LIC Jeevan Umang Plan 945 | Best Insurance Policy in 2026
LIC Jeevan Umang Plan 945 Calculator is a simple and useful online tool that helps policyholders estimate premiums, annual survival benefits, bonuses, and maturity value under the LIC Jeevan Umang insurance
📋 Plan Information
Launch Date: 1st February 2020
Withdrawal Date: 1st October 2024
Minimum Sum Assured: ₹2,00,000
Entry Age: 90 Days to 55 Years
Policy Coverage: Up to 100 Years of Age
Guaranteed Survival Benefit: 8% of Basic Sum Assured Every Year After PPT
• Survival Benefit = 8% of Basic Sum Assured every year after PPT completion.
• Maturity Value includes Basic Sum Assured + Bonus + Final Additional Bonus.
• Bonus rates are estimated using LIC historical bonus declarations.
• GST extra as applicable.
• Loan available after payment of 2 full years premiums.
• Premiums shown are approximate illustrations for standard healthy lives.
About LIC Jeevan Umang Plan 945
LIC Jeevan Umang Plan 945 is a whole life participating insurance policy that provides guaranteed yearly income after completion of the premium-paying term along with lifelong insurance coverage till age 100.
- Whole life coverage up to 100 years
- 8% annual survival payout after PPT
- Participating bonuses every year
- Tax benefits under Section 80C & 10(10D)
- Loan facility after 2 years
- Suitable for retirement income planning
- Guaranteed yearly payouts with life cover
LIC Jeevan Umang Plan 945 Calculator
LIC Jeevan Umang Plan 945 Calculator is a simple and useful online tool that helps policyholders estimate premiums, annual survival benefits, bonuses, and maturity value under the LIC Jeevan Umang insurance policy.
Life Insurance Corporation of India launched LIC Jeevan Umang Plan 945 (UIN No. 512N312V02) on February 1, 2020, and later withdrew it from new sales on October 1, 2024.
What is LIC Jeevan Umang Plan 945?
LIC Jeevan Umang Plan 945 is a non-linked, participating whole life assurance insurance policy that combines:
- Life insurance protection
- Guaranteed annual survival benefits
- Long-term savings benefits
The policy provides annual survival benefits equal to 8% of the Basic Sum Assured after completion of the premium-paying term, continuing throughout the lifetime of the policyholder until 100 years of age.
The plan was designed to provide both financial protection for family members and lifelong regular income for surviving policyholders.
Key Highlights of LIC Jeevan Umang Plan 945
| Feature | Description |
|---|---|
| Plan Name | LIC Jeevan Umang |
| Plan Number | 945 |
| UIN | 512N312V02 |
| Launch Date | February 1, 2020 |
| Withdrawal Date | October 1, 2024 |
| Plan Type | Participating, Non-linked Whole Life Assurance |
| Policy Term | Up to 100 years minus entry age |
| Premium Paying Term | 15 years, 20 years, 25 years, or 30 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No upper limit |
| Entry Age | Minimum 90 days and Maximum 55 years |
| Premium Payment Modes | Monthly, Quarterly, Half-yearly, Yearly |
Understanding LIC Jeevan Umang Plan 945 Calculator
What Does LIC Jeevan Umang Calculator Help Calculate?
The LIC Jeevan Umang Plan 945 Calculator helps estimate:
- Total premium payable
- Annual survival benefits
- Maturity value at age 100
- Death benefits payable to nominees
- Bonus projections under the policy
The calculator simplifies premium and benefit estimation by providing a clear financial breakdown.
How LIC Jeevan Umang Calculator Works
What Inputs Are Required?
The calculator generally requires the following information:
- Age of the policyholder
- Basic Sum Assured
- Premium Paying Term:
- 15 years
- 20 years
- 25 years
- 30 years
- Premium payment frequency:
- Monthly
- Quarterly
- Half-yearly
- Yearly
- Optional riders if selected
What Does the Calculator Display?
After entering policy details, the calculator provides estimates for:
- Annual premium payable
- Total premiums during policy term
- 8% annual survival benefit payable after premium-paying term
- Estimated maturity value including bonuses
- Death benefit projections for nominees
This helps individuals understand policy affordability and expected long-term benefits before purchasing the plan.
Example Calculation of LIC Jeevan Umang Plan 945
Sample Premium Illustration for ₹10,00,000 Sum Assured
Let us consider an example of a 30-year-old policyholder selecting a Basic Sum Assured of ₹10,00,000 under LIC Jeevan Umang Plan 945.
| Premium Paying Term | Yearly Premium (₹) | Quarterly Premium (₹) | Monthly Premium (₹) |
|---|---|---|---|
| 15 Years | ₹82,777 | ₹21,135 | ₹7,045 |
| 20 Years | ₹55,945 | ₹14,290 | ₹4,763 |
| 25 Years | ₹41,249 | ₹10,541 | ₹3,513 |
| 30 Years | ₹33,057 | ₹8,451 | ₹2,817 |
After completion of the premium-paying term, the policyholder starts receiving:
- 8% of the Basic Sum Assured every year
- ₹80,000 yearly survival benefit for life until age 100
At maturity upon attaining 100 years of age, Life Insurance Corporation of India pays:
- Basic Sum Assured
- Accumulated bonuses
- Final Additional Bonus if applicable
Key Features of LIC Jeevan Umang Plan 945
Guaranteed Annual Income
After completion of the premium-paying term, the policyholder receives:
- 8% of the Basic Sum Assured every year
This annual survival benefit continues until the policyholder reaches age 100 or dies earlier.
Lifetime Insurance Protection
LIC Jeevan Umang Plan 945 provides whole life insurance coverage up to 100 years of age, offering long-term financial security.
Maturity Benefit
What Is Payable at Maturity?
Upon survival until 100 years of age, the policyholder receives:
- Basic Sum Assured
- Accumulated Simple Reversionary Bonuses
- Final Additional Bonus
Death Benefit
If the insured person dies before age 100, the nominee receives:
- Sum Assured on Death
- Accrued bonuses
- Final Additional Bonus if applicable
This ensures financial support for family members.
Loan Facility
Policyholders can avail loans against the policy after payment of at least two full years’ premiums according to LIC rules.
Surrender Benefit
If at least two years’ premiums have been paid, the policy acquires surrender value.
The policyholder receives whichever is higher:
- Guaranteed surrender value
- Special surrender value
Tax Benefits
What Tax Benefits Were Available?
- Premiums paid qualified for deduction under Section 80C
- Maturity and death benefits remained tax-free under Section 10(10D) subject to prevailing tax laws
Bonus Participation
Since LIC Jeevan Umang Plan 945 is a participating insurance policy, policyholders became eligible for:
- Simple Reversionary Bonuses
- Final Additional Bonus
These bonus additions increased long-term policy returns.
How to Use LIC Jeevan Umang Plan 945 Calculator
Step-by-Step Process
Step 1 – Visit Calculator Platform
Open the official LIC website or trusted insurance calculator platforms.
Step 2 – Enter Policy Details
Provide:
- Age
- Basic Sum Assured
- Premium Paying Term
Step 3 – Select Premium Payment Frequency
Choose:
- Monthly
- Quarterly
- Half-yearly
- Yearly
Step 4 – Add Optional Riders if Required
Select rider benefits according to additional protection needs.
Step 5 – Calculate Benefits
The calculator displays:
- Premium payable
- Guaranteed annual income
- Maturity value projections
- Estimated bonus benefits
Eligibility Criteria for LIC Jeevan Umang Plan 945
| Criteria | Details |
|---|---|
| Minimum Entry Age | 90 days completed |
| Maximum Entry Age | 55 years |
| Maturity Age | 100 years |
| Policy Term | 100 minus entry age |
| Premium Paying Term | 15 years, 20 years, 25 years, or 30 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No upper limit |
Optional Riders Available Under LIC Jeevan Umang Plan 945
Accidental Death and Disability Benefit Rider
Provides additional payout on accidental death and premium waiver in case of total disability.
Premium Waiver Benefit Rider
Useful mainly for child policies, allowing policy continuation without future premiums if the proposer dies.
Critical Illness Rider
Provides financial protection against specified critical illnesses.
Benefits of LIC Jeevan Umang Plan 945 Calculator
Why Use LIC Jeevan Umang Calculator?
- Instant premium estimation
- Quick maturity and death benefit calculations
- Flexible customization according to age and sum assured
- Better long-term financial planning
- Clear understanding of retirement income projections
- Easy comparison of policy affordability
Why Choose LIC Jeevan Umang Plan 945?
Main Advantages of LIC Jeevan Umang Plan 945
- Combination of life insurance and savings
- Guaranteed 8% annual income after premium-paying term
- Whole life protection until age 100
- Bonus participation increasing maturity value
- Tax-efficient long-term financial planning
- Stable returns without market risk
LIC Jeevan Umang Plan 945 as Retirement and Family Planning Solution
The policy was suitable for:
- Individuals planning retirement income
- Parents securing long-term family protection
- Working professionals seeking tax-saving investments
- Conservative investors preferring guaranteed LIC returns
The guaranteed annual income feature worked similarly to a pension while maintaining life insurance protection for family members.
Important Notes About LIC Jeevan Umang Plan 945
- The policy was launched on February 1, 2020
- LIC withdrew the policy from new sales on October 1, 2024
- Existing policies continue according to original policy conditions
- Updated versions of the policy continue with revised features under newer UIN versions
Pros and Cons Overview of LIC Jeevan Umang Plan 945
| Pros | Cons |
|---|---|
| Guaranteed annual payout of 8% after premium-paying term | Returns may be lower compared to market-linked investment plans |
| Whole life insurance coverage up to 100 years of age | Requires long-term premium commitment |
| Flexible premium-paying term options available | Limited liquidity before completion of 2 years |
| Tax-free maturity and survival benefits | Withdrawn from new sales after October 2024 |
Frequently Asked Questions
What is LIC Jeevan Umang Plan 945?
LIC Jeevan Umang Plan 945 is a non-linked, participating whole life insurance policy offered by Life Insurance Corporation of India that provides:
- 8% annual survival benefit after premium-paying term
- Whole life insurance protection
- Maturity benefits at age 100
- Bonus participation benefits
When Was LIC Jeevan Umang Plan 945 Launched and Withdrawn?
The policy was launched on February 1, 2020, and later withdrawn from LIC’s active product list on October 1, 2024.
What Premium-Paying Term Options Were Available?
Policyholders could choose premium-paying terms of:
- 15 years
- 20 years
- 25 years
- 30 years
These flexible options made the policy suitable for both medium-term and long-term financial planning.
What Was the Minimum and Maximum Sum Assured?
- Minimum Sum Assured: ₹2,00,000
- Maximum Sum Assured: No upper limit subject to underwriting rules
Policyholders could select higher Sum Assured values according to financial needs and eligibility.
Was Loan Facility Available Under LIC Jeevan Umang Plan 945?
Yes, loans against the policy became available after payment of at least two full years’ premiums.
The loan amount depended on the surrender value acquired under the policy.
Final Thoughts
LIC Jeevan Umang Plan 945 remained one of LIC’s notable whole life insurance and savings policies that combined guaranteed annual income, long-term life protection, bonus participation, and tax-saving advantages under a single plan.
Although the policy was withdrawn from new sales in October 2024, existing policyholders continue to enjoy its benefits according to original policy terms. The LIC Jeevan Umang Plan 945 Calculator continues to be a valuable tool for estimating premiums, survival benefits, bonuses, and long-term financial returns with clarity and convenience.
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