LIC Jeevan Umang (T-845) – All details with calculators and examples

(Last Updated On: December 3, 2017)

LIC Jeevan Umang (T-845) is a versatile, ‘with profit whole life plan’ which has several benefits of erst while popular plan Jeevan Tharang (T 178). The greatest advantage of LIC Jeevan Umang is that it offers a ‘Guaranteed Pension’ and ‘Insurance’ to the policy holder and that too with out any tax liability on pension amount. LIC offers guaranteed annual survival benefits at the rate of 8% of Sum Assured after premium paying term which is followed by maturity benefit at 100 years of age.

Eligibility conditions and main features
1Minimum Age At Entry90 days (completed)
2Maximum Age At Entry55 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
3Age at maturity100 years
4Minimum Sum Assured2,00,000
5Sum Assured Multiples25,000
6High sum assured rebate
2,00,000 – 4,75,000Nil
5,00,000 – 9,75,0001.25 / 1000 SA
10,00,000 – 24,75,0001.75 / 1000 SA
25,00,000 and above2.00 / 1000 SA
7Premium modes availableYearly, Half Yearly, Quarterly and
Monthly(NACH and SSS)
8Survival Benefit / pensionPaid every year after premium paying term
at the rate of 8% of sum assured (paid annually)
9MaturitySum Assured along with Bonus and
Final Additional Bonus paid at maturity.
10Whole life coverageInsurance Coverage equal to sum Assured
plus Bonus and FAB will be available up to 100
years of age.
11Accident CoverCan opt from Accident benefit or Accidental death
and disability rider.
Premium And Benefit Calculators- LIC Jeevan Umang
Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845)
Premium Calculator – Jeevan UmangMaturity and Benefit Calculator – Jeevan Umang

Click the links given above to open calculators.

LIC Jeevan Umang T-845 -Important points to remember
  • LIC’s Jeevan Umang is a non- linked, with profit whole life assurance plan. Which means that, it is not directly linked to share market and insurance coverage is available through out the life. As it is a with profit plan, it will be eligible for 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 which ever is earlier.
  • Death benefit equal to Sum Assured + Bonus + final additional bonus available through out 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, 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 SA ) is exempted from income tax liability u/s 10(10d) of Income tax act.

Read more :

LIC Jeevan Umang T-845 – online Premium, Insurance and Benefit Calculator

Jeevan Umang – Calculator is a powerful online tool which can help you to get a complete idea on the premium and benefits of LIC’s newly introduced whole life pension plan – Jeevan Umang.

LIC Jeevan Umang policy T-845- Example of benefits.

LIC jeevan Umang t 845 benefits illustration

In order to get a clear idea on the benefits of LIC’s Jeevan Umang plan, let us take an example of a person with following details and assume that he is taking a new policy.

Plan Details Considered For Illustration
Age25 Years
Sum Assured10,00,000
Term25 Years
Yearly Premium39,322
Total Premium Paid9,83,050

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 are..

  1. Policy holder survives the term of 25 years and receives the guaranteed survival benefit
  2. Receives the maturity at the age of 100 years
  3. Death occurs in the period of receiving guaranteed survival Benefit
  4. Death occurs during the premium paying term
  5. Death occurs due to an accident

Let us have a look at these scenarios one by one.

1. Policy holder survives the term of 25 years and receives the guaranteed survival benefit

Guaranteed survival benefits of Rs.80,000 per annum shall be payable yearly for next 50 years as the policy holder will be at the age of 50 years at the end of premium paying term.

 

LIC Jeevan Umang table 845 premium and benefit illustration with all details

2. Receives the maturity at the age of 100 years

If the policy holder 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.48,00,000 at expected rates of bonus of Rs 50 per thousand SA.

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 even if in 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 the optional accident benefit rider is taken at the time of policy. Two types of accident benefit riders are available under 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 accident coverage opted for.

  • LIC’s Accidental death and disability benefit rider.

Here accidental death coverage of additional Sum Assured will be available in case accidental death. Survival benefit at the rate of 10% of Sum Assured shall be payable in case of an accidental disability.

Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845)
Premium Calculator – Jeevan UmangMaturity and Benefit Calculator – Jeevan Umang

Read more: Five Unique Features of LIC’s Jeevan Umang which you may not know..

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*The benefit illustrations shown above are just for understanding the basic details of the plan. Please go through LIC web site for more details. LIC Jeevan Umang is considered similar to LIC’s Jeevan Tharang and bonus rates shown are of Jeevan Tharang plan. Actual benefits can vary based on real situations. Simple Reversionary Bonus for Jeevan Umang is available only up to premium paying term. After that, bonus rate available will be at a special differential rate (DB-Differential Bonus).
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