LIC Jeevan Umang Plan 945 Calculator
Plan Name: LIC's Jeevan Umang Plan No.: 945 Launch Date: 01-02-2020 Withdrawal Date: 01-10-2024 Plan Type: Non-Linked, Participating, Individual Whole Life Savings UIN: 512N312V02
Enter Important Details
Estimated Benefits
Policy Summary
| Policy term | - |
|---|---|
| Age at maturity | 100 years |
| Survival benefit starts at age | - |
| Total annual survival payments | - |
| Estimated modal instalment | - |
Benefit Details
| Premiums paid up to selected year | - |
|---|---|
| Survival benefits received | - |
| Guaranteed maturity base | - |
| Illustrative vested bonus | - |
| Death benefit before bonus | - |
| Guaranteed lifetime survival + maturity | - |
Paid-up Estimate if Premiums Stop
| Paid-up ratio | - |
|---|---|
| Death Paid-up Sum Assured | - |
| Maturity Paid-up Sum Assured | - |
| Annual paid-up survival benefit | - |
Important Policy Rules
This is an educational estimate based on UIN 512N312V02. Bonus and Final Additional Bonus are not guaranteed. Taxes, underwriting extras, rider premiums, surrender factors, loan interest and deductions are not included. LIC's issued quotation and policy document prevail.
LIC Jeevan Umang Calculator helps existing policyholders understand the important benefits of LIC Jeevan Umang Plan 945. It can be used to estimate the yearly survival benefit, total premium commitment, policy term, maturity amount structure and minimum death benefit.
LIC Jeevan Umang Plan 945 was a whole-life savings and insurance policy. The policy was designed to provide life cover, annual income after the premium-paying term and a lump-sum amount at maturity. Since the policy continues until age 100, it is often searched by policyholders who want to check their future survival benefit or understand how the maturity amount may work.
Use the calculator above by entering age at entry, Basic Sum Assured, premium-paying term and annual premium shown in the original policy schedule. The results are useful for understanding the plan structure, but final benefits must always be verified from the LIC policy document, benefit illustration and servicing branch.
Table of Contents
LIC Jeevan Umang Plan 945 Calculator
The calculator is designed for LIC Jeevan Umang Plan 945, also known as UIN 512N312V02. It calculates the following values:
- Policy term until age 100
- Premium payment duration
- Annual or modal premium amount
- Total expected base premium
- Guaranteed annual survival benefit
- Total survival benefit period
- Basic maturity sum assured
- Minimum death benefit formula
- Optional vested bonus amount entered by the policyholder
The calculator does not predict future LIC bonus rates. Bonuses are not fixed at the beginning of the policy and can only be known after LIC declares them.
Also Check:
- LIC Jeevan Umang Calculator: Plan 845 Premium, Maturity, Survival Benefit and Surrender Value
- LIC Jeevan Chhaya Calculator Plan 103
- LIC Jeevan Surabhi Plan 108 Maturity Calculator
- LIC Anmol Jeevan II Plan 822 Calculator
- LIC Jeevan Sangam Maturity Calculator
- LIC Withdrawn Plans 2023-2024 Calculators
What Is LIC Jeevan Umang Plan 945?
LIC Jeevan Umang Plan 945 is a non-linked, participating, individual whole-life assurance savings plan. “Non-linked” means its benefits are not directly linked to stock market or mutual fund performance. “Participating” means the policy can receive LIC-declared bonuses according to the corporation’s experience and applicable policy conditions.
The plan has three main financial components:
- Life insurance protection during the policy term.
- Annual survival benefit after the premium-paying term ends.
- Maturity benefit when the Life Assured reaches age 100.
It also offered a loan facility after the policy acquired surrender value, subject to policy terms.
LIC Jeevan Umang Plan 945 Overview
| Feature | Details |
|---|---|
| Plan Name | LIC Jeevan Umang |
| Plan Number | 945 |
| UIN | 512N312V02 |
| Plan Type | Non-linked, participating, whole-life savings plan |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Sum Assured Multiples | ₹25,000 |
| Maximum Basic Sum Assured | No stated limit |
| Minimum Entry Age | 90 days completed |
| Maximum Entry Age | 55 years |
| Premium Paying Terms | 15, 20, 25 or 30 years |
| Policy Term | 100 minus age at entry |
| Maturity Age | 100 years |
| Survival Benefit | 8% of Basic Sum Assured every year |
| Loan Facility | Available after surrender-value eligibility |
How LIC Jeevan Umang Calculator Works
The calculator uses the policy structure to show a practical estimate. It does not generate an official premium quote because exact premium depends on the original LIC quotation, age, gender, underwriting, rider selection, premium mode, extra premium and applicable taxes.
Age at Entry
Age at entry means the age of the Life Assured when the policy started. LIC Jeevan Umang Plan 945 had a minimum entry age of 90 days and a maximum entry age of 55 years.
The policy maturity age is fixed at 100 years. Therefore, the policy term is calculated as:
Policy Term = 100 − Age at Entry
For example, if age at entry was 30 years:
Policy Term = 100 − 30 = 70 years
Basic Sum Assured
Basic Sum Assured is the main benefit amount selected under the policy. It is important because the survival benefit, maturity benefit and death benefit are linked to it.
The minimum Basic Sum Assured under the plan was ₹2 lakh. The amount had to be selected in multiples of ₹25,000.
Premium Paying Term
Premium-paying term is the period for which premiums must be paid. Under Plan 945, available terms were:
- 15 years
- 20 years
- 25 years
- 30 years
After completing the selected premium-paying term, the annual survival benefit starts, provided the policy remains eligible under its terms.
Annual Premium
Enter the annual base premium exactly as shown in the original LIC policy schedule or benefit illustration.
The calculator can convert annual premium into yearly, half-yearly, quarterly or monthly figures for easy understanding. However, actual modal premiums may differ because LIC can apply modal factors, rider premium and taxes separately.
Vested Bonus
A vested bonus is a bonus already declared by LIC and attached to the policy. Once a bonus is vested, it becomes part of the policy benefit according to policy conditions.
Future bonuses should not be entered unless they are already declared. The calculator should not be used to assume a fixed future bonus rate.
LIC Jeevan Umang Survival Benefit Calculation
The most important feature of LIC Jeevan Umang Plan 945 is the annual survival benefit.
After the premium-paying term is completed, the policy pays:
Annual Survival Benefit = 8% of Basic Sum Assured
This payment starts at the end of the premium-paying term and continues every year while the Life Assured is alive, until the policy anniversary before maturity.
LIC Jeevan Umang 8% Survival Benefit Table
| Basic Sum Assured | Annual Survival Benefit |
|---|---|
| ₹2,00,000 | ₹16,000 |
| ₹5,00,000 | ₹40,000 |
| ₹10,00,000 | ₹80,000 |
| ₹15,00,000 | ₹1,20,000 |
| ₹20,00,000 | ₹1,60,000 |
| ₹50,00,000 | ₹4,00,000 |
For example, a policy with ₹10 lakh Basic Sum Assured gives a yearly survival benefit of ₹80,000 after the selected premium-paying term ends.
The annual survival benefit is based on Basic Sum Assured. It is separate from bonus and is not calculated on the total maturity value.
LIC Jeevan Umang Maturity Benefit Calculation
LIC Jeevan Umang Plan 945 matures when the Life Assured reaches age 100.
The maturity benefit is:
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any
The guaranteed maturity component is the Basic Sum Assured. Bonuses depend on LIC declarations and policy eligibility.
Example of Maturity Benefit Structure
Assume the following policy details:
| Particular | Example |
|---|---|
| Age at Entry | 30 years |
| Basic Sum Assured | ₹10,00,000 |
| Premium Paying Term | 20 years |
| Policy Term | 70 years |
| Maturity Age | 100 years |
| Annual Survival Benefit | ₹80,000 |
In this example, annual survival benefit begins after the end of the 20-year premium-paying term. At maturity, the policy pays the Basic Sum Assured of ₹10 lakh along with vested bonuses and Final Additional Bonus, if LIC declares one.
The calculator should show the Basic Sum Assured separately from entered vested bonuses. This makes it clear which amount is guaranteed and which part depends on LIC bonus declarations.
LIC Jeevan Umang Death Benefit Calculation
Death benefit is payable if the Life Assured dies before the maturity date, subject to the policy being in force and the applicable terms.
After commencement of risk, the death benefit is:
Sum Assured on Death + Vested Simple Reversionary Bonus + Final Additional Bonus, if any
The Sum Assured on Death is the higher of:
- 7 times annualised premium, or
- Basic Sum Assured
In addition, death benefit cannot be less than 105% of total premiums paid up to the date of death. Taxes, rider premium and extra premium are generally excluded from this calculation.
Death Benefit Formula
Minimum Death Benefit = Higher of:
- Basic Sum Assured
- 7 × Annualised Premium
- 105% of total eligible premiums paid
Then add:
- Vested Simple Reversionary Bonus
- Final Additional Bonus, if declared
Death Benefit Example
Suppose:
| Particular | Amount |
|---|---|
| Basic Sum Assured | ₹10,00,000 |
| Annual Premium | ₹55,000 |
| 7 Times Annual Premium | ₹3,85,000 |
| Total Eligible Premium Paid | ₹5,50,000 |
| 105% of Premium Paid | ₹5,77,500 |
The highest value is ₹10 lakh. Therefore, the base death benefit would be ₹10 lakh, plus eligible vested bonus and Final Additional Bonus, if any.
LIC Jeevan Umang Bonus: Guaranteed vs Non-Guaranteed Amount
LIC Jeevan Umang is a participating policy. This means it can receive bonuses, but future bonus rates cannot be guaranteed when the policy is purchased.
Simple Reversionary Bonus
LIC may declare a Simple Reversionary Bonus during the premium-paying term. It is normally declared per ₹1,000 of Basic Sum Assured.
Once declared, the bonus becomes vested and remains attached to the policy, subject to policy conditions.
Final Additional Bonus
LIC may declare a Final Additional Bonus at maturity or death. This is also called Terminal Bonus in some policy documents.
Final Additional Bonus is not guaranteed. It depends on LIC’s declaration and the policy’s eligibility at the time of claim.
Important Point About Bonuses
Do not use old bonus rates to promise future returns. Bonus rates can change. A correct calculator should allow policyholders to enter already vested bonus values, while keeping future bonus estimates separate from guaranteed benefits.
Premium Payment Modes and Grace Period
LIC Jeevan Umang Plan 945 allowed premiums to be paid through different modes:
- Yearly
- Half-yearly
- Quarterly
- Monthly
The grace period was generally:
| Premium Mode | Grace Period |
|---|---|
| Yearly | 30 days |
| Half-Yearly | 30 days |
| Quarterly | 30 days |
| Monthly | 15 days |
During the grace period, the policy continues with risk cover. If the premium remains unpaid after the grace period, the policy may lapse or become paid-up depending on the number of full years’ premiums already paid.
What Happens If LIC Jeevan Umang Premium Is Stopped?
This is an important section for existing policyholders.
If Less Than Two Full Years’ Premiums Are Paid
If premiums are stopped before two full years are completed, the policy may lapse after the grace period. In such a case, paid-up value and surrender value may not be available.
If At Least Two Full Years’ Premiums Are Paid
If at least two full years’ premiums have been paid and further premiums are not paid, the policy can become paid-up.
A paid-up policy does not provide the same benefit as a fully paid policy. The death benefit and maturity benefit are reduced proportionately.
The policy may also stop participating in future bonus declarations during the premium-paying term.
LIC Jeevan Umang Revival Rules
A lapsed policy may be revived within five consecutive years from the date of the first unpaid premium, subject to LIC’s conditions.
Revival may require:
- Payment of unpaid premiums
- Interest on unpaid premiums
- Health declaration
- Medical reports, if required
- LIC underwriting approval
Revival is not automatic. LIC must approve the revival request.
LIC Jeevan Umang Surrender Value
Surrender means closing the policy before maturity and receiving the applicable surrender value.
Under Plan 945, surrender value generally becomes available after at least two full years’ premiums are paid, subject to policy terms.
The surrender value can depend on:
- Premium-paying term
- Number of premiums paid
- Policy year
- Basic Sum Assured
- Vested bonuses
- Guaranteed surrender value factors
- Special surrender value factors
Early surrender can produce a value much lower than total premiums paid. Therefore, surrender should be considered carefully after reviewing the policy schedule and LIC’s official surrender quotation.
LIC Jeevan Umang Loan Facility
Loan facility can be available after the policy acquires surrender value.
The loan amount is linked to the surrender value and depends on whether the policy is in force or paid-up. Loan interest is charged according to LIC’s applicable rate.
An unpaid loan can reduce the following benefits:
- Survival benefit
- Maturity benefit
- Surrender value
- Death benefit
If the loan and unpaid interest become too high compared with surrender value, LIC may foreclose the policy under the policy conditions.
Riders Available Under LIC Jeevan Umang Plan 945
LIC Jeevan Umang Plan 945 offered optional riders at an additional premium, subject to eligibility.
| Rider | Main Benefit | Availability |
|---|---|---|
| Accidental Death and Disability Benefit Rider | Accident death and disability support | During premium-paying term, subject to conditions |
| Accident Benefit Rider | Lump-sum benefit on accidental death | Alternative to AD&DB rider |
| New Term Assurance Rider | Extra life cover | Available only at policy inception |
| New Critical Illness Benefit Rider | Benefit on specified critical illness diagnosis | Available only at policy inception |
| Premium Waiver Benefit Rider | Premium waiver after proposer’s death for eligible child policies | Available for minor-life policies, subject to conditions |
Only one of the accident riders could be selected. Rider Sum Assured, rider tenure, exclusions and rider premiums must be checked from the individual policy endorsement.
LIC Jeevan Umang Plan 945 for Child Policies
The policy could be taken on the life of a minor. In such cases, the policy automatically vested in the Life Assured when the child attained age 18, on the policy anniversary that coincided with or followed the 18th birthday.
For children below age 8 at entry, risk commencement was subject to special rules. Therefore, parents should check the policy schedule carefully instead of assuming immediate full death cover from the first day.
LIC Jeevan Umang Plan 945 vs LIC Jeevan Umang Plan 745
Many users confuse old Plan 945 with the newer LIC Jeevan Umang plan.
| Point | Plan 945 | Plan 745 |
|---|---|---|
| UIN | 512N312V02 | 512N312V03 |
| Status | Withdrawn for new sale | Current version |
| Calculator Use | For existing Plan 945 policies | Use a separate Plan 745 calculator |
| Policy Terms | Based on Plan 945 document | Based on Plan 745 policy document |
Do not use a Plan 945 calculator for a newer Plan 745 policy. Even where benefit names look similar, policy rules, premium rates, rider options and illustrations can differ.
Who Should Use LIC Jeevan Umang Calculator?
This calculator is useful for:
- Existing LIC Jeevan Umang Plan 945 policyholders
- Families checking the expected annual survival benefit
- Policyholders reviewing premium continuation
- People checking policy maturity age and benefit structure
- Nominees trying to understand death-benefit logic
- Users comparing their policy schedule with estimated benefit calculations
Limitations of LIC Jeevan Umang Calculator
The calculator is for understanding the policy structure. It should not be treated as an official LIC quotation or final claim calculation.
It does not include:
- Future bonus prediction
- Final Additional Bonus prediction
- Taxes
- Rider premiums
- Extra premium for underwriting
- Exact modal premium loading
- Loan interest
- Surrender value factors
- Paid-up reduction factors
- Claim documentation requirements
For exact policy figures, use the LIC policy schedule, annual statement, benefit illustration or LIC branch confirmation.
Frequently Asked Questions
How is LIC Jeevan Umang survival benefit calculated?
The annual survival benefit is calculated as 8% of the Basic Sum Assured. For example, a ₹10 lakh Basic Sum Assured gives an annual survival benefit of ₹80,000 after the premium-paying term ends.
Is the 8% survival benefit guaranteed?
The survival benefit is specified as 8% of Basic Sum Assured under an eligible in-force policy. Policyholders must continue to meet policy conditions and complete the required premium obligations.
What is the maturity benefit in LIC Jeevan Umang Plan 945?
At maturity, age 100, the policy pays Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if declared.
How is death benefit calculated under LIC Jeevan Umang Plan 945?
Death benefit is based on the higher of Basic Sum Assured or 7 times annualised premium, subject to at least 105% of total eligible premiums paid, plus vested bonuses and Final Additional Bonus, if any.
Can LIC Jeevan Umang Plan 945 still be purchased?
No. Plan 945 was withdrawn for new sales. Existing policies continue according to their original policy document and schedule.
What happens if premium payment is stopped?
If fewer than two full years’ premiums are paid, the policy may lapse. After at least two full years’ premiums, it may become paid-up with reduced benefits, subject to the policy terms.
Does LIC Jeevan Umang have a loan facility?
Yes, the policy can provide a loan facility after it acquires surrender value, subject to LIC terms, limits and interest conditions.
Final Thoughts
LIC Jeevan Umang Plan 945 was built for long-term policyholders who wanted life cover, yearly survival income after a limited premium period and maturity benefit at age 100.
The biggest feature is the annual survival benefit equal to 8% of Basic Sum Assured after completion of the premium-paying term. However, policyholders should clearly separate guaranteed policy benefits from bonus-based benefits. Basic Sum Assured and survival benefit structure can be calculated, but future bonus and Final Additional Bonus cannot be promised in advance.
Use the LIC Jeevan Umang Calculator to understand the policy. For final premium, maturity, loan, surrender or claim values, always rely on the individual policy schedule and official LIC records.