LIC is India’s most trusted insurer, and one of its flagship policies is Jeevan Umang. It’s a unique mix of life insurance + savings + guaranteed yearly income.
But before buying, the real question is:
👉 How much premium will I pay?
👉 When will my yearly income start?
👉 What’s my maturity value and real return (IRR)?
The fastest way to answer these is by using a Jeevan Umang Calculator.
Quick heads-up: The old Plan 945 is withdrawn. The current active version is Plan 745 (UIN: 512N312V03). Always check that your calculator is updated for Plan 745.
What is LIC Jeevan Umang (Plan 745)?
In the simplest words:
- Pay premiums for 15, 20, 25, or 30 years (you choose).
- After the premium-paying term ends, LIC pays you 8% of Basic Sum Assured every year (called Survival Benefit).
- This continues till you turn 100 or till death.
- On maturity at 100 (or death earlier), LIC pays Sum Assured + bonuses in lump sum.
So you get:
✔ Lifetime yearly income
✔ Life cover till 100
✔ Final maturity/death payout
For full, authoritative detail straight from LIC, refer to their official Jeevan Umang Sales Brochure (Plan 745).
Why Use a Jeevan Umang Calculator?
The calculator helps you:
- Know your exact premium (monthly/quarterly/yearly).
- See 8% yearly income clearly.
- Get IRR (Internal Rate of Return) to compare with FD, term + mutual fund, etc.
- See bonus scenarios (conservative/average/optimistic).
- View year-by-year cashflows—so there are no surprises.
Jeevan Umang IRR vs Alternatives (Quick Visual)
The IRR (Internal Rate of Return) is the best apples-to-apples way to compare Jeevan Umang with other options. Below is an illustrative range comparison. Your actual IRR will depend on your age, premium mode, bonus outcomes, and holding period.
| Option | Typical IRR Range (Illustrative) | Risk / Notes |
|---|---|---|
| Jeevan Umang (Plan 745) | ~4% – 6% | Participating bonuses vary; strong income certainty post-PPT |
| Bank FD (5–10 yrs) | ~6% – 7% | Taxable interest; high safety |
| PPF (15 yrs) | ~7% – 8% | Sovereign-backed; EEE tax treatment |
| Debt Mutual Fund | ~6% – 8% | Market-linked; indexation rules apply as per current tax law |
| Equity Mutual Fund (long term) | ~10% – 12%+ | Volatile; potential for higher returns with risk |
Note: Ranges above are educational and rounded. Tax treatment, tenure, and risk can change your real, post-tax return. Always compare your personalized IRR from the Jeevan Umang calculator before deciding.
Example: Jeevan Umang Calculator in Action
Case Example
- Age: 30 years
- Basic Sum Assured (BSA): ₹10,00,000
- Premium Paying Term (PPT): 20 years
- Mode: Yearly
Calculator Output:
- Premium: Around ₹47,000 per year (varies slightly with GST).
- Survival Benefit: ₹80,000 per year (8% of 10 lakh) from year 21 till age 100.
- Bonuses: Added at maturity (not guaranteed).
- Maturity/Death: ₹10 lakh + accumulated bonuses.
Year-by-Year Illustration (Sample)
Here’s how a Jeevan Umang calculator table might look for the above case (simplified, bonuses not included):
| Policy Year | Age | Premium Paid | Survival Benefit (8% of SA) | Cumulative Survival Benefits |
|---|---|---|---|---|
| 1–20 | 30–49 | ₹47,000/yr | Nil | Nil |
| 21 | 50 | Nil | ₹80,000 | ₹80,000 |
| 22 | 51 | Nil | ₹80,000 | ₹1,60,000 |
| 23 | 52 | Nil | ₹80,000 | ₹2,40,000 |
| … | … | … | … | … |
| 70 | 99 | Nil | ₹80,000 | ₹16,00,000+ |
| 71 (Maturity) | 100 | Nil | ₹80,000 | ₹16,80,000 + Maturity (₹10L + Bonus) |
👉 By age 100, you’d have already received ₹16.8 lakh in yearly income + final lump sum. That’s the power of long-term income.
Jeevan Umang (745) vs Jeevan Utsav vs Term+MF
| Feature | Jeevan Umang (745) | Jeevan Utsav | Term Plan + Mutual Fund |
|---|---|---|---|
| Type | Whole life + savings | Limited premium, guaranteed income | Pure protection + market investment |
| Yearly Income | 8% of SA (post PPT) | Guaranteed % payouts for limited years | Depends on MF returns |
| Life Cover | Till 100 | Till 100 | Till chosen term |
| Liquidity | Limited | Moderate | High (MFs can be redeemed) |
| IRR | 4–6% (depends on bonuses) | 5–7% (structured payouts) | 8–12% (if equities do well) |
| Risk | Very low | Low-medium | Market risk |
👉 If you want guaranteed income for life, Umang wins. If you want higher returns, Term + MF combo may suit better.
Pros of Jeevan Umang
✔ Guaranteed yearly income (8% of SA)
✔ Life cover till age 100
✔ Lump sum maturity/death payout
✔ Eligible for LIC bonuses
✔ Loan facility
✔ Tax benefits (80C, 10(10D))
Cons of Jeevan Umang
✘ Premiums are higher than pure term plans
✘ Bonuses are not guaranteed
✘ Returns (IRR) are moderate (usually ~4–6%)
✘ Liquidity is low (surrendering early isn’t wise)
Who Should Consider Jeevan Umang?
✅ Parents wanting steady income for future needs
✅ Retirees or near-retirees who prefer predictable income
✅ Risk-averse investors who don’t want equity exposure
✅ People looking for cover till 100 years
❌ Not ideal for aggressive investors chasing high returns
❌ Not for those who may need liquidity in short term
How to Use a Jeevan Umang Calculator (Step-by-Step)
- Enter your age.
- Choose premium paying term (15/20/25/30).
- Enter Basic Sum Assured.
- Select payment mode (annual, half, quarterly, monthly).
- Calculator shows: premium, survival benefit, maturity.
- Check bonus scenarios.
- Look at IRR.
- Download or email the report.
- Adjust inputs until it matches your goal.
FAQs on Jeevan Umang Calculator
Q1: Is the 8% in Jeevan Umang a return?
No. It’s a payout on Sum Assured, not the investment return. IRR is lower.
Q2: Is Plan 945 still available?
No. It’s withdrawn. Only Plan 745 is active.
Q3: Are bonuses guaranteed?
No. They depend on LIC’s annual declaration.
Q4: When do survival benefits start?
Immediately after the premium paying term ends.
Q5: Can I take a loan?
Yes, after certain conditions.
Q6: Is the calculator accurate?
Premiums and payouts are accurate. Bonuses are assumptions.
Misconceptions People Have
❌ “8% is return” → Wrong. It’s payout, not IRR.
❌ “Plan 945 still works” → Wrong. Withdrawn.
❌ “Bonuses are fixed” → Wrong. Variable every year.
What Makes a Good Jeevan Umang Calculator?
- Clean inputs (age, PPT, SA, mode)
- Shows premium clearly
- Displays 8% benefit timing & amount
- Provides bonus scenarios
- Calculates IRR
- Year-by-year table
- Option to download/email report
- Transparent disclaimers
Final Thoughts
LIC Jeevan Umang is a plan for those who want predictable yearly income + lifetime cover. It’s not a “get-rich” product, but a peace-of-mind plan.
Using a Jeevan Umang calculator before investing is non-negotiable. It shows you exactly:
- Premiums you’ll pay
- Yearly income you’ll receive
- Maturity payout scenarios
- IRR so you know the real return
If you want high returns, look at term + MF combo. If you only want cover, buy a term plan. But if safety + guaranteed income for life sounds right, Jeevan Umang fits.
👉 Bottom line: Run the calculator, know your numbers, then decide.
