LIC Jeevan Umang (T-845) – All details with calculators and examples

LIC Jeevan Umang (T-845) is a versatile, ‘with profit whole life plan’ which has several benefits of erst while popular plan Jeevan Tharang (T 178). The greatest advantage of LIC Jeevan Umang is that it offers a ‘Guaranteed Pension’ and ‘Insurance’ to the policy holder and that too with out any tax liability on pension amount. LIC offers guaranteed annual survival benefits at the rate of 8% of Sum Assured after premium paying term which is followed by maturity benefit at 100 years of age.

Eligibility conditions and main features
1 Minimum Age At Entry 90 days (completed)
2 Maximum Age At Entry 55 years for 15 year premium period
50 years for 20 year premium period
45 years for 25 year premium period
40 years for 30 year premium period
3 Age at maturity 100 years
4 Minimum Sum Assured 2,00,000
5 Sum Assured Multiples 25,000
6 High sum assured rebate
2,00,000 – 4,75,000 Nil
5,00,000 – 9,75,000 1.25 / 1000 SA
10,00,000 – 24,75,000 1.75 / 1000 SA
25,00,000 and above 2.00 / 1000 SA
7 Premium modes available Yearly, Half Yearly, Quarterly and
Monthly(NACH and SSS)
8 Survival Benefit / pension Paid every year after premium paying term
at the rate of 8% of sum assured (paid annually)
9 Maturity Sum Assured along with Bonus and
Final Additional Bonus paid at maturity.
10 Whole life coverage Insurance Coverage equal to sum Assured
plus Bonus and FAB will be available up to 100
years of age.
11 Accident Cover Can opt from Accident benefit or Accidental death
and disability rider.
Premium And Benefit Calculators- LIC Jeevan Umang
Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845)
Premium Calculator – Jeevan Umang Maturity and Benefit Calculator – Jeevan Umang

Click the links given above to open calculators.

LIC Jeevan Umang T-845 -Important points to remember
  • LIC’s Jeevan Umang is a non- linked, with profit whole life assurance plan. Which means that, it is not directly linked to share market and insurance coverage is available through out the life. As it is a with profit plan, it will be eligible for bonus declared by LIC at the time of maturity.
  • Premium paying term can be selected from 15, 20, 25 and 30 years.
  • Guaranteed survival benefits at the rate of 8% of Sum Assured will be available annually after completion of the premium paying term till maturity or death which ever is earlier.
  • Death benefit equal to Sum Assured + Bonus + final additional bonus available through out life.
  • Maturity benefit at the age of 100 includes Sum Assured + Bonus + Final Additional Bonus.
  • Simple Reversionary Bonus for Jeevan Umang is available only up to premium paying term. After that, bonus rate for the plan will be at a special Differential Rate (DB-Differential Bonus).
  • Income tax rebate u/s 80C is available for the premium paid.You can use this Online Income Tax Calculator to calculate your income liability.
  • Maturity benefit and guaranteed survival benefit (@ 8% of SA ) is exempted from income tax liability u/s 10(10d) of Income tax act.

Read More: Top 5 best ELSS Tax Saving Mutual Funds to Invest in 2017 -2018.

LIC Jeevan Umang T-845 – online Premium, Insurance and Benefit Calculator

Jeevan Umang – Calculator is a powerful online tool which can help you to get a complete idea on the premium and benefits of LIC’s newly introduced whole life pension plan – Jeevan Umang.

LIC Jeevan Umang policy T-845- Example of benefits.

LIC jeevan Umang t 845 benefits illustration

In order to get a clear idea on the benefits of LIC’s Jeevan Umang plan, let us take an example of a person with following details and assume that he is taking a new policy.

Plan Details Considered For Illustration
Age 25 Years
Sum Assured 10,00,000
Term 25 Years
Yearly Premium 39,322
Total Premium Paid 9,83,050

Please note: Illustration shown here is just an example to understand the benefits of Jeevan Umang Policy, If you want to know the actual benefits as per your details, please use the Jeevan Umang Calculator provided above.

Likely possibilities after taking  Jeevan Umang plan as per our example are..

  1. Policy holder survives the term of 25 years and receives the guaranteed survival benefit
  2. Receives the maturity at the age of 100 years
  3. Death occurs in the period of receiving guaranteed survival Benefit
  4. Death occurs during the premium paying term
  5. Death occurs due to an accident

Let us have a look at these scenarios one by one.

1. Policy holder survives the term of 25 years and receives the guaranteed survival benefit

Guaranteed survival benefits of Rs.80,000 per annum shall be payable yearly for next 50 years as the policy holder will be at the age of 50 years at the end of premium paying term.

 

LIC Jeevan Umang table 845 premium and benefit illustration with all details

2. Receives the maturity at the age of 100 years

If the policy holder survives up to the age of 100 he will be eligible for a benefit of Sum Assured + Bonus +Final Addition bonus. In our case he is eligible for a return of Rs.48,00,000 at expected rates of bonus of Rs 50 per thousand SA.

3. Death occurs in the period of receiving guaranteed survival Benefit

Death coverage includes Sum assured + Bonus + Final Additional Bonus

4. Death occurs during the premium paying term

Death coverage includes Sum assured + Bonus + Final Additional Bonus even if in the premium paying period

5. Death occurs due to an accident

In case of an unfortunate event of death occurring due to an accident, additional benefits are payable, if and only if the optional accident benefit rider is taken at the time of policy. Two types of accident benefit riders are available under Jeevan Umang policy.

  • LIC’s Accident benefit rider

If death occurs due to an accident an additional sum assured will be paid. Premium required for this rider is Rs .50 per thousand accident coverage opted for.

  • LIC’s Accidental death and disability benefit rider.

Here accidental death coverage of additional Sum Assured will be available in case accidental death. Survival benefit at the rate of 10% of Sum Assured shall be payable in case of an accidental disability.

Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845)
Premium Calculator – Jeevan Umang Maturity and Benefit Calculator – Jeevan Umang

 

You may be also interested in:

*The benefit illustrations shown above are just for understanding the basic details of the plan. Please go through LIC web site for more details. LIC Jeevan Umang is considered similar to LIC’s Jeevan Tharang and bonus rates shown are of Jeevan Tharang plan. Actual benefits can vary based on real situations. Simple Reversionary Bonus for Jeevan Umang is available only up to premium paying term. After that, bonus rate available will be at a special differential rate (DB-Differential Bonus).

Follow me

Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.
Follow me

Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.

5 thoughts on “LIC Jeevan Umang (T-845) – All details with calculators and examples

  • May 17, 2017 at 1:16 am
    Permalink

    Hello,
    Thanks for sharing detail information about the new plan launched.

    I have one query with reference to the generated illustration. The bonus calculation should be applicable till the paying term and NOT till the 100 years. In that scenario, the maturity amount will be less as compared to presently calculated.

    Please share your views.

    Reply
    • May 23, 2017 at 7:27 am
      Permalink

      Thank You for your query. In the earlier benefit illustrations, same bonus rate was shown as simple reversionary bonus and differential bonus rate on the assumption that LIC will declare same bonus as differential bonus also. As this is not guaranteed I have published revised benefit illustrations. Please go through it.
      Thank you..

      Reply
  • May 23, 2017 at 3:50 pm
    Permalink

    can u pls send new lic presentation software with table 845………………….help appreciated

    Reply
    • May 24, 2017 at 2:35 am
      Permalink

      Dear Raj,
      I have not integrated table 845 in the presentation software so far. I ll do it soon and it will be available for free download from http://www.ourlic.in . Il ll notify you when it is available. Thank you.

      Reply
    • May 24, 2017 at 2:40 am
      Permalink

      I have not integrated table 845 in our downloadable presentation software. I ll do it soon. It will be available for download from http://www.ourlic.in when it is available. Thank you

      Reply

Add a comment here..