LIC Jeevan Umang Plan 745 — Premiums End, Income for Life?
LIC’s Jeevan Umang Plan 745 is one of the most asked-about plans among people who want a fixed yearly income after retirement. Its promise sounds attractive — pay premiums for a few years, then get 8% of the Sum Assured every year for life.
But is this plan really right for you? In this guide: what Jeevan Umang 745 is, eligibility, how the premium is decided, survival benefit, maturity and death benefit rules, its pros and cons, and an honest comparison — so the decision is based on facts, not on an agent’s pitch.
First and most important: Jeevan Umang is LIC’s own plan — it is NOT a government scheme.
Quick Facts
- Plan: LIC Jeevan Umang Plan 745
- UIN: 512N312V03
- After the PPT ends, 8% of the Basic Sum Assured is paid every year.
- The first survival benefit is paid at the end of the PPT, and then on every policy anniversary — as long as the life assured survives or up to maturity, whichever is earlier.
- This amount is guaranteed — it does not depend on bonuses.
- The survival benefit can be taken, or can also be kept deposited as per LIC rules — see the policy document for details.
- Vested Bonus is the bonus declared every year that keeps accumulating in the policy.
- Final Additional Bonus may be declared at the end of the policy — it is not always paid.
- Important truth: future bonuses are NOT guaranteed.
- Tax rules may apply to the maturity amount — check your position as per current tax rules.
- After PPT, 8% guaranteed survival benefit every yea
Jeevan Umang vs Jeevan Anand / Jeevan Labh — Know the Difference
In Jeevan Anand, life cover continues after maturity, but there is no yearly income. In Jeevan Labh, premiums are paid for a few years and maturity is paid as a lump sum.
Jeevan Umang is different — after PPT you get 8% income every year. If you want a fixed amount every year after retirement, Umang makes sense. If you want a lump-sum maturity, look at Labh/Anand.
Jeevan Umang vs Pension / SIP — Honest Comparison
For retirement, options like NPS, PPF or SIP also exist — which may give higher long-term returns, but with market risk.
Jeevan Umang makes sense when you want guaranteed yearly income + lifelong cover, and you want to stay away from market ups and downs.
This article is not financial advice — speak to a trusted financial adviser before a big decision.
Who Should Take It, Who Should Not?
Consider taking it if: you want a fixed yearly income after retirement, you can pay premiums for 15–30 years, and you want a safe, low-risk option.
Do not take it if: you only want higher returns, you want a lump-sum maturity, or paying premiums for a long period will be difficult.
How to Take Jeevan Umang 745?
- Visit an LIC branch or check LIC’s official website.
- Do read the Policy Document — especially the survival benefit, death benefit, bonus and surrender rules.
- Choose premium, PPT and Sum Assured as per your need.
- Do not decide under an agent’s pressure. There is a free-look period in the policy — read the document carefully after receiving it.
Frequently Asked Questions
- What is LIC Jeevan Umang 745? It is LIC’s whole life plan — after PPT you get 8% survival benefit every year and cover runs up to age 100.
- What is the entry age for Jeevan Umang 745? Minimum 30 days. Maximum 55 years (15-year PPT), 50 years (20-year), 45 years (25-year), 40 years (30-year).
- How much survival benefit does Jeevan Umang pay? After PPT ends, 8% of the Basic Sum Assured every year.
- For how many years do you pay premiums in Jeevan Umang 745? 15, 20, 25 or 30 years — as per your choice.
- What do you get on maturity? At age 100: Basic Sum Assured + Vested Bonus + Final Additional Bonus (if declared).
- Are bonuses guaranteed? No. Future bonuses are not guaranteed — they are declared by LIC.
- Is Jeevan Umang a government scheme? No. It is LIC’s own plan, not a government scheme.
- Is this plan right for me? It depends on your need, budget and risk capacity. This article is not financial advice — speak to a trusted financial adviser before deciding.
Disclaimer: This article is not financial advice. GramSuvidha is a private information portal, not a government website.
r — like income for life.
- Cover up to age 100 — protection for the whole life.
- Can also be taken in a child’s name (entry from 30 days).
- On maturity: Sum Assured + bonuses.
- A plan from LIC, a government-owned institution — a trusted name.
- Rider options: Accident Death Benefit & Disability Rider, New Term Assurance Rider and New Critical Illness Benefit Rider can be added for additional premium.
- Loan facility: a loan may be available against the policy as per LIC rules.
- The 8% survival benefit is on the Sum Assured, not on the total premiums paid — so the real return is often lower than people expect.
- Bonuses are not guaranteed — the maturity amount is not fixed in advance.
- It is a very long-term commitment (cover up to 100 years) — exiting midway can cause losses.
- Considering inflation, the real value of a fixed amount received decades later falls.
- This plan is not “the best” — it is good for a specific need.
- Minimum entry age must be 30 days (completed) — so this plan can also be taken in a child’s name.
- Maximum entry age depends on the PPT: 55 years for 15-year PPT, 50 years for 20-year, 45 years for 25-year, 40 years for 30-year.
- Policy term is (100 − entry age) years — meaning cover up to age 100.
- Minimum Basic Sum Assured is ₹2,00,000; there is no maximum limit.
- Medical check-up requirement depends on age, Sum Assured and health declaration — as per LIC rules.
- Entry age
- The chosen premium paying term (15, 20, 25 or 30 years)
- The Basic Sum Assured amount
- The premium payment mode (yearly, half-yearly, quarterly or monthly)
- Type: Participating, Non-Linked, Individual, Savings, Whole Life Insurance Plan
- Policy term: (100 − entry age) years — cover up to age 100
- Premium paying term: 15, 20, 25 or 30 years
- Minimum entry age: 30 days (completed)
- Maximum entry age: 55 years (15-year PPT), 50 years (20-year PPT), 45 years (25-year PPT), 40 years (30-year PPT)
- Minimum Basic Sum Assured: ₹2,00,000
- Maximum Basic Sum Assured: No limit
- Survival Benefit: 8% of Basic Sum Assured every year after PPT ends
- Maturity benefit: Basic Sum Assured + declared bonuses at age 100
- Death benefit: Sum Assured on Death + declared bonuses
- Bonuses: Future bonuses are NOT guaranteed
What is Jeevan Umang 745?
Survival Benefit — How Does the 8% Every Year Work?
What Do You Get on Maturity?
On surviving to age 100 you get: Basic Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus (if declared).
Death Benefit
On death during the term: Sum Assured on Death + declared bonuses are paid, where Sum Assured on Death means — the highest of: 10× annualised premium, Sum Assured on Maturity, or Basic Sum Assured. This amount will not be less than 105% of total premiums paid.
The death benefit may also be taken as a lump sum or in instalments — check the policy document.
In the case of children, if death occurs before risk commencement, the premiums paid are returned — see the policy document for details.
Benefits of Jeevan Umang 745
Drawbacks — The Honest Side
Jeevan Umang is a whole life insurance plan — cover runs up to age 100. But premiums are not paid for the full term — only for the chosen 15, 20, 25 or 30 years.
After the PPT (premium paying term) ends, 8% of the Basic Sum Assured is paid every year as survival benefit — as long as the life assured survives, or up to maturity (age 100), whichever is earlier.
In simple words: suppose you take a Sum Assured of ₹10 lakh and choose a PPT of 20 years. After 20 years of premiums, you will keep getting ₹80,000 every year (8% of ₹10 lakh). And if you survive to age 100, you also get Basic Sum Assured + bonuses on maturity.
Note: the 8% calculation above follows the plan’s rule — it is not an estimated returns table.
Eligibility — Who Can Take It?
How is the Premium Decided?
The Jeevan Umang 745 premium is different for every person. It depends on:
For the exact premium, check the premium calculator on LIC’s official website or ask for the policy document at an LIC branch. This article deliberately gives no estimated premium table, because a wrong table can lead to a wrong decision.
