LIC's Jeevan Umang (Plan 745) Calculator

When it comes to securing our future and that of our loved ones, insurance plans play a vital role. One such popular life insurance plan from LIC is Jeevan Umang. If you are considering this plan, you must understand how much premium you need to pay and what benefits you are likely to get. This is where the Jeevan Umang Calculator becomes very useful.

What is Jeevan Umang Plan?

Jeevan Umang is a whole life insurance plan offered by LIC (Life Insurance Corporation of India). Unlike regular term insurance, which covers you for a fixed period, this plan covers you till the age of 100 years. Here are some key features:

• The policyholder pays premiums for a limited period (between 15 to 30 years).
• After the premium paying term is over, the plan pays an annual survival benefit of 8% of the Basic Sum Assured until you turn 99 years old.
• On maturity (when you reach 100 years), you receive a lump sum payment of the sum assured along with bonuses.
• In case of death before maturity, your nominee gets the sum assured plus bonuses.
• There are optional riders like premium waiver and accidental death benefit for additional protection.

This plan is especially suitable for people looking for long-term financial security, regular income after retirement, and life cover for their entire lifetime.

What is Jeevan Umang Calculator?

The Jeevan Umang Calculator is a digital tool designed to give you an estimate of:

• The premium you need to pay based on your age, policy term, and sum assured.
• The maturity benefits you will receive at the end of the policy.
• Survival benefits you will get every year after the premium term ends.
• Death benefits are payable to your nominee.

By entering a few basic details, the calculator provides an instant projection of your policy’s expected financial outcomes. It takes into account factors such as:

• Your age at the time of buying the policy
• The term for which you want to pay premiums (15, 20, 25, or 30 years)
• The sum assured amount you choose
• Optional riders if applicable

This tool helps you plan your budget and make informed decisions based on your unique financial needs and goals.

How Does the Jeevan Umang Calculator Work?

The calculator uses internal algorithms based on LIC’s official rates, bonuses, and policy terms. Here is how it typically works:

1. Input Personal Details: Enter your age, sum assured amount, premium paying term, and premium payment frequency (yearly, half-yearly, quarterly, monthly).
2. Calculation of Premiums: The tool calculates your estimated premium amount, including GST and any applicable rebates.
3. Projection of Benefits: The calculator estimates survival benefits payable every year after your premium term and maturity amount, including bonuses.
4. Death Benefit Calculation: It also shows the death benefit payable to your nominees if the policyholder dies before maturity.
5. Display of Results: You get a clear breakdown of the premium schedule, survival benefits, maturity amount, and death benefits.

This process is quick and offers you transparency about the policy’s potential. It saves time and minimizes confusion compared to manual calculations.

Benefits of Using Jeevan Umang Calculator

Using the Jeevan Umang Calculator offers several advantages:

• Easy Financial Planning: Know exactly how much premium you need to budget for your whole life insurance.
• Transparent Returns: Get a clear projection of survival benefits and maturity value.
• Compare Different Terms: Check how the premium and benefits vary if you choose different premium payment terms (15, 20, 25, or 30 years).
• Save Time: Instant calculation saves time compared to consulting agents or manual computation.
• Evaluate Riders: See the effect of optional riders on your premium and benefits.
• No Hidden Surprises: Understand GST and any rebate impact upfront.

How to Use Jeevan Umang Calculator – Step-by-Step

Using the Jeevan Umang Calculator is a straightforward process. Here is a step-by-step guide:

1. Visit an LIC Calculator Website: You can use official LIC websites or trusted third-party sites offering Jeevan Umang calculators.
2. Enter Your Age: Input your current age in years (the plan is available for people between 90 days and 55 years).
3. Select Premium Paying Term: Choose from 15, 20, 25, or 30 years for paying the premium.
4. Enter Sum Assured Amount: Decide the amount of life cover you want (e.g., ₹5 lakh, ₹10 lakh, ₹1 crore).
5. Choose Premium Frequency: Pick how often you want to pay (yearly, half-yearly, quarterly, or monthly).
6. Add Riders (Optional): If you wish, add premium waiver or accidental death benefit riders.
7. Click Calculate: The tool will show you estimated premium, maturity benefits, survival benefits, and death benefits.
8. Review and Save: Review the results and save or print for your records.

Important Features of Jeevan Umang Plan Explained

Whole Life Coverage

The plan covers you till 100 years of age, which means lifelong protection, unlike regular term insurance which ends after some years.

Limited Premium Payment Term

Your premium needs to be paid only for a limited time, after which survival benefits start.

Annual Survival Benefits

From the end of premium payment term till the maturity age of 100 years, you receive 8% of Basic Sum Assured every year as a survival benefit.

Maturity Benefit

At the age of 100 years, the policy matures and pays out the Basic Sum Assured plus bonuses.

Death Benefit

If the policyholder dies during the term, the nominee receives the sum assured plus bonus amounts.

Optional Riders

• Premium Waiver Benefit (PWB) Rider: Waives future premiums in the event of the policyholder’s death or disability.
• Accidental Death & Disability Benefit (AD & DB) Rider: Provides additional benefit if death or disability is due to accident.

Who Should Buy Jeevan Umang Plan?

This plan suits people who:

• Want whole life coverage for self and family.
• Desire regular income (survival benefits) after premium payment term.
• Are looking for a combination of life insurance and savings.
• Need financial security till old age (up to 100 years).
• Wish to leave a legacy for heirs with lump sum benefit.
• Want to cover minors or young family members with premium waiver benefits.

Why is Using Jeevan Umang Calculator Important?

Before buying a long-term insurance plan, understanding its costs and benefits is vital. The Jeevan Umang Calculator helps you:

• Avoid surprises: Know exact premiums and benefits.
• Plan budget: Adjust sum assured or premium term to fit your financial plan.
• Compare plans: Evaluate Jeevan Umang against other LIC plans or insurance providers.
• Maximize benefits: Choose optional riders that add value without straining finances.

Without this calculator, buyers may guess or rely on agent information, which might lack precision.

Example Scenario Using Jeevan Umang Calculator

Consider Mr. Amit, aged 30, wanting to buy Jeevan Umang. He chooses:

• Sum Assured: ₹10,00,000
• Premium Paying Term: 20 years
• Premium Frequency: Yearly

Using the calculator, he finds:

• Yearly Premium: ₹50,000 (approx.)
• Annual Survival Benefits (from year 21 to 99): ₹80,000 (8% of sum assured)
• Maturity Benefit at 100 years: Sum Assured + Bonuses (₹10,00,000 + bonuses)
• Death Benefit: Sum Assured + bonuses to nominee in case of death

This helps Amit decide if the premium fits his budget and goals.

Tips for Using Jeevan Umang Calculator Effectively

• Enter correct age: Plans are age-dependent.
• Use realistic sum assured: Don’t overestimate your coverage needs.
• Consider premium payment capacity: Select a term you can sustain comfortably.
• Check impact of riders: Optional riders increase premiums; choose wisely.
• Compare multiple scenarios: Try different term and sum assured combinations.
• Save the output: Keep records for later reference or discussions with LIC agents.

FAQs About Jeevan Umang Calculator

Conclusion

The Jeevan Umang Calculator is an essential tool for anyone considering this whole life insurance plan from LIC. It offers a clear, transparent, and easy way to understand premiums, survival benefits, maturity amounts, and death benefits. By using this calculator, you can plan your finances better, choose suitable policy terms, and ensure your family’s financial security over a lifetime.

Insurance is a long-term commitment, and tools like the Jeevan Umang Calculator make choosing the right plan simple and stress-free. If you want to secure your future with stable returns and life cover till old age, Jeevan Umang with the support of the calculator is a wise choice.