Who it suits
People who want a fixed income from a chosen age without market risk.
LIC plans / Whole Life Plans
Whole Life Plans
New Plan no. 771 UIN 512N363V02
LIC’s Jeevan Utsav
Non-par · Non-linked · Whole life with guaranteed income
Pay for a limited period, then receive guaranteed yearly income for life, with lifelong cover.
90 days – 65 yearsEntry age
Whole lifePolicy term
5 – 12 yearsPremium paying term
See the official brochure for the exact benefit formula.Sum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- Guaranteed income for life
- Limited premium payment
- Lifelong cover
How it works
You pay for 5–12 years. Guaranteed additions build up during the premium-paying term; afterwards you choose between a regular yearly income and a flexi option.
Death benefit
Guaranteed death benefit as per the brochure, never less than 105% of premiums paid.
Maturity benefit
No maturity lump sum; income continues for life.
Survival / income benefit
Regular Income Benefit every year after the premium-paying term (or the flexi option).
Options and riders
Regular Income or Flexi Income option; riders as listed in the brochure
Step by step
How the plan runs
1
Start the planEntry age: 90 days – 65 years. Sum assured: See the official brochure for the exact benefit formula..2
Pay premiums5 – 12 years3
Stay coveredPolicy term: Whole life. Death benefit applies during the term.4
Income during the termRegular Income Benefit every year after the premium-paying term (or the flexi option).5
Receive the benefitNo maturity lump sum; income continues for life.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 771 |
| UIN | 512N363V02 |
| Category | Whole Life Plans |
| Plan type | Non-par · Non-linked · Whole life with guaranteed income |
| Entry age | 90 days – 65 years |
| Policy term | Whole life |
| Premium paying term | 5 – 12 years |
| Sum assured | See the official brochure for the exact benefit formula. |
- Guaranteed, non-participating plan
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
People who want a fixed income from a chosen age without market risk.
What is the entry age?
90 days – 65 years
What are the policy term and premium paying term?
Policy term: Whole life. Premium paying term: 5 – 12 years.
What sum assured can I choose?
See the official brochure for the exact benefit formula.
What happens if the life assured dies during the term?
Guaranteed death benefit as per the brochure, never less than 105% of premiums paid.
What do I receive at maturity?
No maturity lump sum; income continues for life.
Does the plan pay anything during the term?
Regular Income Benefit every year after the premium-paying term (or the flexi option).
Are there options or riders?
Regular Income or Flexi Income option; riders as listed in the brochure
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.