LIC Jeevan Umang Plan 745
Calculator
Enter Policy Details
Premium Details
Maturity Details
Plan Details
| Plan Feature | Result |
|---|---|
| Basic Sum Assured | ₹0 |
| Policy Term | 0 Years |
| Premium Paying Term | 0 Years |
| Risk Commencement | - |
| Basic Death Benefit | ₹0 |
| Death Benefit Formula | Higher of Basic Sum Assured or 7 times annualised premium, plus eligible bonuses. The 105% condition depends on total premiums paid until the date of death. |
| Grace Period | - |
| Loan Facility | Available after the policy acquires surrender value, subject to LIC rules. |
| Free Look Period | 30 days from receipt of policy document. |
LIC Jeevan Umang Plan 745 is a whole-life insurance plan from Life Insurance Corporation of India. It is designed for people who want life cover, yearly income after completing premiums, and a maturity benefit at age 100.
This plan is also known as LIC Jeevan Umang Calculator, LIC Jeevan Umang Plan 745 Premium Calculator, and LIC Jeevan Umang Maturity Calculator because people commonly use these tools to understand premium, yearly income, death benefit, and maturity amount.
LIC Jeevan Umang is not a short-term plan. It is a long-term savings and protection plan where premiums are paid for a limited number of years, but the policy continues until age 100.
Table of Contents
LIC Jeevan Umang Plan 745 Calculator
Use the LIC Jeevan Umang Plan 745 Calculator above to check important policy details before taking a quotation.
The calculator can help calculate:
- Basic Sum Assured
- Premium Paying Term
- Estimated yearly, half-yearly, quarterly and monthly premium
- Total premium payable during the premium-paying term
- GST amount
- Policy term
- Survival benefit starting age
- Annual survival benefit
- Minimum death benefit
- Maturity benefit structure
- Rider premium impact
The calculator is useful for planning, but the final premium should always be checked in the official LIC quotation.
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LIC Jeevan Umang Plan 745 Overview
| Particular | Details |
|---|---|
| Plan Name | LIC Jeevan Umang |
| Plan Number | 745 |
| UIN Number | 512N312V03 |
| Plan Type | Participating, Non-Linked, Individual, Savings, Whole Life Insurance Plan |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No Limit |
| Premium Paying Term | 15, 20, 25 or 30 years |
| Policy Term | 100 minus age at entry |
| Maturity Age | 100 years |
| Annual Survival Benefit | 8% of Basic Sum Assured |
| Death Benefit | Higher of Basic Sum Assured or 7 times annualised premium, plus applicable bonuses |
What Is LIC Jeevan Umang Plan 745?
LIC Jeevan Umang Plan 745 is a savings and whole-life insurance plan. It offers protection to the family if the life assured dies during the policy term. It also provides yearly survival benefit after the premium-paying term is completed.
The policyholder pays premiums for 15, 20, 25, or 30 years. After the selected premium term ends, LIC starts paying the yearly survival benefit.
At age 100, the policy pays the Basic Sum Assured along with vested bonuses and Final Additional Bonus, if any.
The plan has three main benefits:
- Life insurance protection.
- Yearly survival income after the premium payment ends.
- Maturity benefit at age 100.
Key Features of LIC Jeevan Umang
LIC Jeevan Umang has a limited premium payment. This means the policyholder does not need to pay premiums until age 100. Premium can be paid for 15, 20, 25, or 30 years. After that, the policyholder can receive a yearly survival benefit while the policy continues. The plan provides an annual survival benefit equal to 8% of the Basic Sum Assured. Policy also offers a maturity benefit at age 100. Optional riders can be selected by paying an extra premium. Riders may provide additional protection for accidental death, disability, term cover, or premium waiver. The plan also has a loan facility after it acquires surrender value.
LIC Jeevan Umang Eligibility Criteria
| Particular | Eligibility |
|---|---|
| Minimum Entry Age | 30 days completed |
| Maximum Entry Age for 15-Year PPT | 55 years |
| Maximum Entry Age for 20-Year PPT | 50 years |
| Maximum Entry Age for 25-Year PPT | 45 years |
| Maximum Entry Age for 30-Year PPT | 40 years |
| Minimum Age at End of PPT | 18 years |
| Maximum Age at End of PPT | 70 years |
| Maturity Age | 100 years |
| Minimum Basic Sum Assured | ₹2 lakh |
| Maximum Basic Sum Assured | No limit |
The Basic Sum Assured must be selected in specific multiples.
| Basic Sum Assured Range | Allowed Multiple |
|---|---|
| ₹2 lakh to ₹4.50 lakh | ₹25,000 |
| Above ₹4.50 lakh to ₹9 lakh | ₹50,000 |
| Above ₹9 lakh | ₹1,00,000 |
How LIC Jeevan Umang Premium Is Calculated
The premium of LIC Jeevan Umang Plan 745 depends on many factors.
The most important factors are:
- Age at entry
- Basic Sum Assured
- Premium Paying Term
- Gender
- Premium payment mode
- Rider selection
- Health condition and medical underwriting
- High Sum Assured rebate
- Taxes and GST
A younger person usually pays a lower premium compared to an older person for the same Basic Sum Assured and premium-paying term.
A higher Basic Sum Assured increases the premium, but it may also provide a higher sum assured rebate.
A longer premium-paying term can reduce yearly premium because the premium is spread over more years.
LIC Jeevan Umang Premium Payment Modes
LIC Jeevan Umang premium can be paid in different modes.
| Premium Mode | Number of Payments Per Year |
|---|---|
| Yearly | 1 |
| Half-Yearly | 2 |
| Quarterly | 4 |
| Monthly | 12 |
The calculator above shows yearly, half-yearly, quarterly, and monthly premium values.
Premium mode may affect the total instalment amount because modal loading or rebate may apply according to LIC rules.
GST is charged separately and may change according to government tax rules.
LIC Jeevan Umang Survival Benefit
The most important benefit of LIC Jeevan Umang is the annual survival benefit.
After the premium-paying term ends, LIC pays:
Annual Survival Benefit = 8% of Basic Sum Assured
The first survival benefit is paid at the end of the selected premium-paying term.
After that, LIC pays the same amount every year until the policy anniversary before maturity, provided the life assured survives and policy conditions are fulfilled.
Survival Benefit Example:
| 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 |
For example, if the Basic Sum Assured is ₹10 lakh, LIC pays ₹80,000 every year after the premium-paying term is completed.
LIC Jeevan Umang Plan 745 Maturity Benefit
LIC Jeevan Umang matures at age 100 years.
The maturity benefit is:
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any
The Basic Sum Assured is the guaranteed part of maturity benefit according to the policy terms.
The bonus amount is not guaranteed. LIC can declare Simple Reversionary Bonus based on its experience and surplus.
Final Additional Bonus may also be declared when the policy results in maturity or death claim.
Maturity Benefit Example
| Maturity Component | Amount |
|---|---|
| Basic Sum Assured | ₹10,00,000 |
| Vested Bonus | Depends on LIC declaration |
| Final Additional Bonus | Depends on LIC declaration |
| Total Maturity Amount | ₹10 lakh plus eligible bonuses |
Do not treat bonus estimates as fixed or guaranteed. The actual bonus may be different from any online estimate.
LIC Jeevan Umang Death Benefit
If the life assured dies after commencement of risk and the policy is in force, LIC pays death benefit.
The death benefit is the higher of:
- Basic Sum Assured, or
- 7 times the annualised premium
In addition to this, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, may also be payable.
The death benefit cannot be less than 105% of the total premiums paid up to the date of death.
Death Benefit Formula
| Benefit Part | Details |
|---|---|
| Sum Assured on Death | Higher of Basic Sum Assured or 7 times annualised premium |
| Minimum Death Benefit | At least 105% of total premiums paid |
| Additional Benefit | Vested bonus and Final Additional Bonus, if any |
Annualised premium does not include GST, rider premium, underwriting extra premium, or modal loading.
Risk Commencement for Children
For a child below age 8 years, risk does not start immediately.
Risk starts on whichever happens earlier:
- One day before the completion of two policy years, or
- One day before the policy anniversary, after the child completes age 8 years.
For entry age 8 years or above, risk starts immediately from the policy issuance date.
If the policy is purchased for a minor, it automatically vests in the life assured after completion of age 18 years.
LIC Jeevan Umang Optional Riders
Optional riders can be selected by paying extra premium.
LIC Accidental Death and Disability Benefit Rider
This rider can provide an additional amount in case of accidental death.
In case of qualifying accidental disability, the rider benefit may be paid in monthly instalments over a specified period, subject to rider conditions.
LIC Accident Benefit Rider
This rider gives an additional benefit in case of accidental death during the rider term.
LIC New Term Assurance Rider
This rider provides additional term insurance cover.
It is available at the beginning of the policy and provides extra death cover during the rider term, subject to eligibility conditions.
LIC Premium Waiver Benefit Rider
This rider is mainly useful in child policies.
If the proposer dies during the premium-paying term, eligible future premiums may be waived according to the rider rules.
Grace Period Under LIC Jeevan Umang
LIC provides a grace period if the premium is not paid on the due date.
| Premium Mode | Grace Period |
|---|---|
| Yearly | 30 days |
| Half-Yearly | 30 days |
| Quarterly | 30 days |
| Monthly | 15 days |
During the grace period, policy benefits continue according to the policy conditions.
If the premium is not paid even after the grace period, the policy can lapse or become paid-up, depending on the number of premiums already paid.
Paid-Up Policy and Revival
If the policyholder stops paying premiums after paying the required minimum number of premiums, the policy may continue as a paid-up policy. Paid-up policy provides reduced benefits because not all original premiums have been paid. Policy may be revived during the revival period, subject to LIC rules, unpaid premium payment, interest, and health requirements.
Future bonus participation may also be affected when a policy becomes paid-up.
LIC Jeevan Umang Surrender Value
The policy can be surrendered after completion of the first policy year if one full year premium has been paid.
Guaranteed Surrender Value is available after at least two full years’ premiums are paid.
LIC pays the higher of:
- Guaranteed Surrender Value, or
- Special Surrender Value
The final surrender value depends on the policy status, number of premiums paid, bonuses, and applicable surrender value factors.
Since LIC Jeevan Umang is a long-term policy, surrendering it early can result in a lower amount than expected.
LIC Jeevan Umang Loan Facility
Loan facility is available after the policy acquires surrender value.
The loan amount depends on the surrender value available under the policy.
LIC charges interest on the policy loan. The exact loan amount and interest rate should be checked from the official LIC quotation or servicing branch.
Death Benefit in Instalments
LIC Jeevan Umang allows the death benefit to be taken in instalments instead of one lump-sum payment.
The instalment period can be selected for:
- 5 years
- 10 years
- 15 years
This option can help a family receive a regular income after the death of the life assured.
LIC Jeevan Umang Free Look Period
The policyholder gets a 30-day free-look period after receiving the policy document. During this period, the policy can be returned if the policyholder does not agree with the terms and conditions. LIC refunds the premium after deducting applicable charges, such as risk premiums for the period covered, medical examination expenses, and stamp duty charges.
LIC Jeevan Umang Plan 745 Example:
Suppose a person takes LIC Jeevan Umang with the following details:
| Particular | Example |
|---|---|
| Entry Age | 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 |
| Survival Benefit Start Age | 50 years |
In this example, the policyholder pays premiums for 20 years. Once the premium payment term is completed, LIC begins paying an annual survival benefit of ₹80,000 from age 50 onwards. At age 100, the policy matures, and LIC pays the Basic Sum Assured of ₹10 lakh along with any vested Simple Reversionary Bonuses and the Final Additional Bonus (if applicable). The actual premium payable may vary based on LIC’s prevailing premium rates, the rider options selected, the policyholder’s age and health condition, and the chosen premium payment mode.
Who Should Consider LIC Jeevan Umang Plan 745?
LIC Jeevan Umang can be suitable for people who want:
- Long-term insurance cover.
- Limited premium payment.
- Regular annual income after premiums end.
- Maturity benefit at age 100.
- A policy for future income planning.
- A plan for a child’s long-term financial security.
- Optional accident, disability, or premium waiver riders.
Who May Need Another Insurance Plan?
LIC Jeevan Umang may not be suitable for everyone.
It may not be the right choice for people who want:
- Maximum life cover at the lowest premium.
- Short-term maturity.
- High liquidity in the first few policy years.
- Guaranteed bonus values.
- A policy that matures within 10 or 20 years.
People looking for only high life cover may consider a pure term insurance plan.
People looking for short-term investment or liquidity may need a different type of savings product.
LIC Jeevan Umang Plan 745 Calculator FAQs
What is the LIC Jeevan Umang Plan 745?
LIC Jeevan Umang Plan 745 is a participating, non-linked, individual savings and whole-life insurance plan. It provides life cover, annual survival benefit, and maturity benefit at age 100.
What is the annual survival benefit in LIC Jeevan Umang?
The annual survival benefit is 8% of the Basic Sum Assured.
When does LIC Jeevan Umang survival benefit start?
The survival benefit starts at the end of the selected premium-paying term, provided all due premiums have been paid.
What is the maturity age of Jeevan Umang Plan 745?
The maturity age is 100 years.
Is LIC Jeevan Umang bonus guaranteed?
No. Simple Reversionary Bonus and Final Additional Bonus are not guaranteed.
How is LIC Jeevan Umang premium calculated?
Premium depends on age, Basic Sum Assured, premium-paying term, premium mode, rider selection, health condition, and underwriting.
Can LIC Jeevan Umang be surrendered?
Yes. The policy can be surrendered after one full year premium has been paid. Guaranteed Surrender Value becomes available after at least two full years’ premiums.
Is loan available in LIC Jeevan Umang?
Yes. Loan is available after the policy acquires surrender value.
What happens if LIC Jeevan Umang premium is not paid?
The policy may lapse or become paid-up depending on the number of premiums paid. Revival may be possible according to LIC rules.
Is LIC Jeevan Umang suitable for children?
It can be suitable for long-term child planning if the family wants life cover, yearly survival income, and maturity benefit at age 100.
Final Words
LIC Jeevan Umang Plan 745 is a long-term whole-life insurance plan with limited premium payment, yearly survival benefit, life cover, and maturity benefit at age 100.
The LIC Jeevan Umang Plan 745 Calculator helps understand premium details, policy term, survival benefit, death benefit, and maturity structure.
Before buying the policy, always verify the final premium, rider benefits, GST, policy conditions, and bonus details from LIC’s official quotation and policy document.