LIC Jeevan Umang (Plan 745) is one of LIC's most distinctive plans. You pay premiums for a limited term, but the life cover and survival benefits continue up to age 100. This makes it a hybrid between a money-back plan and a whole-life plan.
What is LIC Jeevan Umang 745?
Jeevan Umang is a with-profit, limited-premium, whole-life money-back plan. The unique feature: you stop paying premiums after a fixed term (15, 20, 25 years or up to age 55), but the policy continues to give you annual survival benefits and life cover until age 100.
This is different from regular money-back plans (like 720/721) where the policy ends at a fixed term. With Jeevan Umang, the policy is structured to be a long-term financial tool.
Key Features of Jeevan Umang 745
- Limited premium payment — pay for 15, 20, 25 years or up to age 55
- Whole life cover — life risk cover continues up to age 100
- Annual survival benefits — 8% of Basic Sum Assured every year after the premium paying term
- Maturity benefit at age 100 — final payout equal to Basic Sum Assured + bonus + FAB
- Loan facility — available after paying premiums for 3 full years
- Tax benefits — premium qualifies for 80C deduction, maturity under 10(10D) is tax-free
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum age | 90 days (children) / 18 years (adults) |
| Maximum age | 55 years |
| Policy term | Up to age 100 (whole life) |
| Premium paying term | 15, 20, 25 years or up to age 55 |
| Minimum sum assured | ₹2,00,000 |
| Maximum sum assured | No upper limit (subject to underwriting) |
How Survival Benefits Work
After your premium paying term ends, you receive 8% of the Basic Sum Assured every year until age 100. So if your sum assured is ₹10 lakh, you get ₹80,000 per year as survival benefit.
Example: If you buy Jeevan Umang at age 30 with a 20-year PPT and ₹10 lakh sum assured:
- You pay premiums from age 30 to 50
- From age 51 to 99 (49 years), you get ₹80,000 every year
- At age 100, you get the maturity payout = Basic Sum Assured + bonus + FAB
- Total survival benefits over 49 years = ₹39,20,000
Indicative Premium Chart (2026)
Annual premium for ₹5 lakh Basic Sum Assured, healthy 30-year-old, 20-year PPT:
| PPT | Annual Premium (approx.) | Without GST (₹) |
|---|---|---|
| 15 years | ₹23,500 | ₹19,915 + GST 18% |
| 20 years | ₹18,800 | ₹15,932 + GST 18% |
| 25 years | ₹16,200 | ₹13,729 + GST 18% |
* Indicative figures for a healthy 30-year-old. Actual premium depends on age, sum assured and underwriting. Always verify with LIC.
Bonus Rates 2026
LIC declares annual simple reversionary bonus and final additional bonus (FAB) for Jeevan Umang 745:
- Simple Reversionary Bonus (2025-26): ~₹48 per ₹1,000 sum assured per year
- Final Additional Bonus (FAB): Paid on maturity/death claim, varies by policy term
Use our LIC Bonus Calculator to estimate total bonus accumulation.
Jeevan Umang vs Jeevan Labh vs Endowment
| Feature | Jeevan Umang 745 | Jeevan Labh 736 | Endowment 714 |
|---|---|---|---|
| Type | Whole-life money-back | Limited-pay endowment | Regular endowment |
| Policy term | Up to 100 years | 16-32 years | 12-35 years |
| Survival benefits | Yes (8% p.a. after PPT) | No | No |
| Maturity | At age 100 | End of term | End of term |
Who Should Buy Jeevan Umang 745?
Jeevan Umang fits people who want:
- A long-term, regular income stream in retirement years
- To stop paying premiums early but keep the life cover active for life
- A policy for their children that provides annual income till age 100
- A combination of insurance + annuity-like cash flow
Avoid Jeevan Umang if you need short-term maturity, want highest IRR, or prefer simple endowment plans.
How to Use the LIC Jeevan Umang Calculator
Use our free LIC Jeevan Umang 745 Calculator to get:
- Annual premium for your age and sum assured
- Total survival benefits you'll receive
- Estimated maturity value at age 100
- Bonus accumulation projection
Frequently Asked Questions
1. Can I surrender Jeevan Umang 745?
Yes, you can surrender after paying premiums for at least 3 full years. The surrender value is low in the early years but grows with the policy term.
2. Is the maturity amount of Jeevan Umang tax-free?
Yes, under Section 10(10D) of the Income Tax Act, the maturity proceeds are completely tax-free, provided the premium is below 10% of sum assured (15% for policies issued after 1 April 2023).
3. How is Jeevan Umang different from a pension plan?
Jeevan Umang is an insurance plan with survival benefits, not an annuity. The survival benefits continue only till age 100, not for life. For guaranteed lifelong income, consider LIC Jeevan Akshay VII (immediate annuity).
4. What happens if I die during the policy term?
Your nominee receives the higher of (a) Basic Sum Assured + bonus, or (b) 105% of total premiums paid. The policy then ends.
5. Can I take a loan on Jeevan Umang 745?
Yes. After paying premiums for 3 full years, you can take a loan up to 90% of the surrender value. Interest is charged at ~9.5% per annum (simple interest).
6. What is the minimum premium I can pay?
There's no fixed minimum, but the minimum sum assured is ₹2 lakh. For a 30-year-old with 20-year PPT, this translates to roughly ₹7,500 annual premium (excluding GST).
7. Should I take Jeevan Umang 745 for my child?
Yes, it works well as a child plan because the premium is locked at a low child rate, and the child receives annual income from age 18-19 onwards (depending on PPT). It's a popular choice for long-term child financial planning.
8. How does the FAB (Final Additional Bonus) work?
FAB is a one-time bonus paid at maturity or death claim. For Jeevan Umang, FAB depends on the policy duration and is significant — often equal to 30-100% of total simple bonus accumulated. It is NOT paid on surrender.