LIC Jeevan Umang (Plan 745)

LIC Jeevan Umang (Plan 745) - Overview

LIC Jeevan Umang (Plan 745) is a unique money-back plus whole-life plan. It offers three benefits in one policy:

Annual income of 8% of Sum Assured, paid from the year after the premium paying term (PPT) ends till maturity.
Maturity benefit at the end of the policy term — Sum Assured + bonus + FAB.
Whole life cover — life cover continues till age 100 even after maturity, without paying any more premium.

Key Features & Benefits

✅ Annual income for life — 8% of Sum Assured every year from PPT end to maturity.
✅ Whole life cover till age 100 — even after maturity, no more premiums needed.
✅ Large maturity — Sum Assured + bonus + FAB at the end of the term.
✅ Tax benefits — premium under 80C, all payouts tax-free under 10(10D).
✅ Loan facility — available after 2-3 years of premium payment.
✅ Flexible PPT — 15, 20 or 25 year premium paying term.

PPT × Policy Term Combinations

PPT (Premium Paying Term)	Policy Term	Annual Income Years	Best For
15 years	15 years	0 years (income from year 1 if 15-15)	Early income, low premium
15 years	20 years	5 years	Balanced
20 years	20 years	0 years	Higher maturity
20 years	25 years	5 years	Long income + maturity
25 years	30 years	5 years	Maximum whole-life cover

How Annual Income Works

The 8% annual income starts from the year after the PPT ends, and continues till maturity. For a Sum Assured of ₹10,00,000:

Annual income = 8% × ₹10,00,000 = ₹80,000 per year
This income is tax-free under Section 10(10D) of the Income Tax Act.
If you choose 15-year PPT with 20-year term, you get 5 years of annual income = ₹4,00,000 total.
If you choose 20-year PPT with 30-year term, you get 10 years of annual income = ₹8,00,000 total.

Eligibility

Minimum Age at Entry	18 years (completed)
Maximum Age at Entry	50 years (last birthday)
Maximum Age at Maturity	70 years
Policy Term	15 to 30 years
Premium Paying Term (PPT)	15, 20 or 25 years
Minimum Sum Assured	₹2,00,000
Annual Income Rate	8% of Sum Assured

Death Benefit

During the policy term, in case of unfortunate death of the policyholder, the nominee receives:

"Sum Assured on Death" — higher of:
- 10 times the annualised premium, OR
- Sum Assured
Plus accrued Simple Reversionary Bonus till date of death
Plus FAB (Final Addition Bonus), if applicable

After maturity, the whole life cover provides Sum Assured to the nominee on death (at any age till 100).

Example Premium, Annual Income & Maturity

Rohit, age 30, buys Jeevan Umang 745 with SA = ₹10,00,000, PPT = 20 years, term = 25 years.

Approximate yearly premium (before GST): ~₹58,000
Yearly premium with 18% GST: ~₹68,440
Total premiums paid (20 years): ~₹13,68,800
Annual income (years 21-25, 5 years × ₹80,000): ₹4,00,000
Accrued bonus (₹48 × 1000 × 25 years): ~₹12,00,000
Estimated FAB: ~₹95,000
Total Maturity Value (year 25): ~₹22,95,000
Plus: ₹10,00,000 whole life cover from age 55 to 100
Total benefit over lifetime: ~₹32,95,000+

Jeevan Umang vs Jeevan Anand

Feature	Jeevan Umang 745	New Jeevan Anand 715
Annual income	Yes (8% of SA)	No
PPT	15/20/25 yr	Equal to term
Whole life cover	Yes (till 100)	Yes (till 100)
Maturity benefit	SA + bonus + FAB	SA + bonus + FAB
Best for	Regular income + retirement	Lump sum at maturity + lifelong cover

Frequently Asked Questions

What is LIC Jeevan Umang 745?

LIC Jeevan Umang (Plan 745) is a money-back plus whole-life plan. You pay premiums for 15, 20 or 25 years. From the year after the PPT ends, you get 8% of Sum Assured as annual income till maturity. After maturity, life cover continues till age 100. The plan combines regular income, maturity benefit, and lifelong protection in one policy.

How much annual income does Jeevan Umang give?

Jeevan Umang pays 8% of the Sum Assured as annual income, starting from the year after the premium paying term (PPT) ends, till maturity. For a SA of ₹10,00,000, the annual income is ₹80,000 per year (tax-free). With 5 years of income, that's ₹4,00,000 total income on top of the maturity benefit.

Is the annual income from Jeevan Umang taxable?

No, the annual income from Jeevan Umang is tax-free under Section 10(10D) of the Income Tax Act, subject to the premium-to-Sum-Assured ratio condition (annual premium must be ≤10% of SA for full tax exemption). If premium exceeds 10% of SA, the income becomes partially taxable.

What is the minimum and maximum age for Jeevan Umang?

Minimum age at entry is 18 years (completed). Maximum age at entry is 50 years (last birthday). Maximum age at maturity is 70 years. The minimum Sum Assured is ₹2,00,000.

How much does a 10 lakh Jeevan Umang policy cost?

For a 30-year-old with SA = ₹10,00,000, 20-year PPT and 25-year term, approximate yearly premium is ₹58,000 (before GST) or ₹68,440 (with 18% GST). Use our calculator above for a personalized estimate. The annual income will be ₹80,000 (8% of SA) for 5 years (from year 21 to 25).

Can I take a loan against Jeevan Umang?

Yes. After 3 years of premium payment, you become eligible for a policy loan from LIC. The loan amount is typically up to 90% of the surrender value. Use our LIC Policy Loan Calculator to estimate the loan amount and interest.

What happens after the policy matures?

After maturity, the policy continues to provide life cover of the original Sum Assured till age 100. No further premiums are required. On death of the policyholder after maturity, the nominee receives the full Sum Assured (no bonus or FAB on this amount).

Get annual income + whole life cover in one plan

LIC Jeevan Umang (745) Calculator