The Life Insurance Corporation of India (LIC) launched a revised version of its popular plan—Jeevan Umang Plan 745 (Plan No. 745)—on 1st October 2024. This revised plan replaces the older Plan No. 945 as per new IRDAI regulations. Jeevan Umang 745 is a non-linked, with-profits, whole life assurance plan designed to offer long-term financial protection, annual income, and a lump-sum benefit at maturity or death.
✅ What Makes LIC Jeevan Umang Plan 745 Unique?
- Money-back every year: You receive 8% of your Basic Sum Assured annually after the premium paying term till the age of 99 years.
- Whole Life Cover till 100 years: You’re covered for life, up to 100 years of age.
- Bonus & Final Additional Bonus (FAB) at maturity or in case of death.
- Tax-Free Benefits under sections 80C and 10(10D).
- Loan facility and flexible premium options.
- Multiple rider benefits for extra protection.
🧾 LIC Jeevan Umang Plan 745 – Features at a Glance
| Feature | Details |
|---|---|
| Plan Type | Non-Linked, With-Profits, Whole Life Assurance |
| Plan Number | 745 (Revised version of Plan 945) |
| Launch Date | 1st October, 2024 |
| Entry Age (Minimum) | 30 days |
| Entry Age (Maximum) | Varies based on PPT (up to 55 years) |
| Maximum Maturity Age | 100 years |
| Policy Term | 100 – Age at Entry |
| Premium Paying Term (PPT) | 15, 20, 25, or 30 years |
| Minimum Sum Assured | ₹2,00,000 |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Survival Benefit | 8% of BSA every year after PPT till 99 yrs |
| Maturity Benefit | BSA + Bonus + FAB at 100 yrs |
| Death Benefit | 7x Annual Premium or 105% of total premiums paid |
| Loan Facility | Available after 1 year |
| Surrender Value | After 1 full year premium |
| Riders Available | ADBR, CIR, Term Rider, Premium Waiver |
🎯 Eligibility – Who Can Buy LIC Jeevan Umang Plan 745?
| Premium Paying Term (PPT) | Maximum Entry Age |
|---|---|
| 15 Years | 55 Years |
| 20 Years | 50 Years |
| 25 Years | 45 Years |
| 30 Years | 40 Years |
You can buy this plan from age 30 days (minimum) up to 55 years (maximum) depending on PPT.
💡 Premium Rebates (Discounts)
LIC offers two kinds of discounts in Jeevan Umang:
1️⃣ Mode Rebate
| Mode | Rebate |
|---|---|
| Yearly | 2% of premium |
| Half-Yearly | 1% of premium |
| Quarterly | Nil |
| Monthly | Nil |
2️⃣ High Sum Assured Rebate
| Sum Assured Range | Rebate on BSA |
|---|---|
| ₹2,00,000 – ₹4,50,000 | Nil |
| ₹5,00,000 – ₹9,00,000 | 2.50% |
| ₹10,00,000 – ₹24,00,000 | 3.50% |
| ₹25,00,000 and above | 4% |
📦 Benefits of LIC Jeevan Umang Plan 745
🔶 1. Survival Benefit (Money Back)
After the premium paying term ends, the policyholder receives 8% of Basic Sum Assured every year till age 99. It’s like a tax-free pension.
🔶 2. Maturity Benefit
On surviving till 100 years of age:
Maturity = Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus
🔶 3. Death Benefit
If the policyholder dies during the policy term:
Death Benefit = Sum Assured on Death + Bonuses + FAB
Where:
- Sum Assured on Death = 7 times of annualized premium (minimum)
- It will always be ≥ 105% of all premiums paid
🚑 Optional Riders (Extra Protection)
LIC Jeevan Umang 745 allows you to enhance protection through optional riders (at extra premium):
- Accidental Death and Disability Benefit Rider
- Critical Illness Rider
- Term Assurance Rider
- Premium Waiver Benefit Rider (for minors)
These riders provide coverage for accidents, disabilities, critical illness, and waive future premiums if the payer dies or becomes disabled.
🧮 LIC Jeevan Umang Plan 745 – Example with Table
Let’s take an example of Ravi, age 30, choosing:
- Basic Sum Assured: ₹10,00,000
- Premium Paying Term: 25 years
- Policy Term: 100 years
- Annual Premium: ₹40,594 (1st year), ₹39,720 onwards
🔻 Ravi pays premium for 25 years, and from year 26 till age 99, receives ₹80,000/year (8% of BSA), and at 100 receives full maturity.
📊 Policy Benefit Table
| Year | Age | Premium Paid | Life Cover (Normal) | Money Back | Total Bonus | Maturity |
|---|---|---|---|---|---|---|
| 2024 | 30 | ₹40,594 | ₹7,00,000 | – | – | – |
| 2025 | 31 | ₹39,720 | ₹7,00,000 | – | – | – |
| … | … | … | … | – | – | – |
| 2049 | 55 | ₹39,720 | ₹7,00,000 | – | – | – |
| 2050 | 56 | Nil | ₹7,00,000 | ₹80,000 | – | – |
| … | … | Nil | ₹7,00,000 | ₹80,000/year | Accumulating | – |
| 2090 | 100 | Nil | – | Final Year | ₹38,50,000 | ₹81,50,000 |
📌 Summary of Benefits
| Description | Amount |
|---|---|
| Total Premium Paid | ₹9,93,874 |
| Total Survival Benefit | ₹80,000 x 44 = ₹35,20,000 |
| Maturity (at 100 yrs) | ₹81,50,000 (approx.) |
| Total Return | ₹1.16+ Crore |
🛡️ LIC Jeevan Umang 745 – Other Terms & Conditions
🔁 Policy Revival
If you miss your premiums, you can revive the policy within 5 years from the first unpaid premium.
💰 Loan Facility
Loan available after 1 year of premium payment:
- 90% of surrender value (in-force policy)
- 80% for paid-up policies
❌ Suicide Clause
- Within 1 year of policy: 80% of premium returned.
- After 1 year: Full death benefit paid.
🧊 Cooling-Off Period
- If not satisfied, return within 30 days of receiving the policy with reasons.
✅ Why Choose LIC Jeevan Umang Plan 745?
- Guaranteed lifelong coverage (up to 100 years)
- Regular income every year after PPT
- Financial protection for your family
- Maturity corpus + annual payout
- Ideal for retirement planning, wealth creation, and legacy building
📌 Important Documents Required to Buy
- PAN card
- Aadhaar Card
- Income Proof
- Bank Details
- Photograph
- Age Proof
- Proposal Form 300 or 360
🖥️ How to Buy LIC Jeevan Umang Plan 745?
You can purchase:
- Offline through LIC agents and branches
- Online through LIC’s New Business Portal via debit/credit card, net banking, UPI, wallets
Final Words
LIC Jeevan Umang 745 is an ideal plan for those who seek guaranteed lifelong income, risk coverage, and wealth creation in one powerful package. With its money-back features, maturity bonus, and optional riders, this plan is a great fit for salaried individuals, businessmen, and parents planning long-term security for their families.
