LIC Jeevan Umang Calculator (Plan 745)

When does the Jeevan Umang income start, and how much is it?

How long you pay for sets two things at once: what each premium costs, and the policy year the income starts. Worked at age 30 on ₹5,00,000 of cover, so the rows differ by that choice and nothing else.

The income itself never changes: it is 8% of the Basic Sum Assured every year for life, ₹40,000 on this policy, whichever row you pick. What the choice buys is the starting year, and the last column is what that is worth if the life assured reaches 85. Payments carry on past 85 for as long as the life assured lives; the column stops there only so the rows can be compared on one horizon.

The row that starts paying soonest is also the row with the highest total paid in, not the lowest: 15 years comes to ₹6,07,033 in total against ₹4,37,872 for 30 years, because starting 15 years sooner means that many more years of the same income to fund. A lower annual premium and a lower total cost do not have to point the same way.

Worked as a return on the actual cash flows, premiums out, income and maturity in, the rows sit close together: 5.30% to 5.39% a year. None of them is 8%. That figure is a fixed share of the sum assured, not a return on what you pay, and the real annualised return sits well below it whichever row is chosen.

What does LIC Jeevan Umang cost?

Worked out on a 70-year term with premiums paid for 20 years. Change any of these in the calculator above for your own figures.

By sum assured, at age 30

Premiums are modelled on this plan's own tabular rates; the maturity figure assumes LIC's current bonus rates hold for the full term, which is not guaranteed.

By age, on ₹5,00,000 of cover

Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.

The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the income column: the payment is the same every year, so starting younger simply means collecting it for longer.

Where the money comes from

Taken apart, on the ₹5,00,000 policy in the first table. Only the first line is guaranteed by the contract. Everything under it is bonus, declared a year at a time and assumed here to carry on at the rate this page uses.

Basic sum assured (guaranteed)

₹5,00,000

Vested reversionary bonus, 70 years at ₹46 per ₹1,000

₹16,10,000

Final Additional Bonus, ₹2400 per ₹1,000

₹12,00,000

Paid at maturity

₹33,10,000

Income paid before then, 50 payments of ₹40,000 from year 20

₹20,00,000

Return a year on the premiums, if the bonus rate holds

5.35%

When does LIC Jeevan Umang pay for itself?

The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 33, which is the point the policy has returned everything it cost.

That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 70 years. It is not a market return. Change the bonus rate and it changes with it.

Surrender value, paid-up value and loan

A 70-year commitment is a long one, and the question that follows a premium quote is usually what happens if you stop. Under the IRDAI rules in force since 1 October 2024, Jeevan Umang can be surrendered once the first policy year is complete and one full year's premium has been paid. Stop before that and the policy lapses with nothing to show for it.

From then you are paid the higher of two figures. The special surrender value, what the reduced, paid-up policy is worth today rather than at maturity, is available from the end of the first year. The guaranteed surrender value needs two full years' premiums, and is a percentage of the total premiums paid, first year included: 30% in year 2, 35% in year 3, 50% from year 4 to year 7, then rising to 90% in the last two years. Which of the two comes out higher changes with duration, so the last column below is the one to read.

On the ₹5,00,000 policy from the tables above, at age 30. Held to maturity the same policy is projected to pay ₹33,10,000, which is the number to read every row here against. Surrender values are modelled on the IRDAI 2024 basis, using the guaranteed surrender value grid printed in the New Jeevan Anand (715) brochure; a policy sold before 1 October 2024 runs on the older rules in its own document, and your own policy schedule is what governs.

Paid-up value: the other way to stop

You do not have to take the money out. Stop paying after at least one full year's premium and the policy continues at a reduced sum assured instead, keeping the cover and the bonuses already vested. The reduction is worked on the premium paying term, not the policy term, which is the point most calculators get wrong: on this policy the denominator is 20, so 10 years paid out of 20 leaves 50% of the sum assured standing, plus the bonus already vested.

Loan against the policy

Once the policy has a surrender value it can also be borrowed against, which is worth knowing before you surrender in a hurry. LIC lends a percentage of the surrender value rather than of the sum assured, and sets a different percentage for an in-force policy and a paid-up one. Those percentages sit in the policy conditions, so ask your servicing branch for the figure that applies to yours. On New Jeevan Anand (715), for example, the brochure allows 50% of the surrender value before two full years' premiums and 75% after, or 40% and 65% on a paid-up policy.

To run these figures on your own policy, use the LIC surrender value calculator, which takes the premium and the years paid off your own policy document. If you are weighing it up rather than pricing it, we have written about whether surrendering an LIC policy is worth it.

Tax on LIC Jeevan Umang

Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.

None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.

How LIC Jeevan Umang compares

The plans people weigh this one against, and what separates each from it.

To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.