📅 Plan Status
Launch Date: 29 November 2023
Withdrawal Date: 01 October 2024
PLAN WITHDRAWNKey Features
- Guaranteed Additions: ₹40 per ₹1,000 Sum Assured every year during PPT
- Regular Income Benefit: 10% of Sum Assured yearly after PPT
- Flexi Income Benefit: 5.5% compounded annual growth
- Whole Life Cover till Age 100
- Loan Facility after 2 full years premium payment
- Tax Benefits under Section 80C & 10(10D)
• Guaranteed Addition = ₹40 per ₹1,000 Basic Sum Assured every policy year during premium payment term.
• Regular Income Benefit = 10% of Basic Sum Assured yearly after completion of PPT.
• Flexi Income option grows at 5.5% compounded annually.
• Death Benefit = Higher of Sum Assured on Death or 105% of total premiums paid + Guaranteed Additions.
• Premiums shown are estimated illustrations based on LIC official structure and standard lives.
• GST extra as applicable.
• Loan available after 2 full years premium payment.
About LIC Jeevan Utsav Plan 871
LIC Jeevan Utsav Plan 871 is a non-linked, non-participating whole life insurance plan designed to provide lifelong financial security and guaranteed income benefits after the premium payment term.
The policyholder can choose between Regular Income Benefit and Flexi Income Benefit options depending on future financial goals.
- Entry Age: 90 Days to 65 Years
- Premium Paying Term: 5 to 16 Years
- Minimum Sum Assured: ₹5 Lakhs
- Guaranteed Additions every year during PPT
- Regular lifelong income after PPT
- Flexible accumulated income option available
- Loan and surrender benefits available
- Whole life protection till age 100
LIC Jeevan Utsav Plan 871
LIC Jeevan Utsav Plan 871 is a non-linked, non-participating whole life insurance policy introduced by Life Insurance Corporation of India. The policy was designed to provide lifelong insurance protection along with guaranteed regular income benefits after completion of the premium-paying term.
Since the policy is non-linked and non-participating, its benefits are not affected by stock market fluctuations, offering stable and guaranteed returns to policyholders.
The plan became suitable for individuals looking for a combination of:
- Lifetime insurance coverage
- Guaranteed income benefits
- Flexible premium payment options
- Long-term financial security for family members
Launch and Withdrawal Dates
When Was LIC Jeevan Utsav Plan 871 Launched?
LIC Jeevan Utsav Plan 871 was officially launched on November 29, 2023.
When Was LIC Jeevan Utsav Plan 871 Withdrawn?
The policy was withdrawn from new sales on October 1, 2024.
Although the plan is no longer available for fresh purchase, existing policyholders continue to receive all contractual benefits according to policy terms.
Eligibility Criteria for LIC Jeevan Utsav Plan 871
What Are the Eligibility Conditions for LIC Jeevan Utsav Plan 871?
| Parameter | Eligibility / Details |
|---|---|
| Plan Name | LIC Jeevan Utsav Plan 871 |
| Plan Type | Non-linked, non-participating, whole-life limited premium savings plan |
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 65 years nearest birthday |
| Minimum Premium Paying Term | 5 years |
| Maximum Premium Paying Term | 16 years |
| Maximum Premium Ceasing Age | 75 years nearest birthday |
| Minimum Basic Sum Assured | ₹5,00,000 |
| Maximum Basic Sum Assured | No upper limit subject to underwriting |
| Sum Assured Multiples | Generally in multiples of ₹25,000 and ₹1,00,000 |
| Income Start Restriction | Income benefits generally begin only after attaining 18 years of age |
| Loan Eligibility | Available after payment of 2 full years’ premiums |
| Surrender Eligibility | Available after payment of 2 years’ premiums subject to policy conditions |
Key Features of LIC Jeevan Utsav Plan 871
Whole Life Insurance Protection
The policy offered lifelong insurance coverage for the insured person.
Guaranteed Income Benefits
After completion of the premium-paying term, policyholders could receive guaranteed income benefits.
Two Income Benefit Options
The plan offered two income choices:
- Regular Income Benefit
- Flexible Income Benefit
These options helped policyholders customize income payouts according to financial requirements.
Limited Premium Payment
Premiums were payable only for a limited duration ranging from 5 years to 16 years, while insurance protection continued for lifetime.
Guaranteed Benefits Without Market Risk
Since the plan was non-linked, returns were not dependent on stock market performance, ensuring stable guaranteed benefits.
Loan and Surrender Facilities
- Loan facility became available after payment of at least two full years’ premiums
- Surrender option also became available after payment of minimum required premiums according to LIC rules
Who Was LIC Jeevan Utsav Plan 871 Suitable For?
The policy was suitable for:
- Individuals seeking guaranteed lifelong insurance protection
- People wanting regular income after premium payment completion
- Conservative investors preferring non-market-linked returns
- Families looking for stable financial planning solutions
- Parents planning long-term financial security for children
Key Features of LIC Jeevan Utsav Plan 871
Type of Plan
LIC Jeevan Utsav Plan 871 is a non-linked, non-participating, individual savings whole life insurance policy offered by Life Insurance Corporation of India.
It is a traditional insurance plan that provides guaranteed benefits without any stock market risk.
Entry Age and Policy Duration
What Was the Entry Age for LIC Jeevan Utsav Plan 871?
- Minimum entry age: 90 days
- Maximum entry age: 65 years nearest birthday
Policy Term
The policy provided whole life insurance coverage up to 100 years of age.
Premium Payment Term (PPT)
How Long Were Premiums Payable?
Policyholders could choose premium payment terms ranging from:
- 5 years
- Up to 16 years
according to their financial planning and affordability.
Guaranteed Additions
What Guaranteed Additions Were Available?
LIC Jeevan Utsav Plan 871 provided guaranteed additions of:
- ₹40 per ₹1,000 Basic Sum Assured
credited at the end of every policy year during the premium-paying term.
These guaranteed additions increased the overall policy value each year.
Income Benefit Options After Premium Payment Term
What Income Options Were Available Under LIC Jeevan Utsav Plan 871?
After completion of the premium-paying term, policyholders could select one of two guaranteed income benefit options.
Regular Income Benefit
Under this option:
- 10% of the Basic Sum Assured was paid at the end of every policy year
- Income continued throughout the policyholder’s lifetime
This option suited individuals seeking regular lifelong income.
Flexi Income Benefit
Under the Flexi Income Benefit option:
- Income benefits could accumulate instead of immediate withdrawal
- Accumulated benefits earned 5.5% annual compound interest
- Withdrawals could be made later according to policy conditions
This option provided greater flexibility and accumulation benefits.
Death Benefit
What Death Benefits Were Payable?
If the insured person died during the policy term, the nominee received:
- Sum Assured on Death
- Accrued Guaranteed Additions
The death benefit payable was always at least:
- 105% of total premiums paid until death
whichever amount was higher.
This ensured financial protection for the policyholder’s family.
Loan Facility
Loans against the policy became available after payment of at least two full years’ premiums according to LIC rules.
This feature helped provide financial support during emergencies without surrendering the policy.
Optional Riders Available
What Additional Riders Could Be Added?
Optional riders available under LIC Jeevan Utsav Plan 871 included:
- Accidental Benefit Rider
- Critical Illness Rider
- Term Assurance Rider
- Premium Waiver Benefit Rider
These riders enhanced policy protection through additional premium payment.
Tax Benefits
What Tax Benefits Were Available?
- Premiums paid qualified for deductions under Section 80C of the Income Tax Act
- Maturity and death benefits remained tax-free under Section 10(10D) subject to prevailing tax rules
How LIC Jeevan Utsav Plan 871 Calculator Worked
LIC Jeevan Utsav Plan 871 Calculator was designed to estimate:
- Premium payable
- Guaranteed income benefits
- Death benefits
- Maturity projections
based on selected policy details.
What Inputs Were Required in LIC Jeevan Utsav Plan 871 Calculator?
The calculator generally required:
- Age of the insured person
- Premium Paying Term between 5 years and 16 years
- Basic Sum Assured with minimum ₹5 lakh
- Selected income option:
- Regular Income Benefit
- Flexi Income Benefit
What Did LIC Jeevan Utsav Plan 871 Calculator Show?
The calculator estimated:
- Yearly premium payable
- Guaranteed additions
- Death benefit projections
- Guaranteed income payable after premium-paying term
- Flexi income accumulation value if selected
The tool helped individuals understand policy benefits clearly and make informed financial decisions before purchasing the policy.
Benefits of Using LIC Jeevan Utsav Plan 871 Calculator
Why Is LIC Jeevan Utsav Plan 871 Calculator Helpful?
- Helps select the most suitable premium paying term and Sum Assured according to your financial budget
- Provides estimated projections of lifelong guaranteed income and death benefits
- Allows comparison between Regular Income and Flexi Income options
- Assists in long-term retirement and financial planning
- Improves transparency by showing estimated policy returns clearly
Step-by-Step Guide to Using LIC Jeevan Utsav Plan 871 Calculator
Step 1 – Visit a Trusted Calculator Platform
Open the official Life Insurance Corporation of India website or trusted insurance portals.
Step 2 – Enter Policyholder Details
Provide:
- Age of the insured
- Preferred premium-paying term
- Desired Basic Sum Assured
Step 3 – Choose Income Option
Select either:
- Regular Income Benefit
- Flexi Income Benefit
Step 4 – Generate Estimates
The calculator displays:
- Premium payable yearly, half-yearly, quarterly, or monthly
- Guaranteed additions during premium-paying term
- Estimated death benefit payable to nominee
- Lifelong guaranteed income projections
These estimates help individuals customize the policy according to their financial objectives.
Detailed Explanation of Income Options
Regular Income Option
After completion of the premium-paying term, LIC pays:
- 10% of the Basic Sum Assured every year for life
Example
If the Basic Sum Assured is ₹10 lakh:
- Yearly guaranteed income payable = ₹1 lakh annually for life
This option is suitable for individuals seeking regular and stable lifelong income.
Flexi Income Option
Under the Flexi Income Benefit option:
- Income benefits accumulate instead of immediate payout
- Accumulated amount earns 5.5% annual compound interest
- Withdrawals can be made later according to financial requirements
This option is beneficial for policyholders wanting long-term accumulation and flexible withdrawals.
Eligibility and Premium Payment Terms
Who Could Purchase LIC Jeevan Utsav Plan 871?
- Individuals aged between 90 days and 65 years nearest birthday
- Policyholders seeking whole life insurance protection and guaranteed income
Premium Payment Flexibility
Premiums could be paid for a chosen duration between:
- 5 years
- 16 years
This flexibility allowed better financial planning according to income and affordability.
Policy Duration
The policy offered whole life coverage up to 100 years of age.
What Happened on Death Under LIC Jeevan Utsav Plan 871?
If the insured person died during the policy term, the nominee received:
- Sum Assured on Death
- Accumulated Guaranteed Additions
The total death benefit payable was always at least:
- 105% of total premiums paid until death
This ensured strong financial protection for the policyholder’s family.
Why Choose LIC Jeevan Utsav Plan 871?
Main Advantages of LIC Jeevan Utsav Plan 871
- Guaranteed lifelong income benefits
- Whole life insurance protection
- Flexible premium payment terms
- Guaranteed additions increasing policy value
- Loan facility available after 2 years
- Tax benefits under Sections 80C and 10(10D)
- Trusted insurance coverage from LIC
- Choice between Regular Income and Flexi Income options
Important Considerations
Things to Remember Before Purchasing LIC Jeevan Utsav Plan 871
- The policy mainly focuses on lifelong income rather than lump-sum maturity payout
- Income option selection should match long-term financial goals
- Riders increase protection but require additional premium payment
- Guaranteed benefits make the plan suitable for conservative investors
- Death benefits remain guaranteed irrespective of market conditions
Frequently Asked Questions
What is LIC Jeevan Utsav Plan 871?
LIC Jeevan Utsav Plan 871 is a non-linked, non-participating whole life insurance policy that provides guaranteed lifelong income benefits along with insurance protection.
When Was LIC Jeevan Utsav Plan 871 Launched?
The policy was launched on November 29, 2023.
What Is the Entry Age Range for LIC Jeevan Utsav Plan 871?
The minimum entry age is 90 days, while the maximum entry age is 65 years nearest birthday.
How Long Is the Premium Payment Term?
Policyholders can choose premium-paying terms ranging from 5 years to 16 years.
What Income Options Are Available Under LIC Jeevan Utsav Plan 871?
The plan offers:
- Regular Income Benefit
- Flexi Income Benefit
What Happens if the Policyholder Dies During the Policy Term?
The nominee receives:
- Sum Assured on Death
- Guaranteed Additions
with a minimum payout equal to 105% of total premiums paid.
Conclusion
LIC Jeevan Utsav Plan 871 was introduced as a comprehensive whole life insurance and savings policy offering guaranteed lifelong income and financial protection. Its flexible premium payment structure, guaranteed additions, and dual income options made it suitable for individuals seeking stable long-term financial security and retirement income planning.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
