LIC Jeevan Utsav Single Premium Plan 883
LIC Jeevan Utsav Single Premium Plan 883 is a whole life insurance plan that offers lifelong risk cover along with guaranteed income benefits through a single premium payment.
LIC Jeevan Utsav Single Premium Plan 883 Calculator
The LIC Jeevan Utsav Single Premium Plan 883 Calculator helps estimate the single premium amount, guaranteed additions, death benefits, and income benefits available under the policy based on the selected sum assured and eligibility conditions.
What Is LIC Jeevan Utsav Single Premium Plan 883?
LIC Jeevan Utsav Single Premium Plan 883 is a non-linked, non-participating, individual savings and whole life insurance plan. The plan combines life insurance protection with guaranteed additions and lifelong income options through a one-time premium payment.
The plan is designed for individuals who prefer making a single premium payment while receiving long-term insurance protection and guaranteed benefits without future premium obligations.
Launch Date, UIN and Basic Details
- Launch Date: 6 January 2026
- Availability Date: 12 January 2026
- Plan Number: 883
- UIN: 512N392V01
LIC Jeevan Utsav Single Premium Plan 883 Eligibility Details
| Feature | Details |
|---|---|
| Plan Name | LIC Jeevan Utsav Single Premium |
| Plan Number | 883 |
| UIN | 512N392V01 |
| Launch Date | 6 January 2026 |
| Available From | 12 January 2026 |
| Minimum Entry Age | 30 days |
| Maximum Entry Age | 65 years |
| Minimum Basic Sum Assured | ₹5,00,000 |
| Maximum Basic Sum Assured | Subject to underwriting |
| Guaranteed Additions | ₹40 per ₹1,000 Basic Sum Assured per policy year |
| Premium Type | Single Premium |
Key Features of LIC Jeevan Utsav Single Premium Plan 883
LIC Jeevan Utsav Single Premium Plan 883 combines guaranteed additions, lifelong insurance protection, and income benefits through a single premium payment.
- Single Premium Payment: The entire premium is paid once at the beginning of the policy. No future premium payments are required.
- Whole Life Insurance Cover: The plan provides life insurance protection throughout the lifetime of the insured person, subject to policy conditions.
- Guaranteed Additions: Guaranteed Additions accrue at the rate of ₹40 for every ₹1,000 of Basic Sum Assured during the Guaranteed Addition Period.
- Two Income Benefit Choices: Policyholders can select either the Regular Income Benefit or Flexi Income Benefit option.
- Death and Maturity Benefits: Benefits are linked to the Basic Sum Assured and 1.25 times the Tabular Single Premium.
- Loan Facility: Policy loans can be availed after the policy acquires a surrender value.
- Rebates and Riders: Higher Basic Sum Assured amounts may qualify for rebates, and eligible riders can be added as per LIC guidelines.
How LIC Jeevan Utsav Single Premium Plan 883 Works
The policy functions through four stages: premium payment, accumulation of guaranteed additions, income benefits, and final claim benefits.
- At policy commencement, the policyholder chooses the Basic Sum Assured and preferred income option, then pays a one-time premium.
- Guaranteed Additions accumulate during the specified Guaranteed Addition Period.
- After this period, income benefits begin according to the selected option.
- On death or maturity, the applicable benefit is paid along with accumulated Guaranteed Additions as per policy provisions.
LIC Jeevan Utsav Single Premium 883 Calculator
The LIC Jeevan Utsav Single Premium 883 Calculator helps estimate important policy values such as the single premium amount, Guaranteed Additions, income benefits, and death or maturity benefits.
Since manual calculations can be complex, the calculator provides a convenient way to understand the plan’s projected benefits.
Details Required for the Calculator
The calculator generally requires the following information:
- Age at Entry: Must fall within the plan’s eligibility limits.
- Basic Sum Assured: Minimum ₹5,00,000, subject to underwriting requirements.
- Gender: As applicable under LIC underwriting guidelines.
- Income Benefit Option: Regular Income Benefit or Flexi Income Benefit.
- Income Frequency: Depending on calculator functionality.
- Optional Riders: Rider selections, if available.
Using these inputs, the calculator provides estimated premium and benefit illustrations for the selected policy configuration.
Outputs Provided by LIC Jeevan Utsav 883 Calculator
After entering the required information and selecting the calculate option, the calculator generally displays several estimated values to help understand the policy benefits.
- Estimated Single Premium: Displays the approximate one-time premium payable for the selected Basic Sum Assured and age, excluding applicable taxes.
- Total Guaranteed Additions: Shows the estimated guaranteed additions accumulated during the Guaranteed Addition Period at the rate of ₹40 per ₹1,000 of Basic Sum Assured.
- Regular Income or Flexi Income Projection: Provides an estimate of the annual income payable after completion of the Guaranteed Addition Period under the selected benefit option.
- Estimated Maturity Benefit: Calculates the expected maturity amount based on the higher of the Basic Sum Assured or 1.25 times the Tabular Single Premium along with accumulated Guaranteed Additions, wherever applicable.
- Estimated Death Benefit: Projects the death claim amount, which generally consists of the higher of the Basic Sum Assured or 1.25 times the Tabular Single Premium plus accrued Guaranteed Additions.
Some calculators may also display comparison charts and benefit illustrations for different ages and Sum Assured values to assist in evaluating various scenarios.
Working Method of LIC Jeevan Utsav 883 Calculator
The calculator follows the policy structure and benefit rules specified under LIC Jeevan Utsav Single Premium Plan 883.
Single Premium Calculation
The premium is estimated using factors such as age, Basic Sum Assured, and applicable premium rates.
Estimated Single Premium = Applicable Rate × Basic Sum Assured
Guaranteed Additions Calculation
Guaranteed Additions are computed using the fixed addition rate defined under the plan.
Guaranteed Addition Per Year = Basic Sum Assured × 40 ÷ 1000
Total Guaranteed Additions = Annual Guaranteed Addition × Guaranteed Addition Period
Death Benefit Calculation
The Sum Assured on Death is generally determined as the higher of:
- Basic Sum Assured, or
- 1.25 times the Tabular Single Premium
Death Benefit = Sum Assured on Death + Accrued Guaranteed Additions
Maturity Benefit Calculation
Where maturity benefits apply, the amount is generally calculated as:
Maturity Benefit = Higher of Basic Sum Assured or 1.25 × Tabular Single Premium + Accrued Guaranteed Additions
Survival Income Estimation
- Regular Income Option: Provides a fixed annual income after completion of the Guaranteed Addition Period as defined under policy conditions.
- Flexi Income Option: Allows deferred withdrawal of income benefits, which may accumulate with additional interest according to plan provisions.
Steps to Use LIC Jeevan Utsav Single Premium 883 Calculator
- Open a trusted LIC calculator platform.
- Enter the age of the life assured.
- Specify the desired Basic Sum Assured (minimum ₹5,00,000).
- Select either the Regular Income Benefit or Flexi Income Benefit option.
- Include rider options if available and required.
- Click the calculate button.
- Review the generated results, including:
- Estimated Single Premium
- Projected Income Benefits
- Total Guaranteed Additions
- Estimated Death and Maturity Benefits
The displayed values are indicative and may differ from the final quotation because of taxes, underwriting requirements, or rider charges.
Benefits of LIC Jeevan Utsav Single Premium Plan 883
- Lifetime Protection and Income: Combines lifelong insurance cover with guaranteed income benefits.
- One-Time Premium Payment: Eliminates the need for recurring premium payments.
- Guaranteed Additions: Fixed additions increase the policy value during the Guaranteed Addition Period.
- Choice of Income Options: Flexibility to select either Regular Income or Flexi Income according to financial requirements.
- Loan and Rider Facilities: Offers policy loan eligibility and optional rider benefits as per LIC guidelines.
- Tax Advantages: Premiums and benefits may qualify for tax benefits under applicable income tax provisions.
Suitable Individuals for LIC Jeevan Utsav Single Premium 883
This plan may be appropriate for individuals seeking guaranteed benefits with minimal payment obligations.
- Retirees or individuals approaching retirement who want a stable income stream from a lump-sum investment.
- Salaried individuals or business owners with surplus funds looking for long-term protection and guaranteed returns.
- Parents or grandparents planning a one-time investment for family security and future income support.
The plan is generally more suitable for conservative investors who prefer guaranteed income and capital protection over market-linked growth opportunities.
Accessing Official Information and Premium Details
For accurate calculations and a complete understanding of LIC Jeevan Utsav Single Premium Plan 883, it is advisable to verify all information through official LIC resources. Official brochures, policy documents, premium illustrations, and product details provide the most reliable information regarding benefits, premiums, conditions, and policy provisions.
These official resources can help policyholders and prospective buyers understand the plan structure more clearly and validate estimates generated by online calculators.
Important Information About LIC Jeevan Utsav Single Premium Plan 883
LIC Jeevan Utsav Single Premium Plan 883 is a non-linked and non-participating whole life insurance policy that combines lifelong protection with guaranteed income benefits through a single premium payment.
The plan was officially introduced on 6 January 2026 and became available for purchase from 12 January 2026 across India.
Plan Number: 883
UIN: 512N392V01
Eligibility Requirements
- Minimum Entry Age: 30 days
- Maximum Entry Age: 65 years
- Minimum Basic Sum Assured: ₹5,00,000
- Maximum Basic Sum Assured: Subject to underwriting guidelines and financial eligibility
Guaranteed Additions
The policy provides Guaranteed Additions at the rate of ₹40 for every ₹1,000 of Basic Sum Assured for each policy year during the Guaranteed Addition Period. These additions enhance the overall policy value and contribute to the eventual benefits payable under the plan.
Survival Benefit Choices
Policyholders can choose between two income options after completion of the Guaranteed Addition Period:
- Regular Income Benefit: Fixed income payments at specified intervals.
- Flexi Income Benefit: Income benefits can be accumulated and withdrawn later according to policy provisions.
This flexibility allows policyholders to select an option that best suits their financial goals and cash-flow requirements.
Death Benefit
The death benefit payable under the policy is generally calculated as the higher of:
- Basic Sum Assured, or
- 1.25 times the Tabular Single Premium
along with the accrued Guaranteed Additions as per policy terms.
This ensures long-term financial protection for the nominee throughout the policyholder’s lifetime.
Importance of Using a Calculator
A LIC Jeevan Utsav Single Premium Plan 883 Calculator can help estimate:
- Single premium payable
- Guaranteed Additions
- Regular or Flexi Income benefits
- Death benefit projections
- Overall policy value
These estimates assist individuals in understanding the financial impact of the policy before making an investment decision and support better long-term planning.
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