Calculate premium & benefits for LIC's Jeevan Umang (Plan 745, UIN: 512N312V03) — a Whole Life plan that pays you 8% annual income after the premium term, with a lump sum at age 100.
| Year | Age | Cum. Premium | Cum. SRB | Annual Income | Death Benefit |
|---|
LIC's Jeevan Umang (Plan 745, UIN: 512N312V03) is a Par, Non-Linked, Individual Whole Life Savings Plan. Unlike endowment plans that mature at a fixed term (say 20 or 35 years), Jeevan Umang covers you till the age of 100. What makes it truly unique: after you finish paying premiums, LIC pays you 8% of your Basic Sum Assured every year as a Survival Benefit — creating a guaranteed annual income stream for as long as you live. At age 100, you receive the full Sum Assured plus all accumulated bonuses as lump-sum maturity.
With four Premium Paying Term options (15, 20, 25, or 30 years) and entry ages from 30 days to 55 years, Jeevan Umang suits a wide range of financial planning needs — from early retirement income to legacy planning.
After PPT ends, LIC pays 8% of your BSA every year till age 100 or death — a guaranteed annual income you can count on.
Full death benefit (higher of 7× annual premium or BSA) stays active for your entire life — whether you're 30 or 95.
Choose 15, 20, 25, or 30 years of premium payment. Longer PPT = lower annual premium, shorter PPT = income starts sooner.
Earns Simple Reversionary Bonus throughout the policy term. Final Additional Bonus added at maturity or death claim.
BSA ≥ ₹5L: 2.5‰ rebate · BSA ≥ ₹10L: 3.5‰ · BSA ≥ ₹25L: 4‰. Higher cover is proportionally cheaper.
Borrow up to 75% of Surrender Value after 2 full years of premiums. Emergency liquidity without surrendering cover.
Since September 2025, all individual life insurance premiums are GST-exempt. The quoted premium is the final amount.
Nominee can receive the death benefit as monthly / quarterly / half-yearly / yearly instalments over 5, 10, or 15 years.
The Survival Benefit — 8% of BSA per year — begins the year after your last premium. For example, if you're 30 years old and choose PPT 20, you pay premiums until age 50, then receive 8% of BSA every year from age 51 to age 99. That's 49 years of guaranteed annual income. At age 100, the maturity payout (BSA + vested bonuses) provides a final lump sum.
This makes Jeevan Umang ideal as a retirement income plan: the income starts when you stop working, and never stops until age 100.
| PPT | Max Entry Age | Income Starts | Income Duration (Age 30 entry) | Annual Premium (BSA ₹5L) |
|---|---|---|---|---|
| 15 Years | 55 years | Age 31 + 15 = 46 | 54 years (age 46–100) | ~₹41,355 |
| 20 Years | 50 years | Age 31 + 20 = 51 | 49 years (age 51–100) | ~₹28,518 |
| 25 Years | 45 years | Age 31 + 25 = 56 | 44 years (age 56–100) | ~₹21,488 |
| 30 Years | 40 years | Age 31 + 30 = 61 | 39 years (age 61–100) | ~₹17,568 |
Sample premiums per ₹5,00,000 BSA, Age 30, Yearly mode, standard lives, pre-HSA-rebate, GST ₹0.
Before risk commencement (for children below age 8): return of premiums paid, excluding taxes/extras/rider premiums.
After risk commencement: The death benefit equals the higher of (a) 7× annualised premium or (b) the Basic Sum Assured, plus all vested Simple Reversionary Bonuses and Final Additional Bonus (if applicable). The total death payout is always at least 105% of all premiums paid up to death.
Effective 22 September 2025, all individual life insurance premiums in India — including LIC Jeevan Umang — are fully exempt from GST. The earlier structure of 4.5% GST in Year 1 and 2.25% from Year 2 no longer applies. You pay only the net base premium. This also means the full premium qualifies for Section 80C deduction with no GST component to exclude.
| BSA Range | Rebate (per ₹1,000 BSA) |
|---|---|
| ₹2L – ₹4.5L | NIL |
| ₹5L – ₹9L | ₹2.50 |
| ₹10L – ₹24L | ₹3.50 |
| ₹25L and above | ₹4.00 |
Loans up to 75% of surrender value are available after 2 full years of premium payment. Current loan interest rate: 9.5% p.a. compounding half-yearly.
Lapsed policies can be revived within 5 years from the first unpaid premium by paying all arrears with 9.5% p.a. interest plus proof of continued good health.
Surrender is permitted after one year. The Guaranteed Surrender Value (GSV) is available after 2 full years. The surrender value is the higher of GSV or Special Surrender Value (SSV), computed per LIC's actuarial scale.
LIC Jeevan Umang (Plan 745, UIN 512N312V03) is a Par, Non-Linked Whole Life plan. After the premium term it pays 8% of BSA every year as survival income. At age 100 you receive the full BSA plus all vested bonuses as lump-sum maturity, and full death cover remains active throughout.
The annual Survival Benefit (8% BSA) starts one year after the last premium payment. For a 30-year-old choosing PPT 20, premiums run from age 30 to 50, and income starts at age 51 every year until age 100 — 49 years of guaranteed annual income.
No. The death benefit stays fully intact even after years of receiving the 8% annual income. On death, the nominee receives the full Sum Assured on Death (higher of 7× annual premium or BSA) plus all vested bonuses.
PPT 15 suits ages 40–55 who want to finish paying early and start income sooner. PPT 30 offers the lowest annual premium and suits buyers under 35 wanting maximum bonus accumulation. PPT 20 and 25 are mid-range options — use this calculator to compare total premiums vs total income across all four PPTs.
No. Effective 22 September 2025, all individual life insurance premiums are exempt from GST (0%). The earlier 4.5% Year-1 and 2.25% thereafter structure no longer applies. You pay only the net base premium, and the full amount qualifies for Section 80C deduction.
The minimum entry age is 30 days. For entries below age 8, risk commences at the later of 2 years from the policy date or the child's 8th birthday. For entries aged 8 and above, risk starts immediately.
BSA ₹5L–₹9L: ₹2.50 per ₹1,000 BSA. BSA ₹10L–₹24L: ₹3.50 per ₹1,000. BSA ₹25L+: ₹4.00 per ₹1,000. This rebate is deducted from the tabular annual premium before the mode rebate. The calculator applies it automatically.
Yes. After 2 full years of premiums you can borrow up to 75% of the policy surrender value. Loan interest is 9.5% p.a. compounding half-yearly. For paid-up policies the limit is 65%.
If the Paid-Up Maturity Sum Assured (PUMSA) is below ₹2,00,000, no survival benefit is paid and the policy provides only death and maturity cover. If PUMSA ≥ ₹2,00,000, the annual survival benefit is 8% of the PUMSA, reduced proportionally.
Premiums are interpolated from LIC's official brochure table (per ₹2L BSA, yearly mode). HSA rebate tiers, mode rebates, and the 8% survival benefit are per the official brochure. Bonus projections are illustrative per IRDAI guidelines. Always verify your exact premium with a licensed LIC agent before purchasing.
