LIC Jeevan Umang 845 Calculator
LIC Jeevan Umang Plan 845 is a whole life insurance policy offered by the Life Insurance Corporation of India (LIC) that combines life protection with guaranteed income benefits. The plan is designed to provide annual survival benefits after the premium-paying period while continuing life insurance coverage up to the age of 100 years.
What is LIC Jeevan Umang Plan 845?
LIC Jeevan Umang Plan 845 is a non-linked, with-profit whole life assurance plan that offers regular income along with long-term financial protection. After completion of the premium-paying term, the policyholder receives a guaranteed annual survival benefit equal to 8% of the Basic Sum Assured every year until attaining 100 years of age.
Along with these regular payouts, the plan also provides death benefits, maturity benefits, and participation in LIC’s profits through bonuses.
LIC Jeevan Umang Plan 845 – Key Highlights
| Feature | Details |
|---|---|
| Plan Type | Non-Linked, With-Profit Whole Life Insurance Plan |
| Plan Number | 845 |
| Entry Age | 90 days to 55 years (depending on PPT selected) |
| Premium Paying Term (PPT) | 15, 20, 25, or 30 years |
| Maturity Age | 100 years |
| Policy Term | 100 minus Entry Age |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Sum Assured Multiples | ₹25,000 |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Survival Benefit | 8% of Basic Sum Assured every year after PPT completion |
| Death Benefit | Sum Assured on Death + Bonuses + Final Additional Bonus (if any) |
| Maturity Benefit | Basic Sum Assured + Bonuses + Final Additional Bonus (if any) |
Why Use the LIC Jeevan Umang Plan 845 Calculator?
The LIC Jeevan Umang Calculator helps policyholders estimate premiums and future benefits before purchasing the policy.
Benefits of using the calculator include:
- Estimating premium payable based on age and coverage selected.
- Understanding annual survival benefits after the premium-paying term.
- Calculating the total premium outgo during the policy tenure.
- Projecting maturity benefits and bonus-based returns.
- Estimating death benefits available to nominees.
- Comparing different Sum Assured and premium-paying term combinations.
Using the calculator enables better financial planning and helps determine whether the plan aligns with long-term savings and retirement goals.
How Does the LIC Jeevan Umang Plan 845 Calculator Work?
The calculator requires the following information:
- Age at entry
- Basic Sum Assured
- Premium Paying Term (15, 20, 25, or 30 years)
- Premium payment frequency
Based on these inputs, the calculator generates:
Premium Calculation
The calculator estimates the premium payable according to the selected Sum Assured, age, and premium-paying term.
Total Premium Outgo
It calculates the total premium payable throughout the premium-paying period.
Annual Survival Benefits
After completion of the premium-paying term, the policyholder receives a yearly survival benefit equal to:
8% of the Basic Sum Assured
These payments continue every year until the policyholder reaches 100 years of age.
Death Benefit Estimation
The calculator provides an illustration of the death benefit payable to the nominee, including applicable bonuses and final additional bonus, if declared.
Maturity Benefit Projection
The tool estimates the maturity value payable at age 100, including:
- Basic Sum Assured
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
These projections help users understand the long-term value of the policy and make informed insurance decisions.
Benefits of LIC Jeevan Umang Plan 845
LIC Jeevan Umang Plan 845 combines life insurance protection with regular income benefits and long-term savings. The plan is structured to provide financial security throughout life while rewarding policyholders with annual survival benefits after completion of the premium-paying term.
Guaranteed Annual Income
After the premium-paying term is completed, the policyholder receives a guaranteed annual survival benefit equal to 8% of the Basic Sum Assured every year until attaining 100 years of age.
Lifelong Insurance Protection
The policy provides life cover throughout the policy term, ensuring financial protection for the nominee in the event of the policyholder’s death.
Participation in Profits
As a with-profit plan, LIC Jeevan Umang is eligible for Simple Reversionary Bonuses and Final Additional Bonus, subject to LIC’s declaration.
Flexible Premium Payment Options
Premiums can be paid through various modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Optional Rider Benefits
Policyholders may enhance their coverage through eligible rider options available under LIC guidelines.
Loan Facility
Loans can be availed against the policy after it acquires the required surrender value, subject to LIC rules.
Surrender Benefit
The policy acquires surrender value after payment of the minimum required premiums, allowing policyholders to exit the policy if required.
Tax Benefits
- Premiums paid may qualify for deduction under Section 80C of the Income Tax Act.
- Eligible policy proceeds may qualify for tax exemption under Section 10(10D), subject to prevailing tax laws.
Eligibility Criteria and Important Parameters
| Parameter | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 40 to 55 years (depending on PPT) |
| Policy Term | 100 minus Entry Age |
| Premium Paying Term | 15, 20, 25, or 30 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Survival Benefit | 8% of Basic Sum Assured every year after PPT |
| Maturity Age | 100 years |
The maximum entry age varies according to the selected premium-paying term. Longer premium-paying terms generally have lower maximum entry age limits.
Example of LIC Jeevan Umang Plan 845 Calculation
| Parameter | Value |
|---|---|
| Entry Age | 25 Years |
| Basic Sum Assured | ₹25,00,000 |
| Premium Paying Term | 30 Years |
| Policy Term | 75 Years |
| Approximate Yearly Premium | ₹72,053 |
After paying premiums for 30 years, the policyholder receives an annual survival benefit of ₹2,00,000, which is 8% of the Basic Sum Assured. These payments continue every year until age 100.
At age 100, LIC pays the Basic Sum Assured along with vested bonuses and any applicable Final Additional Bonus. Throughout the policy term, life insurance protection remains active for the benefit of the nominee.
How to Use the LIC Jeevan Umang Plan 845 Calculator
Step 1: Enter Your Age
Provide your age at the time of policy commencement.
Step 2: Select the Basic Sum Assured
Choose the amount of life cover you require.
Step 3: Choose the Premium Paying Term
Select one of the available options:
- 15 Years
- 20 Years
- 25 Years
- 30 Years
Step 4: Select Premium Payment Mode
Choose yearly, half-yearly, quarterly, or monthly premium mode.
Step 5: Calculate Benefits
The calculator will display:
- Premium payable
- Total premium outgo
- Annual survival benefits
- Estimated maturity value
- Death benefit illustrations
Understanding Survival Benefits and Maturity Benefits
Survival Benefits
Once the premium-paying term is completed, LIC pays an annual survival benefit equal to 8% of the Basic Sum Assured.
For example, if the Basic Sum Assured is ₹25,00,000, the yearly survival benefit will be ₹2,00,000.
These payments continue every year until the policyholder reaches 100 years of age.
Maturity Benefit
If the life assured survives until age 100, the maturity benefit consists of:
- Basic Sum Assured
- Vested Simple Reversionary Bonuses
- Final Additional Bonus, if declared
The entire maturity amount is paid as a lump sum.
Understanding the Death Benefit
If the life assured dies during the policy term, the nominee receives the applicable Death Benefit as per policy conditions.
Generally, the Death Benefit includes:
- Sum Assured on Death
- Vested Bonuses
- Final Additional Bonus, if applicable
The benefit remains subject to the minimum death benefit provisions specified under the policy and provides financial security to the nominee during unforeseen circumstances.
Tax Benefits Under LIC Jeevan Umang Plan 845
LIC Jeevan Umang Plan 845 offers attractive tax advantages, making it a suitable option for individuals seeking insurance protection along with tax-efficient long-term savings.
Tax Deduction on Premiums
Premiums paid under the policy are eligible for deduction under Section 80C of the Income Tax Act, subject to the prevailing limits and conditions.
Tax-Free Survival Benefits
The annual survival benefits received under the policy generally qualify for exemption under Section 10(10D), subject to applicable tax provisions.
Tax-Free Maturity Benefit
The maturity proceeds received at the end of the policy term are generally exempt from income tax under Section 10(10D), subject to prevailing tax laws.
Tax Treatment of Death Benefit
Death claim proceeds paid to the nominee are generally exempt from income tax as per the applicable provisions of the Income Tax Act.
Riders and Additional Benefits
LIC Jeevan Umang Plan 845 allows policyholders to enhance their protection through optional rider benefits.
Accidental Death Benefit Rider
Provides additional financial support to the nominee in the event of the life assured’s accidental death.
Term Rider
Offers additional life insurance coverage over and above the basic policy benefits.
Critical Illness Rider
Provides financial assistance upon diagnosis of specified critical illnesses, subject to rider conditions.
These riders help strengthen the overall protection available under the policy.
Who Should Consider LIC Jeevan Umang Plan 845?
This plan may be suitable for:
- Individuals looking for guaranteed regular income after the premium-paying term.
- Those seeking life insurance coverage extending up to age 100.
- People interested in combining protection, savings, and long-term income benefits in a single policy.
- Individuals seeking tax-efficient insurance solutions.
- Those planning for retirement through guaranteed annual payouts.
Advantages Compared to Other Plans
| Feature | LIC Jeevan Umang Plan 845 | Typical Endowment or Term Plans |
|---|---|---|
| Plan Type | Whole Life With-Profit Plan | Usually Fixed-Term Insurance Plan |
| Survival Benefit | 8% of Basic Sum Assured annually after PPT | Usually no regular income benefit |
| Coverage Duration | Up to Age 100 | Fixed policy term |
| Premium Paying Term | 15, 20, 25, or 30 years | Generally linked to policy term |
| Death Benefit | Sum Assured plus Bonuses | Sum Assured with or without bonuses |
| Tax Benefits | Available as per prevailing tax laws | Varies by product |
| Rider Availability | Multiple rider options | Depends on the plan |
Frequently Asked Questions (FAQs)
What is LIC Jeevan Umang Plan 845?
LIC Jeevan Umang Plan 845 is a whole life insurance policy that provides annual survival benefits after completion of the premium-paying term, along with life insurance protection and bonus benefits.
Who can purchase LIC Jeevan Umang Plan 845?
Individuals aged between 90 days and the maximum entry age specified for the chosen premium-paying term are eligible to purchase the plan.
What premium-paying term options are available?
The plan offers four premium-paying term options:
- 15 Years
- 20 Years
- 25 Years
- 30 Years
What survival benefit does the plan provide?
After completion of the premium-paying term, the policyholder receives an annual survival benefit equal to 8% of the Basic Sum Assured until reaching age 100.
Are monthly premium payments allowed?
Yes. Premiums can be paid yearly, half-yearly, quarterly, or monthly through approved payment facilities.
Conclusion
LIC Jeevan Umang Plan 845 is a long-term insurance and income plan that combines lifelong protection with guaranteed annual survival benefits and participation in LIC’s profits. Its flexible premium-paying terms, regular income feature, bonus eligibility, and tax advantages make it a suitable option for individuals seeking financial security and retirement-oriented planning.
The LIC Jeevan Umang Plan 845 Calculator helps simplify premium estimation and benefit projections, enabling policyholders to evaluate expected payouts, survival benefits, and overall policy value before making an informed decision.
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