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LIC Jeevan Umang Plan (845) Details

LIC Jeevan Umang (Table No: 845) is a non-linked whole life assurance plan which provides fixed yearly amount (8% of Sum Assured/Year) after completion of premium payment up to 100 year of age and on maturity lump sum amount on maturity (completion of 100 years) or death. This plan is similar to Jeevan Tarang (178) Plan which is closed for sale. Features and benefits of this plan have been explained here with example.

Key Features

  • 8% of SA per year as survival benefits
  • Suitable plan for pension
  • Whole Life Plan
  • Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)

Plan Parameters

Age at Entry 90 Days (Completed)
Calculate your Age
Premium Paying Term (PPT) 15, 20, 25, & 30 Years
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 for 15 PPT
50 for 20 PPT
45 for 25 PPT
40 for 30 PPT
Age at Maturity 100 Years (Nearest Birthday)
Policy Term 100 – Age at Entry
Basic Sum Assured 2,00,000 and above in multiples of 25,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Survival and Maturity Benefits

  • On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
  • on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death benefits

  • If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
  • If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.

Commencement of Risk

    • In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.

Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.

  • If policy holder is 8 year old at the time of buying policy then, risk will start immediately.

LIC Jeevan Umang (845) Policy with an Example:

To Explain the benefits associated with Jeevan Umang Policy, following example has been taken.

Purchase Year 2017
Age (Years) 25 (Completed)
Basic Sum Assured 25,00,000
Premium Paying Term 30
Policy Term 75 (100-25)
Yearly Premium 72,053

As per above policy details, the policy holder is require to pay premium for 30 years and once this premium paying term of 30 years completed, the policy holder starts receiving 2,00,000 (8% of BSA) per year up to his 99 years of age and on completion of 100 years of age or completion of policy term maturity will be paid.

Following table provides year-wise and age-wise total premium paid, death claim amount, survival benefits and maturity.

Year No Year Age Deposit Amount Sum Assured Bonus (Approx) Risk Cover (Approx) Return
1 2017 25 72053 2500000 0 2500000 0
2 2018 26 144106 2500000 122500 2622500 0
3 2019 27 216159 2500000 245000 2745000 0
4 2020 28 288212 2500000 367500 2867500 0
5 2021 29 360265 2500000 490000 2990000 0
6 2022 30 432318 2500000 612500 3112500 0
7 2023 31 504371 2500000 735000 3235000 0
8 2024 32 576424 2500000 857500 3357500 0
9 2025 33 648477 2500000 980000 3480000 0
10 2026 34 720530 2500000 1102500 3602500 0
11 2027 35 792583 2500000 1225000 3725000 0
12 2028 36 864636 2500000 1347500 3847500 0
13 2029 37 936689 2500000 1470000 3970000 0
14 2030 38 1008742 2500000 1592500 4092500 0
15 2031 39 1080795 2500000 1790000 4290000 0
16 2032 40 1152848 2500000 1925000 4425000 0
17 2033 41 1224901 2500000 2072500 4572500 0
18 2034 42 1296954 2500000 2220000 4720000 0
19 2035 43 1369007 2500000 2430000 4930000 0
20 2036 44 1441060 2500000 2577500 5077500 0
21 2037 45 1513113 2500000 2825000 5325000 0
22 2038 46 1585166 2500000 3122500 5622500 0
23 2039 47 1657219 2500000 3445000 5945000 0
24 2040 48 1729272 2500000 3692500 6192500 0
25 2041 49 1801325 2500000 4065000 6565000 0
26 2042 50 1873378 2500000 4437500 6937500 0
27 2043 51 1945431 2500000 4860000 7360000 0
28 2044 52 2017484 2500000 5282500 7782500 0
29 2045 53 2089537 2500000 5705000 8205000 0
30 2046 54 2161590 2500000 6302500 8802500 0
31 2047 55 0 2500000 Bonus 8802500 +  Bonus * 200000
32 2048 56 0 2500000 Bonus 8802500 +  Bonus * 200000
33 2049 57 0 2500000 Bonus 8802500 +  Bonus * 200000
34 2050 58 0 2500000 Bonus 8802500 +  Bonus * 200000
35 2051 59 0 2500000 Bonus 8802500 +  Bonus * 200000
36 2052 60 0 2500000 Bonus 8802500 +  Bonus * 200000
37 2053 61 0 2500000 Bonus 8802500 +  Bonus * 200000
38 2054 62 0 2500000 Bonus 8802500 +  Bonus * 200000
39 2055 63 0 2500000 Bonus 8802500 +  Bonus * 200000
40 2056 64 0 2500000 Bonus 8802500 +  Bonus * 200000
41 2057 65 0 2500000 Bonus 8802500 +  Bonus * 200000
42 2058 66 0 2500000 Bonus 8802500 +  Bonus * 200000
43 2059 67 0 2500000 Bonus 8802500 +  Bonus * 200000
44 2060 68 0 2500000 Bonus 8802500 +  Bonus * 200000
45 2061 69 0 2500000 Bonus 8802500 +  Bonus * 200000
46 2062 70 0 2500000 Bonus 8802500 +  Bonus * 200000
47 2063 71 0 2500000 Bonus 8802500 +  Bonus * 200000
48 2064 72 0 2500000 Bonus 8802500 +  Bonus * 200000
49 2065 73 0 2500000 Bonus 8802500 +  Bonus * 200000
50 2066 74 0 2500000 Bonus 8802500 +  Bonus * 200000
51 2067 75 0 2500000 Bonus 8802500 +  Bonus * 200000
52 2068 76 0 2500000 Bonus 8802500 +  Bonus * 200000
53 2069 77 0 2500000 Bonus 8802500 +  Bonus * 200000
54 2070 78 0 2500000 Bonus 8802500 +  Bonus * 200000
55 2071 79 0 2500000 Bonus 8802500 +  Bonus * 200000
56 2072 80 0 2500000 Bonus 8802500 +  Bonus * 200000
57 2073 81 0 2500000 Bonus 8802500 +  Bonus * 200000
58 2074 82 0 2500000 Bonus 8802500 +  Bonus * 200000
59 2075 83 0 2500000 Bonus 8802500 +  Bonus * 200000
60 2076 84 0 2500000 Bonus 8802500 +  Bonus * 200000
61 2077 85 0 2500000 Bonus 8802500 +  Bonus * 200000
62 2078 86 0 2500000 Bonus 8802500 +  Bonus * 200000
63 2079 87 0 2500000 Bonus 8802500 +  Bonus * 200000
64 2080 88 0 2500000 Bonus 8802500 +  Bonus * 200000
65 2081 89 0 2500000 Bonus 8802500 +  Bonus * 200000
66 2082 90 0 2500000 Bonus 8802500 +  Bonus * 200000
67 2083 91 0 2500000 Bonus 8802500 +  Bonus * 200000
68 2084 92 0 2500000 Bonus 8802500 +  Bonus * 200000
69 2085 93 0 2500000 Bonus 8802500 +  Bonus * 200000
70 2086 94 0 2500000 Bonus 8802500 +  Bonus * 200000
71 2087 95 0 2500000 Bonus 8802500 +  Bonus * 200000
72 2088 96 0 2500000 Bonus 8802500 +  Bonus * 200000
73 2089 97 0 2500000 Bonus 8802500 +  Bonus * 200000
74 2090 98 0 2500000 Bonus 8802500 +  Bonus * 200000
75 2091 99 0 2500000 Bonus 8802500 +  Bonus * 200000
76 2092 100 0 8982500 +  Bonus *

*The Bonus after premium payment term accumulated differently, that is why it indicted as 8802500 +  Bonus.

Above benefit illustration is prepared for the purpose of plan explanation only and the values in this illustration are based on assumptions which may change completely. It is assumed that, this plan is similar to closed LIC Jeevan Tarang (178) plan, so bonus (Rs. 49 per thousand of BSA) of Jeevan Tarang is taken for generating illustration.

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