LIC Jeevan Umang (Plan 745) Whole Life Plan Guide

8% of SA every year as income + full SA at maturity (age 100). The plan that pays you for life.

✍️ By Team Lic Calculator 🔍 Reviewed by Haresh Hirapara (20+ yrs in Insurance) 📅 Updated: August 2026 ✅ Expert Verified
📌 Quick Answer

Jeevan Umang is LIC's whole life plan that pays 8% of Sum Assured every year as survival benefit after your premium paying term ends — and this continues until age 100. At age 100, you also get the full SA + Bonus + FAB as maturity. It's like a pension plan combined with life insurance.

📋 Table of Contents
  1. Key Features at a Glance
  2. How Jeevan Umang Works — Visual
  3. Real Example — ₹10L SA, Age 30, PPT 20
  4. All Benefits Explained
  5. Who Should Buy Jeevan Umang?
  6. Frequently Asked Questions

Key Features at a Glance

Plan Number745 — Jeevan Umang
TypeWhole Life (covers till age 100)
Entry Age90 days to 55 years
Min Sum Assured₹2,00,000
PPT Options15, 20, 25, or 30 years
Policy TermTill age 100 (fixed)
Annual Income8% of SA every year after PPT
Maturity (Age 100)SA + Accrued Bonus + FAB
Bonus Rate~₹45 per ₹1,000 SA per year
Tax BenefitsSection 80C + 10(10D)

How Jeevan Umang Works

The plan has 3 clear phases:

💳
Phase 1: Pay Premiums
Pay for 15/20/25/30 years
Life cover active
Bonus accrues yearly
💰
Phase 2: Receive Income
8% of SA every year
No premiums needed
Continues till age 100
🏆
Phase 3: Maturity
At age 100, get
SA + Bonus + FAB
as lump sum

Real Example — ₹10L SA, Age 30, PPT 20 Years

Sum Assured₹10,00,000
Entry Age30 years
PPT20 years (pay from age 30 to 50)
Annual Premium (approx.)~₹54,000
Total Premium Paid (20 yrs)~₹10,80,000
💰 What You Receive:
Annual Income (age 50-99)₹80,000/year × 50 years = ₹40,00,000
Maturity at Age 100SA (₹10L) + Bonus (~₹9L) + FAB = ~₹19,00,000
TOTAL RECEIVED~₹59,00,000

*Approximate estimates. Bonus at ₹45/1000/yr for 20 years of PPT. Actual amounts depend on LIC's declared bonus rates. Maturity at age 100 assumes the policyholder survives to 100.

💡 The maths: You invest approximately ₹10.8L over 20 years and receive approximately ₹59L over your lifetime — that's 5.5x your total investment. Of course, this is spread over 70 years, so the actual return (IRR) is approximately 5-6% — comparable to other guaranteed instruments like PPF.

All Benefits Explained

💰
Survival Benefit — 8% SA Every Year

After PPT ends, receive 8% of SA annually till age 100. For ₹10L SA = ₹80,000/year. Guaranteed, automatic, tax-free (under current 10(10D) rules for qualifying policies).

🏆
Maturity Benefit — SA + Bonus at Age 100

At age 100, the full SA + all accumulated bonus + FAB is paid as lump sum. This is approximately ₹19L for a ₹10L SA policy (approximate estimate).

🛡️
Death Benefit — Lifelong Coverage

On death at any time (during or after PPT), nominee receives: SA + Accrued Bonus + FAB. Life cover continues for the entire term until age 100 — no additional premium needed after PPT.

🏦
Loan Facility

After 3 years of premium payment, you can take a loan against the policy at approximately 9-10% interest. See Loan Guide →

Who Should Buy Jeevan Umang?

✅ Ideal For
  • Retirement planning — pension-like annual income
  • Young parents — buy for child (age 0+), income starts early
  • Conservative investors — guaranteed returns
  • Lifetime life cover seekers
  • Supplementary pension alongside NPS/EPF
❌ Not Ideal For
  • High-return seekers — equity/MF give more
  • Short-term savings — minimum 15yr commitment
  • People who need flexibility — locked-in structure
  • Those with only term insurance — buy term first

💡 Expert Tip (Haresh Hirapara): Jeevan Umang is one of the best plans for creating a lifelong income stream. I recommend it especially for parents buying for newborns/children — with a 15-year PPT starting at age 0, the child begins receiving ₹80,000/year from age 15 for their entire life. That's income for education, career, and retirement — all from one policy. However, don't put all your savings here. Use it as the guaranteed base of your financial plan alongside equity investments. Consult a financial advisor for the right allocation.

🧮 Calculate Jeevan Umang Premium →

Frequently Asked Questions

What is LIC Jeevan Umang plan?+
Jeevan Umang (Plan 745) is a whole life plan that provides 8% of SA as annual income after the premium paying term, continuing till age 100. At age 100, you also receive SA + bonus as maturity. It combines insurance coverage, savings, and a pension-like income in one plan.
How much annual income does Jeevan Umang give?+
8% of Sum Assured every year after the PPT ends. For ₹10L SA, that's ₹80,000/year. With PPT 20 starting at age 30, you receive ₹80,000 annually from age 50 to 100 — approximately 50 payments totalling ₹40L in survival benefits alone. These are approximate estimates.
What is the maturity benefit of Jeevan Umang?+
At age 100, you receive full SA + accumulated bonus + FAB. For ₹10L SA with 20yr PPT, the estimated maturity is approximately ₹19-20L. This is in addition to all annual income already received. Actual bonus depends on LIC's declared rates.
What PPT options are available?+
Four options: 15, 20, 25, or 30 years. Shorter PPT = higher annual premium but income starts earlier. For example, age 30 with 15yr PPT means income starts at age 45; with 30yr PPT, income starts at age 60. Choose based on when you want the income to begin.
Is Jeevan Umang a good plan?+
Jeevan Umang is excellent for guaranteed lifetime income and conservative investors. The IRR is approximately 5-6%, comparable to PPF. It's best as a guaranteed base alongside equity investments — not as your only investment. Ideal for retirement planning and children's policies. Consult a financial advisor for personalized guidance.
⚠️ Disclaimer

This article is for educational and informational purposes only. LIC-Calculator.com is not affiliated with LIC of India. Premium, income, and maturity amounts are approximate estimates based on publicly available information. Actual amounts depend on LIC's declared bonus rates. For official rates, visit licindia.in.

This is not financial advice. Please consult a certified financial advisor before making insurance or investment decisions.

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