LIC Jeevan Utsav vs Jeevan Umang: compare income, bonuses and premium terms
LIC Jeevan Utsav (Plan 771) and Jeevan Umang (Plan 745) both combine life cover with a future income, but their income and bonus rules differ. Utsav has a guaranteed income benefit of 10% of Basic Sum Assured under its terms and no bonus; Umang has an 8% survival benefit and may receive bonuses declared by LIC. Neither is a substitute for term cover sized to your family’s needs.
The comparison below uses LIC’s current brochures for Utsav UIN 512N363V02 and Umang UIN 512N312V03, checked on 4 November 2026. Premiums, eligibility and benefits depend on age, chosen term and policy conditions. Read the latest brochure and personalized benefit illustration before applying.
Plan type
- Jeevan Utsav · Plan 771
- Non-participating; no bonus or share in surplus
- Jeevan Umang · Plan 745
- Participating; bonuses may be declared and are not guaranteed
Income benefit
- Jeevan Utsav · Plan 771
- Regular or Flexi Income Benefit equal to 10% of Basic Sum Assured, subject to policy terms
- Jeevan Umang · Plan 745
- Annual survival benefit equal to 8% of Basic Sum Assured after the premium-paying term
When income starts
- Jeevan Utsav · Plan 771
- Start year depends on premium term: policy year 11 for 5–8 years paid, up to year 19 for a 16-year term
- Jeevan Umang · Plan 745
- After the selected 15, 20, 25 or 30-year premium-paying term
How long benefits continue
- Jeevan Utsav · Plan 771
- Whole-life plan; no maturity benefit
- Jeevan Umang · Plan 745
- Survival benefits up to the policy anniversary before age 100; maturity benefit at age 100
Premium-paying terms
- Jeevan Utsav · Plan 771
- 5 to 16 years
- Jeevan Umang · Plan 745
- 15, 20, 25 or 30 years
| Feature | Jeevan Utsav · Plan 771 | Jeevan Umang · Plan 745 |
|---|---|---|
| Plan type | Non-participating; no bonus or share in surplus | Participating; bonuses may be declared and are not guaranteed |
| Income benefit | Regular or Flexi Income Benefit equal to 10% of Basic Sum Assured, subject to policy terms | Annual survival benefit equal to 8% of Basic Sum Assured after the premium-paying term |
| When income starts | Start year depends on premium term: policy year 11 for 5–8 years paid, up to year 19 for a 16-year term | After the selected 15, 20, 25 or 30-year premium-paying term |
| How long benefits continue | Whole-life plan; no maturity benefit | Survival benefits up to the policy anniversary before age 100; maturity benefit at age 100 |
| Premium-paying terms | 5 to 16 years | 15, 20, 25 or 30 years |
What the current Jeevan Utsav plan offers
The current Jeevan Utsav is Plan 771 (UIN 512N363V02), a non-participating whole-life savings plan. LIC’s brochure says its benefits are fixed by the contract and it does not receive discretionary bonuses. The earlier Plan 871 was withdrawn on 1 October 2024; use the current Plan 771 brochure when comparing a new purchase.
The premium-paying term is 5 to 16 years. For an in-force policy, the 10% Regular Income or Flexi Income Benefit begins in a policy year tied to the chosen premium term: for example, year 11 after a 5–8 year term, or year 19 after a 16-year term. Guaranteed additions accrue during the premium-paying term. There is no maturity benefit.
Regular Income is paid as it becomes due. Flexi Income can be deferred and accumulated under the interest and withdrawal rules in the policy. Check the brochure for the current rate and detailed conditions; these are contract features, not an investment-return comparison.
How it differs from Jeevan Umang
Jeevan Umang is a participating whole-life plan. Its current brochure lists 15, 20, 25 and 30-year premium terms, with an annual survival benefit of 8% of Basic Sum Assured after the premium-paying term. The policy can also receive bonuses declared by LIC; future bonus amounts are not guaranteed.
Compare the cash-flow dates as well as the percentages. Utsav’s 10% benefit does not start immediately when premiums end; the start year follows LIC’s table. Umang’s 8% survival benefit runs up to the policy anniversary before age 100, with a maturity benefit at age 100. The two percentages alone do not tell you which policy provides better value.
How to decide which plan to examine
Start with the date you need income, the premium you can sustain, how long you can pay, and whether you want a non-participating plan or are comfortable with bonuses that may vary. Ask for both official benefit illustrations using the same age, Basic Sum Assured and payment frequency, then compare total premiums, benefit start dates, surrender terms and the death benefit.
Do not compare only “10% versus 8%”: each percentage is applied to Basic Sum Assured under its own timing and policy rules. First make sure your family has adequate life cover for loans and dependants. These savings plans are designed for a different job.
For an illustration, call or WhatsApp +91 98240 25435. Review the assumptions and current LIC policy documents before making a decision; an illustration is not a promise of a future bonus or a personalized recommendation.
Frequently asked questions
Neither is better for everyone. Jeevan Utsav suits someone who wants a fixed income with no dependence on bonuses and a shorter 5–16 year premium term. Jeevan Umang suits someone who can pay for 15–30 years and accepts bonuses that may vary. Compare both official illustrations at the same age and sum assured.
LIC currently lists Jeevan Utsav as Plan 771 (UIN 512N363V02). Plan 871 (UIN 512N363V01) was withdrawn on 1 October 2024. Check the current LIC brochure before comparing a new purchase.
The current Plan 771 brochure describes Regular or Flexi Income Benefits and guaranteed additions under the policy terms. The first income year depends on the premium-paying term. Read the brochure and personalized illustration for the conditions that apply to your case.
Regular Income is paid when due. Flexi Income can be deferred and accumulated under the interest and withdrawal rules in the policy. Check the current Plan 771 brochure for the applicable rate and conditions.
No. Its life cover is modest compared with a term plan for the same premium. Families with loans or young dependants should size term cover first, then use Jeevan Utsav for a defined income goal.
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Premiums, payouts and illustrations mentioned are examples, not quotations; actual figures depend on age, health and plan terms. Plans referenced are LIC of India products; this page is an independent advisor’s commentary and not an official LIC communication.
Official plan documents
Product details checked on 6 November 2026. LIC may revise brochures and plan terms; use the latest document for a purchase decision.