What is LIC Jeevan Umang Plan 945?

LIC Jeevan Umang (Plan 945) is a non-linked, participating, whole-life assurance plan that provides a combination of regular premium paying years, guaranteed annual survival payouts equal to 8% of the basic Sum Assured after the PPT completes, and a high-value lump sum maturity benefit at age 100 or death cover for the lifetime of the policyholder.

When do the guaranteed 8% annual survival payouts start in Plan 945?

The annual survival payouts begin immediately at the end of the chosen Premium Paying Term (PPT). For example, if you choose a PPT of 15 years, the payouts will start from the end of Year 16 and continue annually until you survive to age 100 or until your demise, whichever occurs first.

What is the minimum Sum Assured and entry age required for Jeevan Umang?

The minimum basic Sum Assured is strictly ₹2,00,000. There is no maximum Sum Assured limit. The minimum entry age completed is 90 days completed, and the maximum entry age completed is 55 years, depending on the chosen PPT.

What are the available PPT options in LIC Plan 945?

Jeevan Umang offers four premium paying terms (PPT): 15, 20, 25, and 30 years. The maximum maturity age is 100 years, and the premium payment ceases once the chosen PPT is successfully completed.

Can I claim tax benefits under LIC Plan 945?

Yes, premiums paid towards LIC Plan 945 are fully tax-deductible under Section 80C of the Income Tax Act up to ₹1.5 Lakh per year. Additionally, both the annual 8% survival income payouts and the ultimate maturity payout at age 100 (or death claim proceeds) are 100% tax-free under Section 10(10D) of the Income Tax Act.

Is there a loan facility available against Jeevan Umang?

Yes. Policy loan facilities are available after successfully completing at least 2 full years of premium payments. The loan value can be up to 90% of the accrued surrender value for in-force active policies, and up to 80% for paid-up policies, offering excellent liquidity.

LIC Plan 945 Calculator: Jeevan Umang Premium, Survival & Maturity

Understanding LIC Plan 945 (Jeevan Umang): The Whole-Life Cashflow Architecture

The LIC Jeevan Umang Plan (Plan 945) represents one of the most robust, tax-sheltered whole-life wealth solutions presented by the Life Insurance Corporation (LIC) of India. Designed carefully for conservative individuals who prioritize recurring survival income alongside permanent multi-generational wealth preservation, Plan 945 stands out as a unique instrument in the retail insurance domain. It operates as a non-linked, participating, whole-life assurance package. Unlike standard endowment policies that terminate and payout a single lump sum after 15 to 30 years, Jeevan Umang guarantees life cover protection for the policyholder up to 100 years of age.

What makes LIC Plan 945 exceptionally lucrative is its dual-phase wealth framework:

The Premium Accumulation Phase: You choose a shortened premium paying term (PPT) of 15, 20, 25, or 30 years to regularize your savings. During this phase, simple reversionary bonuses declare annually, expanding the compound base of your policy.
The Whole-Life Survival Phase: Once the PPT is successfully completed, you stop paying premiums. Instead, LIC begins paying you a guaranteed annual survival benefit equal to 8% of the basic Sum Assured every year for life (or until age 100).
The Ultimate Maturity Phase: Upon surviving to age 100, the contract completes, and you receive a massive tax-free maturity corpus comprising the Basic Sum Assured, accumulated simple reversionary bonuses spanning up to a century, and a hefty Final Additional Bonus (FAB).

Actuarial Eligibility Framework of Plan 945

To maintain a robust wealth system, LIC has established strict boundary rules regarding entry age, PPT choices, and cover structures. Proposers must fit within the following official metrics:

Premium Paying Term (PPT)	Minimum Entry Age	Maximum Entry Age	Commencement of Survival Benefits	Maximum Maturity Age
15 Years	0 Years (90 Days completed)	55 Years Completed	End of Year 16 (Age + 16 Yrs)	100 Years (Strict whole-life)
20 Years	0 Years (90 Days completed)	50 Years Completed	End of Year 21 (Age + 21 Yrs)	100 Years (Strict whole-life)
25 Years	0 Years (90 Days completed)	45 Years Completed	End of Year 26 (Age + 26 Yrs)	100 Years (Strict whole-life)
30 Years	0 Years (90 Days completed)	40 Years Completed	End of Year 31 (Age + 31 Yrs)	100 Years (Strict whole-life)

Tabular High Sum Assured Rebates (Premium Discounts)

LIC encourages long-term high-value savings by passing premium rate discounts directly to policyholders who choose higher coverage amounts. These High Sum Assured rebates are calculated per thousand rupees of the basic Sum Assured:

Sum Assured ₹2,00,000 to ₹4,90,000: Nil rebate (standard tabular rate applies).
Sum Assured ₹5,00,000 to ₹9,90,000: ₹1.25 discount per ₹1,000 Sum Assured.
Sum Assured ₹10,00,000 to ₹24,90,000: ₹1.75 discount per ₹1,000 Sum Assured.
Sum Assured ₹25,00,000 and above: ₹2.00 discount per ₹1,000 Sum Assured.

By opting for a coverage slab above ₹25 Lakhs, savers enjoy a significant discount on their annualized basic premium cost, which mathematically maximizes the long-term compound yield of the whole-life investment.

Modal Rebates & Payment Frequencies

The premium rates vary slightly depending on how frequently you pay your premiums. Opting for advance annual payments reduces the administrative overhead for LIC, which is passed back to you in the form of tabular frequency rebates:

Yearly Mode: 2% discount on the tabular premium rate.
Half-Yearly Mode: 1% discount on the tabular premium rate.
Quarterly Mode: Standard tabular rate (No rebate, no load).
Monthly Mode: Standard tabular rate (Requires NACH auto-debit registration).

The Mathematical Mechanics of Jeevan Umang

The actuarial simulation engine of our LIC Plan 945 Calculator utilizes precise formulas to project your year-by-year cashflow schedules:

Guaranteed Survival Income: Starts immediately after the end of the PPT.
Annual Payout = Basic Sum Assured × 8%
Example: For a ₹10,00,000 Sum Assured, you receive ₹80,000 every year without fail, completely tax-free.
Vested Simple Reversionary Bonus: Vested annually during the entire policy period until age 100 or death. Reversionary bonuses for Plan 945 are declared annually. The calculator models a baseline bonus rate of ₹40 per ₹1,000 SA per year.
Annual Vested Bonus = (Basic Sum Assured × Bonus Rate) ÷ 1,000
Final Additional Bonus (FAB): A terminal loyalty dividend awarded when the policyholder survives to age 100 or in the event of a death claim. For whole-life policies spanning multiple decades, the FAB rate scales up tremendously.
GST Application on Premiums: Regular premiums attract Goods & Services Tax (GST). Traditional LIC policies load 4.5% GST in the first year of the premium paying term, and 2.25% GST on all subsequent renewal years. During the survival years when no premiums are payable, GST is ₹0.

Survival Maturity & Death Benefit Structures

The payout architecture under LIC Jeevan Umang (Plan 945) provides complete financial peace of mind through standard mathematical benefit formulas:

Maturity Benefit (Survival Payout at Age 100): If the policyholder successfully survives to age 100:
Maturity Corpus = Basic Sum Assured + Total Vested Reversionary Bonuses + Final Additional Bonus (FAB)
Standard Death Benefit: In the unfortunate event of the policyholder's demise at any year during the contract:
Death Claim Payout = Sum Assured on Death + Accrued Reversionary Bonuses + Final Additional Bonus (FAB)
*Sum Assured on Death is mathematically defined as the higher of the Basic Sum Assured or 7 times the annualized premium.
Double Risk Cover (AD&DB Rider): If the policyholder has attached the Accidental Death and Disability Benefit Rider and passes away in an accident, the nominee receives an additional Sum Assured equal to the basic Sum Assured, effectively doubling the payout.

Tax Exemptions: Triple Security under Indian Tax Code

LIC Plan 945 offers premium-grade fiscal benefits under the Income Tax Act, 1961:

Section 80C Deduction: Premiums paid during the PPT are fully deductible from taxable income up to ₹1,50,000 per financial year.
Section 10(10D) Exemption on Survival Payouts: Every single annual 8% survival payout received post-PPT is completely exempt from income tax, making it a reliable tax-free regular income stream for life.
Section 10(10D) Exemption on Maturity/Death Claims: The final lump-sum maturity corpus at age 100 or death claim proceeds handed to the nominee are completely tax-free.

⚖️ Professional Actuarial Disclaimer: Projections, premium valuations, and bonus simulations shown by this online tool are illustrative in nature and based on standard historical bonus trends declared by the Life Insurance Corporation (LIC) of India for Plan 945. Reversionary bonuses and Final Additional Bonuses (FAB) are declared annually at each fiscal year-end by LIC of India based on valuation profits. BimaCalculator.com is an independent platform and has no legal affiliation with LIC of India. Please consult a licensed insurance advisor before purchasing.

LIC Jeevan Umang Plan 945 - Frequently Asked Questions

Q1: What is the primary difference between Plan 945 and other endowment plans?

Standard endowment plans pay a single lump-sum maturity value at the end of the term (e.g. 20 years) and terminate immediately. In contrast, Plan 945 (Jeevan Umang) ceases premium collection after your chosen PPT, pays a guaranteed 8% SA annual tax-free income every year for life, and still provides a massive lump-sum maturity value at age 100 or death cover for the lifetime of the policyholder.

Q2: What is the minimum basic Sum Assured required?

The minimum Basic Sum Assured to purchase LIC Jeevan Umang Plan 945 is ₹2,00,000. It can be increased in multiples of ₹25,000 or ₹50,000, with no upper limit on the maximum Sum Assured, subject to underwriter approval.

Q3: How are the annual survival benefits taxed?

All annual survival benefits paid under Plan 945 are 100% tax-free in the hands of the policyholder under Section 10(10D) of the Income Tax Act, provided the annual basic premium paid is less than 10% of the basic Sum Assured.

Q4: What happens if the policyholder dies before the PPT ends?

If demise occurs during the PPT, the nominee receives the full Sum Assured on Death along with accrued reversionary bonuses and Final Additional Bonus (if any) accumulated up to the date of death. The policy then terminates, and no further premiums are due.

Q5: Can I surrender my Plan 945 policy early if I need cash?

Yes. The policy can be surrendered at any time after successfully completing at least 2 full years of premium payments. You will receive a surrender value which is the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). However, surrendering early reduces your overall wealth accumulation rate.

Q6: How does the Accidental Death and Disability Rider benefit work?

By attaching the AD&DB Rider, if demise happens due to a registered accident during the term, the nominee receives an additional benefit equal to the basic Sum Assured. In case of permanent accidental disability, all future premiums are waived, and the disability benefit is paid in installments over 10 years, while survival benefits continue normally.