What is LIC Jeevan Utsav?
LIC Jeevan Utsav plan 2025 is a non-linked, non-participating, individual, savings, whole-life insurance plan introduced by the Life Insurance Corporation of India (LIC). Launched in 2023, this plan continues to gain popularity in 2025 due to its guaranteed lifelong income benefits, flexible payout options, and tax-free maturity.
The policy is designed to provide financial stability, long-term returns, and protection against uncertainty, making it ideal for both young professionals and retirees.
Key Features of LIC Jeevan Utsav
- Lifetime Income: Guaranteed income starts after the premium payment term ends
- Two Payout Options: Regular Income Benefit or Flexi Income Benefit
- Life Cover for Life: Whole life insurance coverage up to 100 years of age
- Guaranteed Additions: Accrued during the premium payment term
- Tax Benefits: Exemptions under Section 80C and 10(10D) of the Income Tax Act
- Optional Riders: For accidental death, disability, and critical illness
Eligibility Criteria
| Feature | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years |
| Policy Term | Whole Life (up to age 100) |
| Premium Paying Term (PPT) | 5 to 16 years |
| Minimum Sum Assured | ₹5,00,000 |
| Maximum Sum Assured | No limit (based on underwriting) |
LIC Jeevan Utsav Benefits in Detail
1. Death Benefit
In case of the unfortunate demise of the policyholder during the policy term, the nominee receives the “Sum Assured on Death” + Accrued Guaranteed Additions.
Sum Assured on Death is the higher of:
- 7 times the annualized premium, or
- Basic sum assured
Minimum death benefit is 105% of total premiums paid (excluding taxes and rider premiums).
2. Survival/Maturity Benefit
You can choose from two income benefit options:
Option 1: Regular Income Benefit
- After PPT ends, get a fixed guaranteed income every year for life
- Ideal for pension-style income after retirement
Option 2: Flexi Income Benefit
- Accumulate guaranteed income and withdraw anytime later
- Full flexibility to reinvest, withdraw partially, or receive lump sum
3. Guaranteed Additions
During the premium paying term, the plan adds guaranteed returns at a pre-declared rate to your policy.
For example:
- ₹40 to ₹70 per ₹1,000 sum assured annually (varies with PPT and age)
LIC Jeevan Utsav Premium Example (2025)
| Age | Sum Assured | PPT | Yearly Premium (Approx) |
|---|---|---|---|
| 30 | ₹10,00,000 | 10 Years | ₹1,07,000 |
| 40 | ₹10,00,000 | 12 Years | ₹1,20,000 |
| 50 | ₹10,00,000 | 10 Years | ₹1,40,000 |
Premium varies by age, PPT, and selected benefits. Always consult an LIC advisor.
Riders Available with LIC Jeevan Utsav
- Accidental Death & Disability Benefit Rider
- Critical Illness Rider
- Premium Waiver Rider
- Term Assurance Rider
These optional riders enhance the coverage at a nominal extra premium.
Who Should Buy LIC Jeevan Utsav?
✅ Salaried Individuals
✅ Self-Employed Professionals
✅ Retirees looking for a fixed lifelong income
✅ Parents planning for legacy or family protection
✅ Anyone looking for guaranteed, tax-free income post-retirement
Pros & Cons of LIC Jeevan Utsav
✅ Pros
- Lifetime guaranteed income
- Choice of flexible payout
- No market risk
- Tax-free returns
- Whole life insurance coverage
❌ Cons
- No participation in LIC profits
- Returns may be lower than equity-linked plans
- Locked-in till PPT completion
LIC Jeevan Utsav vs LIC Jeevan Anand
| Feature | Jeevan Utsav | Jeevan Anand |
|---|---|---|
| Type | Non-participating | Participating |
| Returns | Guaranteed | Bonus-based |
| Coverage | Up to age 100 | Life long |
| Income Option | Yes | No |
| Suitable for | Fixed income | Growth via bonus |
How to Buy LIC Jeevan Utsav Online or Offline?
You can purchase the policy in 3 ways:
- Through LIC Agent – Best for guided selection and rider customization
- Online on LIC’s Official Website – www.licindia.in
- At Nearest LIC Branch – Carry identity proof, address proof, PAN & photo
FAQs – LIC Jeevan Utsav plan 2025
Q1. What is the minimum premium for LIC Jeevan Utsav?
The premium depends on the sum assured and age. It typically starts around ₹50,000 annually.
Q2. Is LIC Jeevan Utsav better than LIC Jeevan Labh?
Jeevan Utsav offers guaranteed lifelong income, while Jeevan Labh focuses on maturity returns with bonuses.
Q3. Can I surrender LIC Jeevan Utsav before maturity?
Yes, you can surrender the plan after 2 years of premium payments. A surrender value will be paid as per LIC norms.
Q4. Is the income received from Jeevan Utsav taxable?
No, as per current income tax laws (Section 10(10D)), the income and maturity are tax-free.
Final Verdict: Is LIC Jeevan Utsav Worth It in 2025?
If you want guaranteed, tax-free income for life along with whole life insurance coverage, then LIC Jeevan Utsav is one of the most reliable and safe options in 2025. It’s especially ideal for retirement planning, legacy creation, or income stability.
