LIC Jeevan Umang Policy (Plan 945) is a whole-life insurance plan from Life Insurance Corporation of India. It provides life coverage until the age of 100 years. After the premium payment period, it offers a guaranteed annual income. The policy also includes a lump sum maturity benefit at the end of the term, bonus participation, loan options, and surrender choices. This plan is designed for those who want long-term financial security and consistent income. It combines insurance protection with regular returns.
To simplify your planning, our LIC Jeevan Umang Policy Calculator helps you quickly estimate your premium amount, annual survival benefits, maturity value, and loan eligibility based on your age, premium payment term, and bonus expectations. This tool enables you to compare different payment terms, evaluate the effects of riders, and make well-informed decisions before buying the plan.
Lic Jeevan Umang Policy Calculator
“`Loan Simulator (optional)
How calculations are estimated
• Survival benefit = 8% of SA, paid annually after PPT until age 100.
• Maturity = SA + (bonus × years till age 100) + FAB.
• Loan available from year 3 (approx) as % of surrender value — we use conservative GSV factors unless replaced with exact LIC table.
Disclaimer – This Is Not Official LIC calculator.
Top Features
The LIC Jeevan Umang Policy offers a unique mix of long-term insurance protection and guaranteed returns. It provides life cover up to the age of 100, ensuring financial security for your family throughout your life. After the premium paying term (PPT) ends, you will receive a guaranteed annual income equal to 8% of the Basic Sum Assured every year until maturity or death. At maturity, which occurs at age 100, the policyholder receives a lump sum payout that includes the Basic Sum Assured, accrued Simple Reversionary Bonuses, and the Final Additional Bonus.
This plan also shares in LIC’s profits, which means your returns can grow over time through bonuses declared by the corporation. You can choose from flexible premium paying terms of 15, 20, 25, or 30 years based on your financial goals. The policy also provides a loan option after three years, allowing you to borrow against its surrender value for emergencies. For added protection, riders such as the Accidental Death & Disability Benefit Rider or the New Term Assurance Rider can be included. Additionally, the plan offers tax benefits under Section 80C for premiums paid and Section 10(10D) for maturity benefits, subject to current tax laws.
Overall, LIC Jeevan Umang is a good choice for those seeking lifelong coverage, a steady income in later years, and a lump sum at maturity. You also have the flexibility to access funds through loans or surrender value when needed.
How the LIC Jeevan Umang Policy Calculator is Useful
The LIC Jeevan Umang Policy Calculator is not just a tool for crunching numbers; it helps anyone interested in this unique whole-life insurance plan make decisions.
- Saves Time & Effort – Instead of browsing through premium charts or calculating survival benefits and maturity values by hand, the calculator provides quick, accurate results based on your inputs.
- Provides Clear Financial Projections – It calculates your Sum Assured, annual survival income, total maturity payout, and bonuses all at once. This lets you see the full picture of your policy benefits.
- Loan Impact Simulation – With the built-in loan simulator, you can see how borrowing against your policy will affect your final maturity. You can choose whether to pay interest annually or let it compound. This helps you make informed borrowing choices.
- Customizable to Your Needs– You can change the age, premium paying term, payment mode, bonus rates, and riders. This lets you compare different scenarios and find the best combination for your goals.
- Agent & Client Friendly – For LIC agents, it’s a quick presentation tool. You can generate a full breakdown, show comparison charts, and even download a PDF report to share with clients right away.
- Supports Better Financial Planning – By showing long-term payouts and potential risks, like loan interest reducing maturity, the calculator helps you make investment decisions based on data.
- Easy Sharing & Record-Keeping – You can download results, share them via WhatsApp, or copy them, making it great for personal record-keeping and professional consultations.
Main Terms
- Basic Sum Assured (SA)- This is the main amount that determines all your policy benefits. It’s the guaranteed coverage your nominee will receive if you pass away during the policy term. It also serves as the basis for calculating your annual survival benefits, bonuses, and maturity payout. The Basic Sum Assured is different from the total maturity value; it’s the fixed amount promised in the contract.
- Premium Paying Term (PPT)- The PPT is the specific number of years you will pay premiums for the policy. LIC Jeevan Umang offers flexible options: 15, 20, 25, or 30 years. You can choose one that fits your budget and goals. Once the PPT is complete, you don’t have to pay more premiums, but the life cover and annual income continue until maturity.
- Survival Benefit – Starting one year after the end of your PPT, you will receive 8% of the Basic Sum Assured each year, guaranteed, until the policy matures at age 100 or until earlier death. This provides you with steady income in your later years.
- Maturity Benefit – When the policyholder turns 100, the policy matures. At that time, LIC pays a lump sum that includes the Basic Sum Assured, all accumulated Simple Reversionary Bonuses, and the Final Additional Bonus, if applicable.
- Simple Reversionary Bonus – This is a bonus that LIC announces every year for participating policies like Jeevan Umang. It is stated as a specific amount per ₹1,000 of Basic Sum Assured. Once announced, it becomes part of your guaranteed benefit and is paid out at maturity or death.
- Final Additional Bonus (FAB) – This is a one-time bonus added to your maturity or death benefit. FAB is typically announced for policies that have been active for a long time, rewarding policyholders for staying invested.
- Riders – These are optional add-ons that increase your policy coverage. In Jeevan Umang, you can choose from riders such as: Accidental Death & Disability Benefit Rider (ADBR). This pays an extra sum assured for accidental death and provides support if you become disabled due to an accident.
New Term Assurance Rider – This offers additional life insurance coverage at a low cost. - Loan Facility – After paying premiums for at least 3 years, you can take a loan against the surrender value of your policy. This is useful if you need cash for emergencies without having to end the policy.
- Surrender Value- If you choose to cancel your policy before maturity, LIC will pay you the surrender value. This value is calculated using the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever amount is higher.
- Guaranteed Surrender Value (GSV) Factor – This is a fixed percentage provided in LIC’s official table that applies to the total premiums paid, excluding taxes and rider premiums, to calculate the surrender value. For example, in Jeevan Umang, it starts around 30% in the 3rd year and increases in later years.
- Policy Term – In Jeevan Umang, the policy term lasts until the policyholder reaches 100 years old. However, you only pay premiums for the PPT you choose (15, 20, 25, or 30 years).
- Mode of Payment – You can pay premiums yearly, half-yearly, quarterly, or monthly. LIC offers small discounts for annual or half-yearly payments.
FAQ
- What is the LIC Jeevan Umang policy, and how does it work?
The LIC Jeevan Umang policy is a whole-life, non-linked, participating plan. It provides a lifetime annual income after you finish paying premiums and a lump-sum maturity benefit at age 100. It also offers life cover during the policy term, ensuring your family has financial protection. - How can I calculate my LIC Jeevan Umang maturity amount?
You can use our LIC Jeevan Umang maturity calculator for an instant estimate. By entering your age, premium paying term, premium amount, and assumed bonus rates, the calculator projects your survival benefits, total bonuses, and final maturity value. - What is the LIC Jeevan Umang policy calculator, and why is it useful?
The LIC Jeevan Umang policy calculator is an online tool that makes LIC premium and benefit calculations easier. It saves time, improves accuracy, and lets you test different scenarios before deciding to buy. - Where can I find the LIC Jeevan Umang premium chart?
LIC provides a Jeevan Umang premium chart in its brochure. Our calculator includes the same logic digitally, so you don’t have to look up charts manually. Just enter your details to see instant premium and benefit estimates. - How does the LIC Jeevan Umang surrender value calculator work?
Our LIC Jeevan Umang surrender value calculator uses official LIC Guaranteed Surrender Value (GSV) factors to estimate how much you’ll receive if you surrender the policy early. It also shows loan eligibility based on the surrender value. - Can I get a LIC Jeevan Umang premium and maturity calculation together?
Yes. Our LIC Jeevan Umang premium and maturity calculator combines both in one view. It shows your yearly premiums, annual payouts, total maturity value, and loan impact all in one report. - What are the disadvantages of LIC Jeevan Umang?
While the LIC Jeevan Umang plan offers guaranteed benefits, some disadvantages include long lock-in periods, reliance on bonus rates, and lower liquidity compared to market-linked products. However, it remains one of the safest long-term insurance options for risk-averse investors. - How does the LIC Jeevan Umang loan facility work?
After 3 policy years, you can take a loan against your policy’s surrender value. The loan amount is usually 80 to 90 percent of the surrender value. Our calculator includes a loan simulation feature to show how interest and repayment terms affect your maturity amount.
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