LIC Jeevan Utsav Plan (771) Calculator

LIC Jeevan Utsav Plan (771) Calculator

What this calculator does

LIC's Jeevan Utsav (Plan 771) is a non-linked, non-participating, whole life savings plan. You choose a Premium Paying Term between 5 and 16 years. A fixed Deferment Period (always your Premium Paying Term plus 2 years) follows, and once it ends you start receiving a Guaranteed Income Benefit equal to 10% of your Basic Sum Assured every year for the rest of your life - right up to age 100, when the policy matures and pays out the Basic Sum Assured plus accrued Guaranteed Additions.

You can take this Guaranteed Income Benefit in one of two ways:

• Regular Income Benefit - paid out to you in cash every year once the deferment period ends.
• Flexi Income Benefit - instead of paying it out, LIC keeps it on deposit and lets it accumulate with interest; you can withdraw the accumulated corpus fully or partially at any time.

This calculator gives you an indicative estimate of:

• the annual premium (and per-installment premium for your chosen payment mode) you would pay during the premium paying term
• the Accident Benefit Rider premium, if you opt for it
• the annual Guaranteed Income Benefit, when it starts, and the total you would receive (Regular option) or the corpus you would accumulate (Flexi option) by age 100
• the Guaranteed Additions accrued during the premium paying term
• the Whole Life Benefit payable at age 100
• a year-by-year schedule of the Guaranteed Income Benefit from the end of your deferment period to maturity

based on your entry age, Basic Sum Assured, Premium Paying Term, income benefit option, payment mode, and whether you add the Accident Benefit Rider.

Formula Used

Deferment Period. Fixed at your chosen Premium Paying Term plus 2 years - it is not chosen independently:

$$DefermentPeriod = PPT + 2$$ $$IncomeStartAge = EntryAge + DefermentPeriod$$

Premium. The illustrative annual premium rate (₹ per ₹1,000 Sum Assured) combines a savings component that shrinks as the (short, 5-16 year) premium paying term lengthens with an age-linked component that grows with entry age:

$$PremiumRate(age, PPT) = \frac{1000}{PPT} \times 0.85 + \big(3 + age \times 0.12\big)$$ $$AnnualPremium = \frac{SumAssured}{1000} \times PremiumRate(age, PPT)$$

If you opt for the Accident Benefit Rider, an additional ₹0.50 per ₹1,000 of Sum Assured (capped at a Sum Assured of ₹50,00,000 for the rider) is added:

$$RiderPremium = \frac{\min(SumAssured,\ 50{,}00{,}000)}{1000} \times 0.50$$

The total is then split by your chosen payment mode (yearly, half-yearly, quarterly, or monthly), using LIC's standard modal factors:

$$InstallmentPremium = (AnnualPremium + RiderPremium) \times ModeFactor$$

Mode factors used: yearly 1.00, half-yearly 0.510, quarterly 0.260, monthly 0.0875.

Guaranteed Additions. These accrue only during the premium paying term: ₹40 per ₹1,000 Sum Assured for each of the first 5 policy years, and ₹50 per ₹1,000 Sum Assured for every policy year after that until the premium paying term ends:

$$GARate(year) = \begin{cases} 40 & year \le 5 \\ 50 & year > 5 \end{cases}$$ $$GuaranteedAdditions = \sum_{year=1}^{PPT} \frac{SumAssured}{1000} \times GARate(year)$$

Guaranteed Income Benefit. Once the deferment period ends, 10% of the Sum Assured accrues every year until maturity at age 100:

$$AnnualIncomeBenefit = 0.10 \times SumAssured$$

For the Regular Income Benefit option, this is paid out in cash each year:

$$TotalIncomeReceived = AnnualIncomeBenefit \times \big(100 - IncomeStartAge\big)$$

For the Flexi Income Benefit option, each year's amount is instead deposited and left to accumulate at an assumed interest rate (illustrative, 6% p.a.) as an annuity-due:

$$FlexiCorpus(n) = AnnualIncomeBenefit \times \frac{(1+r)^n - 1}{r} \times (1+r)$$

where n is the number of complete years since the deferment period ended and r = 0.06.

Whole Life Benefit. At age 100, the Basic Sum Assured plus accrued Guaranteed Additions are paid out together with the final income installment (or the full accumulated Flexi corpus, if that option was chosen and never withdrawn). Jeevan Utsav is a non-participating plan, so unlike some of LIC's other whole life plans, no bonus is declared:

$$WholeLifeBenefit = SumAssured + GuaranteedAdditions$$

Note: these rates are illustrative approximations for planning purposes, not LIC's official rate card, which is IRDAI-approved and can change over time. Always confirm exact figures with LIC or an authorized agent before purchasing a policy.

How to Use

1. Enter your Age at Entry in years.
2. Enter your desired Basic Sum Assured (minimum ₹5,00,000).
3. Choose a Premium Paying Term - 5 to 16 years. Note the maximum entry age allowed shrinks as the term lengthens (65 years for a 5-8 year term, down to 50 years for a 15-16 year term), since the whole life cover still runs to age 100 either way.
4. Choose your Guaranteed Income Benefit Option - Regular (paid out yearly) or Flexi (accumulates with interest until withdrawn).
5. Choose your Premium Payment Mode - yearly, half-yearly, quarterly, or monthly.
6. Choose whether to add the Accident Benefit Rider.
7. Click Calculate Benefits to see your premium, Guaranteed Income Benefit schedule, Guaranteed Additions, and Whole Life Benefit at age 100.

Worked Example

Suppose you are 30 years old, choose a Basic Sum Assured of ₹5,00,000, a 10-year Premium Paying Term, the Regular Income Benefit option, yearly payment mode, and no rider.

$$DefermentPeriod = 10 + 2 = 12 \text{ years}, \quad IncomeStartAge = 30 + 12 = 42$$ $$PremiumRate(30, 10) = \frac{1000}{10} \times 0.85 + (3 + 30 \times 0.12) = 85 + 6.6 = 91.6$$ $$AnnualPremium = \frac{5{,}00{,}000}{1000} \times 91.6 = 45{,}800 \text{ per year, for 10 years}$$

Your Guaranteed Income Benefit starts at age 42, at 0.10 \times 5{,}00{,}000 = ₹50{,}000 a year, for 100 - 42 = 58 years - a total of ₹29,00,000 in Regular Income Benefit alone. On top of that, the Guaranteed Additions accrued over the 10-year premium paying term (5 \times 40 + 5 \times 50 = 450 per ₹1,000 Sum Assured, i.e. ₹2,25,000) are added to your Basic Sum Assured to give a Whole Life Benefit of ₹7,25,000, payable at age 100.