LIC Jeevan Umang Plan 845 Calculator
Calculate Premium, Survival Benefits & Maturity Amount
Premium Details
Survival Benefits
Maturity & Death Benefits
Total Benefits Summary
| Benefit Type | Amount (₹) |
|---|---|
| Total Premium Paid | - |
| Total Survival Benefits | - |
| Maturity Benefit | - |
| Total Benefits Received | - |
The LIC Jeevan Umang Plan 845 is a whole life insurance plan by Life Insurance Corporation of India (LIC) designed to provide guaranteed lifelong income along with insurance coverage. This plan is especially suited for those seeking a combination of income and protection, with benefits spreading until the age of 100. To understand how much premium you should pay, the survival benefits you will receive, and what your maturity amount will be, using a LIC Jeevan Umang Plan 845 calculator is essential.
What is LIC Jeevan Umang Plan 845?
LIC Jeevan Umang (Table No. 845) is a non-linked, with-profit whole life insurance plan. It offers a special feature of paying an annual guaranteed survival benefit of 8% of the Sum Assured after the premium payment term ends, continuing until the policyholder reaches 100 years of age. Additionally, it provides life-long insurance coverage and a lump sum on maturity or death.
Key points about this plan:
- Entry age: 90 days to 55 years (depending on premium payment term chosen)
- Premium Paying Terms (PPT): 15, 20, 25, or 30 years
- Maturity Age: 100 years
- Policy Term: 100 minus age at entry
- Sum Assured: Minimum Rs 2 Lakhs, multiples of Rs 25,000
- Premium payment modes: Yearly, Half-yearly, Quarterly, Monthly (via NACH/SSS)
- Survival Benefits: 8% of Sum Assured annually after PPT till 100 years
- Death Benefit: Sum Assured + vested bonuses + final additional bonus
- Maturity Benefit: Sum Assured + vested simple reversionary bonuses + final additional bonus
This plan combines the benefits of protection, guaranteed pension, and bonuses making it attractive for those planning for post-retirement income and long-term financial security.
Why Use a LIC Jeevan Umang Plan 845 Calculator?
Understanding your premium, expected benefits, and maturity value can be complex. The LIC Jeevan Umang Plan 845 calculator helps by:
- Calculating yearly premium based on your age, sum assured, and premium paying term.
- Showing survival benefit amounts after premium payment term ends.
- Estimating the maturity value after the policy term.
- Illustrating death benefits payable to your nominee.
- Helping you plan your finances by knowing the inflows and outflows.
The calculator simplifies decision-making, helping you choose premium paying terms and insurance coverage that suit your needs.
How Does the LIC Jeevan Umang Plan 845 Calculator Work?
The calculator takes inputs such as:
- Age at entry
- Sum assured (basic life cover)
- Premium Paying Term (PPT)
- Mode of premium payment (yearly, half-yearly, quarterly, monthly)
Based on these inputs, it computes:
- Annual Premium: How much you need to pay each year during PPT.
- Total premium paid: Sum of premiums over the PPT.
- Survival benefits: Fixed at 8% of the Sum Assured per year, payable after PPT till age 100.
- Death Benefit: Sum assured + bonuses payable if death happens anytime during policy term.
- Maturity Benefit: Lump sum amount payable at age 100 (Sum Assured + bonuses).
These figures help you evaluate cost versus benefits visually, making it easier to decide.
Benefits of LIC Jeevan Umang Plan 845
The plan offers several advantages for policyholders, including:
- Guaranteed tax-free income: Survival benefit is tax-exempt under section 10(10D) of the Income Tax Act.
- Long-term financial security: Income until 100 years of age.
- Whole life insurance cover: Protection for your family until 100 years.
- Bonus declaration: You receive simple reversionary bonuses during premium payment term and differential bonus thereafter.
- Flexible premium payment mode: Pay premiums annually, semi-annually, quarterly, or monthly.
- Accidental death and critical illness riders: Optional additional cover for extra protection.
- Loan facility: You can take loans against the policy.
- Surrender value: The policy can be surrendered after a certain period for guaranteed surrender value.
- Tax benefits: Premiums qualify for deduction under Section 80C.
Eligibility Criteria and Important Parameters
Understanding the eligibility and parameters is important for accurate calculation:
| Parameter | Details |
|---|---|
| Minimum age at entry | 90 days (completed) |
| Maximum age at entry | 40 to 55 years depending on PPT |
| Policy Term | 100−Age at Entry100 – \text{Age at Entry}100−Age at Entry years |
| Premium Paying Term (PPT) | 15, 20, 25, or 30 years |
| Minimum Sum Assured | Rs 2,00,000 and multiples of 25,000 |
| Premium Payment Modes | Yearly, Half Yearly, Quarterly, Monthly (NACH/SSS) |
| Survival Benefit Rate | 8% of Sum Assured per annum after PPT until age 100 |
| Maturity Age | 100 years |
Premium payment terms affect the maximum entry age; for example, for 30-year PPT, max entry age is 40 years.
Example of LIC Jeevan Umang Plan 845 Calculation
To give a clearer picture, consider the following example:
| Parameter | Value |
|---|---|
| Age at Entry | 25 years |
| Sum Assured | Rs 25,00,000 |
| Premium Paying Term | 30 years |
| Policy Term | 75 years (100 – 25) |
| Yearly Premium | Rs 72,053 approx. |
After paying premiums for 30 years, the policyholder will receive yearly survival benefits of Rs 2,00,000 (which is 8% of sum assured) from age 55 to 99. At age 100, maturity benefit of sum assured plus bonuses is paid as a lump sum. The insurance coverage continues throughout the life, providing financial protection to the nominee in case of untimely demise.
This example clearly shows how the premiums, survival benefits, and maturity amounts are related and how the calculator helps in estimating these values.
How to Calculate Your Premium and Benefits Online
Using an online LIC Jeevan Umang Plan 845 calculator is easy:
- Enter your age at entry and sum assured you want.
- Choose your premium paying term (15, 20, 25, or 30 years).
- Select mode of premium payment (yearly, half-yearly, quarterly, or monthly).
- Click “Calculate” to get:
- Annual premium amount.
- Total premium paid.
- Guaranteed survival benefits each year after PPT.
- Estimated maturity amount.
- Review the detailed year-wise chart for better planning.
These calculators are available on LIC’s official site and insurance aggregator sites. Some good links:
- LIC official brochure and details: LIC Jeevan Umang Brochure
Understanding the Survival Benefits and Maturity Amount
The biggest highlight of LIC Jeevan Umang is the 8% survival benefit on Sum Assured every year after paying premiums till 100 years of age. This acts like a tax-free pension.
- If the premium payment term is 30 years, you start receiving the 8% survival benefit from the 31st year after policy inception.
- The survival benefit continues yearly until the policyholder reaches 100 years.
- On completing the policy term (age 100), the maturity payout includes the basic sum assured plus bonuses received during the policy term.
- If death occurs during the policy term, the nominee receives the sum assured with bonuses.
How to Interpret the Death Benefit
If the policyholder dies during the policy term, the nominee receives:
- If death occurs before completion of 2 years, only premiums paid are refunded.
- After 2 years, death benefit includes sum assured plus accrued bonuses.
- Death benefit is at least 10 times the total premiums paid plus vested bonuses, ensuring financial security for the family.
Tax Benefits Under LIC Jeevan Umang Plan 845
The plan offers tax benefits such as:
- Premiums paid are eligible for deduction under Section 80C of the Income Tax Act, up to Rs 1.5 lakh per year.
- Survival benefits/pension income received are exempt from tax under Section 10(10D).
- Maturity amount received is also free from income tax.
- Death claims are generally tax-exempt under the tax laws.
These tax benefits make LIC Jeevan Umang a tax efficient insurance and pension plan.
Riders and Additional Benefits
LIC Jeevan Umang allows you to opt for the following riders to enhance coverage:
- Accidental Death Benefit Rider
- Term Rider
- Critical Illness Rider
These riders provide extra financial protection against unforeseen events, critical illnesses, or accidents, assuring comprehensive coverage.
Who Should Buy LIC Jeevan Umang Plan 845?
This plan is ideal for:
- Individuals seeking guaranteed regular pension after premium payment.
- Those wanting insurance coverage up to old age (100 years).
- Individuals looking for a combination of insurance, savings, and pension.
- People who want tax benefits on both premiums paid and benefits received.
- Those interested in long-term guaranteed income for retirement planning.
Advantages Compared to Other Plans
| Feature | LIC Jeevan Umang (845) | Typical Endowment or Term Plans |
|---|---|---|
| Type | Whole life with profit plan | Usually fixed term with or without profits |
| Survival Benefit | 8% of sum assured annually till age 100 | Usually lump sum at maturity or death |
| Policy Term | Till age 100 (Life cover plus pension) | Fixed term (e.g., 15-30 years) |
| Premium Paying Term | Flexible: 15, 20, 25, 30 years | Usually same as policy term |
| Death Benefit | Sum assured + bonus + final bonus | Sum assured or sum assured + bonus |
| Tax Benefits | Premium and survival benefits tax-free | Premium tax benefits but maturity may be taxed |
| Riders Available | Accidental, term, critical illness | Varies, often limited |
Frequently Asked Questions
What is LIC Jeevan Umang Plan 845?
LIC Jeevan Umang Plan 845 is a whole life insurance policy offering guaranteed survival benefits of 8% of the sum assured annually after the premium payment term till age 100, along with life-long insurance coverage and bonuses.
Who is eligible to buy LIC Jeevan Umang Plan 845?
Anyone aged between 90 days and 40-55 years (depending on premium paying term) can buy this plan. The maximum maturity age is 100 years.
What is the premium paying term (PPT) in Jeevan Umang?
You can choose from 15, 20, 25, or 30 years as your premium paying term. After paying premiums for this period, you will receive survival benefits annually.
What survival benefits does LIC Jeevan Umang provide?
You get 8% of the sum assured every year as survival benefit after the premium paying term ends, continuing up to 100 years of age. This acts as a guaranteed pension.
Can I pay premiums monthly or only yearly?
Premiums can be paid yearly, half-yearly, quarterly, or monthly (through ECS/NACH), providing flexible payment options.
Conclusion
Without a calculator, it can be difficult to visualize your premiums, expected pension, death benefits, and maturity amount. The LIC Jeevan Umang Plan 845 calculator makes complex calculations easy, enabling you to plan for long-term financial security confidently.
With this plan, you enjoy lifelong insurance coverage plus guaranteed pension, with attractive tax benefits, bonuses, and flexible premium payment options — all adding up to a valuable plan for retirement and family protection.