LIC Jeevan Umang Plan 745 Calculator: Premium & Maturity (2026)
The LIC Jeevan Umang Plan 745 Calculator is a comprehensive tool designed to help you calculate your premium, visualize your 8% annual survival benefit, and understand your year-wise cash flow. Whether you are planning for a guaranteed pension or lifelong insurance cover, this tool provides an instant illustration of how Plan 745 works for your age and budget.
How to Use The LIC Jeevan Umang Calculator
We have designed this tool to mimic an official LIC illustration but with a simpler interface. Follow these steps:
- Enter Age: Input your current age (Entry age must be between 90 days and 55 years).
- Select Term: Choose your Premium Paying Term (PPT)—15, 20, 25, or 30 years. This determines how long you pay.
- Set Sum Assured: Enter the Basic Sum Assured (Minimum ₹2,00,000). This figure decides your death benefit and your future yearly income.
- Result: Click “Generate Illustration” to see your Annual Premium, the exact Guaranteed Return amount, and a detailed year-by-year breakdown of your policy’s cash value and loan eligibility.
What is LIC Jeevan Umang (Plan 745)?
LIC Jeevan Umang is a Whole Life Assurance Plan that offers a unique combination of income and protection. Unlike standard endowment plans that mature in 15-20 years, Jeevan Umang covers you until age 100.
Its most popular feature is the Guaranteed Survival Benefit: Once you finish paying premiums, LIC pays you 8% of the Basic Sum Assured every single year until you reach age 100 or until death.
Key Features at a Glance:
- Guaranteed Income: 8% of Sum Assured annually after the premium term ends.
- Lifelong Cover: Death benefit continues even while you receive income.
- Bonuses: Eligible for Simple Reversionary Bonus and Final Additional Bonus (FAB).
- Loan Facility: Available after 3 full years of premium payment.
How the Returns Work
Let’s calculate the returns for Ravi, a 30-year-old IT professional who wants a secure secondary income for his later years.
- Age: 30 Years
- Sum Assured: ₹10,00,000 (10 Lakhs)
- Premium Paying Term (PPT): 15 Years
- Annual Premium: Approx. ₹79,000 + GST
The Timeline:
- Phase 1 (Paying): Ravi pays premiums from Age 30 to Age 45.
- Phase 2 (Receiving): From Age 45 onwards, he receives ₹80,000 (8% of 10 Lakhs) every year tax-free.
- Phase 3 (Maturity/Claim): If Ravi lives to 100, he gets the Sum Assured + Bonuses. If he passes away at Age 75, his nominee gets the Sum Assured + accumulated bonuses, regardless of how much income Ravi has already received.
How We Calculate Your Returns
It is important to understand that the 8% return is calculated on the Sum Assured, not on the premium you pay.
Formula for Annual Return: Yearly Income = Basic Sum Assured × 8%
Formula for Death Benefit: Death Claim = Sum Assured on Death + Vested Bonuses + Final Additional Bonus
Note: “Sum Assured on Death” is defined as the higher of: 7 times of annualized premium OR 110% of Basic Sum Assured.
Why Use Planmyreturns Jeevan Umang Calculator?
While official brochures can be confusing, our tool offers specific advantages for smart planning:
- Loan Value Projection: Most calculators hide this. We show you exactly how much loan you can take against your policy in any specific year (e.g., Year 10 or Year 20).
- CSV Export: Planning your finances in Excel? Use the “Download CSV” button to get the full 100-year illustration in a spreadsheet.
- Accident Rider Integration: Toggle the Accident Benefit Rider to see how a small extra premium can drastically increase your coverage.
- Mobile Optimized: View the detailed year-wise table easily on your phone without zooming or scrolling issues.
Frequently Asked Questions (FAQs)
Yes. The survival benefit of 8% of the Basic Sum Assured is guaranteed and written into the policy document. It is not linked to market fluctuations.
Yes, under current tax laws (Section 10(10D) of the Income Tax Act), the survival benefit (the yearly 8% income) and the maturity/death benefit are tax-free, provided the premium in any year does not exceed 10% of the Sum Assured.
If you pay for less than 2 years, the policy lapses with no value. If you pay for at least 2 years but stop afterwards, it becomes a “Paid-up Policy.” The Sum Assured reduces proportionately, and the 8% benefit will also reduce proportionately.
Yes, you can surrender the policy after paying premiums for at least 2 full years. However, surrendering early usually results in a loss. Our calculator’s “Cash Value” column shows you the estimated surrender value for each year.
It is excellent for conservative investors who want a fixed, guaranteed pension that doesn’t depend on interest rates (which might fall in the future). It acts as a safety net alongside riskier investments like Mutual Funds.