How LIC Jeevan Umang Calculator Works
The LIC Jeevan Umang Calculator simulates your entire life-cycle financial schedule under LIC’s Plan 945. It computes your annualized premium payments based on your entry age, basic sum assured, and selected premium paying term (PPT). Once your premium paying term concludes, the algorithm projects your guaranteed annual survival payouts alongside your long-term vested bonuses up to 100 years of age.
The mathematical logic follows three core formulas defined by LIC's actuarial guidelines:
-
Net Basic Premium Formula:
[(Tabular Rate - High Sum Assured Rebate) × (1 - Frequency Rebate %)] × (Sum Assured ÷ 1,000) -
Guaranteed Annual Survival Income:
Basic Sum Assured × 8%(Paid every year starting post-PPT until age 99). -
Maturity Corpus at Age 100:
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB)
How to Use This Calculator
Estimating your whole-life income schedule takes under 30 seconds. Follow these 5 steps to customize your illustration:
- Select your Premium Paying Term (PPT): Choose 15, 20, 25, or 30 years depending on how quickly you want premium obligations to end.
- Set your Proposer Entry Age: Slide or type your current completed age (from 0 years / 90 days up to 55 years).
- Choose your Basic Sum Assured: Pick your required insurance cover amount (minimum ₹2,00,000 with no upper ceiling).
- Pick your Payment Frequency: Select Yearly, Half-Yearly, Quarterly, or Monthly (NACH) payment mode.
- Toggle Optional Riders: Check or uncheck the Accidental Death and Disability Benefit (AD&DB) rider to see its effect on your net premium.
Worked Example with Realistic Figures
Consider a 30-year-old individual who selects a Basic Sum Assured of ₹10,00,000 with a 20-year Premium Paying Term (PPT) paying annually. The financial roadmap unfolds as follows:
| Policy Milestone / Phase | Age Range | Duration | Financial Details & Payouts |
|---|---|---|---|
| 1st Year Premium (incl. 4.5% GST) | Age 30 | 1st Year | ₹54,230 (Basic: ₹51,895 + GST) |
| Renewal Premium (incl. 2.25% GST) | Age 31 to 49 | 19 Years | ₹53,074 per year |
| Total Premiums Paid (Outflow) | Age 30 to 49 | 20 Years | ₹10,62,636 |
| Guaranteed Survival Income (8% SA) | Age 50 to 99 | 50 Years | ₹80,000 / year tax-free (Total: ₹40,00,000) |
| Age 100 Lump Sum Maturity Corpus | Age 100 | Maturity | ₹52,50,000 (SA + Vested Bonus + FAB) |
| Total Overall Tax-Free Cashflow | Age 50 to 100 | Lifetime | ₹92,50,000 (8.7x total premium paid) |
About LIC Jeevan Umang (Plan 945)
LIC Jeevan Umang (Plan 945) is a non-linked, participating, whole-life assurance plan that stands out in LIC's portfolio due to its lifetime coverage structure. Unlike standard endowment policies that end after 15 to 25 years with a single lump-sum payout, Jeevan Umang combines a finite premium paying term with guaranteed annual cash income starting right after your premiums finish and lasting until age 100.
The minimum entry age is completed 90 days (0 years), while the maximum entry age varies between 40 and 55 years depending on whether you choose a 15, 20, 25, or 30-year PPT. The basic Sum Assured starts at ₹2,00,000 with no maximum limit. It is particularly well-suited for individuals seeking a guaranteed, tax-sheltered pension alternative for retirement, parents building a multi-generational legacy for children, or conservative savers wanting inflation-resistant regular cashflows.
Benefits of Using This Calculator
- Instant Income Projection: Calculate your exact annual 8% guaranteed survival cashflow in real-time without manual actuarial spreadsheets.
- Clear Breakdown of GST & Rebates: View first-year GST (4.5%), renewal-year GST (2.25%), modal frequency discounts, and high sum assured rebates clearly split out.
- Visual Cashflow Charting: Compare total premium outlays against total life-cycle returns using intuitive progress visuals.
- Tax Savings Insight: Understand how premium contributions qualify for Section 80C deductions and survival payouts remain 100% tax-free under Section 10(10D).
- 100% Client-Side Privacy: All calculations run directly inside your web browser. No personal data, email, or phone number is saved or transmitted.
Frequently Asked Questions
What is LIC Jeevan Umang Plan 945?
LIC Jeevan Umang (Plan 945) is a non-linked, participating whole-life assurance policy. It offers regular premium payment options for 15, 20, 25, or 30 years, followed by guaranteed annual survival payouts equal to 8% of the basic Sum Assured until age 99, and a final lump sum maturity benefit at age 100.
How is the guaranteed 8% annual survival benefit calculated?
The survival payout is calculated as 8% of your chosen Basic Sum Assured. For instance, if your Basic Sum Assured is ₹5,00,000, LIC pays you ₹40,000 every year tax-free starting post-PPT until age 99 or demise.
What are the entry age limits for Jeevan Umang?
The minimum entry age is 90 days completed. The upper entry age limit depends on your chosen PPT: 55 years for a 15-year PPT, 50 years for a 20-year PPT, 45 years for a 25-year PPT, and 40 years for a 30-year PPT.
Are the annual survival payouts tax-free in India?
Yes. Under Section 10(10D) of the Income Tax Act, 1961, all annual 8% survival payouts and the final age-100 maturity proceeds are 100% exempt from income tax, subject to active tax guidelines.
What maturity benefit is paid if I reach age 100?
If the policyholder reaches age 100, LIC pays the full Basic Sum Assured, accumulated simple reversionary bonuses earned over the entire policy period, plus a Final Additional Bonus (FAB).
Can I take a loan against my Jeevan Umang policy?
Yes. Policy loan facilities become available after completing at least 2 full policy years. You can borrow up to 90% of the policy surrender value for active policies and up to 80% for paid-up policies.