Jeevan Umang 745
Jeevan Umang 745: LIC of India new plan launched on 1st. October, 2024 which name is LIC Jeevan Umang 745 (LIC Table no. 745) is a non-linked, with-profits whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term. You can now buy online LIC Jeevan Umang plan 945 through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
When it comes to financial planning in India, families often look for a policy that ensures:
โ
Life-long protection
โ
Regular income after a certain age
โ
A lump sum maturity benefit for the family
This is where LIC Jeevan Umang (Plan 745) comes in โ a unique whole life insurance plan that not only offers income after premium payment but also provides life cover till the age of 100 years.
Think of it as a retirement pension + family protection + savings plan bundled into one.
In this blog, weโll explore everything you need to know about LIC Jeevan Umang Plan 745 โ including features, benefits, survival & maturity payouts, premium charts, analyst opinions, investor case studies, and FAQs.
What is LIC Jeevan Umang Plan 745?
LIC Jeevan Umang (Plan No. 745, UIN: 512N312V01) is a non-linked, with-profits, whole life assurance plan that combines:
- Income benefit (Survival Benefits) after the premium payment term,
- Maturity Benefit at age 100,
- Life cover throughout the policyholderโs lifetime.
๐ In simple words, it is a lifetime income and protection plan.
Key Features of LIC Jeevan Umang 745
| Feature | Details |
|---|---|
| Plan Name | LIC Jeevan Umang |
| Plan Number | 745 |
| Type | Non-linked, Whole Life, With-Profits Plan |
| Entry Age | 90 days โ 55 years |
| Maximum Maturity Age | 100 years |
| Policy Term | Up to age 100 years |
| Premium Payment Term (PPT) | 15, 20, 25, 30 years |
| Survival Benefit | 8% of Sum Assured annually after PPT |
| Maturity Benefit | SA + Bonus + Final Bonus at 100 years |
| Death Benefit | SA on Death + Bonuses |
| Loan Facility | Available after 2 years |
| Riders Available | Accidental Death, Disability, Critical Illness, Term Rider |
Benefits of LIC Jeevan Umang 745
1. Survival Benefits (Annual Income)
- After premium payment completion, you start receiving 8% of Basic Sum Assured every year till age 100.
- This acts as a lifetime pension or annual income.
2. Maturity Benefit
At age 100 (if policyholder survives):
๐ Sum Assured + Bonuses + Final Addition Bonus.
3. Death Benefit
In case of unfortunate demise before 100 years:
๐ Death Sum Assured + Bonuses + Final Bonus.
- Death Sum Assured = Higher of (10 ร Annual Premium OR Basic Sum Assured).
4. Bonus & Final Bonus
- Participates in LICโs profit sharing through simple reversionary bonuses and final additional bonus.
- This enhances long-term returns significantly.
5. Loan & Liquidity
Policyholders can avail loans after 2 years for financial needs.
6. Tax Benefits
- Premiums eligible under Section 80C.
- Payouts (survival, death, maturity) exempt under Section 10(10D).
Example โ Premium & Benefit Illustration
Case Study โ Mr. Sharma (Age 30, Sum Assured โน10 lakh, PPT 20 years)
- Premium Payment Term: 20 years
- Basic Sum Assured: โน10,00,000
- Annual Premium: ~โน49,000 (approx.)
Survival & Maturity Benefits
| Age | Event | Benefit |
|---|---|---|
| 50 (after PPT) | Survival Benefit Starts | โน80,000 annually (8% of SA) |
| 51โ99 | Annual Income | โน80,000 per year |
| 100 | Maturity | โน10,00,000 + Bonuses (~โน15โ20 lakh depending on LICโs performance) |
๐ Total Benefits = โน40+ lakh over lifetime (against โน9.8 lakh premium paid).
Investor Scenarios
Scenario 1 โ Retirement Planning
A salaried professional invests at 30, completes premiums by 50, and then gets annual income till age 100.
๐ Works as a pension plan with life cover.
Scenario 2 โ Child Future Planning
Parents start the policy for their child at age 5. By the time the child reaches adulthood, they start receiving annual income for life, plus maturity benefits at 100.
Scenario 3 โ Family Security + Wealth Creation
A businessman wants life cover + steady income + legacy for heirs. Jeevan Umang provides all three in one plan.
Analyst Opinions
- Insurance Advisors: โJeevan Umang is LICโs answer to pension plans โ it provides lifelong annual income.โ
- Financial Experts: โThe plan is suitable for conservative investors who want guaranteed income with life cover.โ
- Market Analysts: โThough returns (IRR ~5โ6%) are modest, they are tax-free and guaranteed, which makes them equivalent to 7โ8% taxable returns elsewhere.โ
Comparison with Other LIC Plans
| Plan | Type | Coverage | Income | Maturity | Best For |
|---|---|---|---|---|---|
| Jeevan Umang 745 | Whole Life | Till 100 yrs | 8% SA annually | SA+Bonus at 100 yrs | Lifetime income |
| Jeevan Anand 915 | Endowment + Whole Life | Lifetime cover | No | Lump sum + cover | Family protection |
| Bima Ratna 864 | Money-back | Fixed term | Periodic payouts | SA+GA at maturity | Milestone planning |
| Dhan Rekha 863 | Money-back | Fixed term | Periodic payouts | SA+Loyalty additions | Conservative investors |
Real-Life Investor Examples
Example 1 โ Young Investor (Age 25, SA โน15 lakh, PPT 25 years)
- Annual Premium: ~โน55,000
- Survival Income: โน1.2 lakh annually (from age 50 to 100)
- Maturity: โน15 lakh + ~โน25 lakh bonus
- Total Returns: โน75+ lakh
Example 2 โ Middle-Aged Investor (Age 40, SA โน10 lakh, PPT 15 years)
- Annual Premium: ~โน70,000
- Survival Income: โน80,000 annually (from age 55 to 100)
- Maturity: โน10 lakh + ~โน15 lakh bonus
- Total Returns: โน55+ lakh
Strengths & Limitations
Strengths โ
- Lifetime coverage till 100 years.
- Guaranteed 8% annual payout after PPT.
- Acts like pension + insurance.
- Bonuses enhance maturity returns.
- Tax-free returns.
Limitations โ
- Returns lower compared to equities/ULIPs.
- Long-term commitment required.
- Premiums may feel higher for some.
FAQs on LIC Jeevan Umang 745
Q1. What is the minimum entry age for Jeevan Umang?
๐ 90 days.
Q2. When will I start getting income from this plan?
๐ After completing premium payment term (15, 20, 25, or 30 years).
Q3. How much annual income will I get?
๐ 8% of Basic Sum Assured, every year till age 100.
Q4. Can NRIs buy LIC Jeevan Umang?
๐ Yes, with some conditions.
Q5. Is Jeevan Umang better than PPF or FD?
๐ For guaranteed income + life cover, Jeevan Umang is better. For higher growth, PPF/Mutual Funds may be preferred.
Final Thoughts
The LIC Jeevan Umang Plan 745 is a unique whole life plan that offers:
- Life-long protection (till 100 years)
- Guaranteed annual income (8% of SA)
- Maturity & death benefits with bonuses
It is best suited for individuals seeking lifetime income security, family protection, and tax-free returns.
๐ If you want a safe pension-like income source along with lifetime insurance cover, Jeevan Umang 745 is one of LICโs strongest offerings in 2025.
