LIC Jeevan Umang Plan 745 Calculator

The LIC Jeevan Umang Plan 745 Calculator is a powerful and easy-to-use tool designed to help policyholders and potential customers estimate premiums, survival benefits, death benefits, and maturity amounts for the LIC Jeevan Umang insurance plan. This article provides a thorough, beginner-friendly explanation of the plan, how the calculator works, its key features, sample benefit calculations, eligibility, and frequently asked questions—all in simple, everyday language.

Introduction to LIC Jeevan Umang Plan 745

LIC Jeevan Umang Plan 745 is a unique whole-life insurance policy from the Life Insurance Corporation of India (LIC). The plan combines the security of life insurance with the regular income of an annuity, ensuring life-long protection and guaranteed payouts to the policyholder or their family.

What is the LIC Jeevan Umang Calculator?

The LIC Jeevan Umang Plan 745 Calculator is an online tool designed to:

• Estimate your premium amount based on age, sum assured, and policy term.
• Project annual survival benefits (guaranteed annual income).
• Calculate maturity value, including any bonuses.
• Assess death benefits payable to nominees.

This calculator simplifies complex insurance math. With just a few clicks, users can view the estimated payout schedule and total benefits, helping with smart, informed financial decisions.

Key Features of LIC Jeevan Umang Plan 745

• Whole Life Coverage: Protection up to 100 years of age.
• Limited Premium Payment: Choose from 15, 20, 25, or 30 years for paying premiums, after which you stop paying but enjoy ongoing benefits.
• Guaranteed Income: Receive 8% of the sum assured every year as a survival benefit after the premium-paying term ends.
• Bonuses: Participates in LIC’s profits, providing additional, non-guaranteed bonuses (Simple Reversionary Bonus, Final Additional Bonus).
• Life Cover: Ensures financial support for the family in case of the insured’s death.
• Tax Benefits: Premiums paid and payouts received are eligible for tax deductions and exemptions as per current laws.
• Loan & Surrender Options: Policy can be surrendered and loans can be availed after 1 year.
• Flexible Premium Payment: Monthly, quarterly, half-yearly, or yearly modes.

Benefits of Jeevan Umang 745 Calculator

• Simple Planning: No complex manual calculations required—just input basic details.
• Customization: Test different sums assured, premium terms, or ages for tailored results.
• Transparency: Know exactly how much to invest and the expected returns.
• Financial Security: Plan long-term with confidence using realistic benefit projections.

How the LIC Jeevan Umang Calculator Works

1. Enter Policy Details

• Age at Entry: Your age when buying the policy.
• Sum Assured: The basic amount you want as life cover (minimum ₹2,00,000).
• Premium Payment Term (PPT): Choose 15, 20, 25, or 30 years.
• Premium Frequency: Yearly, half-yearly, quarterly, or monthly.

2. Premium Estimated

Based on current LIC rates, the calculator estimates your yearly, half-yearly, quarterly, or monthly premium, including GST.

3. Survival Benefit Calculated

After completing the premium payment term, you’re eligible for an annual survival benefit of 8% of the Basic Sum Assured (BSA).

Example:
If the sum assured is ₹10,00,000, annual survival benefit = 8% of ₹10,00,000 = ₹80,000 per year.

4. Maturity Benefit

If the policyholder survives up to age 100, at maturity, they receive the Basic Sum Assured plus any vested bonuses.

5. Death Benefit

If the policyholder passes away before the end of the term, LIC pays the higher of:

• 7 times the annual premium paid; or
• Basic Sum Assured;
  plus bonuses, if any.

Step-by-Step Guide to Using the Calculator

1. Open a trusted LIC calculator online (for instance, the official LIC site or a reputable insurance comparison portal like Policybazaar or LICcalculators.net).
2. Fill in the required fields: Age, Sum Assured, Policy Term, and Premium Paying Term.
3. Select your preference for premium payment (frequency and amount).
4. Click “Calculate” to view your premium details along with the schedule for survival and maturity benefits.

Tip: It’s always wise to compare values by changing age and sum assured to see what suits your budget.

Sample Calculation – Jeevan Umang Plan 745

Let’s look at a real-life example:

• Name: Dev
• Age: 30 years
• Sum Assured: ₹10,00,000
• Premium Paying Term: 20 years

Calculation:

• Annual Premium: Around ₹54,036 (including first-year GST).
• Total Premium Payment: 20 years × ₹54,036 ≈ ₹10,80,720
• Annual Survival Benefit (from Year 21 to 100): ₹80,000 each year
• Maturity Benefit (If Dev is alive at 100): ₹10,00,000 + bonuses

In this example, after paying the premiums for 20 years, Dev gets an annual income of ₹80,000 for the next 50 years up to age 100, plus the maturity amount at the end.

Eligibility Criteria

Types of Benefits Explained

1. Survival Benefits

• Start from the end of premium paying term.
• 8% of the Basic Sum Assured, paid annually, from the next policy anniversary till age 100.
• If the life assured dies before completing the term, no further survival benefit.

2. Maturity Benefit

On survival till 100 years, receives:

• Basic Sum Assured
• Vested Simple Reversionary Bonuses
• Final Additional Bonus

3. Death Benefit

Before 100 years (policy in force):

• Sum Assured on Death + vested bonuses + final additional bonus (if any).

Sum Assured on Death is higher of:

• 7× annualised premium
• 105% of total premiums paid
• Basic Sum Assured

Bonuses in Jeevan Umang

• Simple Reversionary Bonus: Added annually to your policy as declared by LIC.
• Final Additional Bonus (FAB): Provided at the time of claim (death/maturity/surrender), provided policy has run for a minimum number of years.

Note: Bonuses depend on LIC’s future profits; actual payouts may vary.

Premium Rebates

• Mode Rebate:
  • Yearly: 2% rebate
  • Half-yearly: 1% rebate
• High Sum Assured Rebate: For higher sum assured, LIC gives additional discounts on the premium.

Policy Loan, Surrender & Paid-up Value

• Loan Facility: Loan available after paying one full year’s premium.
• Surrender Value: If policy is surrendered after one year (minimum requirement), you get Guaranteed Surrender Value or Special Surrender Value, whichever is higher.
• Paid-Up Value: If you stop paying after minimum premiums, your policy continues as a “paid-up policy” with reduced benefits.

Riders (Extra Protection Options)

LIC Jeevan Umang 745 offers optional riders for extra peace of mind:

• Accidental Death & Disability Rider
• Accidental Benefit Rider
• New Term Assurance Rider
• Critical Illness Rider (if available)

Riders enhance coverage but increase the premium. Consult the official LIC site or your advisor for up-to-date rider details and availability.youtube

Advantages of LIC Jeevan Umang Plan 745 Calculator

• Instant Results: Quick, accurate projections save time and effort.
• Easy to Understand: Simple interface, minimal data entry.
• Safe Planning: Gives a realistic idea about the financial commitment.
• Transparent: See survival and death benefits before committing.

How Does the Jeevan Umang 745 Calculator Help?

The LIC Jeevan Umang Plan 745 Calculator helps in:

• Making informed decisions before purchasing the policy.
• Understanding the premium amount for a selected sum assured and term.
• Planning future cash flows—especially post-retirement, as survival benefits act as pension.
• Estimating final returns (maturity or death benefit including possible bonuses).

Tips for Using LIC Jeevan Umang Calculator Effectively

• Double-check All Inputs: Correct age, premium paying term, and sum assured ensure the most accurate estimate.
• Review Multiple Scenarios: Try different input values to find the best option for your needs and budget.
• Analyze Long-term Benefits: Remember, the real value of Jeevan Umang lies in its long-term payouts.
• Consult an Advisor: Use calculator results as a guide and discuss with a certified agent or LIC office before final decisions.
• Check for Latest Updates: Always use updated calculators as premium rates and bonus rates can change.

Limitations of Jeevan Umang Calculator

• Calculated bonuses are estimates and not guaranteed—they depend on LIC’s declared profits for the year.
• Survival and maturity benefits do not factor in inflation or taxes (if policies/laws change).
• Missed premium payments or early surrender can reduce the final payouts considerably.

FAQs – LIC Jeevan Umang Plan 745 Calculator

Conclusion

The LIC Jeevan Umang Plan 745 Calculator is a user-friendly tool that helps buyers and existing policyholders clearly understand their premium obligations, survival benefits, and maturity/death payouts. Jeevan Umang 745 is special because it combines lifelong protection, annual income, and participation in LIC’s bonuses, making it an ideal choice for long-term family security and retirement planning.