In short (tl;dr)
Jeevan Umang turns a limited premium term into a lifelong 8% annual income, with the sum assured and all bonuses paid at age 100 or on death, whichever comes first.
About LIC Jeevan Umang
Jeevan Umang (Plan 745) is a whole life plan that matures at age 100. You choose a premium paying term of 15, 20, 25 or 30 years; the policy term is whatever remains until you turn 100. Entry age runs from 90 days to 55.
From the end of the premium paying term until age 99, the policy pays a Survival Benefit of 8% of the Basic Sum Assured every single year. A ₹10 lakh policy taken at 30 with a 20-year premium term starts paying ₹80,000 a year from age 50 and keeps paying it for fifty years. At 100, the Basic Sum Assured plus all vested bonuses and Final Additional Bonus is paid as the maturity benefit.
Over a long life the income stream dwarfs the maturity value, which is what makes the plan hard to compare with an ordinary endowment. The projection below adds up every survival payment so you can see the total, but remember that ₹80,000 received in 2075 is not worth ₹80,000 today.
Key features
- 8% of the Basic Sum Assured paid every year from the end of the premium term to age 99
- Premium paying terms of 15, 20, 25 or 30 years
- Life cover continues to age 100
- Participating: bonuses accrue over the whole policy term and are paid at maturity or on death
- Entry age from 90 days, so it can be set up on a child's life
Jeevan Umang at a glance
- Plan number
- 745
- Category
- Whole Life
- Entry age
- 0 to 55 years
- Policy term
- 30 to 100 years
- Premium paying term
- 15, 20, 25, 30 years
- Sum assured
- ₹2 Lakh and above
- Maximum maturity age
- 100 years
- UIN
- 512N312V03
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under Jeevan Umang
Death benefit
Sum Assured on Death — the higher of 7 times the annualised premium and 125% of the Basic Sum Assured, never less than 105% of premiums paid — plus vested bonuses and Final Additional Bonus, payable whenever death occurs.
Maturity benefit
The Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus, payable on survival to age 100, after a lifetime of annual survival benefits.
Who it suits
Someone who wants a lifelong income floor they cannot outlive, funded during their working years, with a legacy amount left over.
What to watch out for
The 8% is 8% of the sum assured, not 8% a year on the money you put in. Compare the income against the total premium outlay, and remember the income is level — it does not rise with inflation over a fifty-year run.
How this calculator works
Jeevan Umang is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹54.30 per ₹1,000 at age 30, 70-year term, 20-year premium term
- Discount basis
- 6.48% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹46 per ₹1,000 sum assured a year, from LIC's 2023-24 valuation
- Final Additional Bonus
- ₹2400 per ₹1,000 at a 70-year term
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Umang on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 4 optional riders on Jeevan Umang, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit RiderUIN not printed in the brochure
- LIC's Accident Benefit RiderUIN not printed in the brochure
- LIC's New Term Assurance RiderUIN not printed in the brochure
- LIC's Premium Waiver Benefit RiderUIN not printed in the brochure
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Jeevan Umang sales brochure (PDF), Optional Rider Benefits clause.
LIC Jeevan Umang — frequently asked questions
How does the 8% survival benefit in Jeevan Umang work?
Once the premium paying term ends, the policy pays 8% of the Basic Sum Assured every year until age 99. On a ₹10 lakh sum assured that is ₹80,000 a year, and it continues for as long as the life assured lives.
Is Jeevan Umang's 8% an 8% return?
No. It is 8% of the sum assured, not 8% on the premiums paid. Because the premiums over 20 years typically add up to more than the sum assured, the effective yield is materially lower than 8%. Use the total returns and total premium figures in the result to see the real picture.
What is the maturity age of Jeevan Umang?
100 years. On survival to 100 the policy pays the Basic Sum Assured plus all vested bonuses and Final Additional Bonus. On earlier death, the death benefit is paid and the policy ends.
What premium paying terms are available in Jeevan Umang?
15, 20, 25 or 30 years. The maximum entry age depends on the term chosen — 55 for a 15-year premium term, down to 40 for a 30-year term.
Is the Jeevan Umang survival benefit taxable?
Survival benefits are exempt under Section 10(10D) provided the annual premium stays within 10% of the sum assured, and for policies issued on or after 1 April 2023, provided total annual premiums across non-ULIP policies stay within ₹5 lakh.
Related calculators
Plans people usually weigh up against Jeevan Umang before deciding.
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No. 771Guaranteed additions during the premium term, then 10% of the sum assured a year for life.
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No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
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No. 721Four payouts of 15% across 25 years, with the highest money back bonus rate.
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