LIC Jeevan Umang Plan 845
Premium Calculator & Benefits Estimator
Policy Details
Premium Calculation Results
LIC Jeevan Umang Plan 845 Calculator is a powerful tool that helps users easily calculate premiums, receive clear projections for survival and maturity benefits, and understand the policy’s value in plain terms. This article offers a comprehensive, human-written guide to LIC Jeevan Umang Plan 845 with easy-to-follow headings, bold, italic, and underlined highlights, and useful external links for reference.
What is LIC Jeevan Umang Plan 845?
LIC Jeevan Umang Plan 845 is a unique, non-linked, whole life assurance plan by the Life Insurance Corporation of India that offers a combination of income and protection for the policyholder and their family.
- Whole life coverage: Protection continues up to 100 years of age.
- Annual income: Guaranteed survival benefit of 8% of the sum assured paid every year after the premium payment term ends, till maturity or death.
- Tax benefits: Premiums paid and maturity amounts are tax-free under Sections 80C and 10(10D) of the Income Tax Act.
- Flexibility: Option to add riders and select premium payment terms as per personal needs.
Why Use the LIC Jeevan Umang Calculator?
LIC Jeevan Umang Calculator simplifies the process of:
- Estimating yearly and total premium payments.
- Understanding how much survival benefits and maturity bonuses to expect.
- Comparing different sum assured and premium payment term scenarios.
- Getting clear breakdowns of payout timelines and death benefits.
Note: It helps avoid errors and confusion from manual calculations and offers instant, accurate results.
Features and Benefits of LIC Jeevan Umang Plan 845
Key Features
- 8% Survival Benefit: Annual payout post premium payment term till maturity (age 100) or death.
- Whole Life Protection: Insurance cover continues for a lifetime, with the maximum entry age capped depending on the chosen premium payment term.
- Flexible Premium Terms: Choose from 15, 20, 25, or 30 years for premium payments.
- Tax Advantages: Premiums and benefits are exempt from tax, boosting effective returns.
- Optional Riders: Accidental death, critical illness, and term riders are available for extra protection.
- Loan Facility: Loans can be availed after surrender value is accumulated, providing liquidity when needed.
Other Benefits
- Guaranteed Coverage: Death benefit equals sum assured + vested bonus + final additional bonus (as applicable).
- Surrender Value: Special and guaranteed surrender values allow the policyholder to exit early, subject to minimum payment term completion.
- Paid-Up Option: The policy continues on reduced benefit if premiums can’t be paid, based on premiums already deposited.
How Does the LIC Jeevan Umang Calculator Work?
The calculator computes:
- Premium Amounts – Enter age, sum assured, and premium payment term to get annual, quarterly, or monthly premiums.
- Survival Benefits—Shows yearly pension after premium payment term (8% of sum assured every year).
- Maturity Amount—On completion of 100 years, the sum assured plus bonuses is paid as a lump sum.
- Death Benefit—Death benefit shown according to your age, premiums paid, and sum assured.
Simply visit the official LIC calculator or trusted insurance portals, enter the required details, and let the tool instantly display your results.
Step-by-Step: Using the LIC Jeevan Umang Calculator
Step 1: Gather Details
- Age at entry
- Desired premium paying term (15, 20, 25, 30 years)
- Basic Sum Assured (minimum ₹2 lakhs, multiples of ₹25,000)
- Preferred payment mode (yearly, half-yearly, quarterly, monthly)
Step 2: Visit Official Calculator Tools
- Go to LIC’s Jeevan Umang Calculator or top insurance sites like PolicyBazaar or InsuranceFunda.
- Enter the above details as prompted.
Step 3: Review Results
- Notice the premium amounts across various payment frequencies.
- Check survival benefits (annual payout after premium payment term).
- See the projected maturity payout at age 100.
- Check details for death and surrender benefits.
Step 4: Compare Scenarios
- Change the premium term or sum assured to see how benefits and payouts change.
- Add optional riders to see the adjusted premium.
- Use the breakdown for effective financial planning.
Example Calculation
Suppose:
- Age at entry: 30 years
- Sum Assured: ₹10 lakhs
- Premium Payment Term: 25 years
- Payment Mode: Yearly
Calculator Results:
- Yearly Premium: Calculated as per age and sum assured (example: ₹40,000)
- Survival Benefit: After paying premiums for 25 years, receive 8% of ₹10 lakhs = ₹80,000 per year from the 55th year till 100 years.
- Maturity: At age 100, receive ₹10 lakhs + bonuses (as per declared rates).
- Death Benefit: The higher of the sum assured plus bonuses or the minimum guarantee per LIC tables.
Advice: Always check the latest calculators and sample charts on trusted insurance portals.
Important Points to Remember
- Minimum Sum Assured: ₹2 lakhs, in multiples of ₹25,000.
- Entry Age: Minimum 90 days; max varies (55 for 15-year PPT, 50 for 20-year PPT, 45 for 25-year PPT, 40 for 30-year PPT).
- Policy Term: 100 minus age at entry.
- Premium Rebates: Yearly payment gets the highest rebate, followed by half-yearly; none for quarterly/monthly.
- Tax-Free: Survival benefits and maturity proceeds are not taxable.
Comparison Table: Key LIC Jeevan Umang Plan Options
| Feature | Plan 845 | Plan 945 |
|---|---|---|
| Status | Withdrawn (Jan 2020), active policies continue. | Active, available to new customers |
| Premium Payment Terms | 15, 20, 25, 30 years | 15, 20, 25, 30 years |
| Survival Benefit Rate | 8% per annum after PPT | 8% per annum after PPT |
| Sum Assured (Minimum) | ₹2 lakhs | ₹2 lakhs |
| Entry Age | 90 days min | Similar |
| Tax Benefits | Section 80C, 10(10D) | Same |
Pros and Cons of LIC Jeevan Umang 845 Calculator
Pros
- Simple interface, easy for anyone to use.
- Accurate projections of premiums and benefits.
- Saves time from manual calculations.
- No need for middlemen or agent commissions.
- Free and accessible via official LIC and reputable finance portals.
Cons
- Plan 845 calculator only applies to continuing policies since new sales stopped after Jan 2020.
- Projections are indicative; bonus and maturity rates may change per LIC’s declared rates at the time.
Tips For Maximum Benefit from LIC Jeevan Umang
- Always select the longest premium payment term you can comfortably afford—it reduces yearly premiums and maximizes survival benefits.
- Use the calculator to test multiple scenarios and opt for the highest sum assured within budget.
- Consider adding accident and critical illness riders if family protection is a priority.
- Monitor annual bonus rates declared by LIC; these strongly affect maturity value.
- Consult an LIC agent or customer service for specific cases or clarifications.
Frequently Asked Questions (FAQ)
What is LIC Jeevan Umang Plan 845?
It is a whole life insurance plan that provides annual income (8% of the sum assured) after the premium paying term, along with life cover until age 100, plus a lump sum at maturity or on death.
How does the survival benefit work?
After you finish paying all premiums (premium paying term), you receive guaranteed annual payouts equal to 8% of the basic sum assured every year till age 100 or until death.
How do I use the LIC Jeevan Umang Calculator?
Simply visit an official or trusted insurance website, enter your age, sum assured, and premium payment term to get instant calculations for premium, survival benefits, and maturity.
What happens on maturity of the policy?
At age 100 (policy maturity), you receive the basic sum assured plus all accumulated bonuses and the final additional bonus, if any.
What are the minimum and maximum sums assured?
The minimum sum assured is ₹200,000. There is no strict upper limit, but it is subject to LIC’s underwriting and rules.
Are there any tax benefits?
Yes, premiums paid qualify for tax deduction under Section 80C. All maturity and annual income (survival) benefits are tax-free under Section 10(10D).
Conclusion
The LIC Jeevan Umang Plan 845 Calculator is a simple, powerful, and user-friendly tool for existing policyholders to accurately project their premium payments, survival benefits, and maturity payouts over the lifetime of their policy. Although new policies of Table 845 are discontinued, those holding them can use these calculators for transparent planning, making sure they get the most out of their unique lifelong pension and protection plan. For the latest Jeevan Umang products, refer to Plan 945 details, but continue using these trusted online calculators for legacy policies and regular policy management.