Calculate premium and benefits for LIC Jeevan Umang (Plan 745, UIN: 512N312V03). Pay for 15, 20, 25, or 30 years, then collect 8% of your Sum Assured every year for the rest of your life. At age 100, a lump sum payout closes the policy.
| Year | Age | Cum. Premium | Cum. SRB | Annual Income | Death Benefit |
|---|
Most life insurance plans end at a fixed date: pay for 20 years, collect at maturity, done. Jeevan Umang does not work that way. LIC covers you until age 100 and pays you 8% of your Basic Sum Assured every single year from the moment your premium term ends. That income never wavers regardless of how long you live. At age 100, the policy closes with a final payout of the full Sum Assured plus all accumulated bonuses. It is a whole life plan, a guaranteed income plan, and a lump-sum savings plan folded into one product.
Four premium paying terms give buyers flexibility in when they want to stop paying and when they want the income to begin. Entry is open from 30 days of age up to 55 years depending on the term chosen.
From the year after your last premium payment, 8% of your BSA lands as income annually. It runs until age 99, which on a Rs.10 lakh BSA is Rs.80,000 per year for as long as you live. The income does not depend on LIC's fund performance; it is fixed in the policy contract.
The death benefit does not reduce when income payouts start. Your nominee receives the full Sum Assured on Death plus all vested bonuses whether you die in year 5 or year 45 of the policy.
15, 20, 25, or 30 years. A shorter PPT means higher annual premiums but income starts earlier. A longer PPT means lower premiums but you pay for more years before income begins. The total income period also differs: PPT 15 at age 30 gives 54 years of income, PPT 30 gives 39 years.
Simple Reversionary Bonus accrues throughout the full policy term. The Final Additional Bonus is added at maturity or death. Both are illustrative and depend on LIC's annual surplus declaration, but LIC has maintained consistent bonus declarations across decades.
BSA of Rs.5L to Rs.9L gets a rebate of Rs.2.50 per Rs.1,000. Rs.10L to Rs.24L gets Rs.3.50 per Rs.1,000. Rs.25L and above gets Rs.4 per Rs.1,000. Larger policies cost less per unit of cover.
After two full years of premium payment, you borrow up to 75% of the surrender value at 9.5% per annum compounding half-yearly. The policy stays active and income continues while the loan is outstanding.
From 22 September 2025, individual life insurance premiums are fully GST-exempt. The premium shown is what you pay, and the entire amount qualifies for Section 80C deduction.
The nominee does not have to take the death benefit as a single lump sum. LIC allows payment in monthly, quarterly, half-yearly, or yearly instalments spread over 5, 10, or 15 years. Useful for nominees who would benefit from a structured income rather than a large one-time amount.
Eight percent of your Basic Sum Assured is paid every year from the year after your last premium until age 99. If you buy at age 30 and choose PPT 20, premiums run until you are 50. The 8% income starts at 51 and continues for 49 uninterrupted years. On a Rs.10 lakh BSA, that is Rs.80,000 per year landing in your account every year from age 51 to 99, with no action required on your part. At age 100, the policy pays out the full BSA plus all accumulated bonuses as a final lump sum.
People who align their PPT with their expected retirement age effectively create a private pension that starts the year they stop earning a salary. Someone who retires at 60 chooses a PPT that ends at 59, so income begins at 60 and runs for 40 years.
| 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 (policies taken on children below age 8): the nominee receives a return of premiums paid, excluding taxes and rider charges. Risk does not commence until the later of 2 years from the policy date or the child's 8th birthday.
After risk commencement: The death benefit is the higher of 7 times the annualised premium or the Basic Sum Assured, plus all vested Simple Reversionary Bonuses and the Final Additional Bonus if applicable. A floor applies: the total death payout will not be less than 105% of all premiums paid up to the date of death. Death cover continues for the full policy term including the income phase.
From 22 September 2025, individual life insurance premiums across all plan types are fully GST-exempt. Before that date, Jeevan Umang attracted 4.5% GST in the first year and 2.25% from year 2. That structure no longer applies. You now pay only the base premium, and the entire amount qualifies for Section 80C deduction without needing to subtract a GST component.
| BSA Range | Rebate (per ₹1,000 BSA) |
|---|---|
| ₹2L – ₹4.5L | NIL |
| ₹5L – ₹9L | ₹2.50 |
| ₹10L – ₹24L | ₹3.50 |
| ₹25L and above | ₹4.00 |
After completing 2 full years of premium payments, you borrow up to 75% of the current surrender value. The interest rate is 9.5% per annum compounding half-yearly. The policy stays active and the 8% annual income continues while the loan is outstanding. For paid-up policies, the loan limit drops to 65% of the paid-up surrender value.
A lapsed policy stays eligible for revival for up to 5 years from the date of the first unpaid premium. To revive, pay all outstanding arrears with 9.5% per annum interest and submit proof of continued good health. LIC often requires a medical examination depending on the sum assured and time elapsed.
Surrender is possible after 1 year, but the Guaranteed Surrender Value only becomes payable after 2 full years of premium payment. The actual surrender value is whichever is higher: the Guaranteed Surrender Value or the Special Surrender Value calculated by LIC's actuarial team. Surrendering early in the policy term typically returns significantly less than total premiums paid.
Jeevan Umang is LIC's whole life plan that does something unusual: once you finish paying premiums, it pays you 8% of your Basic Sum Assured every year until age 99. That income does not stop, reduce, or depend on market performance. At age 100, LIC pays a final lump sum of the full BSA plus all vested bonuses. Death cover runs for the entire duration including the income phase.
Income begins in the year immediately after your final premium payment. If you are 30 years old and pick PPT 20, you pay premiums from 30 to 50, and 8% of your BSA lands in your account every year from age 51 to 99. At age 100 the policy matures. On a Rs.10 lakh BSA, that is Rs.80,000 per year for 49 consecutive years.
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 GST applies from 22 September 2025. The 56th GST Council exempted all individual life insurance premiums. Before that date Jeevan Umang attracted 4.5% in year 1 and 2.25% from year 2 onward. That is now gone. You pay only the base premium and the entire amount goes toward your Section 80C deduction with nothing to subtract.
You can buy Jeevan Umang for a child as young as 30 days old. For children below age 8 at entry, life cover does not start immediately. Risk commences at whichever is later: 2 years after the policy start date, or the child's 8th birthday. For anyone aged 8 and above at entry, risk coverage starts from day one.
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.
After two full years of premium payment, Jeevan Umang allows a loan of up to 75% of the current surrender value. Interest is charged at 9.5% per annum compounding half-yearly. The policy continues in full force and the annual income keeps arriving during the loan period. If the policy has become paid-up, the borrowing limit drops to 65% of the paid-up surrender value.
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.
