LIC Jeevan Umang Plan (UIN: 512N312V02)
Premium Calculator | Non-Linked, Participating, Whole Life Assurance Plan
📋 Plan Information
💰 Premium Calculation Results
Annual Premium (Tabular)
Premium After Rebate
Total Premium (Premium Paying Term)
Policy Term
Maturity Age
Annual Survival Benefit
| Payment Mode | Amount (Rs.) | Rebate % | Amount After Rebate (Rs.) | Frequency |
|---|
- Survival Benefits: 8% of Basic Sum Assured annually after premium paying term
- Death Benefit: Higher of 7x annualized premium or Basic Sum Assured (min 105% of total premiums paid)
- Maturity Benefit: Basic Sum Assured + Bonuses + Final Additional Bonus (if any)
- This is a non-guaranteed benefit illustration. Actual benefits depend on future investment returns
- Taxes are applicable as per current Government guidelines and will be collected separately
- Grace Period: 30 days for yearly/half-yearly/quarterly; 15 days for monthly premiums
he LIC Jeevan Umang Plan 945 Calculator is a simple and effective online tool that helps users calculate their yearly premium, bonuses, and maturity value under the LIC Jeevan Umang policy.
LIC Jeevan Umang (Plan No. 945, UIN No. 512N312V02) was launched on 1st February 2020 and officially withdrawn on 1st October 2024 from LIC India’s active plan list.
What is LIC Jeevan Umang Plan 945?
LIC Jeevan Umang Plan is a non-linked, with-profits, whole life assurance plan that combines life insurance and regular annual income. The plan provides annual survival benefits of 8% of the basic sum assured after the premium paying term, continuing till the age of 100.
It’s designed to provide financial protection to your family in case of your death and also guarantees lifelong annual income if you survive the policy term.
Key Highlights
| Feature | Description |
|---|---|
| Plan Name | LIC Jeevan Umang |
| Plan Number | 945 |
| UIN | 512N312V02 |
| Launch Date | 01-February-2020 |
| Withdrawn Date | 01-October-2024 |
| Type | Participating, Non-linked, Whole Life Assurance |
| Policy Term | Up to 100 years minus entry age |
| Premium Paying Term | 15, 20, 25, or 30 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No Limit |
| Age at Entry | Minimum 90 days, Maximum 55 years |
| Mode of Premium | Monthly, Quarterly, Half-Yearly, or Yearly |
Understanding the Jeevan Umang Calculator
The LIC Jeevan Umang Calculator helps users estimate:
- Total premium to be paid
- Annual survival benefits
- Maturity amount at age 100
- Death benefits for nominees
This calculator simplifies complex financial estimations and shows clear breakdowns of bonus, survival income, and final maturity value.
How the Calculator Works
The following inputs are required to compute results:
- Age of the policyholder
- Sum Assured
- Premium Paying Term (15, 20, 25, or 30 years)
- Payment Frequency (Monthly/Quarterly/Half-Yearly/Yearly)
- Optional Riders (Accident or Disability)
After entering these details, the calculator instantly displays:
- Estimated annual premium
- Total premiums payable
- 8% yearly survival benefit
- Projected maturity value including bonuses
Example Calculation (as per PolicyBazaar illustration)
Let’s take an example of a 30-year-old policyholder who chooses ₹10,00,000 Sum Assured.
| Premium Paying Term | Yearly Premium (₹) | Quarterly (₹) | Monthly (₹) |
|---|---|---|---|
| 15 years | 82,777 | 21,135 | 7,045 |
| 20 years | 55,945 | 14,290 | 4,763 |
| 25 years | 41,249 | 10,541 | 3,513 |
| 30 years | 33,057 | 8,451 | 2,817 |
After paying all premiums, the policyholder starts receiving 8% of the sum assured every year, i.e. ₹80,000 annually, till the age of 100. At maturity (age 100), LIC pays the sum assured plus all bonuses and final additional bonus.
Key Features of LIC Jeevan Umang Plan 945
Guaranteed Annual Income
After the premium paying term, the policyholder starts receiving 8% of Basic Sum Assured every year as survival benefit. This continues till the policyholder reaches 100 years or dies earlier.
Lifetime Coverage
The plan covers the policyholder’s life till the age of 100 years, making it an excellent choice for long-term financial protection.
Maturity Benefit
At maturity (on completion of 100 years), the policyholder receives:
- Basic Sum Assured
- Accumulated Bonus
- Final Additional Bonus (FAB)
Death Benefit
If the policyholder dies before 100 years:
- The nominee gets Sum Assured on Death + accrued bonuses + FAB.
Loan Facility
Loans can be availed after payment of two full years’ premiums, ensuring liquidity during emergencies.
Surrender Benefit
If at least two premiums are paid, the policy can be surrendered for Guaranteed or Special Surrender Value, whichever is higher.
Tax Benefits
Premiums paid are eligible for deductions under Section 80C, and maturity/death benefits are tax-free under Section 10(10D).
Bonus Participation
Being a participating plan, LIC Jeevan Umang allows you to earn Simple Reversionary Bonuses and Final Addition Bonuses, enhancing your returns over time.
How to Use Jeevan Umang Calculator
To use the LIC Jeevan Umang Plan 945 Calculator, follow these simple steps:
- Visit LIC India official page.
- Enter details such as your age, desired sum assured, and premium term.
- Choose your preferred payment frequency.
- Select optional riders, if applicable.
- Click Calculate Premium.
The result page shows:
- Expected yearly premium
- Guaranteed annual payout (8%)
- Maturity value at age 100 along with bonuses.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 55 years |
| Age at Maturity | 100 years |
| Policy Term | (100 – Entry Age) years |
| Premium Paying Term | 15, 20, 25, or 30 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No Limit |
Riders Available
You can enhance the coverage by adding optional riders to your base plan:
- Accidental Death and Disability Benefit Rider
Provides extra payout on accidental death and waives premiums on total disability. - Premium Waiver Benefit (PWB) Rider
Useful for child policies as it ensures the policy continues without payment if the proposer dies. - Critical Illness Rider
Offers protection against listed critical illnesses.
Benefits of LIC Jeevan Umang Plan 945 Calculator
- Instant Premium Estimation – Gives accurate results within seconds.
- Time-Saving – No manual calculation needed for maturity or death benefits.
- Customizable – Adjust age, policy term, and sum assured easily.
- Financial Clarity – Helps determine policy affordability and long-term income.
- Secured Planning – Provides insights into insurance, tax saving, and retirement income.
Why Choose Jeevan Umang Plan 945?
- Combines insurance with investment.
- Provides annual guaranteed income (8%) after premium term.
- Covers till age 100, ensuring lifelong security.
- Bonuses boost maturity value, making it a good long-term wealth creation tool.
- Tax-free returns enhance effective yield over decades.
Jeevan Umang as a Retirement and Family Plan
The plan suits:
- Retirement planners seeking lifelong annual income.
- Parents wanting to secure a child’s future.
- Working professionals aiming for tax savings.
- Investors desiring guaranteed, risk-free returns from LIC India.
Its guaranteed 8% payout acts as a steady pension, while life cover ensures your family’s financial security even after your lifetime.
Important Notes
- The policy was launched on 01-Feb-2020 and withdrawn on 01-Oct-2024 as per LIC India’s notification.
- Existing policies continue as per terms.
- The revised version (UIN 512N312V03) continues to operate with slightly updated features.
Pros and Cons Overview
| Pros | Cons |
|---|---|
| Guaranteed annual payout (8%) | Returns lower than market-linked plans |
| Lifetime coverage (up to age 100) | Requires long-term commitment |
| Multiple premium terms to choose | No liquidity before 2 years |
| Tax-free maturity and survival benefit | Withdrawn after Oct 2024 |
Frequently Asked Questions
What is LIC Jeevan Umang Plan 945?
LIC Jeevan Umang is a whole-life, non-linked, participating plan that offers yearly income (8% of the sum assured) after the premium-paying term till the age of 100, along with life cover and maturity benefits.
When was LIC Jeevan Umang Plan 945 launched and withdrawn?
This plan was launched on 1st February 2020 and withdrawn on 1st October 2024 from LIC’s active list of products.
What are the premium-paying term options?
You can choose from 15, 20, 25, or 30 years as the premium-paying term. These flexible options make it suitable for short or long-term planners.
What is the minimum and maximum sum assured?
The minimum sum assured is ₹2,00,000 and there is no upper limit. You can choose any higher amount based on your financial goals and eligibility.
Is there a loan facility available under this plan?
Yes. A loan can be taken after paying premiums for at least two full years. The loan amount depends on the surrender value of the policy.
Final Thoughts
The LIC Jeevan Umang Plan 945 Calculator simplifies understanding of this long-term savings policy by helping users project lifetime earnings, bonuses, and premium obligations easily. Although the plan was withdrawn in October 2024, it remains an excellent example of LIC’s commitment to combining guaranteed income, life cover, and tax benefits.