Whole Life PlansPlan 745NRI Eligible

LIC Jeevan Umang

Name: LIC Jeevan Umang
Brand: Life Insurance Corporation of India
Availability: InStock

Get paid every year for life, plus a lump sum at age 100

What is LIC Jeevan Umang?

LIC Jeevan Umang (Plan 745, UIN 512N312V03) is a whole life plan from Life Insurance Corporation of India. It is a participating (with-profits) plan: the policy earns Simple Reversionary Bonuses that LIC declares from its surplus each year, and may add a Final Additional Bonus when the policy ends.

Premiums are paid for a shorter period than the policy runs, so the cover continues after you have finished paying. If the policyholder dies during the term, the nominee receives: Sum Assured on Death (higher of 7x annual premium or BSA) + vested bonuses + FAB. On surviving the full term, the policyholder gets: Sum Assured on Maturity (= BSA) + vested bonuses + FAB at age 100. Along the way: 8% of Basic Sum Assured paid every year after premium paying term ends, until age 99.

It suits people looking for lifetime income, savings and protection. NRIs can buy this plan too.

Key Highlights

Guaranteed 8% yearly income for life after PPT

Whole life coverage up to age 100

Lump sum at maturity (age 100) plus all bonuses

Loan available after 2 years

Benefits Explained Simply

If Something Happens to You (Death Benefit)

Sum Assured on Death (higher of 7x annual premium or BSA) + vested bonuses + FAB

When the Plan Matures (Maturity Benefit)

Sum Assured on Maturity (= BSA) + vested bonuses + FAB at age 100

Money You Get During the Plan (Survival Benefit)

8% of Basic Sum Assured paid every year after premium paying term ends, until age 99

Eligibility & Details

Minimum Entry Age	0 years (last birthday)
Maximum Entry Age	55 years
Minimum Sum Assured	₹2,00,000
Policy Term	100 minus age at entry
Premium Paying Term	15, 20, 25, 30 years
Bonus Type	simple reversionary
Risk Level	low
NRI Eligible	Yes

Tax Benefits

Section 80C deduction on premiums
Maturity tax-free under 10(10D)

Premium Rates (Indicative)

Age	15 years	20 years	25 years	30 years
20 yrs	₹16,542	₹11,407	₹8,536	₹6,840
30 yrs	₹16,542	₹11,407	₹8,595	₹7,027
40 yrs	₹16,542	₹11,476	₹9,036	₹7,664
50 yrs	₹16,542	₹12,368	-	-

VERIFIED against the official LIC Sales Brochure (512N312V03): all 16 sample-illustrative premium cells match. Annual premiums in ₹ for BSA of ₹2 lakh, standard lives. Exclusive of taxes. PPT options: 15, 20, 25, 30 years. Policy term: 100 minus entry age. Min entry age: 30 days. Max entry age varies by PPT (55/50/45/40 for PPT 15/20/25/30). Survival Benefit: 8% of BSA every year after PPT ends until age 99. Maturity at age 100: BSA + bonuses + FAB. NOTE: this UIN (512N312V03) was WITHDRAWN 01.10.2024 in the IRDAI surrender-norm overhaul; figures are accurate for the withdrawn version. Refresh if/when a relaunched Jeevan Umang is issued.

Source: LIC Official Sales Brochure | Data last verified: 21 March 2026

Example: What You Could Get

If a 30-year-old buys this plan with ₹10 lakh sum assured, 20-year term:

Annual Premium

₹57,035

Total Paid (20 yrs)

₹11,40,700

Est. Bonuses

₹9,60,000

Est. Maturity

₹19,60,000

That's approximately 1.7x of what you paid in premiums.

Maturity Benefit Illustration

Estimated

What you pay vs what you could receive (conservative estimate with assumed bonus rate of ~Rs.48-60 per Rs.1,000 SA per year)

Age 25145% return

You Pay: 6.82 L

You Get: 9.90 L

Age 30145% return

You Pay: 6.82 L

You Get: 9.90 L

Age 35145% return

You Pay: 6.84 L

You Get: 9.90 L

Age 40144% return

You Pay: 6.86 L

You Get: 9.90 L

Entry Age	Annual Premium	Total You Pay	Est. Maturity	Return
25 yrs	₹27,268	6.82 L	9.90 L	145%
30 yrs	₹27,268	6.82 L	9.90 L	145%
35 yrs	₹27,354	6.84 L	9.90 L	145%
40 yrs	₹27,440	6.86 L	9.90 L	144%

Sum Assured: ₹5,00,000 | Term: 20years | Bonus assumption: ~Rs.48-60 per Rs.1,000 SA per year (conservative). Actual maturity depends on LIC's declared bonus rates. This is for illustration only. Please consult your insurance advisor for accurate projections.

Bonus Rate History

Simple Reversionary Bonus (₹ per ₹1,000 of Sum Assured per year)

2025

₹48

2024

₹48

2023

₹46

2022

₹45

2021

₹44

2020

₹42

2019

₹42

2018

₹40

Bonuses accumulate and are paid as a lump sum at age 100 (or on death), in addition to the 8% yearly survival benefit.

Who is This Plan Best For?

lifetime incomesavingsprotection

Frequently Asked Questions

What is LIC Jeevan Umang (Plan 745)?

LIC Jeevan Umang is a whole life plans plan from Life Insurance Corporation of India. Get paid every year for life, plus a lump sum at age 100.

What is the eligibility age for LIC Jeevan Umang?

Entry age is between 0 and 55 years. Policy term: 100 minus age at entry. Premium paying term: 15 to 30 years.

What is the minimum sum assured for LIC Jeevan Umang?

Minimum sum assured is ₹2,00,000. There is no upper limit on sum assured.

What are the tax benefits of LIC Jeevan Umang?

Section 80C deduction on premiums. Maturity tax-free under 10(10D).

Is LIC Jeevan Umang available for NRIs?

Yes. LIC Jeevan Umang is available to Non-Resident Indians. NRIs can buy this plan during a visit to India or through power of attorney.

What happens if I stop paying premiums on LIC Jeevan Umang?

If you stop paying premiums before 3 years, the policy lapses and you lose all benefits. After 3 years of premium payments, the policy acquires a paid-up value and you receive a reduced sum assured. You can also revive a lapsed policy within 5 years by paying outstanding premiums plus interest.

The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.

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