LIC Jeevan Umang (T-845) – All details with calculators and examples
LIC’s Jeevan Umang (T-845) – All details with premium, maturity and benefit calculators with examples. LIC Jeevan Umang (T-845) is a versatile, ‘with profit whole life plan’ which has several benefits of erstwhile popular plan Jeevan Tharang (T 178). Off late, this plan has gained immense popularity owing to its innovative benefit pattern. The advantage of the Jeevan Umang plan is that it offers a life long, guaranteed, pension/annuity and increasing insurance cover to the policyholder and that too without any tax liability on pension amount.
LIC has withdrawn Jeevan Umang with plan number 845 with effect from 31/01/2020 and has reintroduced it as Jeevan Umang (Plan 945). Read complete details of Jeevan Umang (plan 945).
In the current economic scenario, bank interest rates are getting reduced day by day and nobody is willing to offer any guaranteed interest rates for long periods. On the other hand, LIC has taken a bold step by offering guaranteed annual survival benefits at the rate of 8% of Sum Assured, after the premium paying term, till 100 years of age.

Insurance coverage and surrender value of the plan increases steadily after the premium paying term, providing high insurance coverage and liquidity at a higher age. Even though LIC would like to keep the maturity at 100 years of age, the policyholder can surrender the plan earlier if he requires money earlier.
Table of Contents
Eligibility Conditions and Restrictions
Eligibility conditions and main features | ||
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1 | Minimum Age At Entry | 90 days (completed) |
2 | Maximum Age At Entry | 55 years for 15 year premium period |
50 years for 20 year premium period | ||
45 years for 25 year premium period | ||
40 years for 30 year premium period | ||
3 | Age at maturity | 100 years |
4 | Minimum Sum Assured | 2,00,000 |
5 | Sum Assured Multiples | 25,000 |
6 | High sum assured rebate | |
2,00,000 – 4,75,000 | Nil | |
5,00,000 – 9,75,000 | 1.25 / 1000 SA | |
10,00,000 – 24,75,000 | 1.75 / 1000 SA | |
25,00,000 and above | 2.00 / 1000 SA | |
7 | Premium modes available | Yearly, Half Yearly, Quarterly and Monthly(NACH and SSS) |
8 | Survival Benefit / pension | Paid every year after premium paying term at the rate of 8% of sum assured (paid annually) |
9 | Maturity | Sum Assured along with Bonus and Final Additional Bonus paid at maturity. |
10 | Whole life coverage | Insurance Coverage equal to sum Assured plus Bonus and FAB will be available up to 100 years of age. |
11 | Accident Cover | Can opt from Accident benefit or Accidental death and disability rider. |
LIC Jeevan Umang T-845 – online Premium, Insurance, and Benefit Calculator
Jeevan Umang – Calculator is a powerful online tool that can help you to get a clear idea of the premium, maturity benefit, surrender value and insurance coverage of this whole life pension plan.
If you are unable to view the calculator on this page please use the links provided below.
Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845) | |
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Premium Calculator – Jeevan Umang | Maturity and Benefit Calculator – Jeevan Umang |
LIC Jeevan Umang T-845 -Important points to remember
- LIC’s Jeevan Umang is a non-linked, with profit whole life assurance plan. This means that it is not directly linked to share market and insurance coverage is available throughout life. As it is a with-profit plan, it will be eligible for a bonus declared by LIC at the time of maturity.
- Premium paying term can be selected from 15, 20, 25 and 30 years.
- Guaranteed survival benefits at the rate of 8% of Sum Assured will be available annually after completion of the premium paying term till maturity or death whichever is earlier.
- Death benefit equal to Sum Assured + Bonus + final additional bonus and shall be available throughout life.
- Maturity benefit at the age of 100 includes Sum Assured + Bonus + Final Additional Bonus.
- Simple Reversionary Bonus for Jeevan Umang is available only up to premium paying term. After that, the bonus rate for the plan will be at a special Differential Rate (DB-Differential Bonus).
- Income tax rebate u/s 80C is available for the premium paid. You can use this Online Income Tax Calculator to calculate your income liability.
- Maturity benefit and guaranteed survival benefit (@ 8% of Sum Assured ) is exempted from income tax liability u/s 10(10d) of the Income-tax act.
Read more :
Latest Bonus Rates of Jeevan Umang
Simple reversionary bonus rates (applicable during premium paying term)
The simple reversionary bonus rates of the plan as per the latest valuation are given below.
Jeevan Umang Bonus Rates 2019 – 2020 | ||||
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Age at Entry | Bonus During Premium Paying Term | |||
15 Years | 20 Years | 25 Years | 30 Years | |
0-14 | NA | 70 | 65 | 60 |
15-29 | 67 | 62 | 56 | 50 |
30-44 | 60 | 55 | 50 | 49 |
45-55 | 51 | 50 | 49 | NA |
These bonus rates are applicable only during the premium paying term of the policy.
Differential bonus rates of Jeevan Umang policy.
Differential bonus rates applicable after the premium paying term have not been declared by the Life Insurance Corporation of India yet. So we cannot accurately calculate the maturity benefit of the plan. But we can estimate the expected rates as per the benefit illustration @ 8% scenario provided by LIC of India.
Read more on benefit illustration and how it can be used to estimate the expected rates of Jeevan Umang here.
LIC Jeevan Umang policy T-845- Example of benefits.
In order to get a clear idea of the benefits of LIC’s Jeevan Umang plan, let us take an example of a person with the following details and assume that he is purchasing a 10 lakh sum assured policy.
Plan Details Considered For Illustration | |
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Age | 25 Years |
Sum Assured | 12,50,000 |
Term | 15 Years |
Yearly Premium | 98,243 |
Total Premium Paid | 14,73,645 |
Please note: Illustration shown here is just an example to understand the benefits of Jeevan Umang Policy, If you want to know the actual benefits as per your details, please use the Jeevan Umang Calculator provided above.
Likely possibilities after taking Jeevan Umang plan (as per our example)
- Policyholder survives the term of 25 years and receives the guaranteed survival benefit
- Receives the maturity at the age of 100 years
- Death occurs in the period of receiving guaranteed survival Benefit
- Death occurs during the premium paying term
- Death occurs due to an accident
Let us have a look at these scenarios one by one.
1. Policyholder survives the term of 25 years and receives the guaranteed survival benefit
Guaranteed survival benefits of Rs.1,00,000 per annum shall be payable yearly for the next 60 years as the policyholder will be at the age of 40 years at the end of the premium paying term.

In this illustration, the differential bonus rates shown are as per the benefit illustration at 8% scenario.
2. Receives the maturity at the age of 100 years
If the policyholder survives up to the age of 100 he will be eligible for a benefit of Sum Assured + Bonus +Final Addition bonus. In our case, he is eligible for a return of Rs.1,66,81,250* at current rates of bonus and differential bonus as per the 8% scenario of benefit illustration provided by LIC.
3. Death occurs in the period of receiving guaranteed survival Benefit
Death coverage includes Sum assured + Bonus + Final Additional Bonus
4. Death occurs during the premium paying term
Death coverage includes Sum assured + Bonus + Final Additional Bonus (if any) during the premium paying period
5. Death occurs due to an accident
In case of an unfortunate event of death occurring due to an accident, additional benefits are payable, if and only if (1) the optional accident benefit rider is taken at the time of the policy (2) death occurs during the premium paying term. Two types of accident benefit riders are available under the Jeevan Umang policy.
- LIC’s Accident benefit rider
If death occurs due to an accident an additional sum assured will be paid. Premium required for this rider is Rs .50 per thousand (sum assured) accident coverage opted for.
- LIC’s Accidental death and disability benefit rider.
Here accidental death coverage equal to additional Sum Assured will be available in case accidental death. Survival benefits at the rate of 10% of Sum Assured for a period of 10 years (or maturity whichever is earlier) also shall become payable in case of an accidental disability.
Read more:
*The benefit illustrations shown above are just for understanding the basic details of the plan. Please go through the LIC web site for more details. Simple Reversionary Bonus for Jeevan Umang is available only up to premium paying term. After that, the bonus rate available will be at a special differential rate (DB-Differential Bonus).
Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.
Hello,
Thanks for sharing detail information about the new plan launched.
I have one query with reference to the generated illustration. The bonus calculation should be applicable till the paying term and NOT till the 100 years. In that scenario, the maturity amount will be less as compared to presently calculated.
Please share your views.
Thank You for your query. In the earlier benefit illustrations, same bonus rate was shown as simple reversionary bonus and differential bonus rate on the assumption that LIC will declare same bonus as differential bonus also. As this is not guaranteed I have published revised benefit illustrations. Please go through it.
Thank you..
can u pls send new lic presentation software with table 845………………….help appreciated
Dear Raj,
I have not integrated table 845 in the presentation software so far. I ll do it soon and it will be available for free download from http://www.ourlic.in . Il ll notify you when it is available. Thank you.
I have not integrated table 845 in our downloadable presentation software. I ll do it soon. It will be available for download from http://www.ourlic.in when it is available. Thank you
I am NRI and if I take Jeevan Umang policy I have to pay GST on premium or not?
Help me out.
As of now there is no GST exemption for NRI’s and FNOI’s. Please check the post No more service tax exemption for NRI’s and FNOI’s.
IF SUM ASSURED – 10,00,000 LAKHS ;
Premium paid for 15 years (81948 approx. paid yearly) ;
returns /pension received after 15 years – 80000/- yearly approx is taxable or not??
Survival benefit from Jeevan Umang is not taxable. It is tax free earnings..
IF SUM ASSURED – 10,00,000 LAKHS ;
Premium paid for 15 years (81948 approx. paid yearly) ;
returns /pension received after 15 years – 80000/-
Then I want details of insurance and meturity value 16 to until 100 years
Bonus rates of Jeevan Umang plan has not been declared yet. So expected values cannot be calculated. It may vary based on corporations actual experiences. We may get a better idea next year once the bonus rate has been declared.
Sir, Namaste, Does income received from JEEVAN SANTHI is taxable or not? Please advise.
Income received from Jeevan Shanti is taxable. But LIC will not deduct any tax at source. You will have to add the annuity amount to your income and pay tax accordingly.
I HAVE INVESTED 10 L PREMIUM P.A. FOR 15 YEAR AND SUM ASSURED IS 1.25 CR
I WANT TO KNOW WHAT THE AMOUNT WILL I GET
1. DEATH AFTER 13 YEAR COMPLETED PREMIUM PAID
2. DEATH AFTER 15 YEAR COMPLETED PREMIUM PAID
The normal death coverage for 1.25 crore sum assured Jeevan Umang plan on the 13th year will be 2,22,50,000 and on the 15th year it will be 2,37,50,000. Hope it cleared your doubt.