LIC Jeevan Umang vs Jeevan Utsav

Both Jeevan Umang and Jeevan Utsav are whole life plans that turn your savings into a yearly income for life, with life cover for the family. That is why people often call them LIC’s “pension-like” plans. But they are built very differently: one shares in LIC’s profits through bonuses, the other gives fixed, guaranteed benefits. Here is a clear comparison from the LIC office in Manimajra, Chandigarh.

The two plans in one line each

• LIC Jeevan Umang (Plan 745) – participating whole life plan: pay for 15, 20, 25 or 30 years, then get 8% of the basic sum assured every year, plus a lump sum with bonuses at age 100.
• LIC Jeevan Utsav (Plan 771) – non-participating guaranteed whole life plan: pay for 5 to 16 years, and after a waiting period get 10% of the basic sum assured every year for life.

Side-by-side comparison

Plan details are summarised from LIC’s sales brochures. Always check the latest brochure and your own benefit illustration before you buy.

How Jeevan Umang works

You pay premiums for 15, 20, 25 or 30 years. From the end of the premium paying term, LIC pays a survival benefit of 8% of the basic sum assured every year as long as the life assured is alive, up to age 99. At age 100 the policy matures and LIC pays the basic sum assured plus vested bonuses and final additional bonus, if any. If the life assured dies, the nominee receives the death benefit with bonuses. Because it is a participating plan, the bonus part depends on LIC’s performance and is declared every year. Try the Jeevan Umang calculator to see when the income starts.

How Jeevan Utsav works

You choose a short premium paying term between 5 and 16 years. Every year that you pay, guaranteed additions are added to the policy. After the premium term and a deferment (waiting) period fixed by the premium term you choose, the plan pays 10% of the basic sum assured every year for life. With the Flexi Income option you can leave this income with LIC to build up with interest and withdraw it later, as per policy terms. There is no maturity amount; on death, the nominee gets the death benefit plus the guaranteed additions. A single premium version is also available as Plan 883. Try the Jeevan Utsav calculator.

8% vs 10% – read this before comparing

The biggest mistake people make is comparing only the percentages. In both plans the income is a percentage of the basic sum assured, not of what you pay. For the same sum assured, the premium is different in each plan, the number of years you pay is different, and the timing of income is different. So a plan with 10% is not automatically “better” than a plan with 8%. The fair way to compare is to take the same yearly budget, ask for LIC’s official illustration in both plans, and look at total premium, the year income starts, yearly income and the amount the family receives on death.

Which one should you choose?

• You want certainty and a short premium term (for example, you are in your 40s or 50s and want to finish paying before retirement): Jeevan Utsav.
• You are young and can pay for longer, and you like the idea of bonuses plus a lump sum at 100 for your children: Jeevan Umang.
• You want flexibility in when you take the income: Jeevan Utsav’s Flexi Income option.
• You need high life cover for your family: add a term plan such as New Tech-Term – income plans are for savings, not for big protection.
• You want income to start right away: neither – look at immediate pension plans like Jeevan Akshay VII in our LIC pension plans section.

Also see LIC’s newer income plan Bima Platinum (Plan 770), launched in 2026, and the full list on LIC new plans 2026.

Buy with the LIC office, Manimajra

Vedpal Singh, Development Officer, LIC of India, and our team prepare official illustrations for Jeevan Umang and Jeevan Utsav for your age, explain them in simple Hindi or English and complete the proposal – at your doorstep in the Chandigarh tri-city and online across India. Read the plans in Hindi: जीवन उमंग and जीवन उत्सव, or find the LIC office near you.

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