LIC Jeevan Umang Plan 845 was a whole-life, participating insurance plan designed to provide long-term life cover, yearly survival income after the premium-paying period, and a lump-sum benefit at maturity. The plan carries UIN 512N312V01 and was withdrawn for new business on 1 February 2020. However, policies already issued under Plan 845 continue according to their original policy terms and conditions.

This LIC Jeevan Umang calculator helps existing policyholders understand important values such as estimated premium commitment, annual survival benefit, maturity amount, death benefit, paid-up value, and surrender value requirements. It is especially useful when the policy bond is old, the original illustration is unavailable, or there is confusion between Plan 845 and the later Jeevan Umang versions.

The most important point is simple: Plan 845 is not a regular short-term money-back policy. It is a whole-life plan where the policy term runs until age 100. After premiums are completed, LIC pays annual survival benefit equal to 8% of the Basic Sum Assured, subject to policy conditions.

LIC Jeevan Umang Plan 845 Key Details

Feature	Plan 845 Details
Plan type	Non-linked, with-profit whole-life plan
UIN	512N312V01
Plan number	845
Policy term	100 minus age at entry
Maturity age	100 years
Premium-paying terms	15, 20, 25, or 30 years
Minimum age at entry	90 days completed
Basic Sum Assured minimum	₹2,00,000
Basic Sum Assured multiple	₹25,000
Survival benefit	8% of Basic Sum Assured each year
Survival benefit starts	End of premium-paying term
Maturity benefit	Basic Sum Assured + vested bonus + FAB, if any
Status	Withdrawn for new sales from 1 February 2020
Official Brou

LIC Jeevan Umang Calculator Plan 845

Use the calculator placed above this article to estimate the policy benefits. For the most reliable result, enter the annual premium shown in the policy bond under the optional section.

The calculator is designed for existing LIC Jeevan Umang Plan 845 policyholders. It should not be used as a fresh quotation tool because Plan 845 is withdrawn and original premiums depended on LIC’s historical premium-rate table, age, premium-paying term, rider selection, underwriting, and available rebates.

The calculator can show:

• Policy term until age 100
• Premium-paying term
• Estimated annual and instalment premium
• Total premium commitment
• Annual survival benefit
• Total possible survival benefit until maturity
• Maturity benefit illustration
• Death benefit illustration
• Paid-up policy impact
• Surrender value calculation requirements

Also Check: LIC Jeevan Umang Plan 945 Calculator

How to Use LIC Jeevan Umang Calculator

Enter the policy details carefully because one wrong input can change the result substantially.

Step 1: Enter Age at Entry

Use the age printed in the original policy schedule. Plan 845 used age nearer birthday for most entry-age calculations, so the age shown on the policy bond should be treated as final.

For example, if the policy schedule shows age 31, enter 31 even if the actual completed age at the time was 30 years.

Step 2: Select Premium Paying Term

Plan 845 offered four premium-paying terms:

Premium Paying Term	Maximum Entry Age
15 years	55 years
20 years	50 years
25 years	45 years
30 years	40 years

The minimum entry age was 90 days completed. The minimum age at the end of the premium-paying term was 30 years, while the maximum age at the end of the premium-paying term was 70 years.

Step 3: Enter Basic Sum Assured

The minimum Basic Sum Assured under LIC Jeevan Umang Plan 845 was ₹2 lakh. The Basic Sum Assured had to be selected in multiples of ₹25,000. There was no stated maximum Basic Sum Assured under the original plan.

For example:

Basic Sum Assured	Valid or Not Valid
₹2,00,000	Valid
₹2,25,000	Valid
₹3,75,000	Valid
₹4,10,000	Not valid
₹10,00,000	Valid

Step 4: Select Premium Payment Mode

Plan 845 allowed yearly, half-yearly, quarterly, monthly through NACH, and salary deduction modes. The original mode rebates were:

Premium Mode	Rebate
Yearly	2% of tabular premium
Half-yearly	1% of tabular premium
Quarterly	Nil
Monthly through NACH	Nil
Salary deduction	Nil

The yearly premium mode generally gave the highest mode rebate.

Step 5: Enter Annual Premium From Policy Bond

This is the most important optional input.

If the annual premium from the original LIC schedule is available, enter it into the calculator. The result becomes more useful because total premium paid, death-benefit safeguard, and paid-up calculations depend on the actual annualised premium.

Annualised premium for death-benefit calculations excludes taxes, rider premiums, underwriting extra premium, and modal loading.

Step 6: Add Bonus and FAB Details

If the policy has completed several years, use LIC records or policy statements to enter:

• Vested Simple Reversionary Bonus
• Estimated Final Additional Bonus, if applicable
• Number of completed premium years
• Premiums paid till date

Do not assume that bonus is fixed. LIC declared bonus rates depending on its actuarial valuation and the policy category. Official LIC valuation reports list separate Jeevan Umang Plan 845 bonus rates based on premium-paying term and policy-term band.

What Is LIC Jeevan Umang Plan 845?

LIC Jeevan Umang Plan 845 was a non-linked, with-profit whole-life assurance plan. It combined three main elements:

1. Long-term life cover until age 100
2. Annual survival benefit after the premium-paying term
3. Lump-sum maturity or death benefit with applicable bonuses

The original LIC plan circular stated that the policy offered annual survival benefits after the premium-paying term and a lump-sum payment on maturity or death during the policy term.

It was suitable for policyholders who wanted a limited premium-payment period but expected long-term insurance protection and yearly income later in life.

LIC Jeevan Umang 845 Premium and Maturity Calculator Formula

The calculator uses the policy structure to show the relationship between age, premium-paying term, Basic Sum Assured, survival income, and maturity.

Policy Term Formula

Policy Term = 100 − Age at Entry

Example:

Age at Entry = 34 years

Policy Term = 100 − 34
Policy Term = 66 years

This means the policy continues until age 100, provided policy conditions are met.

Total Premium Commitment Formula

Total Premium Commitment = Annual Premium × Premium Paying Term

Example:

Annual Premium = ₹29,000
Premium Paying Term = 20 years

Total Premium Commitment = ₹29,000 × 20
= ₹5,80,000

GST, rider premiums, and extra underwriting charges should not be mixed with the base-policy annualised premium when calculating death-benefit safeguards.

LIC Jeevan Umang 845 Survival Benefit Calculation

The biggest attraction of Plan 845 was the annual survival benefit after completion of the premium-paying term.

Annual Survival Benefit = 8% of Basic Sum Assured

Example:

Basic Sum Assured = ₹5,00,000

Annual Survival Benefit = 8% of ₹5,00,000
= ₹40,000 every year

The first survival benefit is payable at the end of the premium-paying term, provided all due premiums have been paid. It then continues each year until the policy anniversary before maturity or until the death of the life assured, whichever happens first.

Total Possible Survival Benefit Formula

Survival Benefit Years = Policy Term − Premium Paying Term

Total Possible Survival Benefits =
Annual Survival Benefit × Survival Benefit Years

For a policyholder entering at age 34 with a 20-year PPT:

Policy Term = 66 years
Survival Benefit Years = 66 − 20 = 46 years

Annual Survival Benefit = ₹40,000

Total Possible Survival Benefits =
₹40,000 × 46
= ₹18,40,000

This figure is a lifetime illustration, not a guaranteed total payout. Survival payments stop if death occurs before maturity.

LIC Jeevan Umang Plan 845 Maturity Calculator

The maturity benefit is payable at age 100 if the life assured survives until the end of the policy term and all required premiums have been paid.

Maturity Benefit =
Basic Sum Assured
+ Vested Simple Reversionary Bonus
+ Final Additional Bonus, if any

The Sum Assured on Maturity under Plan 845 equals the Basic Sum Assured. LIC may add vested Simple Reversionary Bonuses and Final Additional Bonus where applicable.

Important Point About Bonus

The 8% survival benefit is linked directly to the Basic Sum Assured. However, bonus and FAB are not fixed in advance.

The final maturity amount depends on:

• Policy being in-force or eligible paid-up status
• LIC’s bonus declarations
• Policy duration
• Premium-paying term
• Basic Sum Assured
• Policy year of maturity
• Final Additional Bonus, if declared

Therefore, a calculator should show bonus-based maturity as an estimate unless actual vested bonus values are entered from LIC documents.

LIC Jeevan Umang Plan 845 Death Benefit

The death-benefit calculation of Plan 845 is different from later Jeevan Umang versions. For Plan 845, Sum Assured on Death was defined as the highest of:

1. 10 times annualised premium
2. Sum Assured on Maturity
3. Basic Sum Assured

Since Sum Assured on Maturity equals Basic Sum Assured, the practical comparison is usually between Basic Sum Assured and 10 times annualised premium. The death benefit also includes vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The policy also had a safeguard:

Death Benefit cannot be less than
105% of total premiums paid as on the date of death

Premiums for this purpose exclude taxes, extra premiums charged due to underwriting, and rider premiums.

Death Benefit Formula

Sum Assured on Death =
Higher of:
Basic Sum Assured
or
10 × Annualised Premium

Illustrated Death Benefit =
Higher of:
(Sum Assured on Death + vested bonus + FAB)
or
105% of total eligible premiums paid

For death before risk commencement in a policy issued on a child below age 8, the original plan wording provided for return of premiums paid without interest.

LIC Jeevan Umang Plan 845 Surrender Value Calculator Online

A surrender value calculator should be used carefully because no single percentage works for every Plan 845 policy.

The original policy structure used both:

• Guaranteed Surrender Value
• Special Surrender Value

The actual surrender payout is generally the higher applicable value. A Plan 845 policy with at least three full years’ premiums paid could continue as a paid-up policy if future premiums were not paid.

A proper LIC Jeevan Umang Plan 845 surrender value calculator needs:

Input Required	Why It Matters
Policy commencement date	Identifies policy year
Age at entry	Determines policy term
Basic Sum Assured	Used for paid-up value
PPT	Determines total premiums payable
Annual premium	Needed for premium-paid value
Number of premiums paid	Used for paid-up ratio
Vested bonus	May affect surrender value
Policy year of surrender	Needed for surrender factors
Paid-up or in-force status	Changes calculation treatment

Paid-Up Value Formula

Maturity Paid-Up Sum Assured =
Basic Sum Assured ×
(Premiums Paid ÷ Total Premiums Payable)

Example:

Basic Sum Assured = ₹5,00,000
Total Premiums Payable = 20
Premiums Paid = 6

Maturity Paid-Up Sum Assured =
₹5,00,000 × 6 ÷ 20
= ₹1,50,000

This amount is below ₹2 lakh. Therefore, the policy would not qualify for survival benefit under the paid-up policy rule after the premium-paying term.

The actual surrender amount should not be presented as a fixed percentage because LIC’s Guaranteed Surrender Value and Special Surrender Value depend on applicable policy-year factors. Use the policy schedule, LIC branch records, or an official surrender quotation before making a final decision.

Paid-Up Policy Rules

If at least three full years’ premiums were paid and later premiums were missed, Plan 845 did not automatically become worthless. It could continue as a paid-up policy with reduced benefits.

However, a paid-up policy changes the benefit structure.

Paid-Up Condition	Impact
Maturity Paid-Up SA below ₹2 lakh	No future survival benefit
Maturity Paid-Up SA ₹2 lakh or above	8% survival benefit on reduced paid-up SA
During remaining PPT	No future bonus participation
Vested bonuses	Remain attached
After PPT	Future profit participation may apply under LIC rules if eligible
Riders	Do not acquire paid-up value

The rule is important for anyone considering stopping premiums. A policyholder should compare continuation, paid-up status, surrender value, and loan options before taking action.

Loan Facility Under Plan 845

LIC Jeevan Umang Plan 845 included a loan facility once the policy had acquired surrender value. The loan amount, interest rate, repayment treatment, and available percentage depend on LIC’s applicable terms at the time of request.

Before taking a policy loan, check:

• Current surrender value
• Existing loan balance
• Loan interest rate
• Effect of unpaid loan interest
• Effect on future maturity or death claim
• Whether the policy is in-force or paid-up

A loan is normally preferable to surrender only when repayment is manageable. Otherwise, unpaid interest can reduce future policy benefits.

Optional Riders Available With Plan 845

Plan 845 offered optional rider choices for additional protection. The original plan circular listed:

• LIC’s Accidental Death and Disability Benefit Rider
• LIC’s Accident Benefit Rider
• LIC’s New Term Assurance Rider
• LIC’s New Critical Illness Benefit Rider

The two accident riders could not both be chosen together. A maximum of three riders could be attached, subject to rider rules and eligibility.

Rider premiums should always be kept separate from base-plan premium calculations because they are not part of Basic Sum Assured, survival benefit, or base-policy maturity benefit.

Grace Period and Policy Lapse

Plan 845 provided a grace period for premium payment:

Premium Mode	Grace Period
Yearly	30 days
Half-yearly	30 days
Quarterly	30 days
Monthly	15 days

If death occurred during the grace period, the policy could be treated as in-force after deducting unpaid premiums as applicable. If the premium remained unpaid after the grace period, the policy could lapse.

For a lapsed policy, do not rely only on an online calculator. Check the policy bond and LIC branch for revival eligibility, interest, medical requirements, and current policy status.

Real LIC Jeevan Umang Plan 845 Calculation Example

Assume the following details for illustration only:

Detail	Example Value
Entry age	34 years
Basic Sum Assured	₹5,00,000
Premium-paying term	20 years
Premium mode	Yearly
Annual premium from policy bond	₹29,000
Vested bonus entered	₹4,20,000
Estimated FAB	₹50,000

Premium Calculation

Annual Premium = ₹29,000
PPT = 20 years

Total Premium Commitment =
₹29,000 × 20
= ₹5,80,000

Survival Benefit Calculation

Annual Survival Benefit =
8% × ₹5,00,000
= ₹40,000 per year

Policy Term =
100 − 34
= 66 years

Survival Benefit Years =
66 − 20
= 46 years

Total Possible Survival Benefits =
₹40,000 × 46
= ₹18,40,000

The first annual survival benefit would start at the end of the 20-year PPT, around age 54, assuming all due premiums were paid.

Maturity Calculation

Basic Sum Assured = ₹5,00,000
Vested Bonus = ₹4,20,000
Estimated FAB = ₹50,000

Maturity Benefit =
₹5,00,000 + ₹4,20,000 + ₹50,000
= ₹9,70,000

Death Benefit Illustration

10 × Annualised Premium =
10 × ₹29,000
= ₹2,90,000

Basic Sum Assured = ₹5,00,000

The higher amount is ₹5,00,000.

Death Benefit before 105% check =
₹5,00,000 + ₹4,20,000 + ₹50,000
= ₹9,70,000

105% of Total Premiums Paid =
105% of ₹5,80,000
= ₹6,09,000

In this illustration, ₹9,70,000 is higher than ₹6,09,000. Therefore, the illustrated death benefit would be ₹9,70,000, subject to the policy being eligible for the listed bonus and FAB values.

Important Limitations of This Calculator

The LIC Jeevan Umang Plan 845 calculator is useful for understanding the policy, but it cannot replace LIC’s official claim, surrender, loan, or revival calculations.

Use it as an estimate because:

• Bonus is not guaranteed
• FAB is not guaranteed
• Surrender factors vary by policy year
• Loan interest changes over time
• Policy status affects benefits
• Riders require a separate calculation
• The premium shown in the policy bond is more reliable than an estimated rate
• Paid-up rules can reduce future benefits
• Death benefit depends on the date of death and premiums paid

Frequently Asked Questions

Is LIC Jeevan Umang Plan 845 still available?

No. LIC withdrew Plan 845 for new business on 1 February 2020. Existing policyholders continue under the original policy terms.

What is the annual survival benefit under Plan 845?

It is 8% of the Basic Sum Assured every year after the premium-paying term, subject to policy conditions.

What is the maturity age in the LIC Jeevan Umang Plan 845?

The policy matures at age 100.

Can Plan 845 be surrendered?

Yes, surrender value may arise after the required premium-payment condition is met. The final value depends on Guaranteed Surrender Value, Special Surrender Value, policy year, bonus, and paid-up status.

Is a bonus guaranteed in Jeevan Umang Plan 845?

No. Simple Reversionary Bonus and Final Additional Bonus depend on LIC’s declarations and policy conditions.

What happens if premiums stop after three years?

The policy may continue as a reduced paid-up policy. However, future survival benefit, bonus participation, riders, maturity amount, and death benefit may change significantly.

Conclusion

LIC Jeevan Umang Plan 845 was built for long-term protection, yearly income after the premium-paying term, and a maturity benefit at age 100. The most important guaranteed feature is the annual survival benefit equal to 8% of Basic Sum Assured after completing the premium-paying term.

For accurate results, enter the premium shown in the policy schedule, use actual vested bonus figures where available, and treat surrender value and FAB as estimates until confirmed by LIC