| Tabular Annual Premium | ₹0 |
| High BSA Rebate | — |
| Mode Rebate | — |
| Net Annual Premium | ₹0 |
| GST — Year 1 (4.5%) | ₹0 |
| Year 1 Instalment (incl. GST) | ₹0 |
| GST — Year 2+ (2.25%) | ₹0 |
| Year 2+ Instalment (incl. GST) | ₹0 |
| Total Premium Paid (excl. GST) | ₹0 |
| Year | Age | Premium Paid | Cum. Premium | Survival Benefit | Cum. SB | Accrued SRB | Death Benefit | Surr. Value | Maturity | Status |
|---|
Ramesh, a 32-year-old from Pune, was tired of traditional endowment plans that locked his money for 20 years and paid a lump sum at the end. He wanted something different — a plan that would start paying him a regular annual income after he retired, and still hand him back his entire corpus at 100 years of age. That is exactly what LIC’s Jeevan Umang (Plan 745) does. The Jeevan Umang 745 calculator on this page helps you figure out precisely what you’d pay and what you’d receive — without calling an agent.
LIC’s Jeevan Umang (Plan 745) is a participating, non-linked, individual, savings, whole life insurance plan under UIN 512N312V03. “Umang” means enthusiasm or aspiration — and the plan lives up to it by combining whole-life protection, a guaranteed annual income stream, and a large lump-sum corpus at maturity (age 100).
Unlike endowment plans that terminate after 20–35 years, Jeevan Umang runs for your entire lifetime. You pay premiums for a limited period (15, 20, 25, or 30 years), and from the end of that premium-paying term, LIC starts sending you 8% of your Basic Sum Assured every year — for life, until age 99. At age 100, you (or your nominee) receive the BSA plus accumulated bonuses as a final lump sum.
Why Jeevan Umang Stands Apart
- Lifetime Income: 8% BSA/year from PPT end — guaranteed, inflation-steady cash each year
- Dual Benefit: Annual income and a large maturity payout — not one or the other
- Whole Life Cover: Death benefit active from risk commencement till age 100
- Bonus Participation: Simple Reversionary Bonus + Final Additional Bonus boost the maturity and death benefit
- Flexible PPT: Choose 15, 20, 25, or 30 years based on your earning capacity
- Tax-efficient: Premium qualifies for Section 80C; maturity proceeds eligible under Section 10(10D)
The LIC Jeevan Umang 745 calculator at the top of this page (also works as a Jeevan Umang calculator app on mobile) takes just a few inputs and instantly shows your complete policy picture. Here’s how:
Step-by-Step: Jeevan Umang 745 Calculator
- Enter Your Age — type your current age (last birthday). The calculator automatically applies the eligibility rules per PPT.
- Enter Basic Sum Assured (BSA) — the minimum is ₹2,00,000. Decide based on the annual income you want: BSA ₹10L → ₹80,000/year income from PPT end.
- Select PPT — 15, 20, 25, or 30 years. Shorter PPT means higher annual premium but income starts sooner.
- Choose Premium Mode — Yearly (2% rebate), Half-Yearly (1% rebate), Quarterly or Monthly (no rebate).
- Pick Bonus Scenario — Conservative, Moderate, or Optimistic. This affects only the bonus component of maturity; the survival benefit and BSA are unaffected.
- Click Calculate — see your annual premium, 8% annual income amount, total survival benefits, maturity corpus, IRR, and full year-by-year statement for all 60–100 policy years.
| Feature | Details |
|---|---|
| Plan Name | LIC’s Jeevan Umang |
| Plan No. | 745 |
| UIN | 512N312V03 |
| Plan Type | Par · Non-Linked · Individual · Savings · Whole Life |
| Min Entry Age | 30 days (completed) |
| Max Entry Age | 55 yrs (PPT 15) · 50 yrs (PPT 20) · 45 yrs (PPT 25) · 40 yrs (PPT 30) |
| Min Age at End of PPT | 18 years (completed) |
| Max Age at End of PPT | 70 years (nearer birthday) |
| Maturity Age | 100 years |
| Policy Term | 100 − Entry Age (whole life) |
| PPT Options | 15, 20, 25, or 30 years |
| Min BSA | ₹2,00,000 |
| Max BSA | No limit (subject to underwriting) |
| BSA Multiples | ₹25,000 (≤₹4.5L) · ₹50,000 (₹4.5L–₹9L) · ₹1,00,000 (above ₹9L) |
| Annual Survival Benefit | 8% of BSA per year — from end of PPT to age 99 |
| Maturity Benefit | BSA + Vested SRB + FAB at age 100 |
| Death Benefit (after risk) | SA on Death + Vested SRB + FAB |
| SA on Death | Higher of 7× Annual Premium OR BSA (min 105% of premiums paid) |
| Loan Available | Yes — up to 75% of SV (after 2 yrs of premiums) |
| Premium Modes | Yearly · Half-Yearly · Quarterly · Monthly (NACH) |
| Mode Rebate | Yearly: 2% · Half-Yearly: 1% · Others: Nil |
| High BSA Rebate | ₹5L–₹9L: 2.5‰ · ₹10L–₹24L: 3.5‰ · ₹25L+: 4‰ |
1. Survival Benefit (Guaranteed Annual Income)
At the end of each policy year from the end of the Premium Paying Term through to the policy anniversary before age 100, the policyholder receives:
Payable every year from Year-PPT through to Year-(100−age−1)
Example: BSA ₹10,00,000, PPT 20, entry age 30 → First SB payment at end of year 20 (age 50): ₹80,000. This continues every year through age 99 = 50 annual payments = Total guaranteed SB: ₹40,00,000.
2. Maturity Benefit (at Age 100)
The BSA (₹ guaranteed) plus all bonuses vested over the policy term are paid as a lump sum. Since this is a participating plan, bonuses boost this figure significantly — but they are not guaranteed in advance. The LIC Jeevan Umang 745 plan details confirm BSA itself is the guaranteed minimum maturity payout.
3. Death Benefit
- Before Risk Commencement (entry age < 8 yrs, deferral period): Return of premiums paid (excl. taxes, rider premiums)
- After Risk Commencement: SA on Death + Vested SRB + FAB (if any)
- SA on Death = Higher of 7× Annual Premium or BSA
- Minimum floor: 105% of total premiums paid to date
4. Bonus Participation (SRB + FAB)
As a participating plan, Jeevan Umang earns Simple Reversionary Bonuses (SRB) declared annually by LIC based on fund performance. Once declared, SRB forms part of the guaranteed benefit. The Final Additional Bonus (FAB) is declared in the year the policy results in a claim (death or maturity). FAB is NOT payable on surrender.
Let’s walk through a real calculation. Priya is 35 years old, wants a BSA of ₹10,00,000 with PPT 20 (pays till age 55, income from 55 onwards).
| Parameter | Value |
|---|---|
| Entry Age | 35 years |
| BSA | ₹10,00,000 |
| PPT | 20 years |
| Policy Term | 65 years (age 35 to 100) |
| Approx. Annual Premium (excl. GST) | ≈ ₹57,700/year |
| Year 1 incl. GST (4.5%) | ≈ ₹60,296 |
| Year 2+ incl. GST (2.25%) | ≈ ₹59,000 |
| Total Premium Paid (excl. GST) | ≈ ₹11,54,000 over 20 years |
| Annual Survival Benefit (from age 55) | ₹80,000/year (guaranteed) |
| SB Phase | Age 55 to 99 = 45 annual payments |
| Total Guaranteed SB | ₹36,00,000 |
| Maturity at Age 100 (BSA guaranteed) | ₹10,00,000 + bonuses |
| Total Guaranteed Return | ≥ ₹46,00,000 (excl. bonuses) |
| Return Multiple | ≈ 4.0× total premium paid |
Guaranteed Surrender Value (GSV)
The policy can be surrendered after completing 1 full year of premiums. GSV factors (expressed as % of premiums paid) increase from 30% in year 2 to 90%+ for very long-running policies. A separate GSV factor applies to vested bonuses.
GSV Year 2 ≈ 30% of premiums · Year 3 ≈ 35% · Years 4–7 ≈ 50% · Near end of PPT ≈ 90%
Policy Loan
- During PPT: Up to 75% of Surrender Value (after 2 years’ premiums paid)
- After PPT: Loan amount limited such that annual interest ≤ 50% of annual SB
- Loan Interest Rate: 9.5% p.a. compounding half-yearly (current; reviewed annually)
- Loan interest recovered from survival benefit payments or final claim proceeds
Many users searching for a LIC Jeevan Umang 945 premium and maturity calculator land on Plan 745 pages, and vice versa. Here’s the quick clarification:
| Aspect | Plan 745 | Plan 945 (if launched) |
|---|---|---|
| UIN | 512N312V03 | Revised UIN (if relaunched) |
| Core Structure | Whole life, 8% SB, PPT 15/20/25/30 | Same core mechanics |
| Status | Currently available | Check LIC’s official portal |
| Brochure Data | Verbatim from UIN 512N312V03 | Verify with LIC agent |
- Section 80C: Annual premium (excl. GST) qualifies for deduction up to ₹1.5 lakh — provided annual premium does not exceed 10% of BSA.
- Section 10(10D): Maturity benefits (BSA + bonuses) and death claims are exempt from income tax, subject to conditions. For policies with annual premium exceeding ₹5 lakh (issued from April 2023), partial taxation applies.
- Survival Benefits: Annual SB payments may be taxable as income — consult a CA for your specific situation.
- GST: 4.5% Year 1, 2.25% Year 2+ — not eligible for 80C deduction.
The annual survival benefit is 8% of the Basic Sum Assured, paid at the end of each policy year from the end of the Premium Paying Term until age 99. For BSA ₹10 lakh, that’s ₹80,000/year — guaranteed, regardless of market conditions, for as long as you live up to age 99. The Jeevan Umang 745 calculator shows the exact amount and cumulative total for your BSA.
Jeevan Umang is well-suited for people who want guaranteed annual income after retirement combined with lifetime protection. The guaranteed IRR on the survival benefit + BSA alone is typically in the 4–5% range — not spectacular compared to mutual funds, but the income is guaranteed and risk-free. The participation in bonuses (SRB + FAB) adds upside. If guaranteed income security matters more than maximum returns, it’s a solid choice. It is not a good fit if your primary goal is wealth accumulation or if you need liquidity in the early years.
If death occurs during the premium-paying term (before end of PPT), the nominee receives the Death Benefit = SA on Death + Vested SRB + FAB. SA on Death = Higher of 7× Annual Premium or BSA (with a minimum of 105% of premiums paid). The family receives a lump sum that is typically several multiples of the annual premium.
Yes. After calculating, use the Print / Save PDF button for a printable PDF version (LIC Jeevan Umang 745 plan details PDF download). The Copy Summary button copies all figures as text — paste into Excel for a Jeevan Umang 745 calculator excel analysis. Both options are free and require no login.
Both are participating whole life plans, but they differ in the income mechanism. Jeevan Umang pays an annual survival benefit (8% BSA/year) throughout the survival benefit phase — making it an income-focused plan. Jeevan Anand (Plan 915) does not pay annual survival benefits during the term; instead, it pays a lump-sum maturity benefit AND continues the life cover (BSA) even after maturity — making it a pure protection + endowment hybrid. If regular annual income is your priority, Jeevan Umang is better. If protection continuation post-maturity matters more, Jeevan Anand is preferred.
There is no explicit minimum premium — it’s determined by the minimum BSA (₹2,00,000) and the age/PPT combination. For a 30-year-old with PPT 20 and BSA ₹2L, the annual tabular premium is ₹11,407 (₹9,976 excluding GST after rebates for yearly mode). For a 40-year-old with the same setup, it’s ₹11,476/year. The exact amount for your profile is shown instantly by the Jeevan Umang 745 calculator above.
The Jeevan Umang 745 calculator is the most comprehensive free tool available for computing your exact premium, annual income, lifetime survival benefits, and maturity corpus under this unique whole-life plan. Unlike online aggregators that show only rough estimates, this calculator uses the exact brochure sample rates with mathematical interpolation for your specific age — giving you figures close to what LIC will quote.
Whether you are checking LIC Jeevan Umang 745 plan details for the first time, verifying numbers from an agent’s illustration, or comparing it against a Jeevan Umang calculator for a different BSA — this tool has you covered. The year-by-year table runs for the full policy term (up to 100 years), showing every survival benefit payment, accumulating bonus, death benefit, and surrender value.
Start by entering your age and desired BSA above. Choose your PPT based on your earning years remaining. Then look at the guaranteed IRR — typically 4–5% for the guaranteed portion — and decide if the income security and bonus upside justify the premium. For most people looking for a guaranteed pension-like income after retirement with a whole-life cover, Jeevan Umang Plan 745 remains one of LIC’s most practical offerings.
Mohibul Islam is an LIC agent with 7+ years of experience. He also works in web development and blogging. He creates simple tools on LIC Plan Calculator to help people understand LIC plans, calculate benefits, and make better financial decisions easily.