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.

Related Calculator: Jeevan Umang (945) Maturity Calculator [Modified Plan]

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)
Calculators For Jeevan Umang Plan (845)

Plan Parameters

Age at Entry90 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 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 Year2017
Age (Years) 25 (Completed)
Basic Sum Assured25,00,000
Premium Paying Term30
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.

Comments & Reviews (54)

Wrote :

23-04-2022 15:42:32

If the policy is closed after completion of Premium Paying Term, how is the surrender value calculated?

Wrote :

04-05-2022 09:36:59

You may follow link provided below to understand surrender value after completion of premium paying term.
Surrender Value Calculator

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Wrote :

18-04-2020 17:09:17

A person will start getting return @8% of the sum assured after 15 years. Suppose I start getting it from the age of 36 years since my present age is 20 year. After availing this facility for 10 years i. e upto age of 46 years I want to surrender the policy. Can I surrender it before maturity, if yes what amount I will get on maturity.

Wrote :

18-04-2020 17:36:05

Hi, you can use following calculator to calculate it yourself.
https://www.insurance21.in/surrender-value-calculator/lic-jeevan-umang.html

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Wrote :

20-01-2020 20:14:45

hi, i just joined jeevan umang policy on 15-1-2020.i want to quit can you tell me the procedure

Wrote :

27-01-2020 16:43:02

Contact your branch for cooling off in case you are not satisfied with terms and conditions of plan within 15days of the receipt of the policy document.

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Wrote :

07-10-2019 10:24:31

Is it possible to open two account on single person( for jeevan umang) ?

Wrote :

07-10-2019 12:10:26

Yes, one can take more than one policies of this plan.

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Wrote :

01-09-2019 23:32:33

Monthly pension opportunity is there in umang policy? if it is there, then what is the monthly percentage?

Wrote :

03-09-2019 11:14:48

In Jeevan Umang, there is money back on yearly basis and the rate is 8% of the basic sum assured.

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Wrote :

29-03-2019 14:26:30

Very good plan we were waiting for this type of lic plan.

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Wrote :

08-03-2019 10:46:36

Dating back [commencement of policy] can be done only within the current fiscal year. two years can't be done.

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Wrote :

17-02-2019 12:03:13

Is premium waver benefit is inbuilt or option in Jeevan umang plan.

Wrote :

17-02-2019 21:23:27

Premium waiver option is not available with this plan.

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Wrote :

05-01-2019 15:19:44

I want to know , if i takes 10 year term plan and in between my term if want to close my plan than what amount i will get .

Wrote :

06-01-2019 00:34:43

In case of term plan, you close or survive during term, there will not be any return. Term plan provides death claim amount in case of death only.

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Wrote :

27-12-2018 11:20:23

Plz tell me that Bonus after paying term is more than Bonus within paying term? If yes, how much may be the difference? Second Question is Can we assume the approx. Bonus to be paid after PPT ? Does it compounds like compound interest ?

Wrote :

28-12-2018 00:43:34

1. we cannot say whether it will be more or less.
2. After PPT, policy holder will not get bonus, rather he will get 10% of sum assured every year for lifetime and maturity at 100 years of age or death claim if death happens any time during the policy term.

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Wrote :

25-09-2018 19:28:33

I m 45 year old if I take jeevan umang policy of 30 lacs for 15 year and I instead of taking year ly I surrender.how much amount I will get.pl.dont answer me to check calculator give me proper amount

Wrote :

26-09-2018 10:40:58

Option F in immediate annuity and single life option in deferred annuity.

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Wrote :

17-08-2018 10:27:43

This plan is desinged as a whole life plan and its features are attractive.A person is 30 to 35 years old he should buy this plan immediately

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Wrote :

18-03-2018 13:07:51

I have a query, I am 27 years old, if I die on 80th year old, what would be my death benefit .suppose I take 2 lacs of sum assured

Wrote :

18-03-2018 15:12:29

Please use above calculator, it will illustrate year-wise approximate benefits as per your sum assured, term and age.

Wrote :

30-07-2020 11:33:08

Sir, I want ask you one thing, is LIC of India giving bond for guaranteed of 8 % per annum, how i will know about this?

Wrote :

05-08-2020 23:47:09

Yes, this policy provides 8% of Basic sum assured per year after completion of premium paying term and you will get it in writing on your policy bond. Please note, it is not 8% interest on your deposited amount.

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Wrote :

31-01-2018 12:03:18

whether the jeevan umang plan falls under category 80CCD for tax deduction .. because national pension scheme has a deduction of rs.50,000 extra under 80CCD

Wrote :

31-01-2018 12:30:35

It does not come u/s 8CCD like National Pension Scheme (NPS), it will come u/s 8CCC only as it not not a pension scheme, it is just a life insurance plan.

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Wrote :

14-10-2017 07:08:57

Sir,will the bonus in case of jeevan umang policy accrue same as accrued in the policy paying term until the maturity period?

Wrote :

14-10-2017 09:27:42

As per the plan specifications, bonus during premium paying term will be different from bonus after premium paying term.

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Wrote :

12-09-2017 19:43:18

Iam an agent of LICI ,Uttarpara br.(43G) in Howrah Division.This policy very attractive for Indian citizens.For this you give premium fixed team but you pay 100 years and lastly your family pay a BIG AMOUNT.

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Wrote :

16-08-2017 20:32:23

The calculation is wrong. In 15th year, Bonus amount should be17,15,000 @ Rs. 49 per 1000. Not sure why suddenly bonus amount increased to Rs. 1.5-2 lakhs. Please explain

Wrote :

16-08-2017 20:50:43

It is because, apart from simple reversionary (Bonus), a terminal or final addition bonus (FAB) is also applicable to this plan which is generally applicable to policies with term 15 or above. FAB is not same for all terms, for example, it is 100 per thousand of SA for 21 year term and 450 per thousand of SA for 25 year term.

Wrote :

25-09-2017 18:17:52

Why bother on how the calculation is done? For most of the insurance products we just have to check whether it beats an equivalent term insurance + fixed income investment combo. For e.g., in this case, if we discount a term insurance premium of Rs. 3,500 (for 25L) from Rs. 72,053, we are left out with Rs. 68,553. If we invest this for 30 years regularly at say 7% rate, we would accumulate Rs. 51,49,876, net of tax @ 30% deducted. If we draw Rs. 2,00,000 every year from this amount and keep re-investing in 1 year FD again at just 7% interest rate, we would have accumulated Rs. 2,89,94,648, net of tax @30%, at the end of 45 years (at the age of 100). As most of us won't live till that age, at age 70 without dying, we can get Rs. 1,01,65,476, at age 80, we can draw Rs. 1,37,74,906 or at age 90, we would be able to amass nearly 2 crores (Rs. 1,95,98,532). Such is the power of compounding over such a long period of time. Now I leave it to the reader to decide.

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Wrote :

08-07-2017 23:28:17

As plan is given to children. Why pwb is not available as optional rider.

Wrote :

09-07-2017 08:47:56

Though it can be given to children but it is not a children plan. As you are some how associated with LIC, you know can understand better.

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Wrote :

18-06-2017 21:33:56

Hello, The plan jeevan umang no doubt is a very good plan. I just want to inquire one or two things, that r that it doe not have pwb rider, so in this case if I buy this plan and after some yrs I m disabled then what is there please help asap. Regards.

Wrote :

19-06-2017 19:07:56

You may purchase this plan with disability and Critical Illness riders.

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Wrote :

30-05-2017 15:42:24

I want to apply for the plan. For SA =Rs.100000.00 for 15 year term & my current age is 31 year (19.05.1986) What will be the amount in my hand just after completion of 15 year. Kindly reply.

Wrote :

30-05-2017 22:41:50

You will get 8000 per year up to 99 year of age and on 100 year of your age you will get maturity. please use maturity calculator of this plan to calculate all benefits related to your plan.

Wrote :

09-07-2017 11:40:49

I think you have mistakenly mentioned 8000 instead of 80000 per year as per 8% sum assured on 10 lakhs. Correct me if I am wrong

Wrote :

09-07-2017 23:06:41

Above query was regarding 1 Lakh Sum assured not 10 Lakh, please check.

Wrote :

31-08-2017 13:48:30

For any LIC related matters please do feel free to reach out to me @ 9830597138. Assuring you the best of my services at any time. Feel free to share your details for further discussions.

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Wrote :

26-05-2017 17:19:46

Age -0 Minimum - Term ?

Wrote :

26-05-2017 17:49:20

Term is fixed for a particular age and it is 100- age, for example term for a 29 year person, the term will be 71(100-29). Premium paying term(PPT) can be either of 15, 20, 25 or 30 years, provided age at completion of premium paying term is not less than 30 years, for example, a 10 year old policy holder cannot have PPT as 15.
Age + PPT must be greater than 30.
For age 0, term will be 100 years and minimum premium paying term must be 30 years.

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Wrote :

26-05-2017 10:37:45

Is the Pension received taxable. If I do not any other income.

Wrote :

26-05-2017 11:40:03

Survival Benefits i.e. 8% of Sum Assured (pension) will be tax free.

Wrote :

31-05-2017 06:53:43

Yes.it is tax free.

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Wrote :

24-05-2017 16:52:47

If we go with this plan no-845 for kid when will we get return starts , it's benefited for teenagers only age of 30 we pay the premium for kid's

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Wrote :

24-05-2017 08:50:36

I fully agree with the comments given by you. I would request to post its comparision with Table 814 & 815.

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Wrote :

23-05-2017 15:59:47

Sir If some one buy this plan and Ppt-15 year in between something happen with him .then at the end he / she have to pay the premium or not then what procedure would be considered at that time?

Wrote :

23-05-2017 17:02:42

In case of death before PPT, policy holder's nominee will receive sum assured +bonus as death claim amount.

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Wrote :

23-05-2017 15:17:41

I have apply for the plan. For SA =Rs.500000.00 for 15 year term.my current age is 27 year. What will be the amount in my hand just after completion of 15 year.

Wrote :

23-05-2017 17:00:43

After Completion of 15 years, you will receive 40,000 (8% of 500000) per year up your 99 year of age and on 100 year of your age you will get 500000+ Bonus.

Wrote :

17-06-2017 18:54:25

Dear Sir ! If you buy this policy of 500000 sum assured with 15 years ppt after 15 years u will get 8% of basic sum assured 500000 = 40000 per year for 99 years and @the maturity u will get 5512500 For best services and advise Contact me- Siddharth Ghodke

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Wrote :

20-05-2017 18:35:29

According to your own assumption if one gets around 88 lakhs on maturity and gets paltry 200000/- p a it works out to apprx 2.27 % pa life long. The policy holder can instead buy a new jeevan Anand for 30 years and take maturity value and can invest in aplan like Jeevan Akshay. where he gets lifelong pension during his lifetime . On death nominee gets policy sum assured and also purchase price of Jeevan Akshay. As usual there is uncertainity of bonus Fab and bonus after premium paying term. LIC should explain in a brochure with example

Wrote :

16-09-2020 18:35:23

I am planning to take this policy with 10L Sum Assured for 15 year term. Please let me know if this is wise option or it is better to take jeevan anand and then put it under Jeevan Akshay ??

Wrote :

17-09-2020 10:32:16

It is difficult to analyze, if you are looking for generating corpus fund for pension then you should go for a plan which provides a lumpsum amount at maturity. Jeevan umang provides 8% of BSA after premium paying term which will not be sufficient for pension purpose. Apart from this, it is difficult to predict annuity rate of Jeevan akshay after 15 years.

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Wrote :

20-05-2017 17:44:38

Premium is too high i.e. more than BSA!

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Wrote :

18-05-2017 11:38:25

Hi I am Indian origin but British citizen. Please can you let me know I am eligible to take this policy? Thx

Wrote :

18-05-2017 16:39:23

Yes, person of india origin( PIO) are eligible to take this plan.

Wrote :

21-05-2017 16:56:17

you can contact me on my cell for getting this insurance policy

Wrote :

12-06-2017 16:40:51

For any LIC related matters please do feel free to reach out to me @ 9830597138. Assuring you the best of my services at any time. Feel free to share your details for further discussions.

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Wrote :

18-05-2017 11:31:22

Assuming present age as 35 and after completion of premium paying term (say 15 yrs) and say at the age of around 75 yrs if some one wants to close the policy and get the maturity benefits, is it possible? For me it appears the policy holder will not get the maturity amount unless he survives for 100 yrs.

Wrote :

18-05-2017 13:10:45

As per example, policy can be surrendered at the age of 75 but surrender value will be some % of maturity.

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