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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)
Calculators For Jeevan Umang Plan (845)
Premium Calculator Maturity Calculator

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 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 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

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

Replied : 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.

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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.

Replied : 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.

Replied : 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.

Replied : 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

Replied : 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 ?

Replied : 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.

Replied : 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?

Replied : 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.

Replied : 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

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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

Replied : 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.

Replied : 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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Wrote : 17-05-2017 18:41:31

this plan is very high class plan but plan's maturity time is very long .a perfect pension plan for each and every one.thanks

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Wrote : 17-05-2017 15:14:50

BEST PLAN BUT HIGH PREMIUM

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Wrote : 17-05-2017 12:09:52

i am 56 yrs old now. can i enter 15 yrs plan by paying for 2 terms now

Replied : 17-05-2017 14:19:41
Maximum age of entry is 55 year, so it won't be possible to buy this plan in case.

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Wrote : 17-05-2017 11:53:51

this is good policy.but premium is very high.

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Wrote : 17-05-2017 07:39:10

it is only about 2% not 8%

Replied : 17-05-2017 08:30:59
8% is not rate of interest, it is 8% of sum assured rather.

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Wrote : 16-05-2017 20:53:57

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

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Wrote : 16-05-2017 17:04:09

LIC Jeevan Umang plan is very good plan. Every one shall take this policy. This policy is very attractive for below 30 years persons. Every grand father and grand mother shall think about the welfare of their grand daughters and grand sons and shall take this policy and to pay premium as gift.
This policy gives. ---

  1. 8% on sum assured every year.
  2. Bonus for 100 years term.
  3. Final additional bonus for 100 years Term.
  4. Insurance cover for 100 years term.
  5. Loan facility is available after 3 years.
  6. Policy can be surrendered at any time after 3 years to 100 years.
  7. We can surrender the policy at the Age of 60 or 65 or 60 or 70 etc and can utilize the surrender value amount to our needs which we may expect on par with the returns of other lic Policies.

So the above policy is amazing Policy like our Bahubali Cenema. We can compare LIC of India with great Director Sri Rajamoulli garu.

Replied : 16-05-2017 18:00:05
Thank you so much for your reviews with a filmy touch. We appreciate !!.

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Wrote : 16-05-2017 16:58:13

Year NoYearAgeDeposit AmountSum 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

I give the details for the first four years for reference from the above table. Please see the projected Bonus amount above. In the second, the policy holder pays a total amount of Rs.144106, while the Bonus is assumed as Rs. 122500. Is it possible to get this much bonus for an investment of 144106? This is continuing for 3rd and 4th Year also. In the 4th Year, the total amount paid by the policy holder totals to Rs.288212 , BUT the "Projected"Bonus totals to a whopping Rs.367500/- . Is it possible? I find a flaw in the above calculation sheet. Please clarify

Replied : 16-05-2017 17:44:53
It is not a flaw as the bonus declared is scheduled to be paid at maturity or death not in the same year it is declared.

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Wrote : 16-05-2017 16:01:01

Children purpose this plan is no benefit due to higher age policy premium complete.

Wrote : 27-05-2017 16:36:53

HI, This policy is also good for kid, for e.g. if one Year Kid and parents taken this policy for 30 Years the premium is Rs.2496/- also at the age of 31 the investment is only 898560/- and he will earn 40 to 60 Lacks. If you compare PPF the rate of internet is good as well Loan and surrender facility also available. If you compare with other Government schemes this policy is very good. Other schemes only give return but this schemes give you lots of benefits.

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Wrote : 16-05-2017 14:13:36

Wonderful plan launched by lic.life time cover upto 88 lakhs plus R bonus to. isn't

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Wrote : 16-05-2017 11:43:02

Lic always make foolish everyone, they show i will give best but ultimate everyone loos. this policy is one of the Worst policy. once this policy chitting everyone.

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Wrote : 16-05-2017 11:42:55

After 30 years policy matured extract 90 lakh how can we take only 2 lakh every year it is a very small amount

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Wrote : 16-05-2017 10:50:50

Thank you for your illustration about the plan. Bonus showing in the above example will real paid by LIC apart from the RISK coverage. Please confirm the same.

Replied : 16-05-2017 13:38:39
As this plan is new and no bonus rate has been declared for this plan so the above illustration is generated using Jeevan Tarang Plan which is similar to this plan. These types of plan accumulates bonus at Rs. 50 per thousand of sum assured per year (approx), so if we calculate bonus for 10,00,000 sum assured for 30 year term, then it will be 10,00,000x30x50/1000= 15,00,000. Apart from this FAB rate for 30 year in similar plans is Rs. 1100 per thousand of sum assured, so if we calculate this, it will be 10,00,000x1100/1000= 11,00,000. So, 10Lakh SA for 30 years will yield approximately 36 Lakh as maturity.

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Wrote : 16-05-2017 08:01:16

Good for every one

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Wrote : 15-05-2017 17:18:21

It is good policy for all after end of term 8 % is very handsome amount and no premium paid till 100yrs I like very much and take for my child

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