LIC Jeevan Umang Plan 945 is a unique whole life insurance plan launched by the Life Insurance Corporation of India on 1st February 2020. This plan blends long-term life coverage with yearly income and a maturity benefit. Designed as a non-linked, participating, with-profits whole life assurance plan, it offers lifelong financial protection along with periodic money-back benefits after the premium payment term ends.
This plan is ideal for individuals seeking long-term financial security, yearly income after retirement, and a guaranteed legacy for their family.
Key Features of LIC Jeevan Umang 945
- Whole Life Coverage: Protection up to 100 years of age.
- Money Back Every Year: 8% of the Basic Sum Assured (BSA) is paid annually after premium paying term.
- Lump Sum Maturity Benefit: On reaching 100 years of age or in case of unfortunate demise before maturity.
- Bonus Benefit: Simple Reversionary Bonus and Final Additional Bonus (FAB) included.
- Tax Benefits: Premiums qualify for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D).
- Riders Available: Accidental Death & Disability, Critical Illness, Premium Waiver Benefit (PWB), and Term Rider.
Plan Parameters – LIC Jeevan Umang 945
| Parameter | Details |
|---|---|
| Minimum Entry Age | 90 Days (Completed) |
| Maximum Entry Age | 55 years (for 15-year PPT) 50 years (for 20-year PPT) 45 years (for 25-year PPT) 40 years (for 30-year PPT) |
| Maximum Maturity Age | 100 years |
| Policy Term | 100 – Age at Entry |
| Premium Paying Term (PPT) | 15, 20, 25, 30 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Premium Payment Modes | Yearly, Half-yearly, Quarterly, Monthly (ECS/NACH) |
Benefits of LIC Jeevan Umang Plan 945
1. ✅ Survival Benefit (Money Back)
Once the policyholder completes the Premium Paying Term (PPT), LIC pays 8% of Basic Sum Assured every year till age 99.
Example: If BSA is ₹10,00,000, then from end of PPT:
You receive ₹80,000 per year (i.e., 8% of ₹10,00,000) until the year you turn 99.
2. ✅ Maturity Benefit
On surviving to the age of 100 years, the policyholder receives:
Maturity = Sum Assured on Maturity + Bonuses (Reversionary + FAB)
3. ✅ Death Benefit
In case of policyholder’s demise during policy term (before 100 years of age), the nominee receives:
Death Benefit = Sum Assured on Death + Bonuses (Reversionary + FAB)
Where,
Sum Assured on Death = Higher of:
- 7 times of annual premium
- 125% of Basic Sum Assured
And this total death benefit shall not be less than 105% of total premiums paid.
4. ✅ Rider Benefits
You can enhance protection by adding optional riders:
| Rider Name | Benefit |
|---|---|
| Accidental Death & Disability | Extra Sum Assured paid on accidental death / waiver of future premiums in case of disability |
| Premium Waiver Benefit (PWB) | Waives off future premiums in case proposer dies (for minor life assured) |
| Term Rider | Extra Term Insurance cover during policy term |
| Critical Illness Rider | Lump sum payment if diagnosed with critical illness (as per LIC terms) |
5. ✅ Loan and Surrender Facility
- Loan: Available after payment of at least 2 full years’ premium.
- Surrender: Policy can be surrendered after 2 years of full premium payments.
💰 LIC Jeevan Umang Plan – Rebates
Mode Rebate (Discount on Premium Based on Mode)
| Mode | Rebate (%) |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly / Monthly | NIL |
High Sum Assured Rebate
| Basic Sum Assured (₹) | Rebate |
|---|---|
| ₹2,00,000 – ₹4,75,000 | NIL |
| ₹5,00,000 – ₹9,75,000 | 1.25% of BSA |
| ₹10,00,000 – ₹24,75,000 | 1.75% of BSA |
| ₹25,00,000 & Above | 2% of BSA |
📊 LIC Jeevan Umang Plan 945 – Example Illustration
Let’s understand with an example of Ravi, a 30-year-old who chooses:
| Details | Value |
|---|---|
| Basic Sum Assured (BSA) | ₹10,00,000 |
| Age | 30 years |
| Premium Paying Term | 25 years |
| Yearly Premium | ₹40,594 (1st year), ₹39,720 (2nd year onward) |
| Total Premium Paid | ₹9,93,874 |
🎯 Annual Survival Benefit
From age 55 (i.e., after PPT), Ravi starts receiving ₹80,000 per year till age 99.
So, for 44 years (from 55 to 99 years), he gets:
₹80,000 × 44 = ₹35,20,000 (Total Survival Payout)
🎯 Maturity Benefit at Age 100
Let’s assume accumulated bonuses and FAB total to ₹71,50,000
Then Maturity Benefit at age 100 =
Sum Assured (₹10,00,000) + Bonuses (₹71,50,000) = ₹81,50,000
✅ Total Benefits Received:
| Type | Amount |
|---|---|
| Total Survival Benefit (44 years) | ₹35,20,000 |
| Maturity Benefit at 100 years | ₹81,50,000 |
| Total | ₹1,16,70,000 |
⚰️ Death Benefit – Normal vs Accidental
In case of unfortunate death before maturity, here’s how the death benefit works:
Let’s say Ravi dies at age 60 (after PPT is completed).
| Type | Benefit |
|---|---|
| Sum Assured on Death | ₹12,50,000 (125% of BSA) |
| Bonus + FAB | ₹10,00,000 (approx.) |
| Total (Normal Death) | ₹22,50,000 |
| Additional for Accidental Death | ₹10,00,000 |
| Total (Accidental Death) | ₹32,50,000 |
📌 Additional Features
| Feature | Description |
|---|---|
| Policy Revival | Can revive within 5 years from last unpaid premium |
| Cooling-Off Period | 15 days to return policy if not satisfied |
| Back-Dating | Available |
| Suicide Clause | Within 1 year – 80% premium refunded; After 1 year – full benefits payable |
| Proposal Forms | Form No. 300, 340, and 360 used |
✅ Who Should Buy LIC Jeevan Umang 945?
This plan is ideal for:
- People who want guaranteed yearly income after retirement
- Individuals looking for long-term wealth creation + protection
- Parents planning for children’s future with legacy
- Those wanting insurance + income + tax savings in one policy
📝 Summary Table of LIC Jeevan Umang Plan 945
| Particular | Value |
|---|---|
| Entry Age | 90 days to 55 years |
| Premium Paying Term | 15, 20, 25, 30 years |
| Policy Term | Up to 100 years of age |
| Survival Benefit | 8% of BSA yearly after PPT |
| Maturity | Sum Assured + Bonuses |
| Death Benefit | Sum Assured on Death + Bonuses |
| Loan/Surrender | After 2 years |
| Tax Benefits | 80C & 10(10D) |
| Riders | Accidental, PWB, Critical Illness, Term Rider |
🧾 Final Thoughts
LIC Jeevan Umang Plan 945 is one of the best whole life insurance plans with regular income features offered by LIC. It ensures you get the twin benefits of lifetime protection and regular annual income after premium payment stops. Whether you’re planning your retirement or want to leave a financial cushion for your loved ones, this plan offers both security and peace of mind.
