23/02/2026
📌 LIC’s Jeevan Utsav Single Premium Plan (Plan No. 883)
This is a newer plan launched in January 2026 and is a non-participating, non-linked, whole life single premium policy with guaranteed additions — meaning fixed additions are credited every year during the accumulation period. �
Key Features
Whole life coverage — covers life throughout your lifetime. �
Requires one single premium payment. �
Guaranteed additions — a fixed amount added each year during a guaranteed additions period. �
Policy can provide lifetime income options. �
Benefit Options
Regular Income Benefit: Receive a fixed percentage of sum assured (⧫ ~10%) as yearly income starting after a selected period. �
Flexi Income Benefit: Accumulate income amounts and withdraw later; LIC also pays interest on deferred amounts. �
Death Benefit
If the insured dies after risk commencement, the nominee gets sum assured on death + accrued guaranteed additions. �
Maturity
If you survive till the end of benefit accumulation period, you receive sum assured + all guaranteed additions. �
Eligibility
Entry age: 30 days to 65 years. �
Minimum sum assured: ₹5,00,000. �
👉 This plan is suitable if you want life coverage for life and guaranteed lifetime income options from one lump sum payment. �
📌 Benefits of Single Premium Plans
Benefit
Explanation
📍 One-time payment
Pay just once — no recurring premiums.
📍 Life cover
Provides death benefit to your family if you pass away.
📍 Savings & Returns
Maturity or guaranteed income depending on the plan.
📍 Rebates
Premium rebates may apply for higher sum assured. �
📍 Tax Benefit
Premiums may qualify for deduction under Section 80C; payouts may be tax-free under Section 10(10D) in many cases. �
Turtlemint
📌 Things to Consider Before Buying
Returns: Participating plans depend on bonuses declared by LIC; returns aren’t guaranteed like fixed deposits. �
Needs: Single premium plans are best if you have surplus funds and want long-term savings/protection.
Liquidity: Loan facility is usually available, but early surrender values may be low in initial years. �
Compare with alternatives (e.g., term insurance + investments) to decide what fits your financial goals.
If you want, I can break down example premium vs. maturity payouts for specific ages and sum assured amounts for these LIC Single Premium plans — just tell me your age and planned investment amount!
