yes, loan facility is available after the policy acquires
surrender value.
Is Jeevan Utsav suitable for retirement?
Yes, the guaranteed income feature makes it suitable for
retirement planning.
Pros and Cons of LIC Jeevan Utsav
Pros
- Guaranteed
income
- Whole
life coverage
- Limited
premium payment
- Backed
by LIC
Cons
- Lower
returns compared to equity investments
- Long-term
commitment
Final Verdict: Should You Buy LIC Jeevan Utsav Plan 771?
LIC’s Jeevan Utsav – New Plan 771 is a well-structured
insurance-cum-savings plan for individuals who value financial
stability, guaranteed income, and long-term security. While it may not
offer high returns like equity-based products, it provides peace of mind,
which is equally important.
If your goal is risk-free income, retirement planning,
and lifelong insurance coverage, LIC Jeevan Utsav can be a suitable
addition to your financial portfolio.
Disclaimer
This article is for educational and informational
purposes only. Policy features, benefits, and tax rules are subject to
change as per LIC and Government of India guidelines. Always consult a licensed
insurance advisor before purchasing any policy.
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