LIC Jeevan Umang is a whole life insurance plan from Life Insurance Corporation of India that gives yearly income after premiums end and covers you until age 100.

What is LIC Jeevan Umang?

LIC Jeevan Umang is a non-linked, participating whole life plan. You pay premiums for a limited time, like 15 to 30 years. After that, you get 8% of the basic sum assured every year as a survival benefit until just before age 100. At age 100, you receive a lump sum maturity benefit, or your family gets it on death plus bonuses.

The plan suits those wanting lifelong cover and steady income for retirement. It builds savings through bonuses declared by LIC each year. Minimum sum assured starts at Rs 2 lakh, in multiples of Rs 25,000. No upper limit exists.​

History and Plan Variants

LIC first launched Jeevan Umang as Plan 845 around 2017. It was withdrawn on February 1, 2020. The revised version came as Plan 945 on February 1, 2020, with UIN 512N312V02. Plan 945 was withdrawn on October 1, 2024.

LIC introduced Plan 745 on October 1, 2024, as a modified version of 945 with UIN 512N312V03. Key change: minimum age at end of premium paying term dropped from 30 to lower for more flexibility. All variants share core features but differ in availability and minor eligibility tweaks.

• Plan 845: Original, withdrawn 2020. Allowed entry from 90 days old.
• Plan 945: 2020-2024 version, similar to 845 but with updated scales.
• Plan 745: Current active plan post-2024 withdrawal.

Official details for current plan: LIC Jeevan Umang 745.

Key Features of Jeevan Umang

This plan offers lifelong protection up to age 100 minus entry age. Premium paying terms (PPT): 15, 20, 25, or 30 years. Entry age: 90 days to 55 years max, depending on PPT (e.g., 40 for 30-year PPT).

Premium modes: yearly, half-yearly, quarterly, and monthly (with rebate: 2% yearly, 1% half-yearly). Riders available: accidental death, disability, critical illness, and term rider. Loan after 2-3 years of premiums; surrender after 2 years.

Income tax benefits: premiums under Section 80C, maturity/death tax-free under 10(10D). Survival benefits are tax-free too.

Benefits Explained

Survival Benefit

After PPT ends, get 8% of basic sum assured (BSA) yearly on each policy anniversary until before maturity. Example: Rs 25 lakh BSA gives Rs 2 lakh per year.

Maturity Benefit

At age 100: BSA + vested simple reversionary bonuses + final additional bonus (FAB, if declared). Paid if you survive; else to nominee on death.

Death Benefit

Higher of: 7x annualized premium or BSA, plus bonuses and FAB. At least 105% of total premiums paid. Nominee gets it anytime during the term.

Bonuses: Simple reversionary (yearly) and FAB at the end. Rates vary; past like Rs 49 per Rs 1,000 BSA.

Eligibility Criteria

Parameter	Minimum	Maximum
Entry Age	90 days (or 0 years for some)	55 years (15 PPT), 50 (20 PPT), 45 (25 PPT), 40 (30 PPT)
PPT End Age	18-30 years (varies by variant)	70 years
Maturity Age	–	100 years
BSA	Rs 2,00,000	No limit (multiples of Rs 25,000)

For children, risk starts after 2-4 years, depending on age.

Premium Calculation

Premiums depend on age, BSA, PPT. Use modes for discounts. Example from sources: 25-year-old, Rs 25 lakh BSA, 30 PPT: ~Rs 72,000 yearly.

Rebates lower costs. GST applies extra. Revival is possible within 5 years of lapse.

Official premium rates on the LIC site or calculator.

How to Use LIC Jeevan Umang Calculator

The calculator estimates premiums, survival income, maturity, surrender, and loan values. Available on sites like liccalculators.info or policybazaar.com.

Steps:

1. Enter age, gender, BSA (min Rs 2 lakh).
2. Choose PPT (15-30 years).
3. Select premium mode.
4. View annual premium, yearly survival (8% BSA), projected maturity with assumed bonuses.
5. Adjust for riders.

Example output: Rs 50 lakh BSA, age 30, 20 PPT: Premium ~Rs 1.2-1.5 lakh/year, survival Rs 4 lakh/year post-PPT. Projections assume bonus rates; actual rates vary.

Try: LIC Jeevan Umang Calculator

Example Illustration

Assume 30-year-old buys Rs 10 lakh BSA, 20-year PPT (premium ~Rs 25,000/year).

• Years 1-20: Pay premiums.
• Year 21+: Rs 80,000/year survival till age 99.
• Age 100: Rs 10 lakh + bonuses (say Rs 50 lakh total).
• Death anytime: ~Rs 10 lakh + bonuses to family.

For Rs 25 lakh BSA: Survival Rs 2 lakh/year post-PPT.

Riders and Add-ons

• Accidental Death & Disability Rider: Extra SA on accident.
• Term Rider: Boosts death benefit.
• Critical Illness Rider: Lump sum on diagnosis.

Limits apply; total extra SA capped.

Surrender, Loan, and Paid-up

• Paid-up: After 2 premiums, becomes paid-up; benefits reduced.
• Surrender: After 2 years, higher of guaranteed (based on premiums) or special value.
• Loan: 90% of surrender value after 2-3 years.

Comparison Across Variants

Variant	Launch/Withdraw	Key Difference	Status
845	~2017 / Feb 2020	Original	Withdrawn
945	Feb 2020 / Oct 2024	Revised scales	Withdrawn
745	Oct 2024 / Current	Lower min PPT end age	Active

Core benefits same.

Tax Benefits and Suitability

Premiums qualify for 80C deduction (up to Rs 1.5 lakh). Survival, maturity, death benefits tax-free if conditions met. Ideal for child education funding, retirement income, family protection. Not for high returns (expect 4-6% IRR); better as insurance and savings.

FAQs

Conclusion

LIC Jeevan Umang offers reliable lifelong cover and guaranteed yearly income post premiums, perfect for secure family planning. Use the calculator to fit your needs and consult an LIC agent for personalized advice.