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LIC's Jeevan Umang (Plan 745, UIN 512N312V03) is a participating (par), non-linked, individual savings whole life insurance plan from Life Insurance Corporation of India. You pay premiums for a limited term of 15, 20, 25 or 30 years and get life cover until age 100. Once the premium paying term ends, LIC pays a survival benefit of 8% of the Basic Sum Assured every year for as long as you live, up to the policy anniversary before age 100. At age 100, you receive the Basic Sum Assured plus any vested Simple Reversionary Bonuses and Final Additional Bonus. If you die earlier, your nominee gets the higher of the Basic Sum Assured or 7 times the annualised premium, plus vested bonuses and any Final Additional Bonus, and never less than 105% of the premiums paid. Because the plan is participating, bonuses are not guaranteed, but once declared they become part of the guaranteed benefits. Entry age is 30 days to 55 years, depending on the premium paying term, and the minimum Basic Sum Assured is ₹2 lakh with no upper limit, subject to underwriting. The plan is sold offline through LIC agents and other licensed intermediaries.
Whole life plan that pays 8% of the Basic Sum Assured every year after the premium paying term, with life cover up to age 100 and bonuses on top.
Jeevan Umang is a long-term income plan more than a protection plan. After you finish paying premiums, it pays 8% of the Basic Sum Assured every year for life, and that income is guaranteed as long as all due premiums were paid. In LIC's own illustration (age 40, ₹10 lakh Basic Sum Assured, 20-year premium term, ₹53,879 a year), you pay ₹10.8 lakh in total and then receive ₹80,000 a year from the end of the 20th year, about ₹32 lakh over 40 years if you live to 99, plus ₹10 lakh at age 100. Using only these guaranteed amounts, which is LIC's 4% scenario with no bonus, our estimate of the return is about 4.4% a year before tax if you live to 100 and about 3.9% if you die at 80, because the death benefit is then only about 105% of the premiums paid. In LIC's 8% scenario the estimate rises to about 6.0%, but those bonuses are not guaranteed. The life cover is thin for the premium, since the death benefit is just the ₹10 lakh Basic Sum Assured against more than ₹50,000 paid every year. Early exit is costly, since nothing is paid back in the first year and the guaranteed surrender value starts at only 30% of premiums in the second year. Choose it if you want predictable lifelong income and can commit to 15 to 30 years of premiums, and keep a separate term plan for real family protection.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.5% CSR, calculated as a 3-year average
LIC settles 98.5% of all claims it receives, demonstrating strong credibility.
Contact Details
022-68276827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
After the premium paying term, 8% of the Basic Sum Assured is paid every year, starting at the end of the premium paying term and continuing for as long as you survive, up to the policy anniversary before age 100.
Paid only if all due premiums have been paid.
Cover runs until age 100, so the plan always pays either a death benefit to your nominee or the maturity amount to you.
For a child entering below age 8, risk cover starts later.
On death after risk starts, your nominee gets the higher of the Basic Sum Assured or 7 times the annualised premium, plus vested Simple Reversionary Bonuses and any Final Additional Bonus, and never less than 105% of the total premiums paid.
In LIC's illustration, survival benefits already paid do not reduce the death benefit.
If you live to age 100, you receive the Basic Sum Assured plus vested Simple Reversionary Bonuses and any Final Additional Bonus, and the policy ends.
The survival benefit is paid up to the anniversary before maturity.
During the premium paying term the policy receives Simple Reversionary Bonuses declared by LIC, and once declared they become guaranteed. After the premium paying term, profit sharing may take a different form and scale. A Final Additional Bonus can be added when a death or maturity claim is paid.
Final Additional Bonus is not paid on surrender during the premium paying term or on paid-up policies.
If an accident causes death within 180 days, the Accident Benefit Sum Assured is paid as a lump sum. In case of accidental disability, it is paid in equal monthly instalments over 10 years, and premiums for that amount of cover are waived.
Choose this or the Accident Benefit Rider, not both; it can be added when at least 5 years of premium paying term remain, and cover runs up to age 70.
Pays the Accident Benefit Sum Assured as a lump sum if death is caused by an accident.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
It is a participating, non-linked, individual savings whole life plan from LIC (Plan 745, UIN 512N312V03). You pay premiums for 15, 20, 25 or 30 years, get life cover up to age 100, and receive 8% of the Basic Sum Assured every year after the premium paying term.
The first survival benefit is paid at the end of the premium paying term, and then every year for as long as you survive, up to the policy anniversary before age 100. It is 8% of the Basic Sum Assured, so a ₹10 lakh Basic Sum Assured pays ₹80,000 a year. You must have paid all due premiums.
At age 100 you receive the Basic Sum Assured plus vested Simple Reversionary Bonuses and any Final Additional Bonus. On death, your nominee gets the higher of the Basic Sum Assured or 7 times the annualised premium, plus the same bonuses, and never less than 105% of the premiums paid.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Cover runs only during the premium paying term, and the rider sum assured can be up to 3 times the Basic Sum Assured.
Adds extra term cover that is paid on death during the rider term.
Available at policy start only, for up to 35 years or until age 75, whichever is earlier, with a sum assured up to the Basic Sum Assured.
If the proposer dies, the base plan premiums falling due after death are waived until the rider term ends, which suits policies bought on a child's life.
The rider term is 25 minus the child's age, it needs at least 5 years of premium term left, and all rider premiums together cannot exceed 30% of the base premium.
You can choose a premium paying term of 15, 20, 25 or 30 years. The minimum entry age is 30 days, and the maximum is 55 years for a 15-year term, 50 for 20 years, 45 for 25 years and 40 for 30 years. Your age at the end of the premium paying term must be 18 to 70.
The minimum Basic Sum Assured is ₹2 lakh. It goes up in steps of ₹25,000 until ₹4.5 lakh, ₹50,000 until ₹9 lakh and ₹1 lakh above that. There is no upper limit, but the final amount depends on LIC underwriting.
LIC's sample yearly premiums for a ₹2 lakh Basic Sum Assured, before taxes, at age 30 are ₹16,542 for a 15-year premium term, ₹11,407 for 20 years, ₹8,595 for 25 years and ₹7,027 for 30 years. At age 40 they are ₹16,542, ₹11,476, ₹9,036 and ₹7,664. Higher cover and yearly payment get rebates, and your exact premium depends on your age, sum assured and term.
Yes, the 8% survival benefit is guaranteed as long as all due premiums have been paid and you are alive on the payment date. Bonuses are not guaranteed, because LIC declares them every year based on its results.
It suits people who want a steady lifelong income more than high returns. In LIC's illustration for a 40-year-old with a ₹10 lakh Basic Sum Assured and a 20-year premium term, our estimate of the return is about 4.4% a year before tax from guaranteed amounts if you live to 100, about 3.9% if you die at 80, and about 6.0% in LIC's 8% bonus scenario.
If you stop before one full year of premiums is paid, the policy lapses and nothing is paid. After one full year it becomes a paid-up policy with reduced death and maturity benefits. It keeps paying 8% of the reduced maturity sum assured only if that amount is ₹2 lakh or more. A lapsed policy can be revived within 5 years from the first unpaid premium.
You can surrender after the first policy year once one full year's premium is paid, but a guaranteed surrender value applies only after two full years, at 30% of premiums in the second year, 35% in the third and 50% from the fourth year. LIC can also pay a higher special surrender value. A loan is available after the first policy year, up to 50% of the surrender value on an in-force policy (75% after two years of premiums) during the premium paying term.
Yes. Four optional riders are available for extra premium: the Accidental Death and Disability Benefit Rider, the Accident Benefit Rider, the New Term Assurance Rider and the Premium Waiver Benefit Rider. You can choose either of the first two, not both, and all rider premiums together cannot exceed 30% of the base premium.
Yes. The death benefit can be paid in instalments over 5, 10 or 15 years instead of a lump sum. The policyholder can choose this while the life assured is a minor, and the life assured can choose it from age 18, during their lifetime. Minimum instalments are ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly or ₹50,000 yearly.