LIC Jeevan Umang Plan 745 Calculator (Premium & 8% Survival Income)
Use this LIC Jeevan Umang calculator to estimate limited-pay premiums, 1st/2nd year GST loads, guaranteed 8% annual survival pension, and age-100 maturity wealth for Plan 745 (formerly Plan 945 & 845).
Calculate Premium & 8% Survival Income
Calculate Premium & 8% Survival Income
Interactive Jeevan Umang Premium Calculator (Plan 745)
LIC Jeevan Umang Calculator (Plan 745 / 945)
Active Plan 745 (2026 Rules)Calculate guaranteed 8% annual survival income, limited PPT premiums, and age-100 maturity wealth.
Guide Quick Index
10 Sections1LIC Jeevan Umang Plan 745 Overview & IRDAI 2024 Updates2Sample Jeevan Umang 745 Premiums & Income Snapshots3LIC Jeevan Umang Premium Chart (Plan 745)4How the LIC Jeevan Umang Premium & 8% Survival Income is Calculated5Case Studies: 3 Real-Life Financial Scenarios6Optional Policy Riders in Plan 7457Surrender Value, Paid-Up Rules & Policy Loans (IRDAI 2024 Updates)8Decision Matrix: Jeevan Umang (745) vs. Jeevan Utsav (771) vs. Jeevan Labh (936)9Related Financial & Policy Planning Tools10Conclusion: Why Jeevan Umang is India's Top Pension Alternative
LIC Jeevan Umang Plan 745 Overview & IRDAI 2024 Updates
LIC Jeevan Umang (Table No. 745, UIN: 512N312V03) is LIC's current active participating whole-life plan. Plan 745 superseded legacy Plan 945 (withdrawn October 2024) and Plan 845. Under the latest IRDAI 2024 surrender value guidelines, policies now acquire guaranteed surrender and loan eligibility after just 1 full year of premium payments (reduced from 2 years).
| Plan Parameter / Regulatory Feature | Plan 745 Official Specifications |
|---|---|
| Plan Number & UIN | Plan 745 (UIN: 512N312V03) — Active |
| Entry Age Eligibility | 90 Days to 55 Years (depending on PPT chosen) |
| Policy Term | 100 Years minus Entry Age (Lifelong Coverage to Age 100) |
| Premium Paying Terms (PPT) | 15, 20, 25, or 30 Years |
| Minimum Basic Sum Assured | ₹2,00,000 (Increments of ₹25k up to 4.5L, ₹50k up to 9L, ₹1L above 9L) |
| Guaranteed Survival Benefit | 8% of Basic Sum Assured per year (Paid annually post-PPT to age 99) |
| Maturity Benefit at Age 100 | Basic Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus (FAB) |
| GST Tax Loading | 4.5% in 1st Year | 2.25% in 2nd Year onwards |
| Loan & Surrender Eligibility | Available after 1 full policy year (IRDAI 2024 rules) |
| Tax Exemptions | Sec 80C premium deduction & Sec 10(10D) tax-free survival/maturity payouts |
Sample Jeevan Umang 745 Premiums & Income Snapshots
The table below illustrates sample 1st year premiums (with 4.5% GST) and guaranteed annual survival pension payouts for a ₹10 Lakh Basic Sum Assured across common entry ages:
| Entry Age | PPT Selected | 1st Year Premium (4.5% GST) | 2nd Yr+ Premium (2.25% GST) | Guaranteed Annual Income (Post-PPT) |
|---|---|---|---|---|
| Age 20 | 20 Years (PPT 20) | ₹36,800 / yr | ₹36,010 / yr | ₹80,000 / year (Age 40 to 100) |
| Age 30 | 15 Years (PPT 15) | ₹54,800 / yr | ₹53,620 / yr | ₹80,000 / year (Age 45 to 100) |
| Age 30 | 20 Years (PPT 20) | ₹39,900 / yr | ₹39,040 / yr | ₹80,000 / year (Age 50 to 100) |
| Age 40 | 15 Years (PPT 15) | ₹61,500 / yr | ₹60,180 / yr | ₹80,000 / year (Age 55 to 100) |
| Age 50 | 15 Years (PPT 15) | ₹74,200 / yr | ₹72,600 / yr | ₹80,000 / year (Age 65 to 100) |
Premiums include High Sum Assured rebates and modal discounts: 2% for Yearly mode, 1% for Half-Yearly mode.
How the LIC Jeevan Umang Premium & 8% Survival Income is Calculated
Our calculator automates the complex actuarial calculations of Plan 745. Here is the exact mathematical step-by-step breakdown of how premiums and survival benefits are determined:
1. Base Tabular Rate & High Sum Assured (HSA) Rebate
LIC assigns a tabular base premium rate per ₹1,000 of Sum Assured based on your entry age and PPT. For policies with higher sum assured, tabular discounts (HSA rebates) are subtracted: ₹1.25 per ₹1,000 SA for ₹5L+, ₹1.75 per ₹1,000 SA for ₹10L+, and ₹2.00 per ₹1,000 SA for ₹25L+.
2. Modal Rebates & GST Loading (4.5% vs 2.25%)
A 2% discount is applied for Annual payment mode (1% for Half-Yearly). First-year premiums carry a 4.5% GST load. Renewal premiums for year 2 through PPT carry a reduced 2.25% GST load.
3. Guaranteed 8% Survival Income Formula
Starting 1 year post-PPT (e.g., at Age 50 for an entry age of 30 with a 20-year PPT), LIC pays an annual survival income calculated as: Survival Benefit = Basic Sum Assured × 8%. For a ₹10 Lakh policy, this equals ₹80,000 per year, 100% tax-free under Section 10(10D), continuing every year until age 99.
4. Age-100 Maturity Wealth Formula
If the policyholder reaches age 100, the policy matures and pays: Maturity Payout = Basic Sum Assured + Accrued Simple Reversionary Bonuses + Final Additional Bonus (FAB).
Case Studies: 3 Real-Life Financial Scenarios
Case Study 1: The Young Professional (Age 30, ₹10L Cover, PPT 20)
Goal: Build a tax-free retirement pension.
Inputs: Age 30, BSA ₹10 Lakh, PPT 20 Years.
Outflow: ~₹39,900/year for 20 years (Total Outflow: ~₹7.8 Lakh).
Result: From Age 50 to 100 (50 years), they receive a guaranteed tax-free income of ₹80,000 every year (Total Survival Cashflow: ₹40 Lakh). At age 100, the nominee receives an estimated maturity lump sum of over ₹25 Lakh.
Inputs: Age 30, BSA ₹10 Lakh, PPT 20 Years.
Outflow: ~₹39,900/year for 20 years (Total Outflow: ~₹7.8 Lakh).
Result: From Age 50 to 100 (50 years), they receive a guaranteed tax-free income of ₹80,000 every year (Total Survival Cashflow: ₹40 Lakh). At age 100, the nominee receives an estimated maturity lump sum of over ₹25 Lakh.
Case Study 2: The Pre-Retiree (Age 45, ₹25L Cover, PPT 15)
Goal: Create a supplementary pension floor.
Inputs: Age 45, BSA ₹25 Lakh, PPT 15 Years.
Outflow: ~₹1,65,000/year for 15 years.
Result: From Age 60 to 100, they receive a guaranteed annual pension of ₹2,00,000/year.
Inputs: Age 45, BSA ₹25 Lakh, PPT 15 Years.
Outflow: ~₹1,65,000/year for 15 years.
Result: From Age 60 to 100, they receive a guaranteed annual pension of ₹2,00,000/year.
Case Study 3: Child's Future (Child Age 5, Parent Age 32, PPT 20)
Goal: Gift lifelong tax-free passive income to a child.
Inputs: Child Age 5, BSA ₹10 Lakh, PPT 20 Years with PWB Rider.
Result: If the parent passes away during PPT, all future premiums are waived. From the child's 25th birthday, they start receiving ₹80,000 annually for life up to age 100.
Inputs: Child Age 5, BSA ₹10 Lakh, PPT 20 Years with PWB Rider.
Result: If the parent passes away during PPT, all future premiums are waived. From the child's 25th birthday, they start receiving ₹80,000 annually for life up to age 100.
Optional Policy Riders in Plan 745
Enhance your policy coverage during the PPT by adding optional riders:
- Accidental Death & Disability Benefit (AD&DB) Rider: Pays an additional sum equal to the Accident Benefit Sum Assured in case of accidental death or permanent disability.
- Term Assurance Rider: Provides additional life cover equal to the Term Rider Sum Assured in case of death during the PPT.
- Premium Waiver Benefit (PWB) Rider: Available for policies on minor lives (Age < 18). If the proposer (parent) dies during the PPT, all remaining future premiums are completely waived while policy benefits continue uninterrupted.
Surrender Value, Paid-Up Rules & Policy Loans (IRDAI 2024 Updates)
Under the 2024 IRDAI guidelines, LIC Jeevan Umang Plan 745 offers enhanced liquidity and flexibility:
- 1-Year Surrender Rule: Policy acquires Guaranteed Surrender Value (GSV) after completing just 1 full policy year.
- Policy Loan Facility: Borrow up to 75% of surrender value for active policies (65% for paid-up policies) at ~9% simple annual interest.
- Paid-Up Conversion: If you stop paying premiums after 1 year, the policy reduces to a 'Paid-Up' status with proportionate reduced sum assured and reduced survival benefits.
To calculate exact surrender values or loan amounts, use our LIC Surrender Value Calculator and LIC Paid-Up Value Calculator.
Decision Matrix: Jeevan Umang (745) vs. Jeevan Utsav (771) vs. Jeevan Labh (936)
| Decision Parameter | Jeevan Umang (Plan 745) | Jeevan Utsav (Plan 771) | Jeevan Labh (Plan 936) |
|---|---|---|---|
| Plan Type | Whole Life Participating | Whole Life Non-Participating | Limited Pay Endowment |
| Survival Income Yield | 8% of Sum Assured annually | 10% of Sum Assured annually | None (Lump sum at maturity) |
| Income Payout Start | Immediately post-PPT (Age + PPT) | Post-PPT + Deferment Period | Not Applicable |
| Maximum Maturity Horizon | Age 100 | Age 100 | 16, 21, or 25 Years |
| PPT Options | 15, 20, 25, or 30 Years | 5 to 16 Years | 10, 15, or 16 Years |
| Best For | Lifelong 8% tax-free income + legacy | Guaranteed 10% income with short PPT | Maximum lump-sum wealth creation |
Compare using our LIC Jeevan Utsav Calculator and LIC Jeevan Labh Calculator.
Conclusion: Why Jeevan Umang is India's Top Pension Alternative
LIC Jeevan Umang (Plan 745/945) provides an unbeatable combination of limited premium commitment, lifelong 8% tax-free pension income, and age-100 legacy wealth accumulation. For official guidelines, visit the LIC India Portal. Use our LIC premium calculator, tax regime calculator, and retirement corpus calculator for holistic planning.
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