Best LIC Jeevan Utsav Single Premium Plan 883 Details | Ashuram Modi
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LIC's Jeevan Utsav Single Premium (Plan No. 883) is a non-linked, non-participating whole life
insurance savings plan. By paying just one single premium, policyholders enjoy a
guaranteed annual income after deferment period equal to 10% of the Basic Sum Assured, fixed
guaranteed additions, and a lump-sum maturity benefit upon reaching 100 years of age.
In today’s fast-paced economic landscape, finding a reliable, stress-free investment can be challenging. Most traditional savings plans require you to pay premiums year after year, which can become a financial burden if your income fluctuates. What if you could invest a lump sum amount just once and secure a guaranteed, lifelong income for yourself and a strong financial legacy for your family? Welcome to Ashuram Insurance Expert!
I am Ashuram Modi, your dedicated local wealth planner and trusted LIC advisor. Proudly serving the community since 1990 near Ambedkar Chowk on Main Bus Stand Road, Bhadra (335501), my mission is to help families build unbreakable financial safety nets. Today, we are going to explore a highly reliable "Invest Once, Benefit Forever" policy: the LIC Jeevan Utsav Single Premium Plan No. 883.
Whether you reside in the heart of Bhadra, or you are seeking professional, doorstep insurance services in nearby villages like Sagra (335503) and Sherda (335503), my goal is to provide you with simple, honest, and highly accurate guidance. Let us dive deep into the details of this practical single premium plan and see how it can secure your financial future.
What is LIC Jeevan Utsav Single Premium 883?
LIC's Jeevan Utsav Single Premium (UIN: 512N392V01) is a Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance Plan. To truly appreciate the power of this policy, we must understand its core definitions:
- Single Premium: You only pay the premium once at the time of purchasing the policy. There are no future premium payment obligations, making it completely hassle-free.
- Non-Linked: Your hard-earned money is never invested in the stock market. Your benefits are completely insulated from economic downturns or market volatility.
- Non-Participating (Non-Par): This means the policy does not depend on the variable yearly profits or discretionary bonuses declared by LIC. Instead, all your benefits, additions, and income payouts are 100% guaranteed and fixed from day one.
- Whole Life Insurance: This policy provides life insurance coverage for your entire life (up to 100 years of age).
Key Features of the Plan
When families visit our office to discuss long-term financial security, the LIC Jeevan Utsav Single Premium plan stands out due to its highly secure and convenient features:
- One-Time Investment: Pay a single premium and eliminate the stress of tracking yearly due dates.
- Guaranteed Additions: The plan adds a fixed Rs. 40 per thousand Basic Sum Assured to your policy every year during the Guaranteed Addition Period.
- 10% Guaranteed Income: You receive a guaranteed 10% of your Basic Sum Assured every year. This income starts ONLY after the Guaranteed Addition Period and continues till survival or maturity (whichever is earlier).
- Dual Income Options: You can choose between a Regular Income Benefit (direct payout) or a Flexi Income Benefit (accumulate with interest).
- Maturity Benefit: Unlike some lifelong income plans, this policy pays a guaranteed maturity benefit if the life assured survives to age 100.
- High Sum Assured Rebates: If you opt for a higher life cover, LIC rewards you with attractive discounts on your tabular single premium.
Eligibility Conditions and Restrictions
Before we structure your personalized plan, it is important to check the eligibility criteria. LIC has designed this plan to be highly inclusive, allowing you to secure everyone from a newborn child to a senior citizen.
| Minimum Basic Sum Assured | Rs. 5,00,000/- |
|---|---|
| Maximum Basic Sum Assured | No upper limit, subject to standard underwriting decisions. |
| Sum Assured Multiples | Must be chosen in multiples of Rs. 25,000 (up to Rs. 24,50,000) and Rs. 50,000 (above Rs. 24,50,000). |
| Guaranteed Addition Period (GAP) | 7 years to 17 years. |
| Minimum Age at Entry | Varies based on the GAP. For a 17-year GAP, the minimum age is 30 days. For a 7-year GAP, the minimum age is 10 years. |
| Maximum Age at Entry | 65 years (nearer birthday). |
| Minimum Age for First Income Payout | 18 years (Completed). |
| Age at Maturity | 100 years (nearer birthday). |
The Power of Guaranteed Additions
Because this is a Non-Par plan, it does not earn variable yearly bonuses. Instead, it offers highly predictable and fixed Guaranteed Additions.
During your chosen Guaranteed Addition Period (GAP), provided your policy is active, LIC will add Rs. 40 per thousand Basic Sum Assured at the end of each policy year.
Practical Example: If you purchase a Basic Sum Assured of Rs. 10,00,000 and select a Guaranteed Addition Period of 10 years, your Guaranteed Addition will be Rs. 40,000 every year. Over the 10-year period, a total of Rs. 4,00,000 will be added to your policy. These additions are payable along with your Death Benefit or Maturity Benefit, significantly boosting your final payout. Please note that Guaranteed Additions stop accruing once your GAP is over.
Understanding Your 10% Income Options
This is a key part of the LIC Jeevan Utsav Single Premium details. You are guaranteed to receive 10% of your Basic Sum Assured every year. This income starts ONLY after the Guaranteed Addition Period ends, and it continues till survival or maturity (whichever is earlier). At the inception of the policy, you must choose exactly how you want to receive this money. You have two excellent options:
Option I: Regular Income Benefit
If you choose this option, LIC will pay you exactly 10% of your Basic Sum Assured directly into your bank account at the end of each policy year, starting immediately after the GAP ends. This continues till survival or maturity (whichever is earlier). This option is perfect for retirees or individuals looking for a hassle-free, secondary pension to manage their lifestyle expenses.
Option II: Flexi Income Benefit
If you do not need the 10% income immediately, you can choose the Flexi Income Benefit. Under this option, the 10% payout is generated, but instead of being paid out, LIC holds and accumulates it for you.
- Interest Generation: LIC will pay you a compound interest of 5.5% p.a. on these accumulated and deferred payouts for completed months.
- Flexible Withdrawals: You have full control. Upon written request, you can withdraw a maximum of 75% of this accumulated balance (including interest) once every policy year.
- Final Payout: Any accumulated Flexi Income Benefit that you have not withdrawn will be paid out along with the death benefit, maturity benefit, or surrender value.
Income Start Year Table
When exactly does your 10% guaranteed income start? It starts ONLY after the Guaranteed Addition Period (GAP) you select at the beginning. Here is the official schedule:
| 7 Years GAP | Income starts at the end of the 8th policy year. |
|---|---|
| 8 Years GAP | Income starts at the end of the 9th policy year. |
| 9 Years GAP | Income starts at the end of the 10th policy year. |
| 10 Years GAP | Income starts at the end of the 11th policy year. |
| 11 Years GAP | Income starts at the end of the 12th policy year. |
| 12 Years GAP | Income starts at the end of the 13th policy year. |
| 13 Years GAP | Income starts at the end of the 14th policy year. |
| 14 Years GAP | Income starts at the end of the 15th policy year. |
| 15 Years GAP | Income starts at the end of the 16th policy year. |
| 16 Years GAP | Income starts at the end of the 17th policy year. |
| 17 Years GAP | Income starts at the end of the 18th policy year. |
Comprehensive Death Benefit Protection
While you enjoy your regular income, your family is protected by a substantial, guaranteed safety net. In the unfortunate event of the policyholder's death after the commencement of risk, the nominee will receive the Death Benefit.
The Death Benefit is defined as the "Sum Assured on Death" PLUS all accrued Guaranteed Additions. If you chose Option II, any accumulated Flexi Income Benefit not yet withdrawn is also added to the payout.
The "Sum Assured on Death" is highly protective. It is the higher of:
1. The Basic Sum Assured
2. 1.25 times the Tabular Single Premium
You also have the option to mandate that your family receives this Death Benefit in convenient instalments (over 5, 10, or 15 years) rather than a sudden lump sum, ensuring they have a steady income stream.
The Maturity Benefit
Unlike some whole life plans that only pay out upon death, the LIC Jeevan Utsav Single Premium plan features a clear Maturity Benefit. If the life assured survives to the end of the policy term (which is age 100), LIC will pay the "Sum Assured on Maturity" along with all accrued Guaranteed Additions.
The "Sum Assured on Maturity" is the higher of the Basic Sum Assured or 1.25 times the Tabular Single Premium. Just like the death benefit, you can opt to receive this maturity amount in instalments using the Settlement Option.
Loan Facility for Emergencies
Life is unpredictable, and your funds should be accessible when genuine emergencies arise. The policy provides an excellent loan facility:
- Availability: You can avail of a policy loan at any time after three months from the completion of the policy (or after the expiry of the free-look period, whichever is later).
- During GAP: The maximum loan allowed is 60% of the surrender value (for GAP 7-10 years), 50% (for GAP 11-14 years), or 40% (for GAP 15-17 years).
- After GAP: The maximum loan amount is structured so that the effective annual interest does not exceed 50% of your annual 10% income, subject to an absolute maximum of 75% of the surrender value.
Understanding Surrender Value
While a single premium whole life plan is designed for long-term wealth accumulation, you have the right to surrender the policy at any time. The Corporation will pay the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
The GSV is highly transparent:
- First 3 Policy Years: 75% of the Single Premium Paid.
- Thereafter: 90% of the Single Premium Paid, reduced by any Regular or Flexi Income Benefits already paid or due.
- You also receive the surrender value of any accrued Guaranteed Additions based on specific policy year factors.
Maximize Protection with Optional Riders
To create an all-encompassing safety net, you can enhance your base policy by adding optional riders at inception for an additional premium:
- LIC's Accidental Death and Disability Benefit Rider: In case of an accidental death, an additional Sum Assured is paid. In case of accidental disability, a monthly income is paid for 10 years.
- LIC's New Term Assurance Rider: Offers an additional layer of pure life cover during the rider term, ensuring maximum financial protection for your dependents.
Is LIC Jeevan Utsav Single Premium 883 a Good Investment?
Yes, this plan is a highly practical investment for individuals seeking safety and predictability. Because it is non-linked and non-participating, it shields your money from stock market risks. It is especially suitable if you have a lump-sum amount (like a retirement corpus or business profit) and want to secure a fixed 10% income benefit that starts after a deferment period and continues for life, alongside comprehensive whole life insurance cover.
Who Should Buy This Plan?
The LIC Jeevan Utsav Single Premium plan is an exceptionally practical choice for:
- Retirees: Individuals who have received their retirement corpus (like PF or gratuity) and want to park it in a completely secure asset that guarantees a 10% yearly income benefit.
- Parents and Grandparents: Who want to make a one-time investment to gift their children or grandchildren a policy that will pay them a reliable income every year for the rest of their lives.
- Business Owners: People who have recently experienced a financial windfall and want to lock in a guaranteed secondary income stream without worrying about future premium payments.
Dedicated Local Service in Bhadra, Sagra, and Sherda
While our primary office is centrally located at Main Bus Stand Road in Bhadra (335501), Ashuram Insurance Expert operates with a deep commitment to the entire surrounding region. We understand that visiting a branch office isn't always easy or convenient.
If you reside in surrounding villages like Sagra (335503) or Sherda (335503), you do not need to worry about traveling for your insurance needs. We provide personalized doorstep consultations, complete form-filling assistance, nomination updates, and dedicated, stress-free claim settlement support right in your local area. Empowering the families of our community with secure financial knowledge is our top priority.
Why Choose Ashuram Insurance Expert?
Choosing the right advisor is just as important as choosing the right plan.
- Local Trust: Proudly serving the people of Bhadra, Sagra, Sherda, and nearby areas since 1990.
- Honest Guidance: We ensure completely transparent policy calculations. You will know exactly what single premium to pay, the exact guaranteed additions you will earn, and the precise 10% income benefit you will receive after the deferment period.
- Lifetime Support: From helping you complete the proposal form, to advising you on Flexi Income withdrawals, to processing legacy claims decades later, we stand by your side.
🔥 Secure Your Financial Future Today!
Do not leave your retirement and your family's financial stability to chance. Invest once and lock in your guaranteed income benefits with the LIC Jeevan Utsav Single Premium Plan 883 today.
Call/WhatsApp Ashuram Modi: 9414536577
Visit Our Office: Main Bus Stand Road, Near Ambedkar Chowk, Bhadra (335501)
Frequently Asked Questions (FAQs)
1. Do I need to pay premiums every year for this plan?
No. This is a Single Premium plan. You only need to pay the premium once at the time of purchasing the policy. There are absolutely no future premium payment requirements.
2. Does the LIC Jeevan Utsav Single Premium plan have a maturity benefit?
Yes. If the life assured survives to the end of the policy term (which is 100 years of age), a full Maturity Benefit is payable. This includes the Sum Assured on Maturity plus all accrued Guaranteed Additions and any unwithdrawn Flexi Income.
3. What is the difference between the Regular Income and Flexi Income options?
The Regular Income Benefit directly pays 10% of your Basic Sum Assured into your bank account every year. The Flexi Income Benefit keeps the 10% payout with LIC, accumulating it at 5.5% p.a. compound interest, allowing you to withdraw up to 75% of the balance whenever you need it. Both options begin ONLY after the Guaranteed Addition Period and continue till survival or maturity (whichever is earlier).
4. When can I take a loan against my Single Premium policy?
You can easily avail of a policy loan at any time after three months from the completion of the policy, or after the expiry of the free-look period, whichever is later.
5. Are the income benefits in this plan affected by the stock market?
Not at all. This is a Non-Linked, Non-Participating savings plan. Your income benefits, including the Guaranteed Additions of Rs. 40 per 1000 Sum Assured and the 10% guaranteed income, are 100% fixed and guaranteed by LIC, providing complete immunity from market volatility.