LIC Jeevan Umang Calculator (Plan 945 / 745)
Official Table No. 945 / 745 / 845 (UIN: 512N312V02). Calculate limited pay premiums (15, 20, 25, 30 Yrs PPT), guaranteed 8% lifelong annual survival income from PPT end to Age 99, and Age 100 maturity returns.
LIC Jeevan Umang Benefit Summary
Coverage: ₹10,00,000 | Age: 30 Yrs | PPT: 15 Yrs | Lifelong Income: Age 45 to 99
- Total Cumulative 8% Income (till Age 99): ₹44,00,000
- Maturity Basic Sum Assured (Age 100): ₹10,00,000
- Accrued Simple Reversionary Bonus (15 Yrs): ₹7,20,000
- Estimated Final Additional Bonus (FAB at 100): ₹5,00,000
- Age 100 Terminal Maturity Corpus: ₹22,20,000
- Grand Total Potential Payouts (Income + Maturity): ₹66,20,000
Whole Life Cashflow, 8% Annual Income & Risk Cover Schedule (Age to 100)
Visualizing the limited premium paying period, uninterrupted guaranteed 8% annual survival payouts from PPT end to Age 99, compounding bonuses, and Age 100 terminal maturity.
| Pol. Year | Age | Annual Premium (₹) | Total Invested (₹) | Guaranteed 8% Income / Maturity | Cumulative Bonus (₹) | Normal Life Cover (₹) | Accidental Cover (₹) | Approx. Loan Value (₹) |
|---|
1. What is LIC Jeevan Umang (Plan 945 / 745 / 845)?
LIC's Jeevan Umang (Table No. 945, originally Table No. 745 under UIN: 512N312V02, historically Table No. 845) is a premier non-linked, with-profits, whole-life assurance plan that provides a unique combination of regular annual income throughout life and lump sum financial protection to the family upon death or survival to age 100.
Unlike standard endowment policies like LIC New Endowment (Plan 714) or fixed money-back policies like LIC Plan 720 and LIC Plan 721 where liquidity occurs only at 5-year intervals, Jeevan Umang guarantees an annual cash pension of 8% of the Basic Sum Assured every year after premium payments finish, lasting up to Age 99.
8% Lifelong Annual Income
Guaranteed 8% of Basic Sum Assured paid into your bank account every year starting from PPT completion until age 99, 100% tax-free under Section 10(10D).
Whole Life Cover (Age 100)
Enjoy financial protection for your entire lifetime up to age 100. If the life assured passes away at any age, the full death sum assured + bonus is paid.
4 Limited PPT Options
Select a disciplined savings schedule of 15, 20, 25, or 30 years according to your age and retirement planning goals.
Non-Deduction Death Guarantee
Survival income already disbursed is never deducted from the nominee's death claim, guaranteeing complete family financial security.
2. Key Plan Eligibility Parameters & Core Rules
Check the official eligibility limits specified in LIC circulars for Plan 945 / 745:
| Parameter | Official Rule (Plan 945 / 745) | Guidelines & Notes |
|---|---|---|
| Policy Term | (100 – Age at Entry) Years | Provides lifelong coverage up to the age of 100 years. |
| Premium Paying Terms (PPT) | 15, 20, 25, 30 Years | Choose shorter PPT for faster income start, or longer PPT for lower annual premiums. |
| Minimum Age at Entry | 90 Days (Completed) | Ideal for parents creating generational wealth for newborn children. |
| Maximum Age at Entry | 15 PPT: 55 Years 20 PPT: 50 Years 25 PPT: 45 Years 30 PPT: 40 Years |
Entry age + PPT must not exceed 70 years. |
| Age at Income Start | Entry Age + PPT | Annual 8% payouts commence on the policy anniversary following PPT end. |
| Minimum Basic Sum Assured | ₹2,00,000 (2 Lakhs) | Available in multiples of ₹25,000 thereafter. |
| Maximum Basic Sum Assured | No Upper Limit | Subject to underwriting and financial capacity (ITR). |
| Survival Benefit Rate | 8% of Basic Sum Assured per year | Guaranteed by LIC contract, payable annually till Age 99. |
3. Detailed Breakdown of 8% Lifelong Income & Age 100 Maturity
The financial architecture of LIC Jeevan Umang consists of two rewarding phases:
Phase 1: The Accumulation Period (During PPT)
During the selected Premium Paying Term (15, 20, 25, or 30 years), the policyholder pays regular premiums. During this phase:
- Full life risk cover is active from day one.
- Simple Reversionary Bonuses declared by LIC accrue annually based on the full Basic Sum Assured.
- Tax deductions under Section 80C are available on all premiums paid.
Phase 2: The Lifelong Income & Whole Life Phase (Post PPT)
Once the PPT is completed, premium payments stop permanently:
- 8% Annual Survival Payouts: Starting from the policy anniversary immediately after PPT completion, LIC transfers 8% of the Basic Sum Assured directly to the policyholder's bank account every year.
- No Deduction on Death: If the policyholder lives for 40 years post-PPT and collects 40 annual payouts, zero rupees are deducted from the original Sum Assured or bonus when a death claim arises.
- Terminal Maturity at Age 100: If the policyholder celebrates their 100th birthday, the policy matures, paying:
Maturity Payout (Age 100) = 100% Basic Sum Assured + Total Accrued Bonuses (PPT Years) + Final Additional Bonus (FAB)
4. Mathematical Case Study: ₹10,00,000 Sum Assured at Age 30
Consider a 30-year-old individual purchasing a ₹10,00,000 Basic Sum Assured with a 15-Year PPT:
- Premium Paying Period: Age 30 to Age 44 (15 Years).
- Approx. Annual Premium: ~₹78,450 (Yr 1 incl. GST).
- Total Investment (15 Yrs): ~₹11,50,000.
- Lifelong Guaranteed Income (Age 45 to 99): ₹80,000 every year (8% of ₹10L).
- Total Income Received over 55 Years: ₹44,00,000 (44 Lakhs).
- Age 100 Maturity Lump-Sum:
- Basic Sum Assured: ₹10,00,000
- Accrued Reversionary Bonus (15 Yrs): ₹7,20,000
- Final Additional Bonus (FAB): ₹5,00,000
- Maturity at Age 100: ₹22,20,000
- Grand Total Returns (Income + Maturity): ₹66,20,000 (Over 5.7x Total Premiums Paid!)
5. Comprehensive Plan Comparison Matrix
| Feature | LIC Jeevan Umang (945 / 745) | LIC Jeevan Anand (915) | LIC Jeevan Labh (736) | LIC Bima Platinum (770) |
|---|---|---|---|---|
| Coverage Duration | Whole Life (to Age 100) | Whole Life (to Age 100) | 16, 21, or 25 Years | Term + 5 Years |
| Survival Benefits | 8% SA every year for life | Nil during term | Nil during term | 10% annual income |
| Maturity Timing | At Age 100 (or on death) | At end of Policy Term | At end of Policy Term | End of PPT + 5 Yrs |
| Bonus Structure | With-profits + FAB | With-profits + FAB | High With-profits + FAB | Guaranteed Additions |
| Ideal For | Guaranteed lifelong retirement pension | Double benefit + estate planning | Maximum guaranteed return | Guaranteed high-income seekers |
6. High Sum Assured Rebates & Modal Discounts
Policyholders choosing higher sum assured slabs receive substantial discounts per ₹1,000 Sum Assured:
- ₹2,00,000 to ₹4,75,000: Nil rebate
- ₹5,00,000 to ₹9,75,000: ₹1.25 (for 15 PPT), ₹1.50 (for 20/25/30 PPT)
- ₹10,00,000 to ₹24,75,000: ₹1.75 (for 15 PPT), ₹2.00 (for 20/25/30 PPT)
- ₹25,00,000 & Above: ₹2.00 (for 15 PPT), ₹2.50 (for 20/25/30 PPT)
7. Surrender Value, Loan Facility & Paid-Up Provisions
Loan Availability: Policy loans can be availed after completing 2 full policy years of premium payment.
- During PPT: Loan up to 90% of surrender value.
- Post PPT (During Income Phase): Loan up to 90% of surrender value. The interest on the loan can easily be serviced through the annual 8% survival income payouts!
- Paid-Up Policy: If premiums stop after 2 years, the policy acquires paid-up status with reduced proportional annual income and death cover.
8. Step-by-Step 100% Paperless Digital Onboarding
Complete your LIC Jeevan Umang (Plan 945 / 745) enrollment 100% digitally without doorstep documentation:
- Calculate Your Numbers: Use our live calculator above to customize your Sum Assured and PPT.
- Connect with Verified Advisor: Click WhatsApp or call +91 8419943250 (Agent Code: LIC10031212, Lalkuan Branch, Uttarakhand).
- Instant e-KYC: Complete Aadhaar & PAN verification securely.
- Direct Online Payment: Pay directly via official LIC gateway with instant receipt.
- Speed Post Bond Delivery: Receive digital policy in DigiLocker and physical bond at your doorstep.