LIC Jeevan Umang Plan 745 Calculator
Whole Life Plan with Survival Benefits & Bonus Potential
The LIC Jeevan Umang Plan 745 is a popular whole life insurance policy offered by the Life Insurance Corporation of India (LIC), designed to provide long-term financial security alongside regular income benefits. For those looking to understand how this plan works and how to calculate the premiums and maturity benefits, the LIC Jeevan Umang Plan 745 Calculator is an essential tool.
What is LIC Jeevan Umang Plan 745?
LIC Jeevan Umang Plan 745 is a participating whole life insurance policy that covers the policyholder up to the age of 100 years. It combines the benefits of insurance protection along with periodic survival benefits paid annually after the premium payment term ends and a lump sum amount upon maturity or death.
This plan is ideal for individuals who want a lifetime financial safety net along with a steady income stream during their lifetime. The plan is designed to protect the policyholder’s family in case of death and simultaneously provides a guaranteed income in the form of survival benefits.
Key Features of LIC Jeevan Umang Plan 745
- Whole Life Coverage: The policy provides coverage up to 100 years of age.
- Survival Benefits: The policyholder receives annual survival benefits equal to 8% of the Basic Sum Assured (BSA) from the end of the premium paying term till maturity.
- Maturity Benefit: On surviving till the age of 100 or the end of the policy term, the policyholder receives the Basic Sum Assured along with accrued bonuses.
- Death Benefit: On death before maturity, the nominee receives the higher of 7 times the annualized premium or the Basic Sum Assured plus accrued bonuses.
- Flexible Premium Paying Term: Premiums can be paid for 15, 20, 25, or 30 years.
- Loan Facility: Policyholders can avail of loans against this policy after certain conditions.
- Tax Benefits: Premiums paid qualify for tax deductions under Section 80C, and maturity/death benefits are tax-exempt under Section 10(10D) of the Income Tax Act.
- Rider Options: Additional riders available at an extra premium for enhanced protection.
Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 30 days | 55 years (for 20 years PPT), 45 years (for 25 years PPT), 40 years (for 30 years PPT) |
| Policy Term | (100 – Age at Entry) years | – |
| Minimum Sum Assured | ₹2,00,000 | No Limit |
| Maximum Maturity Age | 100 years | – |
Understanding LIC Jeevan Umang Plan 745 Benefits
Survival Benefits
Starting from the end of the premium payment term, annual survival benefits amounting to 8% of the Basic Sum Assured are paid every year till maturity or death, whichever is earlier. These survival benefits act as a source of regular income for the policyholder during old age.
Maturity Benefit
On surviving the policy term or reaching 100 years of age, the policyholder receives:
- Basic Sum Assured
- Accrued Simple Reversionary Bonuses (non-guaranteed)
- Final Additional Bonus (if declared by LIC)
Death Benefit
In case of the policyholder’s demise during the policy term, the nominee receives the higher of:
- 7 times the annualized premium or
- Basic Sum Assured plus accrued bonuses
This benefit ensures financial protection to the family of the policyholder.
What is LIC Jeevan Umang Plan 745 Calculator?
The LIC Jeevan Umang Plan 745 Calculator is a digital tool that helps prospective and existing policyholders estimate:
- The premium amount payable based on sum assured, age, premium paying term, and mode of payment.
- The maturity benefits including survival benefits and bonuses.
- The death benefits for different scenarios.
This tool simplifies complex calculations and helps individuals plan their insurance and investment decisions effectively.
How to Use LIC Jeevan Umang Plan 745 Calculator?
Using the LIC Jeevan Umang Plan 745 Calculator is straightforward and can be done online on LIC’s official website or through insurance portals providing LIC calculators. The process involves:
- Entering Basic Details: Input your age, sum assured amount, and premium paying term (15, 20, 25, or 30 years).
- Choosing Premium Payment Frequency: Select whether you want to pay premiums yearly, half-yearly, quarterly, or monthly.
- Getting the Premium Estimate: The calculator will provide the estimated premium payable including taxes (GST).
- Viewing Benefits: It will also calculate projected survival benefits, maturity payout, and death benefits based on the inputs.
- Customize and Compare: Adjust inputs for different terms or sums assured to compare premium amounts and benefits.
Example Calculation
Let’s consider an example to understand the calculator’s output better:
- Age of policyholder: 30 years
- Sum Assured: ₹10,00,000
- Premium Payment Term: 20 years
- Premium Mode: Yearly
Using the LIC Jeevan Umang Calculator, the annual premium payable is approximately ₹54,036 (including GST). The policyholder will receive survival benefits equal to 8% of the ₹10,00,000 (i.e., ₹80,000 annually) starting from the end of 20 years till maturity, along with bonuses. In case of death during policy term, the nominee receives the higher of 7 times the annual premium or sum assured plus bonuses.
Advantages of Using LIC Jeevan Umang Plan 745 Calculator
- Simplifies Complex Calculations: No need to manually calculate premiums and maturity benefits.
- Financial Planning: Helps plan insurance budget effectively.
- Customizable: Allows adjustment of term, sum assured, and payment modes to see various scenarios.
- Transparency: Provides clarity on how benefits are structured.
- Time-Saving: Quick results help in decision-making.
Important Tips for Policyholders
- Always check the latest premium rates and bonus rates before buying.
- Consider your long-term financial goals along with the protection offered.
- Understand the tax benefits and implications under current laws.
- Use the calculator to explore different sum assured and premium terms before finalizing.
- Review rider options for additional protection.
- Keep track of survival benefit payments and maturity payout.
Frequently Asked Questions
What is LIC Jeevan Umang Plan 745?
LIC Jeevan Umang Plan 745 is a whole life insurance policy that provides lifetime coverage, annual survival benefits, and a lump sum maturity amount with bonuses.
Who is eligible to buy this plan?
Individuals between 30 days and up to 55 years (depending on premium term) can buy this plan. The policy covers life up to 100 years of age.
What is the premium paying term (PPT) available?
Premiums can be paid for 15, 20, 25, or 30 years as per the policyholder’s choice.
How are survival benefits paid?
Survival benefits are paid annually at 8% of the Basic Sum Assured starting after the completion of premium payment term until maturity or death.
What happens in case of policyholder’s death?
The nominee receives the higher of 7 times the annual premium paid or the Basic Sum Assured plus accrued bonuses.
Is there a loan facility available?
Yes, policyholders can avail loans against the policy after specific conditions are met.
What tax benefits are available on this plan?
Premiums paid are eligible for tax deduction under Section 80C, and maturity benefits and death claims are tax-free under Section 10(10D) as per current tax laws.
Conclusion
The LIC Jeevan Umang Plan 745 Calculator is an invaluable tool that assists in understanding the financial commitments and the benefits associated with this comprehensive whole life insurance plan. By inputting personal details and preferences, individuals can estimate premiums, survival benefits, maturity amounts, and death benefits with ease and accuracy.